Book Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1864 edition. Excerpt: ... CHAPTER VII. * i The Kitchen Cabinet and its COOKS--Financial Negromancera--A Swindling Operation--The Rush to Get Rid of Greenbacks for Property--Effects of Tampering with the Currency--Transfusion. The $50,000,000 due to the associated banks on open account, is now being paid by the Government in installments. The payments are made in the five per cent. interest-bearing Treasury notes issued under the act of March 3, 1863. These notes are made a legal tender for their face value, excluding interest. This adds so much more to the amount of public debt, as stated by Mr. Chase, but no more to the aggregate we made in last week's Record, for we had the honesty, which Mr. Chase had not, to consider that we owed the $50,000,000, as well before, as after, we had given the nation's notes for it. A broker or speculator, by the name of Jay Cooke, who has figured a good deal of late in the telegraphic summaries from Washington, and who is the confidential friend and adviser (so says the World) of the Secretary of the Treasury, announces that he will receive $35,000,000 more of the same sort of paper from his patron, all of which he will dispose of for the greenbacks now in circulation. It is stated that some of the banks in this city have already arranged to use their portion of these interest bearing greenbacks, on the same terms as those offered by this kitchen-cabinet Cooke. Now what is the meaning of all this? Why does this generous Cooke offer interest-bearing legal tenders for nou-interost-bearing legal tenders? h . - -- Why do the interesting interest DEGREESseeking banks of New York also intend to interest themselves in exchanging interest-bearing notes for non-interest-bearing dittoes? Why did Aladdin exchange.