New York State College of Agriculture At Cornell University Ithaca, N. y. Library Cornell University Library HG 501. A3 1900 History of the currency of the country a 3 1924 013 816 057 1=^ "«©y 'K. Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924013816057 Second Edition, with Appendix, peepared und'er the DtRECTioN OF JuDSON W. Lyons, Register of the Treasury. HISTORY CURRENCY OF THE COUNTRY AND OF THE LOANS OF THE UNITED STATES PKOM THE feARLlEST PERIOD TO JUNE 30, 1900, PREPARED BY WILLIAM F. DE KNIGHT - (Oflice of the Register),. UNDER THE DIR6CTU)N- OP J. P. TILLMAN, Beoister op the Tebasi'ry. WASHINGTON: GOVERNMENT PRINTING OFFICE. 1900. Treasury Department, Document No. 1943, Second Edition. OFFICE OF THE REGISTER. HISTORY OF THE CURRENCY OF THE COUNTRY AND OF THE LOANS OF THE UNITED STATES FROM THE EARLIEST PERIOD TO JUNE 30, 1896. In collating for publication, in combined form, the history of the loans of the United States from 1770 to June 30, 1890, and the statistics of interest paid thereon, and premium, discount, etc., relating tliereto, heretofore printed in the reports of the Eegister of the Treasury for the fiscal years 1894, 1895, and 1896, it has been deemed that the work would not be conii)lete without some reference to the earlier financial history and currency of the country; and as precedent to the issue of paper money by the Continental Onngress and subsequent authority, the following recorded inci- dents (the antecedent issues of such currency noted being the outgrowth mostly of conflicts anterior to the war of the Revolution) can not but prove interesting. It should be understood that the principal sources of information as to the issues of currency prior to the formation of the present Government in 17S9 are the writings of the authors whose names are mentioned. There are no records on the subject in the files of this Department. BEAD OR SHELL MONEY. For a lengthy period after the settlement of the original Provinces the work of production was naturally slow, and such surplus products as could reach a foreign market were hardly suflicient to procure in return the bare necessaries of life. The small sums of money brought to the country by the settlers were soon exhausted — sent abroad for supplies — and trade for the most part had to be carried on by the inconvenient method of barter. Among the aboriginal Indians rude and peculiar mediums of exchange were found to exist. By those ranging along the shores of Long Island Sound two kinds of beads, made out of shells, one white, one black,' the last being regarded as worth two of the first, were used. These beads circulated among them as money, and were known as wampum or wampumpeag. The colonists came to use them first in their trade with the Indians and then among themselves.^ Iq Massachusetts they became by custom the common currency of the Colony, and in 1037 were made a legal-tender for 12 peuce.^ In 1635 musket bullets were used for change at a farthing apiece, and had been made a legal-tender for sums under 12 pence.^ 'First brought by tlie Dutch from Mauhadoes in 1627: "The Early Coins of America." — Crosby. Hickcox, in his "History of Bills of Credit," says by Isaac De Eazier. ^"The Money Question." — Berkey. ' "Massachusetts Records." — Vol. 1, p. 204. ■• " History of American Currency." — Sumner. 5 b HISTORY OV THE CUKRENCY OF THE COUNTRY. BARTER CURRENCY. Barter currency was established at an early day in the Colonies, and products of all kinds (cattle included) were made a tender in payment of debts. Local mandates provided for the valuation of such mediums so employed. Produce, poultry, pigs, etc., passed current in satisfaction for equivalents in value; and one regulation stipulated that not more than ten pounds of tobacco should be received for a meal. On one occasion a large number of persons seeking entrance to an entertainment in a town in Massachusetts, and not having the ready cash, paid for their admission in fish. "The Early Coins of America." — Crosby. COIN. About the middle of the seventeenth century the trade with the West Indies began to bring in coin, and in 1652 a Mint was established in Boston, though an infraction of the prerogatives of the Crown. Laws prohibiting the exportation of coin were passed,, but it could not be kept in the country. ORIGINAL PAPER CURRENCY. Before 1652 bills (of account) passed current in Massachusetts in the payment of debts.' In this year the subject of the introduction of paper money as a medium of exchange, with the view of increasing the facilities of trade, was discussed in General Court. No enactment followed, but we find an approximation to it in 1675 in the following record: "For the prevention of the charge and trouble of transportation of the rates to be leveyed, to the treasurer of the county, as also matter of convenience therein appearing, it is ordered that bills for wages, horses, provisions, etc., being regularly passed to the sayd treasurer, the Treasurer, upon the desire of persons concerned, shall repass bills to the constables of such townes, where sums are due upon the aforesaid accounts." "Massachusetts Kecords." "History of Bills of Credit." — Hickcox. In 1686 a "bank" was proposed, and permission was granted to John Black well, of Boston, and others, residents of England as well as of this country, to issue notes (bank-bills) " on the security of real and personal estate and imperishable merchan- dize." Its history, however, is obscure, and though it seems to have made issues, they soon disappeared. Thus it is evident that at an early day the inhabitants of the Colonies were sub- jected to great drawbacks for the want of a sufficiency and a proper system of money, and a settled legal medium of exchange. Under the pressure of circumstances, con- fronted by urgent necessities inflicted by the demands of war, the ultimate resort to the issue of paper money was natural, and its continuance thereafter, if not unavoid- able, was both seductive and easy. BILLS OE CREDIT— PAPER MONEY. In 1690, five years before the Bank of England went into operation (January 1,, 1695), Massachusetts made the first issue of paper money emitted by an American Colony. An expedition had been sent out against Can ii da, and, returning without spoils and in a state of misery, the soldiers were clamorous for their pay. Seven ' Felt's "Account of Massachusetts Currency." HISTORY OF THE CURRENCY OF THE COUNTRY. 7 thousand pounds were issued in notes from 5 shillings to £5. The form of these notes or bills was as follows: "This indented bill often shillings, due from the Massa- chusetts Colony to the possessor, shall be in value equal to money, and shall be accordingly accepted by the treasurer and receivers subordinate to him, in all public payments, and for any stock (cattle) at any time in the treasury." Then followed the date and the signatures of the committee appointed to issue them. They were not a legal-tender, but were receivable merely for taxes and property in the treasury. In 1692 it was ordered that these bills be received at 6 per cent, premium over coin in the treasury, and the result was that they circulated at par with coin for twenty years, until redeemed, and barter currency ceased for a time, or at least became less common.! Other issues followed, the earliest authorized by act of Parliament. The bills of the first of these, made in 1703, for £15,000, were, by an act passed in 1712, made a tender for private debts. Subsequent issues were let out on real estate security, at 6 per cent, per annum. Of course, later the bills of this Colony, as well as those issued by the other Colonies, greatly depreciated. In 1702 "Southern Carolina" first issued bills of credit for £6,000;^ the first fruits of the war (between England, and France and Spain, involving an unsuccessful attack on Fort St. Augustine, Fla.), being debt and paper money.^ They were to be can- celled by a duty laid on liquors, skins, and furs.* In 1712 a "Land Bank" was estab- lished. The issue was £52,000.' Gouge, in "History of Paper Money," says £48,000. In 1709, preparatory to a second expedition against Canada, Connecticut first issued bills of credit, for £8,000;° Xew York, for £5,000 ;^ and New Jersey, for £3,000.' The bills of Connecticut were from 2 shillings to £5, and were "to be received at the treasury at one shilling on the pound better than money, though itself at par." The issue in New York was in auticipation of a tax of £6,000. levied at the same time. Of other issues in that Colony many were based on the security of plate. The follow- ing is a copy of a bill of the first class, viz: 1709, June 8. Amount, £5,000. Form: "This indented Bill of Shillings due from the Colony of New York to the Possessor thereof, shall be, in Value equal to Money; and shall he accordingly accepted by the Treasurer of this Colony, for the time being, in all publick payments; and for any l-'und at any Time, in the Treas- ury. Dated, New York, Thirty-first of May, One Thousand Seven Hundred and Nine; by Order of Lieutenant-GoTernor, Council, and General Assembly, of the said Colony. (Signed by) . Description: Indented at the top, dated, the arms of the City of New York on the left side, toward the bottom. Number and division of the bills: 400 bills, each of £5, etc. Currency limited to May 31, 1711. Commissioners for canceling, the signers and treasurer.^ ' "The Money Question." — Borkey, p. 110. 'While Belford and Hickcox say £6,000, Walker, in "Money," says £8,000. ' " History of the United States, Chronological." — Belford. <" History of Bills of Credit."— Hickcox. 6 "Money ."—Walker, p. 325. 6 "History of Connecticut." — Dwight, p. 243; Johnston, p. 254. '"History of New .Jersey." — Gordon, p. 85. «" History of Bills of Credit."— Hickcox, pp. 53, 54. 8 HISTORY OF THE CURKENCY OP THE COUNTRY. Of an issue on November 1, 1709, the bills read : "Amount, £4,000, or 14,545 Lyon dollars." Of the second class, of an issue on November 12, 1709, the bills commenced : "Amount, £4,000, or 14,545 Lyon dollars. This indented Bill of Ounces of Plate, or Lyon dollars," and then lan on after the same form as the preceding. In 1709-1710, pending the same exjiedition, New Hampshire first issued bills of credit for £3,000. On May 15, 1710, "it was voted that the present bills of credit issued by the Government of the Province be received by Her Majesty's Treasurer and all subordinate officers in the payment of public taxes, with the advance of five per cent, interest, which is to be allowed to the Treasurer in his account of Her Majesty's revenue from time to time."' In 1710, in furtherance of the same expedition, Ehode Island first issued bills of credit for £5,000,^ in sums from £5 to 2 shillings. They were to be equal in value to current silver of New England, which was 8 shillings to the ounce. Of the bills emitted at various times by this Colony, some were made a tender and others not. Those of an issue in 1720 were made a tender for all debts except special ones.^- Other bills were loaned for ten years, at 5 per cent, interest, on mortgage on real estate.* In 1712 "Northern Carolina" first issued bills of credit, for £8,000, to liquidate the heavy debts of the Colony, the result of the Indian wars.^ The issues in North Carolina were so much out' of proportion to the requirements of the Colony's trade that ex(;hange on London rose in 1740 to 1400:100." Wheeler gives the iirst issue as in 1712; Belford, in 1713. In 1723 Pennsylvania first issued bills of credit, for £15,000, in value from 1 to 20 shillings, on pledge of plate or real estate, at 5 per cent, per annum. They were mnde a legal-tender in all payments.'^ Nevertheless the bills of this Colony also depreciated. Toward the expenses of the expedition against Canada in 1709-1711 it had been deter- mined to raise £2,000 by an impost on real and personal estate, and a poll-tax of 20 shillings on unmarried freemen. Owing to the scarcity of money at the time, the payment was made principally in provisions." In 1733 Maryland first issued bills of credit, for £90,000, '' redeemable in thirty-one years. The bills of this Colony were made a legal-tender for all debts, contracts, etc., except dues to clergymen, and 40 pounds tobacco tax per poll. The provision for their redemption was a duty of 1 shilling 3 pence sterling on all exports of tobacco, payable in London. They were payable for customs dues at a discount of 33J per cent, below sterling.'" As late as 1732, in Maryland, tobacco was made a legal-tender at 1 penny per pound and Indian corn at 20 pence per bushel." 1 "Provincial Papers of New Hampshire." — Boughton, vol. 3, pp. 410 to 430. 2 "History of Rliode Island."— Arnold, vol. 2, p. 39. 3 "The Money Question." — Berkey. ""Money."— Walker, p. 317. ""Historical Sketches of North Carolina."— Wheeler, p. 38. "History of the United States, Chronological." — Belford. « " Money."- Walker, p. 325. '"History of Pennsylvania." — Gordon, p. 191. 8 Ibid., p. 162. f " History of Maryland."- Scharf, vol. 1, p. 280. (Walker says in 1734, for £90,600.) '"Ibid., Scharf, vol. 2, p. 36. "Holmes (per Gouge) "History of Paper Money," p. 5. HISTORY OF THE CURRENCY OP THE COUNTRY. In 1 739 Delaware began to issue bills of credit;^ amount undetermined. No further information could be obtained as to the issues in this Colony. Tlie following table shows the rate of exchange of the currencies of the different Colonies, for £100 sterling, at two ditt'erent periods — Anderson and Douglass (per Gouge), Ilickcox and Sumner: Colouy. New Engliiud. .. New York Now Jersey Pennsylvania. .. Maryland North Carolina . Sonth Carolina. Virginia o 525 100 160 170 iOO 1, 400 800 1,100 190 180 and 190 180 200 1,000 750 120 and 123 aWhilii giving tlipsp fii^urca, whicli iniist have aiipliiMl to tobacco iiotca {for they, alao. did Hiictuale, Sumner, p. 39), Gouge says, " tlie Goverumeut of Virginia appears not to have issued any paper money previous to the Kevolutionary War," whereas the first issue "was really in 1755. In 1748 the paper money of Massachusetts amounted to £2,200,000, its deprecia- tion being at the rate of 7 or 8 to 1 (per Walker, 11 to 1). Hildreth, in his "Colonial History," vol. 2, p. 404, agrees with Belford's figures, preceding. The population of the Colonies at the time was about 1,500,000. The average annual imports were about £75,000, the exports being somewliat less. The peace of Aix la C'hapelle, between Great Britain, France and Spain, whereby Louisburg wa.s restored to France, was signed October 7, 1748.^ In 1750, Great Britain having paid over to Massachnselts, in silver, her quota on account of the capture of Louisburg, she redeemed her paper money at about 1 to 5 less than its current value, and provided that her future debts should be paid in silver at G shillings 8 pence ])Pr ounce. ^ Walker gives the amount redeemed as £1,792,230,5 shillings 1 pence. Wliile Sumner and Walker give the quota appor- tioned to Massachusetts as £138,049, Grahame, in his "Colonial History," vol. 2, p. 189, per Stat. 21, George II, chap. 23, gives the following apportionments to the Colonies, viz: £ H. d. Massachusetts 183,649 2 7 New Hampshire 16,355 13 4 Connocticut 28,863 19 1 Ehodelslnnd 6,322 12 10 In 1751 Parliament prohibited tlie New England Colonies (named above) from again issuing bills of credit, except, under certain restrictions, for curient expenses, in case of war, etc. (but through this loop-hole heavy issues were afteiuards made); and all the Colonies were prohibited from ever after admitting bills as a legal-tender in payment of private debts. (Stat. 24, George II, chap. 53.)' ' "The Jloney Question.' — Berkey. 2 "History of the United States, Chronological." — Belford. ^"Colonial History.'— Grahame, p. 190. 10 HISTOKY OF THE CURRENCY OF THE COUNTRY. In 1755 "Virginia first issued paper money; it soon depreciated." ^ Walker, in his work on "Money," folios 324 and 325, says: "In 1755 an issue of £20,000 was author- ized to meet the expenses of the Braddock expedition. The notes were to bear inter- est at five per cent.; were lawful tender in payment of debts, and the penalty of death was pronounced for altering or counterfeiting them. In the same year a further issue of £40,000 was made to discharge the bounties proposed by the Government for killing or capturing hostile Indians, £30 being offered for each scalp." ^ Jefferson said: "In the war of 1755 the State issued a paper currency, bottomed on a specific tax for its redemption, and to insure the credit bearing an interest at five per cent. Within a very short time, not a bill of this emission was found in circulation. It was locked up in the chests of executors, guardians," etc. "We then issued bills bot- tomed on a redeeming tax, but bearing no interest. These were received, and never depreciated a farthing." Prior to this, however, originating with Governor Spots- wood, whose term of office was embraced between the years 1710 and 1722, "promis- sory notes," issued by act of Assembly, based on the value of tobacco deposited in warehouses to await exportation, became current, and passed as cash; and these "tobacco notes" were still in use at the beginning of the present century.^ About 1740 long and elaborate acts were passed regulating their issue and circulation, etc. In 1755 Georgia, also, first issued bills of credit for £3,000, " to be let out at interest on good security, at 6 per cent, per annum." Prior to this " what little trade existed was by barter ; and a small supply of the bills emitted by South Carolina constituted the only currency;" exceijt that the "nota persona" issued from the "trustees' stores" also passed current.* The following table shows the order in which the Colonies first began to issue paper money prior to the Eevolution : Colony. Year. Amount. Autliority. Massacliusetta South Carolina Comiecticut 1690 1702 1709 1709 1709 1709-10 1710 1712-13 1723 1733 1739 1755 1755 £7, 000 6,000 8,000 5,000 3,000 3,000 5,000 8,000 15, 000 90, 000 Sumner, " History of American Cur- rency," et al. Belford, "History of the United States, Chronological," et al. Dwight, Johnston, "History of Con- necticut." Hickcox, " History of Bills of Credit," N. Y. Gordon, "History of New Jersey." Boughton, "Provincial History of New Hampshire." Arnold, " History of Rhode Island." Wheeler, "Historical Sketches of North Carolina " Gordon, "History of Pennsylvania," etal. Scharf, "Hi.story of Maryhind." Berkey, "The Money Question." Walker, "Money." Belford. Stevens, " History of Georgia." New Hiimpsliiiu Rliode lalanfl North Carolina Pennsylvania Maryland . ....... Virginia 20, 000 3,000 Georgia > "History of the United States, Chronological." — Belford. ^Other of the Colonies, at various times, offered from £10 to £100 for Indian scalps. 3 "History of Virginia.'' — Campbell, p. 418. "Ilistory of Bills of Credit." — Hickcox, p. 4. ■• "History of Georgia." — Stevens, vol. 1, pp. 399, 401 et seq. HISTORY OF THE CURRENCY OF THE COUNTRY. 11 In 1758 the Virginia legal-tender act was renewed. It created oi)position, and was pronounced void by order in Council, but, owing to the eloquent advocacy of Patrick Henry, the act was sustained in the Provisional Courts.' The original act, passed in 1755, provided that all debts due in tobacco should be paid either in kind or in money, at the rate of 16 shillings 8 pence for 100 pounds of tobacco, or 2 pence per pound. This bore especially upon the clergy of the established church, depriving tbem of about 66 per cent, of their due. There was much dissatisfaction, but no resistance. When, however, in 1758 a similar act was passed, after much acrimonious controversy, the clergy finally appealed to the King in Council, with the result as shown.^ "In 17G3 all Colonial acts for issuing paper money were by act of Parliament declared void."' "Bills of credit were, by Stat. 4, George III, chap. 4, absolutely abolished in all the provinces."* Franklin protested against this act, but without avail. It may be worthy of note here that in 1763-1764, during the siege of Detroit, in the Pontiac war, Pontiac issued bills of credit to furnish food for his warriors. Tiiey were writtea upon birch bark and signed with his totem, the figure of an otter j and so highly was that chief esteemed by the French inhabitants for his integrity, that these bills were received by them without hesitation. These Indian notes were all redeemed.' In 1765, October 7, the Colonial Congress first met, in New York, and passed a "Declaration of Eights and Grievances." In 1773 Parliament allowed any bills issued by any Colony to be a tender to its treasury.* In this year, pending the enactment of a law in New York, substituting new bills for those of an issue of £120,000 in 1770, which had been extensively counterfeited, while the matter of devising suitable devices, etc., was under consideration in tlie Assembly, the following was proposed: "An eye in a cloud; a cart and coffins; three fellows on a gallows; a weeping father and mother with several children; a burning pit, human figures forced into it by fiends, and a label with the words ' Let the name of the money maker rot.' " The penalty of the law, capital punishment, for counterfeit- ing, was in several cases carried out in New York.' In 1774, September 5, the first Continental Congress met in Philadelphia (Georgia along being unrepreseuted), and adopted a " Declaration of Colonial Eights." Eaudolph was elected president.^ In 1775, May 10, the second Continental Congress met, also in Philadelphia, Hancock being chosen president. Citizens of North Carolina, in convention at Char- lotte, Mecklenberg County, d'eclared themselves independent of the British Crown, etc.i ' "History of the United States, Clirouological."— Belford. ' "American Cyclopedia.'' — Vol. vni, p. 662. ' "The Money Question." — Berkey, p. 112. * "Colonial History."— Grahame, p. 190. » Lossing's "Cyclopedia of United States History."— Vol. 1, p. 130. • "History of American Currency." — Sumner, p. 43. "The Money Question." — Berkey, p. 12. I " History of Bills of Credit."— Hickcox, p. 16. 12 HISTORY OF THE CURRENCY OF THE COUNTRY. THE RBVOIiUTIOKAEY WAR. The Colonies now went into the Revolutionary war, most of them heavily burdened with their bills of credit already issued, and, preparatory to hostilities, all piakiug fur- ther issues,' which, despite the urgent entreaties and appeals of the Continental Con- gress, they continued to do ^ up to, and, several of them for a time, even after the close of the war.^ The Congress, itself, had no recourse but the issue of paper money. "Pelatiah Webster (author of ' Political Essays,' Philadelphia, 1791) estimated the whole circulating cash of the thirteen States just before the war at $12,000,000, or perhaps, not more thau $10,000,000 hard dollars in value."* Poor, in his work on "Money," p. 432, says: "The coin in circulation at the outbreak of the war was vari- ously estimated at from $12,000,000 to $30,000,000." Be the amount what it may, it eventually almost entirely disappeared from circulation; and owing to the fact that the Congress did not possess the power to imjiose taxation ' whereby to meet its obli- gations, while the Colonies could thus provide to meet theirs, as the bills of the for- mer, under the vastly increasing issues, continued constantly to depreciate, those of the latter began to be preferred, and were also hoarded in large amounts.^ Incident to this question of taxation, when a proposition was before Congress to establish a regula.r revenue system, and Pelatiah Webster, almost alone as it seems, insisted on such a measure, a member indignantly exclaimed, "Do you think, gentle- men, that I will consent to load my constituents with taxes, when we can send to our printer and get a wagonload of mouey, one quire of which will pay for the whole'?"'' And, "What a shame it is," said a patriotic old lady, "that Congress should let the poor soldiers suffer, when they have the power to make just as much money as they choose." ' CONTINENTAL MONEY. The first emission of Continental money, of $3,000,000, ordered in May,^ was made in June and July,^ 1775, and was apportioned among the States as follows, Georgia not being included, as she was not represented in the Congress, viz: New Hampshire $124,069i Massaoliusetts Bay 434, 244 Rhode Island 71, 959* 1 SuLuuur, pp. 43, 44. 2 Poor, pp. 438, 440. 3 Walker, iu a footnote, p. 334, says : "In the interval between the close of the war and the adoption of the Constitution, several States fell back npon paper money. Rhode Island, which had been the worst oifender as a colony, maintained the same reputatioa as a State." ■" Gouge, p. 24. 6 Poor, p. 438. 6 Gouge, p. 27. 'Ibid., p. 28. 8 Sumner, p. 44; he further says, "issued in August.'' 6 Poor says, p. 430, authorized June 22 ; and, p. 457, issued June 22 and July 25. HISTORY OF THE CUKEENCY OF THE COUNTRY. 13 Connecticut $248, 139 New York 248,139 New Jersey 161, 290^ Pennsylvania 372, 208J Delaware 37, 219^ Maryland 310, 174i Virginia 496,278 North Carolina 248, 139 South Carolina 248, 139 Total 13,000,000 The following is a copy of the notes first issued, viz: Continental Currency, No. . Dollars. "This hill entitles the hearer to receive (from one to twenty) Spanish milled dollars, or the value thereof in gold or silver, according to the resolution of the Congress held at Philadelphia on the 10th of May, A. D. 1775."^ The notes issued were to be returned for cancellation to the central Government, in ratio to the amouut received, in four annual installments — the first one to be paid before the last day of November, 1779; and the last, on or before the last day of :S'ovember, 1782. On the 29th of November, 1775, a second issue of $3,000,000 was authorized, with similar provisions for the retirement of the notes. This issue was strongly opposed by Franklin, who urged that an attempt should be made to borrow back the notes first issued. He also urged that all notes should bear interest. Neither of his recommendations prevailed. The necessities of the Government still continuing, on February 17, 1776, a third issue, of $4,000,000, was made. Before the close of 177.5, however, and when only $6,000,000 of notes had been authorized, an unwillingness to take them, chiefly among the Quakers, began to show itself. (Poor, p. 431.) Sumner says (p. 44) : "Paper for $9,000,000 was issued before any depreciation beyan." Berkey says (p. 113): "Tlio bills continued at par with silver for over a year, but after that they began to depreciate rapidly in value, owing to their character and the excessive amount put iu circulation." Another issue, of $5,000,000, having been made in May, 1776, up to July 4, the date of the adoption of the Declaration of Independence, $15,000,000 had been issued. Under the stress of circumstances, manifold issues followed. As the depreciation went on. Congress adopted every means iu its power to sustain the bills, without avail. Authorities differ widely as to the whole amount issued. Berkey says (p. 112) : " Con- gress issued nearly $350,000,000." Sumner (p. 46) says: "Over $350,000,000 were issued in all, but it is doubtful if more than $200,000,000 were out at any one time." Walker (p. 330) quotes Mr. Shuckers as saying (in "Finances of the Revolution,"' etc., p. 110) : "It seems to be pretty clear that the issues of Continental bills of credit were materially in excess of the emissions authorized by Congress." Gouge (p. 25), citing 'Poor, p. 431. 2 Ihid., p. 430. 1+ HISTOEY OF THE CURRENCY OF THE COUNTRY. the "American Almanac" for 1830, says: "According to an estimate by the Register of the Treasury in 1790, the issues of Continental money were as follows," viz : Year. Old emission. New emission. Total. 1776 Dollars. 90ths. 20,064,464 66 "1 26,426,333 ll 66,965,269 31 f 149,703,856 77 J 82,908,320 47 11, 408, 095 00 Dollars. 90ths. Dollars. dOths. 263,159,923 88 83, 799, 557 37 12, 587, 344 00 1777 1778 891,236 80 1, 179, 249 00 1779 1780 1781 .. . Totals 357,476,541 45 2,070,485 80 359,547,027 35 Note. — At this time the division was in dollars and ninetieths. The footings of the second and fourth columns are $202 in excess of what the figures really add. In a "History of the United States" by John Trait and John G. Shea, the footings above are also given. Poor, on page 457 of "Money, its Laws," etc., furnishes the following: Statement Showing the Dates op Issue and Amounts op Continental Money Issued dfking THE War of Independence. Date. Amount. Bate. Amount. 1775. June22 $2, 000, 000 1, 000, 000 3, 000, 000 1778. April 11 $5, 000, 000 500, 000 5, 000, 000 5, 000, 000 5, 000, 000 5, 000, 000 10, 000, 000 10, 000, 000 10, 000, 000 July25 ..-•. April 18..... May 22 Novenib6r29 ... Total 6, 000, 000 July 30 1776. Kebruarv 17 .- .. September 5 September 26 4, 000, 000 5, 000, 000 1 5, 000, 000 1 5, 000, 000 November4 December 14 May 9,27 Total 1779. July 22 63, 500, 000 August 13 5, 000, 160 5, 000, 160 5, 000, 160 10, 000, 100 \ 50, 000, 100 10, 000, 100 5, 000, 180 10, 000, 100 5, 000, 180 10, 000, 180 5, 000, 180 5, 000, 040 5, 050, 500 10, 000, 140 December 28 Total 19, 000, 000 February 19 1777. Februarv 26 Aprill 5, 000, 000 5, 000, 000 1, 000, 000 1, 000, 000 1, 000, 000 January 4 May 7 May 27 July 17 NovemberT Do December 3 .... September 17 Total 13, 000, 000 Do October 14 1778. 1, 000, 000 2, 000, 000 2; 000, 000 2, 000, 000 1, 000, 000 Do November 29 Total February 16 . . 140, 052, 280 Total issue April 4 -_--. ..-.-. 241, 552, 280 HISTORY OF THE CURRENCY OF THE COUNTRY. 15 This total is $21,607,846 less than that per Gouge (including $202 error), up to 1779, inclusive, and is less in the aggregate $117,994,747. Adding $94,316,415, "Old emission," and $2,070,486, "New emission," total, $96,386,901, the sum of Gouge's figures for 1780 and 1781, to Poor's total would make the latter $337,939,181. According to Berkey (p. 113), "The last emission was in 1780, and was in the following form," viz : "The possessor of this bill shall be paid Spanish milled dollars by the 31st of December, 1786, with interest, in like money, at the rate of 5 per cent, per annum, by the State of , accord- ing to an act of the legislature of the State of , the day of , 1780." The indorsement by Congress was : " The United States insure the payment of the ■vrithin bill, and will draw bills of exchange, annu ally, if demanded, according to a resolution of Congress of the 18th of March, 1780." See p. 19. By this resolution "Congress authorized silver to be received for paper at the rate of 1 to 40. All bills brought in were to be destroyed. The above-described cer- tificates, not to exceed in nominal value one-twentieth of the bills thus destroyed, were to be issued instead. Funds were to be established by the individual States for their redemption, the faith of the United States being pledged as an additional security. Six-tenths of these bills were to be delivered to the States, in due proportions; four- tenths to be reserved for the use of Congress. The new certificates never acquired to any considerable extent the character of money, and soon sank to one-eighth their nominal value, so that the account of a holder of $320 in Continental paper money might be thus stated: $320xl/40=$8 in certificates; $8 at 0.125=S1 in silver. So poorly was the security offered by Congress esteemed by the people, that the greater part of the original issue was not brought in for redemption in the new certificates." (Walker, p. 332.) Poor says (p. 458): "These notes were no better received than the old ones; nor does it appear that any considerable amounts of them ever got into circulation." On page 461 he says : " Ko notes were issued after 1779." On page 457 he gives the year 1781, iustead of 1780, for the above transaction. Going to swell the volume of paper in circulation, notes of several of the emissions had been extensively counterfeited, thus intensifying the prevailing embarrassment and distress. The depreciation of bills of credit issued by the Continental Congress, according to the following-named authorities, at the periods indicated, was as follows, viz: Date. Authority. Wallser. Jefl'LTson. Poor. Berkey. At the close of 177G $2. CO for $1. 00 About July, 1777 $2. 00 for $1.00 $4. 00 for $1. 00 March, 1778 $1.7.5 for $1.00 April, 1778 6. 00 for 1.00 About July, 1778 4. 00 for 1.00 Before the end of 177H . . * 4 00 ior 1 00 8. 00 for 1.00 January 14, 1779 February 3 and 12, 1779 March, 1779 8. 00 for 1.00 10. 00 for 1.00 10 00 for 1 00 About April, 1 779 10. 00 for 1.00 April 2, 1779 17. 00 for 1.00 16 HISTORY OF THE CURRENCY OF THE COUNTRY. Authorities — Contiuued. Dilte. Authority. "Walter. Jefferson. Poor. 13crlcey. May5, 1779 $24. 00 for $1. 00 20. 00 for 1.00 June 4 and 17. 1779 August, 1779 $18. 00 for $1. 00 September, 1779 $18.00 for $1.00 Do $20. 00 for $1.00 September 17, 1779 24. 00 for 1.00 30. 00 for 1.00 38. 50 for 1.00 , October 14, 1779 November 17 and 29, 1779 At the close of 1779 40. 00 for 1.00 March 18, 1780 40. 00 for 1.00 75. 00 for 1.00 1,000. 00 for 1.00 40. 00 for 1.00 75. 00 for 1.00 1,000. 00 for 1.00 40. 00 (or 1. 00 End of 1780 1781. 500.00 lor 1.00 Sumner says (p. 46): "In the spring of 1780 the bills were worth two cents on the dollar, and then ceased to circulate. * * * The paper was now worth more for an advertisement or a joke than for any prospect of any kind of redemption. A barber's shop in Philadelphia was papered with it, and a dog coated with tar, and the bills stuck all over him, was paraded iu the streets." Mr. Jefferson, in his "Works," vol. IX, p. 248, writing on this money, said: "It continued to circulate and to depreciate till the end of 1780, when it had fallen to 75 for 1, and the money circulated from the French army (also that expended by the English passing the lines) being by that time sensible in all the States north of the Potomac, the paper ceased its circulation altogether in those States. In Virginia and North Carolina it continued a year longer, within which time it fell to 1,000 for 1 and then expired, as it had done in the other States, without a single groan. ISot a mUrinur was heard among the popple. On the contrary, universal congratulations took place on their seeing the gigantic mass, whose dissolution had threatened convulsions which should shake their infant Confederacy to its center, quietly interred in its grave." Berkey (p. 113) says it ceased to circulate after it reached "500 for 1 in 1781," and he adds: "In 1791 it was still permitted to be funded at the rate of 100 for 1." Poor, on page 469, agrees with the latter statement, and he further adds: "Of the whole amount, it appears that the holders of $168,280,219 took advantage of the provision for funding it, receiving therefor $1,682,802." STATE ISSUES. The following table, by Mr. Shuckers (with the exception of the issues by the Con- tinental Congress, hy years (as furnished by Poor), is given by Walker, on page 329, in his work on "Money." He says: "It will be noted that in some States, from lack of the requisite data, the total issues are not distributed among the several years of the war." It will also be noticed that for Rhode Island the figures given by years do not make the total for that State by $600. HISTORY OF THE CURRENCY OF THE COUNTRY. Paper Money Issued by the States During the War op the Revolution. 17 State. 1775. 1776. 1777. 1778. 1779. 1780. 1781. 1783. Total. $3, 868, 000 714 600 Khodc Island $200, 000 600, 000 112, 500 $300, 000 366, 300 637, 500 133,000 227, 000 $15, 000 17, 500 $133, 000 $66, 000 632, 700 1, 516, 500 New York $411, 250 800, 000 1, 330, 000 1, 161, 250 1 618 000 600, 000 1,516,000 $85, 000 300, 000 Ponnsylvauia 420, 000 80, 000 535, 000 875, 000 532, 000 66, 500 4, 325, 000 146, 600 950, 000 415, 000 1,500,000 2, 700, 000 $2, 700, 000 2, 125, 000 2, 500, 000 1, 250, OUO 30, 666, 000 3, 600, 000 87, 500, 000 26, 250, 000 128, 441 000 100, 000 33, 325, 000 33, 458, 926 Total 209,624,776 241 562, 230 By Congress 6, 000, 000 19, 000, 000 13, 000, 000 63, 500, 000 140, 052, 280 451, 077, 056 111 a note on page 318, Walker says: "The Pennsylvania issue of April 10, 1775, was for the purpose of building a jail in Philadelphia. It bore on the reverse a picture of that building, known as the 'Waluut Street Prison.' These notes are commonly but erroneously believed to represent the Independence Hall." LOANS NEGOTIATED BY THE CONTINENTAL CONGRESS. In addition to the amount of paper money issued during the Eevolutionary war, up to the time the Treasury Department was created, viz: Seiitember 2, 1789, foreign loans amounting in the aggregate to $10,126,517.13 were negotiated by the Continental Congress. These loans were as follows, viz: When realized. Title of loan. Authority. Amount. 1777 1778-82 1781-82 1781-82 1782-80 1783 1784 1787-88 1789 Loan from Farmers-General of France . French loan of 18,000,000 livres Loan from Spain in 1781 French loan of 10,000,000 livres Holland loan of 1782 French loan of 6,000,000 livres Holland loan of 1784 Holland loan of 1787 Holland loan of 1788 Resolution of Dec. 23, 1776 Eesolution of Dec. 3, ] 777 Instructions of Sept. 28, 1779 . Eesolution of Oct. 26, 1779 do Eesolution of Sept. 14, 1782 . .. Eesolution of Oct. 20, 1779 do do $181,500.00 3, 267, 000. 00 174, 017. 13 1,815,000.00 2, 000, 000. 00 1, 089, 000. 00 800, 000. 00 400, 000. 00 400, 000. 00 The necessity for the latter measure was as imperative as that for the former. While striving with bills of credit to satisfy the continuous demands at home, it required specie wherewith to procure indispensable munitions, armament, and supplies, obtain- able alone through such means abroad. In the then condition of the country, the efforts put forth in that direction were truly herculean, and the aim for some time appeared impossible of attainment. At length, through the friendly disposition of France, who, while not yet prepared to openly advocate the cause of the Colonies, had been secretly contributing substantial aid thereto, success was achieved, and the first of the loans named was obtained. "France grew bolder in 1778," and the second loan was negotiated with her direct; and it is even a question whether, in its inception, it was not intended more as a subsidy, payable in installments every three months to the American commissioners in France, "to enable the Colonies to keep up the unequal struggle with Great Britain." 5618 2 18 HISTORY OF THE CURRENCY OP THE COUNTRY. Gratuities to the amount, at least, of $1,996,500 were actually received from France during the course of the war. The third loan consisted of advances of money by Spain during the period indi- cated. As the early financial transactions of the United States in Europe appear to have been, in the main, secret, it is extremely difftcult to obtain information respecting some of the loans negotiated at that time. The fourth loan, although negotiated in Holland, having been obtained on the credit of France, became a debt dae to that country. The incidents attaching to this loan are intensely interesting. The financial situation of the Continental Congress was at its worst in the years 1779 and 1780. Over $200,000,000 in Continental cur- rency had been issued, and it had depreciated until it only passed at 40 for 1. Even at this discount it soon ceased to circulate at all, and in the year 1780 " it quietly expired iu the hands of its possessors." The Eevolntionary army was reduced to extremity. On the 1st of February, 1778, nearly four thousand men were returned as unfit for duty for want of clothes. In January, 1780, tbe army had .been nearly three months on short allowance of bread, and within a fortnight almost xierishing. They had been sometimes without bread, sometimes without meat, and often without both. Evidently, to seek relief through new issues of jiajjer money was hopeless. In this dilemma Congress determined to attempt to negotiate a loan in Holland. Henry Laurens, of South Carolina, having been chosen as agent for that purpose, shortly after June 20, 1780, sailed for Europe, but the vessel iu which he took passage was captured by a British fiigate. He threw his papers overboard, but not weighting them sufficiently, they floated, and were recovered by a British sailor. This incident produced a war between Great Britain and Holland, for the papers contained a plan of a treaty with the United States, drawn up under the direction of Van Berckel, the grand pensionary of Amsterdam. Great Britain demanded of Holland a disavowal of this plan and "the exemplary punishment of the pensionary and his accomplices." Satisfaction for the supposed offense not being made, a declaration of hostilities in due course followed. Mr. Laurens being held a close prisoner in the Tower on a charge of high treason, the negotiations for a loan went on under a commission issued to John Adams, aided by the exertions of Col. John Laurens, who, on the capture of his father, had been dispatched to Europe on the same mission. Applications for loans in Holland had hitherto proved unsuccessful. The King of Prance had, through his minister at The Hague, offered his assistance to the Americans in procuring loans in that country, but without avail. He now engaged to become himself responsible for the sums which might be furnished. Through this means, and the exertions of Mr. Adams, the loan was effected. Regarding the fifth loan, this may be said: Many successive attempts on the part of Mr. Adams, early commenced, to obtain a loan in Holland on the faith of the United States utterly failed until, eventually, he had been commissioned and recognized as minister plenipotentiary to arrange a treaty of amity and commerce with the >^tates- General. The Court of The Hague was evidently well disposed toward the Colonies, and liad shown this disposition in many ways, which had been the occasion of earnest remonstrance from the British minister. To one of his letters, demanding that American vessels be no longer allowed a shelter in their harbors, nor American rebels an asylum in their country, the States-General returned tbe haughty answer, HIBTOEY OP THE CURRENCY OP THE COUNTRY. 19 "There are no gates to The Hague." The negotiation of this loan was the commence- ment of along series of financial transactions in Holland. If the gold of France and her fleets, aided the United States through the war in which independence was gained, it was from Holland that the money came, even although as a loan, which assisted the Government through the difficult years of peace that followed. No information respecting tlie negotiations for the sixth loan is accessible. By the contract dated February 25, 1783, it ajjpears that " His Majesty determined, not- withstanding the pressing necessities of his own service, to grant to Congress a new pecuniary assistance, which he fixed at the sum of 6,000,000 livres Tournois, under the title of a loan." The money was to be paid to the United States, from the funds of the royal treasury, in sums of 500,000 livres monthly for twelve months. As an inducement to secure the seventh loan (the demand for money in Holland in 1783 and 1784 being very great, owing to the fact that nearly every nation in Europe was seeking loans at the same time), in addition to the 4 per cent, interest which was to be paid, it was agreed to distribute among the subscribers, by lot, in subsequent years, "obligations" of the United States for $276,000, as a bonus or premium on the loan; and as an additional inducement "gratifications'' amounting to from 5 to 6 per cent, were to be paid, at the time of redemption, to the holders of all the original certificates. The amount of the latter actually paid was $80,720, the sum of both being $356,720. The eighth loan appears to have been contracted in order to raise money with which to pay the interest on the two loans previously made in Holland. The interest which had before fallen due had been paid partly by remittances from America and partly by some portions of the amount received on the original loans. Although the experiment of issuing vast amounts of paper money had proved so disastrous, yet the policy of the Government still ran in the same course, and there was afloat the "new emission" of paper currency (purporting on its face to be redeemable by the different States, individually, but indorsed by the United States), which, by an act of March 18, 1780, it was provided should be issued at a not greater rate than one dollar of the new for each twenty of the old.' Such imposts and duties as the Continental Congress could derive from the thirteen independent States were mostly paid in this new currency, which, being worthless abroad, rendered the payment of debts due in foreign countries by Congress a difficult matter. No definite information as to the amount of this currency issued appears on record. It circulated at a considerable discount until after the adoption of the present Constitution, under the names of the "New emis- sion" and "Continental bills of credit," and was partially redeemed by being received in subscriptions to stocks which were created to fund the domestic debt. Hamilton, in his report on the public credit, January 14, 1790, estimated the unliquidated amount of the domestic debt, consisting "chiefly of the continental bills of credit," at $2,000,000.^ In January, 1795, he stated the amount of these bills tor which the United States were liable at $90,574.' "National Loans of the United States." — Bayley, pp. 20, 21. The ninth loan was negotiated to meet the expenses of the United States in Europe, and to aiford a flnancial basis on which to start the new Government at ' See p. 15. • "American State Papers, Finance." — Vol. I, p. 19. * "Annals of Congress," 1795, Appendix, p. 1349. 20 HISTORY OP THE CURRENCY OF THE COUNTRY. home. The new Constitution was to go into effect when' ratified by nine States. Some of the States voted to adopt it in 1787, bijt the. vote of the ninth State, New Hampshire, was not secured until June 21, 1788. It was known in Europe, however, early in that year that it would be ratified, and as the Continental Congress was utterly without funds to turn over to its successor, money must be provided in some way. Thomas Jefferson was then minister of the United States at the Court of Versailles, and with Mr. Adams, then about to return to America, conducted the negotiations. The definitive treaty of peace was signed on September 3, 1783. Up to that time there had been negotiated six of these loans, amounting to $8,526,517.13. The remain- ing three, amounting to $1,600,000, were contracted after that date and before the new Government began. PRESENT FORM OP GOVEBNTMENT. The first Congress of the United States met in New York; the House of Eepre- sentatives on the 1st and the Senate on the 6th of April, instead of March 4, 1789, as had been fixed by an act of the Continental Congress." The Government of the United States under the present Constitution went into operation with the inauguration of George Washington as President, on April 30, 1789. The following statement shows the indebtedness of the United States at the organization of the present form of Government, including arrearages of interest to January 1, 1700. This table is given on page 31 of Bayley's "National Loans of the United States," from which much of the information relating to the loans referred to herein has been derived. LoaE from Farmers-General of France, balance due $153, 688. 89 French loan of 18,000,000 livres 3,267,000.00 Loan from Spain in 1781 174,017.13 French loan of 10,000,000 livres 1,815,000.00 Holland loan of 1782 2,000,000.00 French loan of 6,000,000 livres 1, 089, 000. 00 Holland loan of 1784 800,000.00 Holland loan of 1787 400,000.00 Holland loan of 1788 400,000.00 Total principal of foreign debt 10,098,706.02 Balance due France for military supplies 24,332.86 Arrearages of interest to January 1, 1790 1, 760, 277. 08 Debt due foreign officers who served in the war of the Revolution 186, 988. 78 Arrearages of interest to January 1, 1790 11, 219. 32 Principal of the Domestic debt, estimated 28, 858, 180. 65 Arrearages of interest to January 1, 1790, estimated 11, 398, 621. 80 Total 52,338,326.51 Add arrearages and claims outstanding against the late Government, since paid 450,395.52 Making the total debt of the United States, January 1, 1790 52, 788, 722. 03 To this should be added the individual debts of the several States, the precise amount and character of which was then unknown, estimated by Hamilton at that 'Marshall's "Life of Washington."— Vol. V, p. 151. HISTORY OF THE CURRENCY OF THE COUNTRY. 21 time to aggregate about $25,000,000. As taken later from the ofQcial reports, how- ever, the amount authorized was $21,500,000, and the amount paid $18,271,786.47. An account of the payment of the loans named will be found in the statements of the same under their respective titles. That of the Domestic debt will be found under the heads of the Six per cent., Three per cent., and Deferred six per cent, stocks of 1790. Probably no new Government ever started with more discouraging financial prospects. The large debt which devolved upon the United States as an inheritance from the Continental Congress, and the several Colonies, had to be provided for, while there was not a dollar on hand to meet current expenses. Means of raising revenue from an exhausted and impoverished country had yet to be devised, and these means, when invented, could not produce anything for months. There was no Treasury Department, and nothing to put into a treasury if one had existed. It was said that the Holland loan of 1788 had been negotiated in part to afibrd a financial basis on which to start the new Government at home; yet there could nothing have remained of the money derived from that source. The Board of Treasury, instituted by the Continental Congress, appears to have been still in ofBce, as they were called on by President Washington in June, 1789, for a statement of their accounts; but they had no funds, and had issued warrants, in anticipation of future revenues, for over $140,000, which were afterward paid by the new Government. An act laying duties on importations was approved July 4, 1789, but no revenue was obtained under this act until September 29, when about $13,000 was received. THE FIRST AND SUBSEQUENT LOANS NEGOTIATED UNDER THE NEW GOVERNMENT. The Treasury Department was created by act of Congress of September 2, 1789, and on the 11th Alexander Hamilton was appointed Secretary and Samuel Meredith Treasurer. On assuming the position of Secretary, Mr. Hamilton found himself utterly without funds. Interest falling due could not be paid, since even the ordinary expenses of the Government could not be met. In this emergency his only resource was to borrow until such time as the revenues from duties on imports and tonnage began to come into the Treasury. This he was forced to do on his own responsibility, under arrangements made with the Bank of New York and the Bank of North America, receiving therefrom in various amounts from September 13, 1789 to February 17, 1790, $191,608.81, inclusive of $8.81 overcharge in their interest account. This was the first loan contracted under the present form of Government, and is known as the Temporary loan of 1789. It is believed to be the only loan ever negotiated by the Treasury Department without the authority of law. Out of this money was paid the first installment of salary due the President, Senators, Representatives, and officers of the Congress during the first session under the Constitution. The payment to the President was by warrant No. 75, of date September 26, 1789, for $l,000.i The Bank of North America, named above (being "the first established in this country"), was incorporated by act of the Continental Congress, December 31, 1781, with a capital of $400,000. It took its origin in a union of citizens of Philadelphia, formed in the preceding year to supply the Army with rations. They were allowed to form a bank, and, as it seems, issue notes to buy the articles required. Its charter from Pennsylvania, of date April 1, 1782, which it also had, was annulled by that State September 13, 1785. It, however, went on under the charter from Congress 'Warrants Nos. 1 to 74, inoIusiTe, were dated September 29, 1789. 22 HISTORY OF THE CURKENCY OF THE COUNTRY. until May 17, 1787, when it was rechartered by Pennsylvania. It is said to have furnished valuable aid during, and many loans were obtained from it after the close of the Eevolutionary war. It is still in existence under the "National Banking Act."^ The Bank of New York was instituted in 1784 ; also the Massachusetts Bank, at Boston ; the Bank of Maryland in 1790,^ and the first Bank of the United States February 2'), 1791. In his book on the "Public Debt," etc. (p. 99), Eichardson says: "At the time of the adoption of the Constitution four State banks" [those just indicated] "were in existence;" whereas the last of the number, as may be seen, was chartered subsequent thereto. On the other hand. Poor (i). 475) says: "At the time the first Bank" (of the United States) "went into operation there were only three State banks;" giving those first named herein. The second loan negotiated was the Temporary loan of 1790, by virtue of section 7 of the act of March 26, 1790, which authorized the President to empower the Secretary of the Treasury to make such loans as might be requisite to carry into effect certain specific appropriations made by the preceding sections of the same act. This was also procured from the Bank of New York. On the 9th of January, 1790, Secretary Hamilton made his report to the House of Eepresentatives, in obedience to its resolution of September 21, 1789, in which he advocated the assumption of the debts of the old Government and of the several States, and submitted a plan for supporting the public credit. His recommendations were finally adopted, and embodied in the act making provision for the payment of the debt of the United States, approved August 4, 1790. Under this act the Six per cent.. Three per cent., and Deferred six per cent, stocks of 1790 were issued, and the Holland loans of 1790, 1791 (including the Antwerp), 1792, 1793, and 1794 were nego- tiated ; and during each of the last four years temporary loans, under various acts, as well, were contracted. An account of these, and all other loans that followed, will be found in their proper places, in the order in which they originated. ADOPTION AND ORIGIN OF THE DOLLAR. "Prior to July 6, 1785, the English pound was in use in the Colonies. On that date the Continental Congress established the dollar [of 365.64 grains of fine silver^], although the exact weight was not fixed until August 8, 1786, when it was made to equal about that of the old Spanish dollar,"* with a ratio as to gold of 15.25 to 1.^ The dollar, or "thaler" (which did not originate with the t^paniards), is short for the " Joachimsthaler," of Joachimsthal, a mining town in the Joachims Valley in Bohemia, where the coins were first struck in the sixteenth century.^ ESTABLISHMENT OF THE MINT— COINAGE. The first (effective) Colonial Mint was established in Massachusetts in 1652. During the period of the Commonwealth (in England under Cromwell) shillings and sixpences were issued in large amounts. After the Eestoration (in 1660) further 'Sumner, p. 49; Walker, p. 491 ; Poor, p. 462. "Gouge, p. 42; Berkey, p. 118 ; Poor, p. 475. 'Circular No. 123, Office of the Secretary of the Treasury, July 1, 1896, p. 33. * " The Rand-McNally New Standard Atlas of the World," p. 49. »Ibid. «lbid. Also, "The People's Cyclopedia of Useful Knowledge,'' p. 1731. HISTORY OF THE CURRENCY OP THE COUNTRY. 23 coinage was forbidden, as an invasion of the rights of the Grown. It is stated that the Mint continued to coin, however, under the original date, lGo2. Virginia, by law, instituted a Mint in 1 645 and Maryland in 1661, but both schemes proved futile. Some brass or copper pieces were struck, prior to the Eevolution, in Carolina and Virginia. During the Confederation the right of coining was vested in the individual States as well as in the Federal Government. By the Constitution, the sole power as well to control the circulation of foreign moneys as to regulate coinage, is vested in Congress.' Under the coinage law passed by Congress in 1786, no coins of gold or silver were struck. Copper coins were made, but they were below standard and depi^eciated.^ RATIO OF GOLD TO SILVER IN COINS, 15 TO 1. By act of Congress of April 2, 1792, section 1, a " Mint for the purpose of a national coinage" was "established ; to be situate and carried on at the seat of the Government of the United States, for the time being," at that date located in Philadelphia, Pa., whereto it had been transferred from New York between August 12 and December 6, 1790. Section 9 provided for the coinage of eagles, half and quarter- eagles of the value of $10, etc., in gold, at the rate of 24^ grains fine to the dollar; dollars, half and quarter-dollars, "dismes" and half-"dismes," in silver, the dollar to contain 416 grains of standard, or 371^ grains of pure silver (892.4 fine), and cents and half cents to contain 11 and 5J pennyweights of copper, respectively. Section 11 enacted; "That the proportional value of gold to silver in all coins which shall by law be current within the United States, shall be as fifteen to one, according to quantity in weight, of pure gold or pure silver," etc. Section 16 declared ; "That all the gold and silver coins which shall have been struck at, and issued from the said Mint, shall be a lawful tender in all payments whatsoever," etc. Section 20 provided; "That the money of account of the United States shall be expressed in dollars or units, 'dismes' or tenths, cents or hundredths, and 'milles' or thousandths, * * * and that all accounts in the public offlces and all proceedings iu the courts of the United States shall be kept and had in conformity to this regulation." Berkey (p. 336) says: "This is believed to be the first time that a money of account was ever established by law, moneys of account having in all nations grown up in the minds of the people." In 1794 silver, and in 1795 gold, was first coined, in conformity with the foregoing act. Per section 14 of the act, the coinage was to be free and gratuitous. SUSPENSION AND RESUMPTION OF COINAGE OF THE SILVER DOLLAR. On May 1, 1806, with the intent of restraining the outflow of gold,^ the coinage of silver dollars was suspended by President Jeiferson, and no more were coined until 1836, thirty years after, and then only one thousand of them were issued from the Mints. The whole number of silver dollars coined down to and inclusive of 1805 was $1,439,517. From that time to 1836 the largest denomination of silver coins issued from the Mint were half-dollars. 'Walker, p. 171. 'Sumner, p. 54. >"A Primer of Finance." — David Jayne Hill, LL.D., Rochester, N. T. 24 HISTOEY OF THE CURRENCY OF THK COUNTRY. RATIO BETWEEN GOLD AND SILVER COINS, 16 TO 1: UNIFORMLY .900 FINE. By an act of June 28, 1834, the gold eagle was made to weigh 258 grains (instead of 270, as theretofore), its pure contents being 232 grains, or 23.2 to the dollar. Under this regulation silver was to gold as 16 to 1. The act of January 18, 1837, section 8, made gold and silver coins uniformly .900 fine. Under section 9, the gross weight of the silver dollar was reduced from 416 to 412J grains, the pure contents remaining as before at 371^ grains. Under section 10, the gross weight of the eagle was retained at 258 grains. The gold dollar now contained 23.2 grains fine. The ratio was now 1 to 15.988+. By the act of March 3, 1849, section 2, the coinage of gold dollars and double- eagles ($20), conformable in all respects to existing laws except as to design, was provided for. Per act of February 21, 1853, section 1, the weight of the half-dollar was fixed at 192 grains (nine-tenths fine), and the quarter dollar, dime, and half-dime, respectively, at one-half, one-fifth, and one-tenth of the weight of the half-dollar. Section 2 limited the legal-tender power of said coin to $5. Section 7 directed that there should be coined three-dollar gold pieces, conformable to the provisions of the act of March 3, 1849. Up to the end of 1852 there had been coined $2,506,890 in silver dollars. SPECIE PAYMENTS SUSPENDED. Owing to the war of the rebellion, specie payments were suspended by the United States December 31, 1861. At that date the silver dollars coined amounted to $4,218,570. GOLD STANDARD ESTABLISHED— COINAGE OF STANDARD SILVER DOLLARS DISCON- TINUED. The act of February 12, 1873, section 13, re-enacted the provision making the gold and silver coins of the United States .900 fine. Section 14 declared that the gold coins should be, a one-dollar piece, which, at the standard weight of 25.8 grains, should be the unit of value; a quarter- eagle; a three-dollar piece; a half-eagle; an eagle, and a double-eagle. Section 15 declared that the silver coins should be, a trade-dollar, of the weight of 420 grains troy (.900 fine); a half-dollar, of thp weight of 12^ grammes; a quarter-dollar, and a dime, to be, respectively, one-half and one-fifth of the weight of the half-dollar; said coins to be a legal-tender to not exceeding $5. By section 16 the minor coins were to be, a five-cent piece, a three-cent piece, and a one- cent piece, to be a legal-tender not to exceed 25 cents. Section 17 enacted that no coins other than those designated should be issued from the Mint. Up to 1873 the silver dollar had not been in circulation for more than twenty- five years.i At the date of the above act only $8,031,238 in legal-tender standard silver dollars had ever been coined; and of that amount only $6,591,721 was coined after 1835, following a suspension of the coinage of siver dollars for thirty years from 1806. The act of March 3, 1875, authorized the coining of a twenty-cent piece, of silver, conformable to the coinage act of 1873; to be a legal- tender for not over $5. A resolution of July 22, 1876, section 2, declared the trade-dollar to be no longer a legal- tender, and authorized the Secretary of the Treasury to limit its coinage. 1 "A Primer of Finance."— David Jayno Hill, LL. D., Rochester, N. Y. HISTORY OF THE CURRENCY OP THE COUNTRY. 25 COINAGE OF STANDARD SILVER DOLLARS RESUMED AT 16 TO 1. The act of February 28, 1878, section 1, provided that there should be coined silver dollars of the weight of 412J grains troy of standard silver, as provided in the act of January 18, 1837; the same, together with all silver dollars theretofore coined of like weight and fineness, to be a legal-tender at their nominal value; and the Secretary of the Treasury was directed to purchase from time to time silver bullion, at market price, not less than $3,000,000 nor more than $4,000,000 per month, and cause the same to be coined as fast as possible into such dollars. It is worthy of note here, that the subsidiary silver struck at the Mints during the five years from 1873, inclusive, to the end of 1877, exceeded by $598,255.10 the whole amount of silver, including dollars, coined for the eighteen years immediately preced- ing that period, viz: from 1855 to 1872, both years inclusive.* During the five years named there was coined — Of Btandaid silver dollars, to February 12, 1873 $296, 600. 00 Of trade-dollars 31,699,460.00 Of half-dollars $23, 110,010.00 Of quarter-dollars 15,772,755.50 Of twenty-ceut pieces 270,880.00 Of dimes 7,919,216.80 Of half-dimes 51, 830. 00 Of three-cent pieces 18. 00 47, 124, 710. 30 Total 79,120,770.30 During the eighteen years preceding there was coined — Of standard silver dollars $5,148,408.00 Of half-dollars $26,125,478.50 Of quarter-dollars 10,267,235.50 Of dimes 2, 957, 219. 00 Of half-dimes . 1, 853, 012. 00 Of three-cent pieces 175,012.20 41, 377, 957. 20 Total 46, 526, 1 55. 20 By act of May 2, 1878, the coinage of the twenty-cent piece was discontinued. SPECIE PAYMENTS RESUMED. On January 1, 1879, the United States resumed specie payments, under the act of January 11, 1875. Per act of June 9, 1879, the subsidiary coins were made legal-tender to the amount of $10. By act of February 19, 1887, the coinage of the trade-dollar was discontinued. There was coined in all, from 1873 to 1883, the year of the last coinage, inclusive, $35,965,924. PURCHASE OF BULLION FOR COINAGE OF STANDARD SILVER DOLLARS. By the act of July 14, 1890, the act of February 28, 1878 was repealed, and the Secretary of the Treasury was authorized to purchase silver bullion to the amount of 4,500,000 ounces each month, at the market price thereof, not exceeding $1 for 371.25 * Including the trade dollars, the coinage of silver during the aforesaid five years exceeded liy $305,327.10 that for twenty -eight years preceding ; and the said trade dollars alone exceeded the whole amount of standard silver dollars coined to 1873, inclusive, by $23,668,222. 26 HISTORY OP THE CURRENCY OF THE COUNTRY. grains of pure silver; and he was directed to coin each month 2,000,000 ounces of the same into standard silver dollars until July 1, 1891, and thereafter as much as might be necessary, to provide for the redemption of the Treasury notes authorized to be issued by the same act in payment for said bullion. Per act of September 26, 1890, the coinage of the one-dollar and three-dollar gold pieces was discontinued. PURCHASE OP SILVER BULLION DISCONTINUED. By the act of November 1, 1893, the purchasing clause of the act of July 14, 1890 was repealed. The total amount of standard silver dollars coined from March 1, 1878 to June 30, 1896, was $430,790,041, and to December 31, 1896, $443,166,391. BULLION VALUE OF 371i GRAINS OF SILVER. The following table shows the bullion value of 371J grains of pure silver, con. tained in a United States silver dollar, at the annual average price of silver in each calendar year for the period included — "Report of Director of the Mint, 1896," pp. 220,223, viz: Tear. Value. Year. Value. Tear. Value. Tear. Value. 1833.... $1. 003 1849... $1. 013 1865... $1. 035 1881... $0. 880 1834.... 1.015 1850... 1.018 1866... 1.036 1882... .878 1835.... 1.012 1851... 1.034 1867... 1.027 1883... .858 1836.... 1.017 1852... 1.025 1868... 1.025 1884... .861 1837.... 1.009 1853... 1.042 1869... 1.024 1885... .823 1838.... 1.008 1854... 1.042 1870... 1.027 1886... .769 1839.... 1.023 1855... 1.039 1871... 1.025 1887... .756 1840.... 1.023 1856... 1. 039 1872... 1.022 1888... .727 1841.... 1.018 1857... 1.046 1873... 1.004 1889... .723 1842.... 1.007 1858... 1.039 1874... .988 1890... .809 1843.... 1.003 18.59... 1.052 1875... .964 1891... .764 1844.... 1.008 1860... 1.045 1876... .894 1892... .673 1845.... l.OOi 1861... 1.031 1877... .929 1893... .603 1846.... 1.005 1862... L041 1878... .891 1894... .491 1847.... 1.011 1863... 1.040 1879... .868 1895... .505 1848.... 1.008 1884... 1.040 1880... .886 1896... .522 ISSUE OP TREASURY NOTES— PAPER MONEY. The first issue of Treasury notes after the present form of Government went into operation were those of 1812, the same havipg been rendered necessary by the requirements of the coniiict with Great Britain. War against that power was declared by the United States on June 18, 1812. The bill providing for the aforesaid issue had passed the House of Eepresentatives June 17. It passed the Senate on the 26th and was approved June 30, 1812. There was issued of these notes the full amount of $5,000,000 authorized by the act. The Treasury notes of 1813, of 1814 (two issues), and of 1815 (two issues, besides the Treasury note stock) followed. After that there were no more such emissions until the issue of the Treasury notes of 1837, et seq. An account of all of these issues, and of the various loans and stocks which intervened, and followed, will be found in their proper order. HISTORY OF THE CURRENCY OF THE COUNTRY. 27 Excepting tbe Small Treasury notes of 1815, the Treasury notes of 1861, and the Seven-Thirties of 1861, the first of which "sold" at from par to 4 per cent., the second at from par to 1.27 per cent., and the third at an average of .465 of 1 per cent, premium, all the Treasury notes issued were uttered at par; and they all bore interest at various rates with the exception of the aforesaid Small Treasury notes of 1815 (which were exchangeable for a 7 per cent, funded stock, created by the same act), the Old Demand notes, acts of July 17 and August 5, 1861, etc. ("The first paper money ever issued by the Government of the United States'"), the Legal-tender notes of 1862 (incidentally the fractional-currency of 1862-1864), and the Treasury notes of 1890, issued in payment for silver bullion. With the exception of the Old Demand notes, which, owing to the fact that they were paid iu gold when presented for redemption and were received for all public dues, did not depreciate, all other United States notes were depreciated in value from 1802 until the resumption of specie payments. Their redemption, nevertheless, in every instance, was at their face value. PREMIUM ON GOLD, AND GOLD VALUE OF UNITED STATES NOTES. The following table shows the average premium on gold, and gold value of United States Legal-tender notes, by calendar years, during the suspension of specie payments, from January 1, 1802 to January 1, 1879, viz: Currency Gold value Currency Gold value Currency Gold value Year. value of United Year. value of United Year. value of United of golll. States notes. of gold. States notes. of gold. States notes. 1862.. 113.3 88.3 1868... 139.7 71.6 1874... 111.2 89.9 1863.. 145.2 68.9 1869... r.v.i 75. 2 187."i... 114.9 87.0 1864.. 203.3 49.2 1870... 114.9 87.0 1876... 111.5 89. 8 186-... 157.3 63.6 1871... 111.7 89. 5 1877... 104.8 95. 4 1866.. 140.9 71.0 1872... 112.4 89.0 1878... 100.8 09.2 1867.. 138.2 72.4 1873... 113.8 87.9 This table, and, iu part, the one next preceding, together with a fund of kindred valuable information, will be found iu Circular No. 123, "respecting United States bonds, paper currency, coin, production of precious metals," etc., issued from the OfQce of the Secretary of the Treasury, July 1, 1896. HISTORY OF ALL THE LOANS OF THE GOVERNMENT AND STATISTICS APPERTAINING THERETO. The fo'lowing condensed history of all the loans of the Government from 1776 to June 30, 1890, inclusive, was published in the annual report of the Register of the Treasury for the fiscal year 1896. The succeeding statements in regard to premium, discount, profits, commission, etc., but up to 1885 only, were published in the report for 1895; they have now been brought up to 1890, inclusive. The tables of appropria- tions for and payments of interest on the public debt were published in the report for 1894, also only up to 1885, and they have here likewise been brought up to 1896. The accounts of "Expenses of the national loan" and "Refunding the national debt, 5, 4J, and 4 per cent.," were included in the report for 1894. This consolidated work, 'Circular No. 123, Office of tine Secretary of the Treasury, July 1, 1896, page 9. 28 HISTOEY OF THE CURRENCY OF THE COUNTRY. extending as it does sixteen years beyond the final limit of Bayley's "E^ational Loans of the United States," may really be regarded as a condensation and continuation oi the same. Several inaccuracies occurring (no doubt inadvertently) in his book have been corrected; and here, also, will be found much valuable information, including, as far as possible, "a copy of each obligation issued by the Government since March 4, 1789," etc., appended to the respective loans, not contained in said book. Owing to the burning of the Treasury building by the British troops on August 24, 1814, and the later conflagration on March 31, 1833, when a part of the records and a large number of accounts were destroyed, it has been found impossible to determine the payment of interest by loans, and the premium, discount, etc., pertaining to the earlier issues prior to 1835. The statement below shows in condensed form the amounts of profits and losses on account of the national loans from 1789 to June 30, 1896, inclusive, except as above noted, and that there is not included any expenditures (still undetermined) out of the various appropriations made for paying the expenses of the loans anterior to the inception of the account of the "Expenses of the national loan" in 1862. PEOFIT. Premium realized on the sale of various loans from January 1, 1835 to June 30, 1885, inclusive $33,965,515.80 Premium realized on the sale of — Loan of 1904, from July 1, 1885 to June 30, 1896, inclusive 17,171,795.71 Loan of 1925, from July 1, 1885 to June 30, 1896, inclusive 13,967, 091. 03 Premium realized on accrued interest from July 1, 1863 to June 30, 1LG9, inclusive 1,469,162.19 66, 573, 564. 73 Deduct amount found to have been credited to the Geneva award fund (Five per cent, loan of 1881) 385,100.07 Total premium realized to June 30, 1896 66,188,464.66 Discount on the purchase or redemption of various loans from January 1, 1835 to June 30, 1885, inclusive 718,362.43 Rebate of interest on the various loans during the same period 39, 978.00 Forfeiture on bids on the various loans during the same period 30, 129. 96 Interest on premium, etc., on the various loans during the same period . . . 614. 55 Profit and loss account on the various loans during the same period 10, 747. 78 Total discount, rebate, etc., to June 30, 1896 799,832.72 LOSS. Discount sustained on the issue or sale of the various loans from January 1, 1835 to June 30, 1885, inclusive (1842, 1861, and 1862) 6,266,715.42 Premium paid on the purchase of various loans from January 1, 1833 to June 30, 1885, inclusive— less $3,704.22 excess— Consols of 1865 67, 406, 030. 40 Premium paid on the purchase of — Four-and-one-half per cent, loan of 1891, from July 1, 1885 to June 30, 1896, inclusive , 9,998,201.40 Four per cent, loan of 1907, from July 1, 1885 to June 30, 1896, inclusive . 46, 270, 448. 38 Total premium paid to June 30, 1896 123,674,680.27 Commission paid on the purchase of various loans from January 1, 1835 to June 30, 1885, inclusive 14.919.97 •HISTORY OF THE CURRENCY OP THE COUNTRY. 29 Cominission paid on the purchase of various loans from July 1, 1862 to June 30, 1875, inclusive, as corrected (" Expenses of the nation al loan") $7, 392, 938. 98 Commission paid on the purohnse of various loans from July 1, 1871 to June 30, 1882, inclusive (" Refunding the national debt ") i, 93.5, 944. 41 Total commission paid to June 30, 1896 12, 343, 803. 36 Interest paid on the various loans from 1789 to December 31, 1834, inclu- sive (as far as determinable) a 152, 239, 429. 95 Interest paid on the various loans from January 1, 1835 to June 30, 1885, inclusive 6 2,273,103,174.71 Interest paid on the various loans from July 1, 1885 to June 30, 1896, inclusive 6 402,532,333.80 Total interest paid to June 30, 1896 c 2, 827, 874, 938.46 Amount paid for general expenses or purposes : Balance of " Expenses of the national loan " (commission being included above) 25,392,330.46 Balance of "Refunding the national debt" (commission being in- cluded above) 1,493,860.34 Total 26,886,190.80 EECAPITITLATION. Total amount of discount sustained, and premium, commission, interest, etc., paid on the various loans from 1789 to June 30, 1896, inclusive.. c2, 997, 046, 328. 31 Total amount of premuim realized, and discount on the purchase or redemption of various loans from January 1, 1835 to June 30, 1896, inclusive 66,988,297.38 Excess of payments over receipts on account of the various loans from 1789 to June 30, 1896, inclusive 02,930,058,030.93 A CONDENSED HISTORY OF ALL THE LOANS OF THE UNITED STATES FROM 1776 TO JUNE 30, 1896. LOAN FROM FARMERS-GENERAL OF FRANCE. (RESOLUTION OF DECEMBER 23, 1776.) Length of loan, indefinite; redeemable as per contract; amount authorized, $10,000,000; amount issued, $181,500; sold at par; interest, 5 loer cent., payable annually; first issue (receipt of money, 1,000,000 livres, $181,500), June 4, 1777; final redemption, December 31, 1793. This was the first loan negotiated by the Continental Congress, and was for the purpose of purchasing supplies and to aid in building cruisers to prosecute the war of the Eevolution. As j)er contract, the payments were made in tobacco. The interest on $153,688.89, the balance of this loan, ceased December 31, 1793, when it was merged into the general account of the French debt; this date is therefore given as that of its final redemption. a These figures are $654,217.70 less than heretofore published, that amount being a balance in interest, personal accounts at the end of 1834, which was inadvertently included in the payments up to that time, while the same was subsequently accounted for. h These figures are, respectively, more tban heretofore published by $892.62, balance of appropria- tion, now taken up in 1885, and $726.21 of balance in personal account at the end of 1885, paid iu 1887. c These figures are $652,598.87 less than heretofore published, being the difference between the amounts per the preceding notes. 30 HISTORY OF THE CURRENCY OP THE COUNTRY. FRENCH LOAN OF EIGHTEEN MILLION LIVRES. (RESOLUTION OF DECEMBER 3, 1777.) Length of loan, indefinite; redeemable as per contract; amount authoiized, $10,000,000; amount issued, $3,267,000; sold at par; interest, 5 per cent., payable annually; first issue, first calendar quarter of 1778; final redemption, December 31, 1795. This loan was, like the other, also for carrying on the war. By contract it was to be repaid in twelve annual payments of 1,500,000 livres each, to commence from the third year after the conclusion of peace, the whole arrears of interest up to the date of the treaty of same (September 3, 1783), amount undetermined, being, by favor of the King of France, remitted. A balance of $759,900 due at the date of the last payment above, viz: December 31, 1795, was redeemed by an exchange of Five-and- one-half per cent, stock of 1795, issued under the act of March 3, 1795. LOAN FROM SPAIN IN 1781. (PER INSTRUCTIONS OF SEPTEMBER 28, 1779, TO JOHN JAY, MINISTER TO SPAIN). Length of loan, indefinite; redeemable as per contract; amount authorized, $5,000,000; amount issued, $174,017^; sold at par; interest, 5 per cent., payable annually; first issue, first calendar quarter of 1781; final redemption, August 21, 1793. This loan was likewise for continuing the war. In the account of issues the dollar is divided into 90 parts, and each 90th is subdivided into 68 parts, in conformity with the method of computation at the time the loan was made. In the " Keceipts and Expenditures" for 1793 the principal is stated at $174,011, and the interest to December 31, 1790, at $76,371.50. The difference, 6^^, appears, in the final adjustment, to belong to principal instead of interest. "Journal O. Gr.," p. 30G5. FRENCH LOAN OF TEN MILLION LIVRES. (RESOLUTION OF OCTOBER 26, 1779.) Length of loan, fifteen years; redeemable in ten annual installments, from Novem- ber 5, 1787; amount authorized, $1,815,000: amount issued, $1,815,000; sold at par; interest, 4 per cent., payable annually ; first issue, November 5, 1781 ; final redemption, December 31, 1795. This loan was for procuring supplies for the almost naked and starving Revolu- tionary army. The money, though borrowed in Holland, was obtained only on the credit of France, and became a debt to that country, the King "having been pleased to charge himself with the expense of commissioners and bank for the loan." When the money was received 5,000,000 livres was paid into the French treasury on account of supplies furnished, leaving a balance due France for same of $24,332.86. A balance of this loan of $176,000, due at the date of the last payment given above, was redeemed by an exchange of Four-and-one half per cent, stock of 1795, issued under the act of March 3, 1795. HOLLAND LOAN OF 1782. (RESOLUTION OF OCTOBER 26, 1779, RATIFIED SEPTEMBER 14, 1782.) Length of loan, ten to fifteen years; redeemable in five equal installments, annu- ally, from 1793 to 1797; amount authorized, $10,000,000; amount issued, $2,000,000; sold at par; interest, 5 per cent., payable annually; first issue, second calendar quarter of 1782; final redemption, fourth calendar quarter of 1797. HISTORY OF THE CURRENCY OF THE COUNTRY. 31 This loan, ]ike th.e others, was for the furtherance of the war, the necessities and stress of circumstances at the time being exceedingly great. The united firms in Holland, through whom this money was rai.sed, were allowed 4J per cent, to cover all charges, except 1 per cent, further allowed on the annual interest received and paid by them. The negotiations for this loan, which commenced in 1780, were attended with the greatest difficulty, and it was not until Mr. John Adams had been recognized as minister that his efforts to obtain it proved successful. FRENCH LOAN OF SIX MILLION LIVRES. (RESOLUTION OF SEPTEMBER 14, 1782.) Length of loan, thirteen years; redeemable originally in six annual installments, from January 1,1785; amount authorized, $4,000,000; amount issued, $1,089,000; sold at par; interest, 5 per cent., payable annually; first issue, first calendar quarter of 1783; final redemption, December 31, 1795. This loan was to be applied toward defraying the expenses which might be incurred, and of those which had been incurred during 1782, for carrying on the war. The loan was not repaid as per contract. It remained unpaid until 1795, when it was redeemed by an exchange of Fiveand-one-half per cent, stock of 1795, issued under the act of March 3, 1795. HOLLAND LOAN OF 1784. (RESOLUTION OF OCTOBER 26, 1779, RATIFIED FEBRUARY 1, 1785.) Length of loan, seventeen years; redeemable by annual payments thereafter within six years; amount authorized, $10,000,000; amount issued, $800,000 (+$270,000 "obligations" distributed by lottery as a bonus on the loan, besides which $80,7-!O "gratifications" were allowed on the original certificates); sold at i)ar (Bayley, considering "bonuses," "gratifications," etc., says, "sohl at C.65 per cent."); interest, 4 per cent., payable annually; first issue, first calendar quarter of 1784; final redemption, first calendar quarter of 1807. This loan was needed to save the credit of the United States, already endangered by the fact that drafts for nearly 1,300,000 guilders in excess of the amount already raised in Holland had been drawn by the Superintendent of Finance, i)art of which had already reached Europe. The united firms were to receive on this loan, as on the Holland loan of 1782, a commission of 4J per cent, to cover all expenses. The sum of interest at 4 per cent, and of the "obligations" and "gratifications" paid, would not be quite equivalent to 0| per cent, annual interest on the original certificates for the time the loan ran. DEBT DUE FOREIGN OFFICERS. (RESOLUTION OF JANUARY 22, 1784, ACT OF MAY 8, 1792.) Length of loan, indefinite; redeemable as per contract; amount authorized, indefi- nite; amount issued, $186,998.78; sold at par; interest, 6 per cent., i^ayable annually; first issue, April 5, 1784 (interest to run fi'om January 1); final redemption, fourth calendar quarter of 1828. The certificates under this loan were issued as substitutes for others issued in 1782 for balances due to foreign oflicers for services during the war, a part of their demands having at that time been paid in cash; the said certificates, like all paper of the Continental Congress, being greatly depreciated in value. In 1803 the larger portion had been reimbursed. 32 HISTORY OF THE CURREKOY OF THE COUNTRY. HOLLAND LOAN OF 1787. (RESOLUTION OF OCTOBER 26, 1779, RATIFIED OCTOBER 11, 1787.) Lengtli of loan, ten to fifteen years; redeemable in five equal installments, annu- ally, from June 1, 1798; amount authorized, $10,000,000; amount issued, $400,000; sold at par; interest, 5 per cent., payable annually; first issue, second calendar quarter of 1787; final redemption, second calendar quarter of 1802. This loan was rendered necessary in order to raise money with which to pay the interest on the loans previously contracted in Holland in 1782 and 1784. The interest which had before fallen due, had been paid partly by remittances from America and partly by some portions of the amount raised on the original loans. HOLLAND LOAN OF 1788. (RESOLUTION OF OCTOBER 26, 1779, RATIFIED JULY 2, 1788.) Length of loan, ten to fifteen years; redeemable in five equal installments, annu- ally, from June I, 1799; amount authorized, $10,000,000; amount issued, $400,000; sold at par; interest, 5 per cent., payable annually; first issue, first calendar quarter of 1789; final redemption, second calendar quarter of 1803. This loan was negotiated to meet the expenses of the United States in Europe and to aftbrd a financial basis on which to start the new Government at home. As the Continental Congress was utterly without funds to turn over to its successor, money had to be provided iu some way. Thomas Jefferson, who was then minister of the United States at the Court of Versailles, with John Adams, then about to return to America, conducted the negotiations. The amount of expenses, etc., paid by the United States does not appear. TEMPORARY LOAN OF 1789. (ON THE AUTHORITY OF THE SECRETARY OF THE TREASURY.) Length of loan, temporary ; redeemable as per contract ; amount issued, $191,608.81 ; sold at par; interest, 6 per cent., payable as per contract; first issue, September 13, ] 789; final redemption, June 8, 1790. This is believed to be the only loan ever negotiated by the Treasury Department without authority of law. On assuming the position of Secretary, Mr. Hamilton found himself entirely without funds to meet the ordinary expenses incurred at the beginning of the present form of government (April 30, 1789), except by borrowing, until the revenues from duties on imports and tonnage (out of which the loan was to be repaid) began to come into the Treasury. The money was obtained from the Bank of New York and the Bank of North America. The Secretary said : "Obvious considerations dictate the propriety, in future cases, of making previous provision by law for such loans as the pubhc exigencies may call for, defining their extent, and giving special authority to make them." TEMPORARY LOAN OF 1790. (ACT OF MARCH 26, 1790.) Length of loan, indefinite; redeemable as per contract; amount authorized, indefi- nite; amount issued, $55,000; sold at par; interest, 6 per cent., payable on redemption ("maturity") ; first issue, first calendar quarter of 1790; final redemption. May 22, 1790. This loan was negotiated by authority of the President (George Washington), he having by section 7 of the above act been authorized to empower the Secretary of the Treasury to make such loans as might be requisite to carry into effect the appropria- HISTOEY OP THE CURRENCY OP THE COUNTRY. 33 tions made by the act. The contract for the loan provided for its repayment upon similar terms as the preceding loan from the Bank of New Yorli, the revenues derived from duties on imports and tonnage being pledged for its redemption. The money was needed for the compensation of Members and employees of the Congress, the payment of the salaries of the civil list, etc., and of arrears of interest on the Dutch loans. There was in the Treasury at the time a sum not exceeding $50,000. HOLLAND LOAN OF 1790. (ACTS OF AUGUST 4 AND 12, 1790, SECTIONS 2 AND 4, RESPECTIVELY.) Length of loan, ten to fifteen years; redeemable by lot, in five equal annual installments, from February 1, 1800; amount authorized, $14,000,000; amount issued, $1,200,000; sold at par (Bayley, considering commission and expenses, says " sold at 95^ per cent."); interest, 5 per cent., payable annually; iirst issue, first calendar quarter of 1790; final redemption, first calendar quarter of 1804. The act of August 4, 1790, authorized a loan of not exceeding $12,000,000, to be applied to paying, in whole or in part, the foreign debt of the United States. The act of August 12, 1790, authorized a loan of not exceeding $2,000,000, to be apj)lied to the purchase of the debt of the United States; rate of interest, in the first instance not limited, in the second not to exceed 5 per cent. The charges for commission and expenses were fixed by contract at 4J per cent, on the principal. SIX PER CENT., THREE PER CENT., AND DEFERRED SIX PER CENT. STOCKS OF 1790. (ACT OF AUGUST 4, 1790, SECTIONS 3, 4, 13, AND 15.) Length of loans, indefinite; redeemable by payments not to exceed 8 per cent, per annum ; amount authorized, indefinite ; amount issued, of Six per ceuts., $30,088^397.75, of Three per cents., $1!»,719,237.39, of Deferred six per cents., $14,049,328.76; total, $04,456,963.90; sold at par; interest, 6 and 3 per cent., payable quarterly; first issue. Six per cents., January 1, 1791; Three and Deferred six per cents., January 1, 1800. Amount outstanding June 30, 1896, $27,869.77, $13,953.13, and $13,934.90, respectively; total, $55,757.80. These loans provided for the funding of the domestic debt. Subscriptions were to consist of the certificates issued under the authority of the Continental Congress, and by the respective States, the same to be received at rates scaled greatly below their face value. The amount outstanding is included in the Finance Eeport under the title of "Old Debt." Of the Three per cents., in 1807 and 1808, $2,861,309.15 was redeemed by $1,859,850.70 of the Converted six per cent, stock of 1807, the discount amounting to $1,001,458.45. Of the Six per cents, and Deferred six per cents., in 1807 and 1808, $6,294,051.12 was redeemed by an issue of Exchanged six per cent, stock of 1807, and in 1812 and 1813, $2,984,746.72 by an issue of Exchanged six per cent, stock of 1812, at par; total, $9,278,797.84. COPY OF OBLIGATION. Six per cent, stock of 1790. (No. ) United States Loan Office, State of , , 17 — . Be it known, that there is due from the United States of America unto or assigns, the sum of , bearing interest at six per cent, per annum, from the first day of January, 1791, inclu- sively, payable quarter-yearly, and subject to redemption by payments, not exceeding in one year, on 5618 3 34 HISTORY OF THE CURRENCY OP THE COUNTRY. account both of principal and interest, the proportion of Eight Dollars upon a Hundred of the stock bearing interest at six per cent. ; created by virtue of an act, making provision for the debt of the United States, passed on the fourth day of August, 1790, which debt is recorded in this office, and is transferable only by appearance in person, or by attorney, at the proper of&ce, according to the rules and forms instituted for that purpose. Dollars. Three per cent, stock of 1790. (No. ) Treasury op the United States, Register's Office, , 17—. Be it known that there is due from the United States of America, Unto or assigns, the sum of , bearing interest at three per centum per annum from the , inclusively; payable quarter-yearly, and subject to redemption, by the payment of said sum, whenever provision shall be made therefor by law; which debt is recorded in this office, and is transferable only by appearance in person, or by attorney, at the proper office, according to the rules and forms instituted for that purpose. B. Dollars. Deferred six per cent, stock of 1790. United States Loan Office, (No. ) State op , , 17 — . Be it known that there is due from the United States of America unto or his assigns, the sum of , bearing interest at six per cent, per annum, from the first day of January, A. D. one thousand eight hundred and one, inclusively; payable quarter-yearJy, and subject to redemption by payments not exceeding, iu one year, on account both of principal and interest, the proportion of Eight Dollars upon a Hundred of the stock bearing interest at six per cent.; created by virtue of an act, making provision for the debt of the United States, passed ou the fourth day of August, 1790; which debt is recorded in this office, and is transferable only by appearance in person, or by attorney, at the proper office, according to the rules and forms instituted for that purpose. Dollars. HOLLAND LOAN OF MARCH, 1791. (ACTS OF AUGUST 4 AND 12, 1790, SECTIONS 2 AND 4, RESPECTIVELY.) Length of loan, eleven to sixteen years; redeemable by lot, in five equal annual installments, from 1802; amount authorized, $14,000,000; amount issued, $1,000,000; sold at par (Bayley, considering commission and expenses, says, "sold at 96 per cent."); interest, 5 per cent., payable annually; first issue (entire amount), February 15, 1791 ; final redemption, first calendar quarter of 1805. The act of August 4, 1790, authorized a loan of not exceeding $113,000,000, to be applied to paying in whole or in part the foreign debt of the United States; rate of interest not limited. The act of August 12, 1790, authorized a loan of not exceeding $2,000,000, at not exceeding 5 per cent, interest, to be applied to the purchase of the debt of the United States. The charges for commission and expenses were fixed by contract at 4 per cent, on the principal. HISTORY OF THE CURRENCY OF THE COUNTRY. '6b HOLLAND LOAN OF SEPTEMBER, 1791. (ACTS OF AUGUST 4 AND 12, 1790, SECTIONS 2 AND 4, RESPECTIVELY.) Length of loan, eleven to sixteen years; redeemable in five equal annual install- ments, from 1802 ; amount authorized, $14,000,000; amount issued, $2,400,000; sold at par (Bayley, considering commission and expenses, says, "sold at 96 per cent."); interest, 5 per cent., payable annually; first issue, third calendar quarter of 1791; final redemption, first calendar quarter of 1805. Details the same as for the foregoing loan. Charges for commission, etc., the same, viz : 4 per cent, on the principal. HOLLAND LOAN OF DECEMBER, 1791. (ACTS OF AUGUST 4 AND 12, 1790, SECTIONS 2 AND 4, RESPECTIVELY.) Length of loan, twelve to sixteen years; redeemable in five equal annual install- ments, from 1802; amount authorized, $14,000,000; amount issued, $1,200,000; sold at par (Bayley, considering commission and expenses, says, "sold at 94J per cent."); interest, 4 per cent., payable annually; first issue, fourth calendar quarter of 1791; final redemption, first calendar quarter of 1807. Details the same as for the two foregoing loans, with the exception that the charges for commission and expenses were fixed at 5J per cent, on the principal. ANTWERP LOAN OF 1791. (ACTS OF AUGUST 4 AND 12, 1790, SECTIONS 2 AND 4, RESPECTIVELY.) Length of loan, eleven to fourteen years; redeemable by lot, in five equal annual installments, from 1802; amount authorized, $14,000,000; amount issued, $820,000; sold at par (Bayley, considering commission and expenses, says, "sold at 96 per cent."); interest, 4J per cent., payable annually; first issue, fourth calendar quarter of 1791; final redemption, fourth calendar quarter of 1805. Details the same as for the three foregoing loans. The charges for commission and expenses were fixed at 4 per cent, on the principal. The money obtained was remitted to France for the purpose of paying installments due on the debt to the Government of that country. SUBSCRIPTION LOAN OP 1791. (ACT OF FEBRUARY 25, 1791.) Length of loan, ten years or less; redeemable in ten years by equal annual install- ments, or sooner in greater proportions, at the option of the Government; amount authorized, $2,000,000; amount issued, $2,000,000; sold at par; interest, 6 per cent., payable semi-annually; first issue, June 25, 1792; final redemption, December 31, 1801. The act (which created the Bank of the United States) authorized the making of a subscription of $2,000,000 to the capital stock of said bank, the same to be paid out of the money which should be borrowed by virtue of the acts of August 4 and 12, 1790, and also authorized the borrowing from the bank of an equal sum, to be applied to the purposes for which the said money was procured. "The interest on $1,000,000 com- menced December 20, 1791, and upon the remaining $1,000,000 July 1, 1792." The Government, through receipts from dividends averaging about 8J per cent., and sale of stock, 2,220 shares of which sold in 1802 at an advance of 45 per cent., realized a net profit of $573,580, or nearly 28.7 per cent, on this transaction. The gross profit was $1,773,580, and the interest for ten years $1,200,000. 36 HISTORY OP THE CURRENCY OF THE COUNTRY. TEMPORARY LOAN FROM THE BANK OF NORTH AMERICA, (ACT OP MARCH 3, 1791.) Length, of loan, indefinite; redeemable as per contract; amount authorized, $312,686.20; amount issued, $156,695.56; sold at par; interest, none; first issue, fourth calendar quarter of 1792 ; final redemption, December 21, 1793. This loan was designed to defray the expenses of " raising and adding another regiment to the military establishment, and for making further provision for the pro- tection of the frontiers." The money was obtained as advances from the bank by leaving on deposit therewith, as an offset, the sum of $177,998.08, arising from the proceeds of foreign bills. The amount of the loan was by this act to be repaid out of the moneys which, prior to the 1st of January following, should arise from the duties upon spirits distilled and upon stills within the United States, the faith of the same being pledged to make good any deficiency. HOLLAND LOAN OP 1792. (ACTS OP AUGUST 4 AND 12, 1790, SECTIONS 2 AND 4, RESPECTIVELY.) Length of loan, eleven to fifteen years; redeemable in five annual installments, from 1803 to 1807; amount authorized, $14,000,000; amount issued, $1,800,000; sold at par (Bayley, considering commission and expenses, says, "sold at 96 per cent."); interest, 4 per cent., payable annually; first issue, second calendar quarter of 1792; final redemption, second calendar quarter of 1807. Object of the loan, the purchase of the debt (domestic) of the United States at its market price, not exceeding par. The charges for commission and expenses were paid by contract, at 4 per cent, on the principal, with an additional charge of 1 per cent, on the interest received and paid. Bayley says (page 26 of his book), "The commissions and charges amounted to 5 per cent., with an additional charge of 1 per cent, on the interest received and paid." And on page 106 he says, "The charges for negotiating the loan were fixed by contract at 5 per cent, on the principal." TEMPORARY LOAN OP 1792. (ACT OP MAY 2, 1792.) Length of loan, indefinite ; redeemable at the pleasure of the Government ; amount authorized, $523,500 ; amount issued, $400,000 ; sold at par ; interest, 5 per cent., payable semi-annually; first issue, second calendar quarter of 1792; final redemption, December 31, 1796. The money derived from this loan was to be applied toward carrying into execution the "Act of March 3, 1791, making further and more effectual provision for the protection of the frontiers of the United States." The interest accruing to January 1, 1793, was made payable on that day; and thereafter on July 1 and January 1 of each year. The duties on certain articles were increased to provide for the repayment of this loan. The money was obtained from the Bank of the United States. HOLLAND LOAN OF 1793. (ACTS OF AUGUST 4 AND 12, 1790, SECTIONS 2 AND 4, RESPECTIVELY.) Length of loan, ten years; redeemable in 1803; amount authorized, $14,000,000; amount issued, $400,000; sold at par (Bayley, considering commission and expeuses, says, " sold at 96J per cent.") ; interest, 5 per cent., payable annually ; first issue, second calendar quarter of 1793 ; final redemption, second calendar quarter of 1803. HISTORY OF THE CURRENCY OF THE COUNTRY. 37 This money was needed to meet the first installment due on tlie loan of 5,000,000 guilders obtained iu Holland by the Continental Congress in 1782. The bankers of the United States in Holland either furnished the money themselves, or obtained from the holders of the stock a reloan or continuation of the amount for ten years, at the same rate of interest. The commission and expenses were fixed by contract at 3J per cent, on the principal. TEMPORARY LOAN OF 1793. (ACT OF FEBRUARY 28, 1793.) Length of loan, indefinite; redeemable at the pleasure of the Government; amount authorized, $800,000; amount issued, $800,000; sold at par; interest, 5 per cent., payable semi-annually; first issue, June 1, 1793; final redemption, June 11, 1794. This loan was rendered necessary on account of the increased expenditures attend- ant on Indian troubles, the large amount needed for the payments of interest on the public debt, and the growing demands for current expenses. The redemption was charged to the surplus of the duties on imports and tonnage at the end of the year 1793, The interest on this loan commenced June 1, 1793. HOLLAND LOAN OF 1794. (ACTS OF AUGUST 4 AND 12, 1790, SECTIONS 2 AND 4, RESPECTIVELY.) Length of loan, eleven to sixteen years; redeemable in five equal annual install- ments, from 1805 to 1809; amount authorized, $U,000,000; amount issued, $1,200,000; sold at par (Bayley, considering commission and expenses, says, "sold at 96 per cent."); interest, 5 per cent., payable annually; first issue, August 31, 1794; final redemption, second calendar quarter of 1809. The money raised through this loan was needed to pay installments and interest due on the foreign debt, and to make purchases of the domestic debt, under the acts of August 12, 1790 and May 8, 1792, constituting effectually a sinking fund. The charges for commission and expenses were fixed by contract at 4 per cent, on the principal. This was the last of the Holland loans. They, with the Antwerp loan of 1791, of $820,000, amounted to $1:5,000,000, of which $3,600,000 was borrowed under authority of the Continental Congress, per resolution of October 26, 1779, and $9,400,000 by the new Government, under the acts of August 4 and 12, 1790, sections 2 and 4, respectively. Of the $9,400,000, over $3,000,000 was used in buying up the domestic debt, under the operations of the sinking fund, the balance in paying the debt due Spain, debt due foreign oflBcers, and a large pbrtion in paying a part of the debt due France. TEMPORARY LOAN OF MARCH, 1794. (ACT OF MARCH 20, 1794.) Length of loan, indefinite; redeemable at the pleasure of the Government; amount authorized, $1,000,000; amount issued, $1,000,000; sold at par; interest, 5 per cent., payable semi-annually; first issue, second calendar quarter of 1794; final redemption, January 1, 1795. The money from this loan was to be applied to such public purposes as were authorized by law, and was to be repaid out of the duties on imports and tonnage to the end of the year 1794. The loan was obtained from the Bank of the United States. It commenced to bear interest as follows: AprU 1 on $400,000, May 1 on $200,000, June 1 on $200,000, and July 1 on $200,000, 3b HISTOEY OP THE CURRENCY OF THE COUNTRY. TEMPORARY LOAN FROM THE BANK OF NEW YORK. (ACT OF MARCH 20, 1794.) Length of loan, indefinite; redeemable as per contract, June 8, 1796; amount authorized, $1,000,000; amount issued, $200,000; sold at par; interest, 5 per cent., payable semi-annually; first issue, fourth calendar quarter of 1794; final redemption, October 29, 179C. The purpose of this loan was to provide against any deficiencies in moneys appropriated by the same act for defraying any expenses incurred in the intercourse with foreign nations (especially pending the Algerine difficulties); an account of expenditures wherefor, as soon as might be, was to be laid before Congress. The interest commenced October 8, 1794. TEMPORARY LOAN OF JUNE, 1794. (ACT OF JUNE 9, 1794.) Length of loan, indefinite; redeemable within one year; amount authorized, $1,000,000; amount issued, $1,000,000; sold at par; interest, 5 per cent., payable semi- annually; first issue, August 27, 1794; final redemption, Ax»rll 1, 1795. This loan was to enable the President to carry in to effect the law of March 27, 1794, providing a naval armament for the protection of American commerce against the Algerines. The payments of interest and the redemption were to be charged to the revenues to be provided during that session of the Congress. The loan was obtained from the Bank of the United States. TEMPORARY LOAN OF DECEMBER, 1794. (ACT OF DECEMBER 18, 1794.) Length of loan, indefinite; redeemable as per contract, equally January 1 and April 1, 1795; amount authorized, $2,000,000; amount issued, $2,000,000; sold at par; interest, 5 per cent., payable semi annually; first issue, fourth calendar quarter of 1794; final redemption, September 27, 1805. This loan was obtained from the Bank of the United States. The money was to be applied to such public purposes as were authorized by law, and repaid out of the duties on imports and tonnage for the year 1795, as follows: $1,000,000 on January 1, and $1,000,000 on April 1, 1796; but the time for redemption was by mutual agreement extended. Interest commenced on the respective amounts January 1 and April 1, 1795, TEMPORARY LOAN OF FEBRUARY, 1795. (ACT OF FEBRUARY 21, 1795.) Length of loan, indefinite; redeemable as per contract, in four equal installments, December 31, 1796, 1797, 1798, and 1799; amount authorized, $800,000; amount issued, $800,000; sold at par; interest, 6 per cent., iiayable quarterly; first issue, first calendar quarter of 1795; final redemption, October 17, 1803. This loan, which was also procured from the Bank of the United States, was to be applied to the purposes set forth in the act of July 1, 1790, as amended by the act of February 9, 1793, and the act of March 20, 1794, "providing the means of intercourse between," and "making further provision for the expenses attending the intercourse of the United States and foreign nations," more immediately toward procuring the release of American citizens held as prisoners in Algiers. The redemp- tion was charged upon the revenue from certain duties specified in the act of February 21, 1795. The interest began January 1, 1795. HISTORY OF THE CURRKNCY OF THE COUNTRY. 39 TEMPORARY LOAN OP MARCH, 1795, "A." CACT OF MARCH 3, 1795, SECTION 1.) Length of loan, one year; redeemable January 1, 1797, or sooner, on one month's notice; amount authorized, $1,000,000; amount issued, $500,000; sold at par; interest, (i per cent., payable semi-annually; first issue, fourth calendar quarter of 1795; final redemption, September 27, 1805. The authority for this loan was "An act making further provision for the support of public credit and for the redemption of the public debt." It empowered the com- niissioners of the sinking fund, with the approbation of the President of the United States, to make discretionary loans, not exceeding in one year $1,000,000, payable within the same time, to be api)lied to the payments of interest on the public debt. The redemption was charged to sundry revenues from duties specified, of which these loans were hypothecations. The time for the redemption of this loan, over one year, was extended by mutual agreement. Interest commenced January 1, 1796. This loan, too, was obtained from the Bank of the United States. TEMPORARY LOAN OF MARCH, 1795, "B." (ACT OF MARCH 3, 1795, SECTION 6.) Length of loan, indefinite; redeemable as per contract, by December 31, 1797; amount authorized, $1,469,439.29; amount issued, $500,000; sold at par; interest, 6 per cent., payable semi-annually; first issue, second calendar quarter of 1795; final redemption, June 30, 1802. This loan was also procured from the Bank of the United States. It was authorized by "An act making further appropriations for the military and naval establishments and for the support of Government," and was to be applied to the appropriations made for those purposes. Its redemption was charged to specific revenues (part in anticipation) named in section 5 of the aforesaid act. The interest commenced April 1, 1795. TEMPORARY LOAN OF MARCH, 1795, "C." (ACT OF MARCH 3, 1795, SECTION 6.) Length of loan, indefinite; redeemable as per contract; amount authorized, $1,469,439.29; amount issued, $500,000; sold at par; interest, 6 per cent., payable semi-annually; first issue, third calendar quarter of 1795; final redemption, October 17, 1803. This loan might be termed a second section of the one preceding, it being negoti- ated under the authority of the same act, and, like it, was obtained from the Bank of the United States. It was rendered necessary because it was deemed "that the product of the ordinary revenues will be inadequate to the demands of the current service and the reimbursement of" sundry of the earlier loans about to fall due, etc. The interest commenced October 1, 1795. FOUR-AND-ONE-HALF PEE CENT. STOCK OF 1795. (ACT OF MARCH 3, 1795, SECTION 2.) Length of loan, indefinite; redeemable at the pleasure of the Government; amount authorized, total of foreign debt; amount issued, $176,000; sold at par; interest, 4J percent., payable quarterly; first issue, second calendar quarter of 1795; final redemption, September 30, 1808. The " act making further provision for the support of the public credit," etc., authorized the opening of a loan to the full amount of the foreign debt, for which it 40 HISTORY OP THE CURRENCY OP THE COUNTRY. was exchangeable and which it was intended to replace, with interest one half per cent, in excess of the rate borne by such debt. The interest and redemption were charged to certain revenues from duties specified in the act. This stock was issued in paying the balance due on the French loan of 10,000,000 livres. It commenced to bear interest from January 1, 1796. FIVE-AND-ONE-HALP PER CENT. STOCK OF 1795. (ACT OP MARCH 3, 1795, SECTION 2.) Length of loan, time redeemable; amount authorized, same as foregoing; amount issued, $1,848,900; sold at par; interest, 5J per cent., payable quarterly; first issue, second calendar quarter of 1795; final redemption, March 31, 1815. The act, authorization and provisions, the same as for the preceding loan. The stock was issued in paying the balance due on the French loans of 18,000,000 and 6,000,000 livres. It commenced to bear interest January 1, 1796. COPY OP OBLIGATION. Five and one-half ]per cent stoclc of 1795. Pour Thousand Dollars. Trbasuky of tub United States, (No. ) Register's OrwcB, Be it known that there is due from the United States of America unto or assigns, the sum of Four Thousand Dollars hearing interest at five and an half per centum per annum from the first day of , inclusively; payable quarter-yearly,, and subject to redemption by the payment of said sum, whenever provision shall be made therefor by law ; which debt is recorded in this office, and is transferable only by appearance in person or by attorney at the proper office, according to the rules and forms instituted for that purpose. $4,000. , Register. TEMPORARY LOAN PROM THE BANK OF NEW YORK. (ACT OP MAY 31, 1796.) Length of loan, one year; redeemable as per contract; amount authorized, $5,000,- 000; amount issued, $320,000; sold at par; interest, G per cent., payable semi-annually; first issue, third calendar quarter of 1796; final redemption, November 14, 1797. The amount authorized by the act named was to be applied to the payment of the principal of the public debt. The repayment was charged to certain specified revenues. Of this loan, the larger portion was really merely a continuation of that of 1794 from the same bank. The $120,000 remainder was applied in part payment of the Temporary loan of 1792 obtained from the Bank of the United States. The interest commenced July 1, 1796. SIX PER CENT. STOCK OP 1796. (ACT OP MAY 31, 1796.) Length of loan, twenty -two years; redeemable after December 31, 1819; amount authorized, $5,000,000; amount issued, $80,000; sold at 87 J per cent.; interest, 6 per cent., payable quarterly; first issue, fourth calendar quarter of 1797; final redemption, July 2, 1822. The act given for this, and the preceding loan, provided "That it shall be lawful for the commissioners of the sinking fund, with the approbation of the President of the United States, to borrow, or cause to be borrowed, on the credit of the United States, any sum not exceeding five millions of dollars, to be applied to the payment of the capital, or principal, of any parts of the debt of the United States now due, or to become due, during the present year, to the Bank of the United States, or to the HISTORY OF THE CURRENCY OP THE COUNTRY. 41 Bank of New York, or for any installment of foreign debt." The stock provided for was sold through the Bank of New York to the New York Insurance Company. The discount on the sale was $10,000. NAVY SIX PER CENT. STOCK. (ACT OF JUNE 30, 1798.) Lengthof loan, indefinite; redeemable at the will of Congress; amount authorized, limited to cost of certain vessels; amount issued, $711,700; sold at par; interest, 6 per cent., payable quarterly; first issue, third calendar quarter of 1798; outstanding- June 30, 1896, $100; included in the Finance Eeport under the title of "Old Debt." In contemplation of the difficulties with France, this loan was to provide for the purchase of not exceeding twelve vessels for naval purposes, above the six frigates (still unfinished) authorized to be built during the troubles with the Barbary powers in 1794. For this stock no money came into the Treasury, and its redemption was lirovided for out of the general funds, the money for that purpose being advanced to the commissioners of the sinking fund in 1800. COPY OF OBLIGATION. Navy six per cent, slock. NAVY SIX PER CENT. STOCK. One Thousand Dollars of six per cent, stock, redeemable whenever provision shall he made therefor by law. (No. ) U. S. Loan OFifiCB, Statk of Be it known that there is due from the United States of America, Unto , or assigns, the sum of One Thousand Dollars, bearing interest at six per centum per aimum from the ■ ■ day of , inclusively, payable quarter-yearly, and redeemable at the pleasure of the United States; being stock created by virtne of "An act supplementary to the act entitled 'An act to provide an additional armament for the further protoetiou of the trade of the United States, and for other purposes,' " passed the 30th June, 1798, which debt is recorded in this office, and is transferable only by appearance in person or by attorney at the proper office, according to the rules and forms instituted for that purpose. 1,000 Dollars. 1,000 Dollars. Commissioner. TEMPORARY LOAN OF 1798. (ACT OF MARCH 3, 1795.) Length of loan, indefinite; redeemable as per contract, January 1, 1803; amount authorized, $1,000,000; amount issued, $200,000; sold at par; interest, 6 per cent., payable semi-annually (January and July) ; first issue, fourth calendar quarter of 1798; final redemption, September 27, 1805. This loan was procured through the commissioners of the sinking fund, from the Bank of the United States, to meet the seventh installment of $200,000, due December 31, 1798, on the Subscription loan of 1791, negotiated with the said bank. The interest commenced January 1, 1799. The act of March 3, 1795, authorized the commissioners of the sinking fund, with the approval of the Pi-esideut, to borrow the sums requisite for the payment of the installments of the principal of the public debt, as i)rovided for by the same act. The redemption was charged to certain revenues from duties specified. 42 HISTORY OF THE CURRENCY OP THE COUNTRY. EIGHT PER CENT. LOAN OF 1798. (ACT OF JULY 16, 1798.) Length of loan, indefinite; redeemable after fifteen years, or at the option of the Government; amount authorized, $5,000,000; auiount issued, $5,000,000; sold at par; interest, 8 per cent., payable quarterly; first issue, first calendar quarter of 1799; final redemption — see Eight per cent, loan of 1800, following. This loan was to be applied to making good deficiencies in appropriations made during that session of Congress; and, in anticipation of an invasion, pending war with France, to defraying expenses incurred by calling into service the militia, or in raising, equipping, and calling out regular troops or volunteers. The payments of interest and repayment of principal were charged to the surplusage of certain duties on imports and tonnage, the faith of the United States being pledged to make good any deficiency. EIGHT PER CENT. LOAN OF 1800. (ACT OF MAY 7, 1800.) Length of loan, indefinite; redeemable after fifteen years, or at the option of the Government; amount authorized, $3,500,000; amount issued, $1,481,700; sold at an average premium of nearly 5f per cent.; interest, 8 per cent., j)iiyable quarterly; first issue, third calendar quarter of ISOO; outstanding June 30, 1896, $500; included in the Finance Keport under the title of " Old Debt." This being really a re-enactment of the preceding loan, the purposes and provi- sions were precisely alike. Owing to the loss of a portion of the early records, the redemption of these two loans has been merged in one statement. An excess of redemption of $1,000 was caused by the fraudulent issue of that amount in the Eight per cent, loan of 1798. In 1S08, $200 having been redeemed by authority of the act of March 11, 1808, on bonds of indemnity for certificates lost before being funded, in the " Eeceipts and Exx)endituves " for that year, the transaction is erroneously reported as an exjienditure on account of "Miscellaneous claims." Of these stocks the commis- sioners of the sinking fund purchased, in 1807 and 1808, $1,056,700 at from 1 to 3J per cent, premium, the same amounting to $26,921.50, and a commission of one-fourth of 1 per cent., amounting to $2,641.75, was allowed on the purchases. The premium on the sale was $83,529.24. LOUISIANA SIX PER CENT. STOCK. (ACT OF NOVEMBER 10, 1803.) Length of loan, fifteen to eighteen years ; redeemable in four equal installments, in 1818, 1819, 1820, and 1821 (redemption "by purchase" began in 1812); amount author- ized, Till, 250,000; amount issued, $11,250,000; sold at par; interest, 6 per cent., pay- able quarterly; first issue, first calendar quarter of 1804; final redemption, October 23, 1823. This stock was issued to the French G-overnment in part payment for Louisiana, pursuant to the treaty of April 30, 1803. Of the $3,759,000 additional assumed by the United States, all was paid in money for spoliation to American citizens, except $11,731.02 carried to the surplus fund June 30, 1868. The redemption of the princi- pal and payments of interest were charged upon the commissioners of the sinking fund. Ifo special revenues were appropriated or charged for the redemption. The commissioners purchased of this stock in 1812, 1813, 1817, and 1818, $1,294,100 at from one-fourth to 3^ per cent, discount, the same amounting to $8,257. A commission of one-fourth of 1 per cent, was allowed on the purchase, the same amounting to $3,235.25. HISTORY OF THE CUERENCY OF THE COUNTRY. 43 COPT OF OBLIGATION. Louisiana six per cent, stock. LOUISIANA DOMESTIC SIX PEE CENT. STOCK. (No. — — ) Bank of the United States at , 18 — Be it known that there is due from the United States of America, Unto or assigns, the sum of , hearing interest at six per centum per annum from the fii-st day of , inclusively, payable quarter-yearly, being unpaid of stock created by virtue of an act entitled "Au act authorizing the creation of a stock to the amount of eleven millions two hundred and fifty thousand dollars, for the purpose of carrying into effect the convention of the 30th of April, 1803, between the United States of America and the French Republic, and making provision for the payment of the same," passed the tenth day of November, 1803; and now transferable to and from the books of this bank by virtue of the act entitled "An act to lacilitate the transfer of the stock created under an act passed on the tenth day of November, 1803," passed the first day of July, 1812; and the act entitled "An act transfering the duties of the commissioner of loans to the Bank oi the United States, and abolishing the office of commissioner of loans," passed the 3d March, 1817, which is payable after the twenty-first day of October, , which debt is recorded in and is transferable only at this bank, by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Dollars. Countersigned: Cashier. President. EXCHANGED SIX PER CENT. STOCK OF 1807. (ACT OF FEBRUARY 11, 1807, SECTION 2.) Length of loan, indefinite; redeemable after six months' public notice; amount authorized, equal to unredeemed Six per cent, and Deferred six per cent, stocks of 1790, at par value; amount issued, $6,294,051.12; sold at par; interest, per cent., payable quarterly; first issue, third calendar quarter of 1807; final redemption — see Aux. Ledger, p. 558, for $3,505.14, balance transferred to Bank of Columbia, District of Columbia, acting as loan agent, May 14, 1824. This stock was issued for the unredeemed portions of the stock aforenamed (per Bayley "of the nominal amounts," respectively, of $7,4o5,707.Cl and $1,040,672.01; total, $9,376,439.62). The payments of interest and the redeuiption were charged upon the funds already pledged for the payment of the original stocks. In 1807 the commissioners of the sinking fund purchased $300,007.62 of this stock at from 1 to 4 per cent, discount, which amounted to $6,553.40; and they allowed one-fourth of 1 per cent, commission on the purchase, amounting to $750.02. COPY OP OBLIGATION. Exchanged sia per cent, stock of 1807. EXCHANGED SIX PER CENT. STOCK. Permanent No. United States Loan Office, (No. ) _ State op , 18 — Be it known that there is due from the United States op America, Unto or assigns, the sum of , bearing iutere.st at six per centum per annum from the first day nf , inclusively, payable quarter-yearly, being Old Six Per Cent Stock exchanged by virtue of an act entitled "An act supplementary to the act entitled 'An act making provision for the 44 HISTORY OF THE CURRENCY OF THE COUNTRY. redemption of the whole of the puhlio debt of the United States,'" passed the eleventh day of Feb- ruary, 1807, and redeemable in the manner provided by the said act ; which debt is recorded in this office, and is transferable only by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Dollars. ^ Commissioner, CONVERTED SIX PER CENT. STOCK OF 1807. (ACT OF FEBRUARY 11, 1807, SECTION 3.) Length of leau, indefinite; redeemable only witb tlie assent of the holder, at an indefinite period; amount authorized, equal to the unredeemed Three per cent, stock of 1790, at 65 per cent.; amount issued, $1,859,850.70; sold as per terms foregoing; interest, 6 per cent., payable quarterly; first issue, third calendar quarter of 1807; final redemption. May 5, 1829. The stock was issued in exchange for $2,861,309.15 of the Three per cent, stock of 1790, at the rate given above. The payments of interest and the redemption, as in the preceding loan, were charged upon the funds already pledged for the payment of the original stock. COPY OF OBLIGATIOK. Converted six per cent, stock of 1807. CONVEETED SIX PEE CENT. STOCK. Permanent No. — United States Loan Office, (No. ) State of , , 18 — Be it known that there is due from the United States of America, Unto , or assigns, the sum of , bearing interest at six per centum per annum from the first day of , inclusively, payable quarter-yearly, being Old Three Per Cent. Stock converted into Six Per Cent. Stock by virtue of an act entitled "An act supplementary to the act entitled 'An act making provision for the redemption of the whole of the public debt of the United States,'" passed the eleventh day of February, 1807, and redeemable in the manner provided by the said act; which debt is recorded in this office and is transferable only by appearance in person, or by attorney, accord- ing to the rules and forms instituted for that purpose. Dolls. , Commissioner. SIX PER CENT. LOAN OF 1810. (ACT OF MAY 1, 1810.) Length of loan, not to exceed six years from January 1, 1811; redeemable as per foregoing, or beibre, as fixed by contract; amount authorized, not to exceed the ainount of the principal of the public debt redeemable by law during the year 1810; amount issued, $2,750,000; sold at par; interest, 6 per cent., payable quarterly; first issue, fourth calendar quarter of 1810; final redemption, September 1, 1811. This loan was actually to provide against anticipated deficiency in the revenues for meeting the general expenditures of the Government. By section 2 of the act the holders of the Exchanged six per cent, stock of 1807, created by section 2 of the act ol February 11, 1807, wwe to be given preference in the subscriptions to this loan. The payments of interest and the redemption were charged upon the sinking fund, the faith of the United States being pledged to make good any deficiency. HISTORY OF THE CURRENCY OF THE COUNTRY. 45 SIX PER CENT. LOAN OF 1812. (ACT OF MARCH 14, 1812.) Length of loan, twelve years; redeemable /at the pleasure of the Government, after twelve years from January 1, 1813; amount authorized, $11,000,000; amount issued, $8,134,700; sold at par; interest, 6 per cent., payable quarterly; first issue, second calendar quarter of 1812; final redemption, March 12, 1833. The purpose of this loan was for defraying expenses for which, preparatory to the impending war (declared within four months thereafter) with Great Britain, appropri- ations were made, or about to be made, during that session of the Congress. The pay- ments of interest and the redemption were charged upon the sinking fund. The commissioners purchased of this stock in 1812, 1813, and 1814, $1,928,197.88 at various rates of discount amounting to $4,354.08. COPY OF OBLIGATION. Six per cent, loan of 181S. SIX PER CENT. STOCK OF 1812. (No. .) United States Loan Office, State of , , 18 — , Be it known that there is due from the United States of Ambiuca, Unto , or assigns, the sum of One Hundred Dollars, bearing interest at six per centum per annum from the day of , inclusively, payable quarter-yearly, being stock created in pursu- ance of an act of Congress passed on the 14th day of March, 1812, entitled "An act authorizing a loan for a sum not exceeding Eleven Millions of Dollars," the principal of which stock is reimbursable at the pleasure of the United States at any time after the last day of December, in the year 1824 ; which debt is recorded in this office and is transferable only by appearance in person, or by attorney, at the proper office, according to the rules and forms instituted for that purpose. 100 Dollars. , Commissioner. TEMPORARY LOAN OP 1812. (ACT OF MARCH 14, 1812.) Length of loan, irregular; redeemable at various dates, according to contract; amount authorized, $11,000,000; amount issued, $2,150,000; sold at par; interest, C per cent., payable quarterly; first issue, second calendar quarter of 1812; final redemp- tion, June 28, 1817. This loan was negotiated under the same authority, for the furtherance of the same object as the one preceding,' and the payments of interest and redemption of principal were similarly charged upon the sinking fund. TREASURY NOTES OF 1812. (ACT OF JUNE 30, 1812.) Length of loan, variable; redeemable, respectively, one year from date of issue; amount authorized, $5,000,000; amount issued, $5,000,000; soldatpar; interest, 5f per cent., payable on redemption; first issue, fourth calendar quarter of 1812; final redemption, third calendar quarter of 1820. "Unadjusted, short, $100." The motive for this loan was to provide against possible deficiency in the amount it was hoped would be realized through the two preceding loans. The notes were to 46 HISTORY OF THE CURRENCY OP THE COUNTRY. be issued at par, in payment for Ksapplies or debts due by, and received in payment of all duties and taxes due to tlie United States, and for public lands sold. The payments of interest and the redemption were charged upon the sinking fund. The commis- sioners were authorized to purchase the said notes at not above par. EXCHANGED SIX PER CENT. STOCK OF 1812. (ACT OF JULY 6, 1812.) Length of loan (minimum), twelve years; redeemable at the pleasure of the Government, after December 31, 1824; amount authorized, the full amount of the Six per cent, and Deferred six per cent, stocks of 1790 outstanding; amount issued, $2,984,746.72; sold at par; interest, 6 per cent., payable quarterly; first issue, fourth calendar quarter of 1812; final redemption, February 10, 1827. This loan, in a report to the Congress on June 2 1, 1812, was advocated by the Secre- tary of the Treasury on the presumption that by producing a favorable effect on the price of the Six per cent, and Deferred six per cent, stocks of 1790, which were at 2 or 3 per cent, under par, it would facilitate obtaining the desired fourand-a-half millions yet unsubscribed to the Six per cent, loan of 1812, authorized by the act of March 14, 1812, "the result of which," he said, "was more than doubtful;" also declaring that "any depression in the public funds would seriously affect the sales of the residue of the new loan." The payments of interest and the redemption were charged to the sinking fund. In 1817 the commissioners purchased of this stock $315,637.73, at rates from par to 1 per cent, discount, the same being $1,050. Bayley says the above stock was issued for the unredeemed portions of Six per cent, and Deferred six per cent, stocks of 1790, "of the nominal amounts," respectively, of "$3,455,731.81 and $2,345,156.58;" total $5,800,888.39. SIXTEEN MILLION LOAN OF 1813. (ACT OF FEBRUARY 8, 1813.) Length of loan (minimum), thirteen years; redeemable after January 1, 1826; amount authorized, $16,000,000; amount issued, $18,109,377.43; sold as per below; interest, 6 per cent., payable quarterly; first issue, first calendar quarter of 1813; outstanding June 30, 1896, $46.39; included in the Finance Report under the title of "Old Debt." This loan was for the purpose of defraying any public expenses for which appro- priations were made. The war with Great Britain being then in progress, the require- ments for military and naval operations were necessarily large. Of this stock, $17,578,177.43 (with a slight difference) was sold at 88 per cent., the discount amount- ing to $2,109,377.43, and $531,200 sold at par, by giving, in addition to the interest, an annuity of IJ per cent, for thirteen years, for that time amounting to $103,584. A commission of one-fourth of 1 per cent, was allowed to agents on subscriptions of $100,000. The payments of interest and the redemption were charged to the sinking fund, and the faith of the United States was pledged to make good any deficiency. In 1817 and 1819 the commissioners purchased of this stock $2,580,943.68 and $1,136.36, respectively, total, $2,582,080.04, at par; and also in 1817 they purchased $6,160.94 at a discount of $61.61. The brokerage on these purchases amounted to $18.09 $23,317.82, redeemed in 1822, was for Exchanged five per cent, stock of 1822, act of April 20, 1822, $3,094,760.97, redeemed in 1824 and 1825, was for Exchanged four-and- one half per cent, stock of 1824, act of May 26, 1824, and $1,148,854.20, redeemed in 1826, was for Exchanged four-and-one-half per cent, stock of 1825, act of March 3, HISTORY OF THE CURRENCY OF THE COUNTRY. 47 1825. Pursuant to published notice by the Secretary of the Treasury, the interest on $2,740,423.91 ceased July 1, 1828. The payment of annuities is contained in the interest. COPY OF OBLIGATION. Sixteen-million loan of 181S, SIX PEE CENT. STOCK OF 1813. (No. — .) Bank of the United States at , , 18 — . Be it known that there is due from the United States of America, Unto , or assigns, the sum of , hearing interest at six per centum per annum, from the — day of , inclusively, payahle quarter-yearly; being stock created in pursuance of an act of Congress, passed on the eighth day of February, 1813, entitled "An act authorizing a loan for a , sum not exceeding Sixteen Millions of Dollars;" the principal of which stock is reimbursable at the pleasure of the United States at any time after the last day of December in the year 1825; which debt is recorded in, and transferaljle only at, this bank, by api^earanoe in person, or by attorney, according to the rules and forms instituted for that purpose. Dollars . Countersigned: Cashier. President. Sixteen-million loan of 1813. Annuities for thirteen yean. ANNtriTIBS EOE THIETBBN TEARS, FEOM JANUARY 1, 1813. (No. .) Treasury of the United States, Register's Office, , 181 — . Be it known, that tliere is payable by the United States of America unto , or assigns, the annual sum of Dollars, in quarter-yearly payments, from the first day of January, 1813, until the thirty-first day of December in tlie year 1825, being an annuity created in pursuance of the act of Congress, passed February 8, 1813, entitled "An act authorizing a loan for a sum not exceeding Sixteen Millions of Dollars;" which annuity is recorded in this office, and is transferable only by appearance in person, or by attorney, at the projier office, according to the rules and forms instituted for that purpose. Dollars per annum. , Begister. TREASURY NOTES OF 1813. (ACT OF FEBRUARY 25, 1813.) Length of loan, variable; redeemable one year, respectively, from date of issue; amount authorized, $5,000,000; amount issued, $5,000,000; sold at par; interest, .5f per cent., payable on redemption; first issue, iirst calendar quarter of 1813; final redemption, lourth calendar quarter of 1820. " Unadjusted, short, $900." This loan was for the furtherance of the objects for which the preceding loan was authorized. The notes were to be applied in payment for supplies or debts due by the Government, or for the purpose of borrowing money, and were made receivable in payment of all duties and taxes laid by the United States, and for lands sold by the same authority. A commission of one-fourth of 1 per cent, was allowed to agents. The redemption and payments of interest were charged upon the sinking fund. In 1815 $16,000 ("with $810 accrued interest") was converted into stock of the Undesig nated loan of 1814, act of March 24, 1814. 48 HISTORY OP THE CURRENCY OF THE COUNTRY. SEVEN-AND-ONE-HALF MILLION LOAN OF 1813. (ACT OF AUGUST 2, 1813.; Length of loau (minimum), twelve years; redeemable at the pleasure of the Government, after January 1, 1826; amount authorized, $7,500,000; amount issued, $8,498,581.95; sold at 11.75 per cent, discount; Interest, 6 per cent., payable quarterly; first issue, fourth calendar quarter of 1813 ; final redemption, August 2, 1845. " Unad- justed, over, $21." This loan was further to provide for the purposes of the preceding two loans. A commission of one-eighth of 1 per cent, was allowed to agents on subscriptions of $100,000. The payments of interest and the redemption were charged to the sinking fund, and the faith of the United States was pledged to make good any deficiency. The discount on the sale amounted to $998,581.95. In 1817 the commissioners jjur- chased $1,062,349.56 of this stock at par. $23,386.95, redeemed in 1822, was for Exchanged five per cent, stock of 1822, act of April 20, 1822, $1,359,960.98, redeemed in 1825, was for Exchanged four-and-one half per cent, stock of 1824, act of May 26, 1824, and $5,370,560.01, redeemed in 1826, was for Exchanged four-andone-half per cent, stock of 1825, act of March 3, 1825. TREASURY NOTES OF MARCH, 1814. (ACT OF MARCH 4, 1814.) Length of loan, variable; redeemable, respectively, one year from date of issue; amount authorized, $10,000,000; amount issued, $10,000,000; sold at par; interest, 5f per cent., payable on redemption; first issue, second calendar quarter of 1814; final redemption, fourth calendar quarter of 1837. "Unadjusted, short, $43,160." These notes were to be applied in payment for supplies, debts due by the United States, or for the puri^ose of borrowing money, and were receivable in payment of all duties and taxes laid by the Government, and for public lands sold. A commission of one fourth of 1 per cent, was allowed to agents. The redemption and payments of interest were charged upon the sinking fund. COPY OF OBLIGATION. Treasury notes of March, 1814. United States. No. XX 181— On tbe day of , 181 — , tbe United States promise to pay to or order, at , Twenty Dollars, with interest from the date hereof until that day at five and two-fifths per cent per annum, in conformity with the act of Congress of 4th March, 1814, Countersigned : Comr. of Loans. In behalf of the United States. Receivable everywhere by the United States in payment of duties, taxes, and public lands. Treasury Department : Interest per day, 3 mills. month, 9 cents, year, 1 dollar 8 cents. TEN-MILLION LOAN OF 1814. (ACT OF MARCH 24, 1814.) Length of loan (minimum), twelve years; redeemable at the pleasure of the Gov- ernment, after December 31, 1826; amount authorized, $25,000,000; amount issued, $9,919,476.25; sold at 20 per cent, discount; interest, 6 per cent., payable quarterly HISTORY OP THE CURRENCY OF THE COUNTRY. 49 (January, April, July, aud October); first issue, second calendar quarter of 1814; outstanding June 30, 1896, $288.98; included in the Finance Eeport under the title of "Old Debt." This loan was for the purpose of defraying any expenses for which appropriations were made during the year 1814. A commission of one-fourth of 1 per cent, was authorized to be paid to agents. The discount on the issue amounted to $1,983,895.25. The redemption and paymfints of interest were charged upon the sinking fund. In 1817 the commissioners purchased $2,207.12 of this stock at 1 per cent, discount, amounting to $22.07, and $1,406,095.90 at par. $3,000 redeemed in 1822, was for Exchanged five per cent, stock of 1822, act of April 20, 1822. The interest on $2,250,039.21 ceased July 1, 1828, these bonds having been caUed for redemption at that time, COPT OF OBLIGATION. Ten-million loan of 1814. LOAN OF MAT 2D, 1814, OF 10,000,000 DOLLARS, ON WHICH THE StTPPLEMBKTAL STOCK HAS ISSUED. (No. ) Tkbasuey of the United States, Register's Office, , 181— Be it known that there is due from the United States of America, Unto ' — or assigns, the sum of , bearing interest at six per centnm per annum, from the day of , inclusively, payable quarter-yearly, being stock created in pursuance of an act of Cougress, passed on the twenty-fourth day of March, 1814, entitled ''An act to authorize a loan for a sum not exceeding Twenty-five Millions of Dollars," the principal of which stock is reimbursable at the pleasure of the United States at any time after the last day of December, in the year 1826; which debt is recorded in this office, aud is transferable only by appearance in person, or by attorney, at the proper office, according to the rules and forms instituted for that purpose. Dollars , JSegiater. Loan of May 2d, 1814, of ten millions of dollars. Six per cent, stock of 1814. Ten-million loan of ISld, supplemental stock. SUPPLEMENTAL SIX PEE CENT. STOCK OF 1814. LOAN OF MAT 2d, 1814, OF 10,000,000 DOLLARS. (No. .) Treasury op the United States, Register's Office, , 181—. Be it known that there is due from the United States op America, Uuto or assigns, the sum of , bearing interest at six per centum per annum, from the day of , inclusively, payable quarter-yearly; being stock created in pursuance of an act of Congress passed on the twenty-fourth day of March, 1814, entitled "An act to authorize a loan for a sum not exceeding Twenty-five Millions of Dollars," the principal of which stock is reimbursable at the pleasure of the United States, at any time after the last day of December, in the year 1826 ; which debt is recorded in this office, aud is transferable only by appearance in person, or by attorney, at the proper ofBoe, according to the rules and forms instituted for that purpose. Dollars . , Register Loan of May 2d, 1814, of ten millions of dollars. 5618 4 50 HISTORY OP THE CURKENOY OF THE COUNTRY. SIX MILLION LOAN OF 1814. (ACT OF MARCH 24, 1814.) Length of loan (miuimum), twelve years; redeemable at the pleasure of the Gov- ernment, after December 31, 1826 ; amount authorized, $25,000,000; amount issued, $5,384,134.87; sold at 20 per cent, discount; interest, 6 per cent., payable quarterly (January, April, July, and October); first issue, third calendar quarter of 1814; final redemption, August 15, 1834. This loan was additional to the one preceding. A commission of one-fourth of 1 per cent, was allowed on subscriptions of $25,000 or over. Of this stock, $250,000 and $675,000 were taken, respectively, by six and seven banks of Philadelphia and Baltimore, and $1,100,009.87 by the corporation of New York, the money to be expended for the defense, etc., of those cities. The discount on the issue amounted to $1,076,826.97. In 1817 the commissioners of the sinking fund purchased $350,000 of the stock of this loan at 1 per cent, discount, amounting to $3,500, and $976,354.10 at par. A commission of one-fourth of 1 per cent, was allowed agents on purchases. In 1822 $7,000 was redeemed by conversion into Exchanged five per cent, stock of 1822, act of April 20, 1822. COPY OF OBLIGATION. Six-million loan of 1814. SIX PEE CENT. STOCK OF 1814. LOAN OF AtrGTTST 22d, 18U, OF 6,000,000 DOLLAES. (No. .) Loan Office of the United States, State of , , 181 — . Be it known that there i8 due from the United States op America, Unto or assigns, the sum of , bearing interest at six per centum per annum, from the day of , inclusively, payable quarter-yearly ; being stock created in pursuance of an act of Congress, passed on the twenty-fourth day of March, 1814, entitled "An act authorizing a loan for a sum not exceeding Twenty-five Millions of Dollars," the principal of which stock is reimbursable at the pleasure of the United States, at any time after the last day of December, in the year 1826; which debt is recorded in this office, and is transferable only by appearance in person, or by attorney, at the proper office, according to the rules and forms instituted for that purpose. Dollars . i Commissioner. Loan of August 22d, 1814, of six millions of dollars. UNDESIGNATED LOAN OF 1814. (ACT OF MARCH 24, 1814.) Length of loan (miuimum), twelve years; redeemable at the pleasure of the Gov ernment, after December 31, 1826; amount authorized, $25,000,000; amount issued, $746,403.31; sold at from 5 to 20 per cent, discount; interest, 6 per cent., payable quarterly (January, April, July, and October) ; first issue, fourth calendar quarter of 1814; final redemption, August 15, 1834. This and the preceding loan, being negotiated under the same act, and for similar purposes as the Ten-million loan of 1814, were both really additional to the same. The issues under the aforesaid act authorizing a loan of $25,000,000 amounted to $21,050,014.43, including Treasury notes of March, 1814, for $5,000,000 issued under HISTORY OP THE CURRENCY OP THE COUNTRY. 51 the act of March 4, 1814, which by the terms of that act were to be deemed a part of this loan. The receipts were $17,895,423.26, the discount being $3,154,591.17. The cash, viz: $150,000, covered in in 1814, on account of this loan, was subscribed by several corporations in Baltimore for the purpose of building a steam-frigate for the defense of that port. In 1815, $15,000 in Treasury notes of 1813, act of February 25, 1813 (with $810 accrued interest), was redeemed by conversion into this stock. In 1817 the commissioners of the sinking fund purchased $208,507.54 of this stock at par. The discount on the issue of this loan was $93,868.95. COPY OF OBLIGATION. Undesignated loan of 1814. SIX PER CENT. STOCK OF 1814. (No. .) Tkeasurt of the United States, Register's Office, , 18 — . Be it known that there is due from the United States of America, Unto ^-^^ or assigns, the sum of , bearing interest at six per centum per annum, from the clay of , inclusively, payable quarter-yearly, being stock created in pursuance of an act of Congress, passed on the twenty-fourth day of March, 1814, entitled "An act to authorize a loan for a sum not exceeding Twenty-five Millions of Dollars;" the principal of which stock is reimbursable at the pleasure of the United States at any time after the last day of December, in the year 182G ; which debt is recorded in this office, and is transferable only by .^ppea^ance in person or by attorney at the proper office, according to the rules and forms instituted for that purpose. Dollars , Begister. MISSISSIPPI STOCK. (ACT OF MARCH 31, 1814.) Length of loan, indefinite; redeemable out of money received from sale of land ceded to the United States in the Mississippi Territory; amount authorized, $5,000,000; amount issued, $4,282,036.92 ("$114.20J additional awarded has never been called for"); sold at par; interest, none; first issue, third calendar quarter of 1815; out- standing June 30, 1890, $871.78; included in the Finance Report under the title of "Old Debt." This stock was designed to indemnify certain claimants of public lands in the Mississippi Territory (nearly 50,000,000 acres) lying south of the State of Tennessee and west of the Chattahoochie River, ceded to the United States by Georgia April 24, 1802. By the terms of cession the United States was to pay Georgia, out of the first proceeds of the sales of the lands thus ceded, $1,250,000, and to have the right to reserve 5,000,000 acres, or the proceeds of their sale, for the purpose of satisfying any claims which might be made to any part of the ceded tenitory. Of this stock $2,448,789.44 was transferred to the Government in payment for public lands. 52 HISTOKY OP THE CURRENCY OF THE COUNTRY. COPT OP OBLIGATION. Mississippi slocTc, March SI, 1814. EECOEDED MISSISSIPPI STOCK. (No. .) Treasury Department, EeGISTEU'S OFlflCK, , 182—. Be it known, that tLere i'b due from the United States of America, unto or assigns, the sum of , being thirty-four per cent, remaining nnpaid on Certificates of Mississippi Stock, issued under an act of Congress, of March 31st, 1814; which debt is recorded in and is transferable only by appearance in person or by attorney at this office; is receivable in the same manner, at the land offices in the State of Mississippi and Alabama Territory, and is payable out of the moneys arising from the sale of public lands at the said land offices. Dollars. , Eegister. TEMPORARY LOAN OF 1814. (ACT OF NOVEMBER 15, 1814.) Length of loan, indefinite; redeemable as per contract; amount authorized, $3,000,000; amount issued, $1,450,000; sold at par; interest, 6 and 7 per cent., payable annually; first issue, fourth calendar quarter of 1814; final redemption, September 16, 1816. This loan was to be applied to defray any expenses that should be authorized by law (particularly destined to provide for the expenditures of the last quarter of the calendar year 1814). The amount was borrowed from the banks under special contracts. The payments of interest and the redemption were charged upon the sinking fund. $400,000 was borrowed at 7 per cent, and the balance at 6 per cent. TREASURY NOTES OP DECEMBER, 1814. (ACT OP DECEMBER 26, 1814.) Length of loan, variable; redeemable, respectively, one year from date of issue; amount authorized, $10,500,000; amount issued, $8,318,400; sold at par; interest, 5f per cent., payable on redemption; first issue, first calendar quarter of 1815; final redemption, third calendar quarter of 1841. " [Jnadjusted, over, $41,030." Of the amount authorized under the act, entitled "An act supplemental to the acts authorizing a loan for the several sums of $25,000,000, and $3,000,000," $7,500,000 was to be in lieu of unefifected portions of the said loan, authorized by the acts of March 24 and November 15, 1814, to be applied to the same purposes, and $3,000,000 was to defray the expenses of the War Department for the current year. The notes were made receivable for duties and taxes laid by the United States, and for public lands sold. A commission of one-fourth of 1 per cent, was allowed to agents. The redemption and payments of interest were charged upon the sinking fund. DIRECT TAX LOAN. (ACT OP JANUARY 9, 1815.) Length of loan, indefinite; redeemable upon receipt of direct tax; amount authorized, $6,000,000; amount issued, $2,000,000; sold at par; interest, 6 per cent. ; first issue, second calendar quarter of 1815; final redemption, June 1, 1815. The loan was designed to meet the large expenses estimated for the year, principally for carrying on the war with Great Britain, for the fact that this war had been formally dosed by the treaty of peace, signed at Ghent December 24, 1814, was HISTORY OF THE CURRENCY OF THE COUNTRY. 53 not yet known in this country. Tiie loan was in hypothecation of the direct tax laid by the same act, and the money was to be applied to the payment of the public debt and other expenses of the Government. TEMPORARY LOAN OF 1815. (ACT OF FEBRUARY 13, 1815.) Length of loan, indefinite; redeemable as per contract; amount authorized, $500,000; amount issued, $225,000; sold at par; interest, 6 per cent., payable annually; first issue, second calendar quarter of 1815; final redemption, May 8, 1816. The damage done by buruing to the public buildiugs in the city of Washington by an incursion of the enemy on the night of August 24, 1814, gave rise to this loan. The money was to be applied to repairing and rebuilding the President's House, the Oapitol, and other public offices, on their present sites. SMALL TREASURY NOTES OF 1815. (ACT OF FEBRUARY 24, 1815.) Length of loan, indefinite; redeemable at the pleasure of the Government; amount authorized, $25,000,000; amount issued, $3,392,994; sold at various rates from par to 4 per cent, premium; interest, none; first issue, first calendar quarter of 1815; final redemption, first calendar quarter of 1842. "Unadjusted, short, $2,061." The act authorized the issue of Treasury notes of various denominations, not to exceed $25,000,000, to be applied in payment for services or supplies, for debts due by the Government, or for borrowing money. Notes of lower denominations than $100 were to bear no interest, and to be transferable by delivery alone. These were made exchangeable for a 7 per cent, funded stock, created by the same act, and were receivable ill all payments to the United States; but however redeemed or surren- dered, were liable to be reissued and applied anew to the same purposes and in the same manner as when first issued. Thus the original issue of $3,392,994, as received and funded in 7 per cent, stock, was reissued and again received and funded until the 7 per cent, stock amounted to $9,070,386. See Treasury notes of 1815 and Treasury note stock of 1815, same act, pp. 55,56. The premium realized on the sale was $32,793.73, net. COPY OF OBLIGATION. Small Treasury notes of 181S. No. Receivable everywhere by the United States in payment of Duties, Taxes, and Public Lands. Treasury Depaetjient, March 25, 1815. The United States promise to receive this note for Five Dollars in all payments to them ; or to fund the amount at seven per cent, interest, on request; agreeably to the act of Congress of February 24th, 1815. Countersigned: Register of the Treasury. Jn behalf of the United States. 64 HISTORY OF THE CURRENCY OP THE COUNTRY. SEVEN PER CENT. STOCK OF 1815. (ACT OF FEBRUARY 24, 1815.; Length of loan, irregular; redeemable after December 31, 1824; amount author- ized, $25,000,000; amount issued, $9,070,380; issued for Small Treasury notes of 1815, at par; interest, 7 per cent., payable quarterly (January, April, July, and October); first issue, second calendar quarter of 1815; outstanding June 30, 1896, $32.52; included in the Finance Eeport under the title of "Old Debt." The act authorized the issue of $25,000,000 in Treasury notes of various denomi- nations, those lower than $100 to bear no interest, to be transferable by delivery alone, and exchangeable at par for 7 per cent, certificates of funded stock. The redemption and payments of interest were to be effected out of funds established by law for such purposes, on account of funded public debts contracted since the declaration of war against Great Britain, the faith of the United States being pledged to provide sufBcieut additional means if necessary. In 1817 the sinking fund com- missioners purchased $332,990.01 of the stock at from 5.75 to 6.51, and in 1819 $136,947.22 at from 4.40 to 4.57 per cent, premium. Under the act of January 22, 1824, having been authorized to purchase at various rates during said year $8,610,000, they further purchased $1,949,404.01 and $1,376,839.39, on which was paid $38,987.93 and $10,325.94 premium, respectively. The total paid was $77,216.30. A commission of one-fourth of 1 per cent, was allowed to purchasing agents. TEMPORARY LOAN OF MARCH, 1815. (ACT OF MARCH 3, 1815.) Length of loan, indefinite; redeemable at various dates, as per contract; amount authorized, $18,452,800; amount issued, $1,150,000; sold at par; interest, 6 per cent., payable quarterly; first issue, second calendar quarter of 1815; final redemption, April 26, 1817. This loan was to be applied to defraying any expenses for which appropriations were made. At the close of the year 1814 a large portion of the war debt was due and unpaid, while another considerable portion was fast becoming due. These unpaid or accruing demands were in part for temporary loans obtained under the act of March 14, 1812, and the balance for Treasury notes issued under various acts. The payments of interest and the redemption were charged to the sinking fund, and the faith of the United States was pledged to make good any deficiency. SIX PER CENT. LOAN OF 1815. (ACT OF MARCH 3, 1815.) Lengtli of loan (minimum), thirteen years; redeemable after December 31, 1827; amount authorized, $18,452,800; amount issued, $12,288,147.56; sold at from par to 5 per cent, discount; interest, 6 per cent., payable quarterly; first issue, second calendar quarter of 1815; final redemption, December 31, 1835. "Unadjusted, over, $1,523.73." The act authorized a loan for the amount shown. Under that authority this loan and the one preceding were effected. The purposes and provisions for the payments of interest and the redemption were as previously indicated. The discount on the sale was $588,820.93. A commission of one- fourth of 1 per cent, was allowed to agents. In 1817 the commissioners of the sinking fund purchased $2,782,524.23 of this stock at from 1 per cent, discount to par. The discount amounted to $2,505.13, The brokerage on these Dorchases amounted to $638.02. HISTORY OF THE CURRENCY OP THE COUNTRY. 65 COPY OF OBLIGATION. Six per cent, loan of 18 IS, SIX PEK CENT. STOCK OE 1815. (No. Treasury Department, Register's Office, , 181- Be it known that there is due from the United States of America, ■ or assigns, the sum of - ■ dav of ■ -, bearing interest at six per centum per annum from - inclusively, payable quarter-yearly; being stock created in pursuance of an Unto- the — act of Congress passed on the third day of March, 1815, entitled "An act to authorize a loan for a sum not exceeding Eighteen Millions Four Hundred and Fifty-two Thousand Eight Hundred Dollars," the principal of which stock is reimbursable at the pleasure of the United States at any time after the last day of December, in the year 1827; which debt is recorded in this office, and is transferable only by appearance in person, or by attorney, at the proper office, according to the rules and forms instituted for that purpose. Dollars . , Register. TREASURY NOTES OF 1815. (ACT OF FEBRUARY 24, 1815.) Length of loan, indefinite ; redeemable at the pleasure of the Government; amount authorized, $25,000,000; amount issued, $4,969,400; sold at par; interest, 5f per cent., payable on redemption; first issue, third calendar quarter of 1815; final redemption, first calendar quarter of 1841. "Unadjusted, over, $600." The act authorized the issue of Treasury notes of various denominations, not to exceed $25,000,000, to be applied in payment for services or supplies, or for debts due by the United States, or for borrowing money. Notes of the denomination of $100 and over were made payable to order, and transferable by delivery and assignment. These were made exchangeable for a 6 per cent, stock created by the same act, and were receivable in all payments to the United States; but, however redeemed or surrendered, were liable to be reissued as originally issued. 100 COPY OF OBLIGATION. Treasury notes of IS 15. No.- United States Treasury Department, 18—. The United States promise to receive this note for One Hundred Dollars with interest from the date hereof at five and two-fifths per cent, per annum, in all payments to them, or to issue on demand six per cent, stock for the principal and interest thereof to order, agreeably to the act of Congress of the 24th of February, 1815. Countersigned : Register of the Treasury, Interest per day, 1^ cents. " per month, 45 cents. " per year, $5.40 cents. In hehalf of the United States, 56 HISTORY OP THE CUKRENCY OF THE COUNTRY. TREASURY NOTE STOCK OF 1815. (ACT OF FEBRUARY 24, 1815.) Length of loan, irregular ; redeemable after December 31, 1824 ; amount authorized, $25,000,000; amount issued, $1,505,352.18; issued for Treasury notes (of denominations of $100 and over) at par; interest, 6 per cent., payable quarterly (January, April, July, and October); first issue, third calendar quarter of 1815; outstanding June 30, 1896, $67.53; included in the Finance Eeport under the title of "Old Debt." As the Seven per cent, stock of 1815 was designed to redeem the Small Treasury notes of 1815, this stock was intended to redeem the notes of the denominations of "$100 and over," also of the same year; the four loans being under the authority of the same act. The provisions for the payments of interest on and the redemption of the two classes of stock were identical. FIVE PER CENT. LOAN OP 1816. (ACT OF APRIL 10, 1816.) Length of loan, indefinite; redeemable at the pleasure of the Government; amount authorized, $7,000,0li0; amount issued, $7,000,000; sold at par; interest, 5 per cent., payable quarterly; first issue, first calendar quarter of 1817; final redemption, June 30, 1831. This stock was issued in payment of the Government subscription for 70,000 shares of the capital stock of the second Bank of the United States, under authority of the act named, by which the bank itself was established. The bank was prohibited from selling or transferring more than $2,000,000 of this stock in any one year. In 1837 and 1838 the stock of the Nation in the bank was nearly all sold at a large premium, and the proceeds paid into the Treasury. Financially the transaction proved a success. There were received as bonuses, $1,500,000, from dividends, $7,118,-1:16.29, and from sale of bank stock, $9,424,750.78; total, $18,043,167.07. The subscription was $7,000,000; interest for thirteen years, $4,550,000; total, $11,550,000. Net gain, $6,493,167.07. COPY OF OBLIGATION. Five per cent, loan of 1S16. PIVE PEE CENT. STOCK. (No, .) Treasury of the Unitf.d States, Register's Office, , 18—. Be it known that there is due from the United States op America, Unto or assigns, the sum of , hearing interest at five per centum per annum from the day of , inclusively, payahle quarter-yearly; heing stock created in pursuance of an act of Congress passed the tenth day of April, 1816, entitled "An act to incorporate the suhscribers to the Bank of the United States," for the payment of seventy thousand shares, amounting to Seven Millions of Dollars, authorized to he subscribed for by the Secretary of the Treasury, to said Bank, in behalf of the United States; the principal of which stock is reimbursable in any sums, and at any periods which the Government shall deem fit; the saiddebt being recorded in this office, and being trausferahle only by appearance in person, or by attorney, at the proper office, according to the rules and forms prescribed for that purpose. Dollars . , Segister. HISTORY OF THE CURRENCY OP THE COUNTRY. 67 FIVE PER CENT. LOAN OF 1820. (ACT OF MAY 15, 1820.) Length of loan (minimum), twelve years; redeemable after January 1,1 832; amount autliorized, $3,000,000; amount issued, $999,999.13; sold at par; interest, 5 per cent., payable quarterly; first issue, second calendar quarter of 1820; final redemption, April 14, 1834. The purpose of this loan was for defraying any expenses authorized by law. The paymei; fcs of interest and the redemption of principal were charged to the sinking fund. A commission of one-eighth of 1 per cent, was allowed to agents. COPY OF OJILIGATION. Fire per cent, loan of 18W. riTE PEE CENT. STOOK OF 1820, LOAN OF 1,000,000 DOLLAES. No. . Treasury of the United States, Eegistek's Offick, , 182 — . Be it known that there is due from the United States of America, Unto or assigns, tlie sum of , hearing interest at five per centum per annum from the day of , inclusively, payable quarter-yearly; being stock created in pursuance of an act of Congress passed on the 15th day of May, 1820, entitled "An act to authorize the President of the United States to borrow a sum not exceeding Three Millions of Dollars;" the principal of which stock is reimbursable at the pleasure of the United States, at any time after the first day of January, iu the year 1832, -which debt is recorded in this office, and is transferable only by appearance in person, or by attorney, at the proper office, according to the rules and forms instituted for that purpose. Dollars . , Hegister. SIX PER CENT. LOAN OF 1820. (ACT OF MAY 15, 1820.) Length of loan, indefinite; redeemable at the pleasure of the Government; amount authorized, $3,000,000; amount issued, $2,000,000; sold at a premium of 2 per cent.; interest, 6 per cent., payable quarterly; first issue, second calendar quarter of 1820; final redemption, December 27, 1822. The purpose of this loan was similar to the one preceding, both having been negotiated under authority of the same act. The payments of interest and the redemption of principal were similarly provided for, A like commission was allowed to agents. The premium realized was $40,000. FIVE PER CENT. LOAN OF 1821. (ACT OF MARCH 3, 1821.) Length of loan (minimum), fourteen years; redeemable after January 1, 1835- amount authorized, $5,000,000; amount issued, $4,735,296.30; sold at a premium of from 5.1 + to 8 per cent.; interest, 5 per cent., payable quarterly; first issue, first calendar quarter of 1821 ; final redemption, June 11, 1839. There was an overredemp- tion of four cents by a clerical error iu the New York, ¥. Y., office. This loan was to defray such public expenses as had been or might be authorized by law. It was demanded by the fact that $5,477,776.76 of the public debt, interest included, would fall due in 1821. $4,000 was appropriated for paying a commission 58 HISTORY OF THE CURRENCY OF THE COUNTRY. of not exceeding one-eighth of 1 per cent, to agents, if necessary, and other expenses of the loan. The sinking fund and the faith of the United States to supply any deficiency were pledged for the payments of interest and the redemption of the principal. There was a premium of $264,703.70 realized on the sale of the loan. COPY OF- OBLIGATION. Five per cent, loan of 18$1. 6 PEK CENT. STOCK OF 1821. (No. .) Treasury Department, Register's Office, , 18 — . Be it known that there is due from the United States of America, Unto or assigns, the sum of , bearing interest at five per centum per annum from the day of , inclusively, payable quarter-yearly; being stock created in pursuance of an act of Congress passed on the third day of March, 1821, entitled "An act to authorize the President of the United States to borrow a sum not exceeding Five Millions of Dollars," the principal of which stock is reimbursable at the pleasure of the United States at any time after the first day of January, in the year 1835, which debt is recorded in this office, and is transferable only by appearance in person, or by attorney, at the proper office, according to the rules and forms instituted for that purpose. Dollars . , Begister. EXCHANGED FIVE PER CENT. STOCK OF 1822. (ACT OF APRIL 20, 1822.) Length of loan (minimum), eight, nine, and ten years; redeemable, one-third, respectively, after December 31, 1830, 1831, and 1832; amount authorized, $26,000,000; amount issued, $56,704.77; sold at par; interest, 5 per cent., payable quarterly; first issue, fourth calendar quarter of 1822; final redemption, December 30, 1833. This stock was issued in exchange for $23,317.82 of the 6 per cent. Sixteen million loan of 1813, $23,386.95 of the 6 per cent. Seven-and one lialf million loan of 1813, $3,000 of the 6 per cent. Ten million loan of 1814, and $7,000 of the 6 per cent. Six million loan of 1814. The loan was originally devised for the exchange of $12,000,000 of the Seven per cent, stock of 1815, and Six per cent, stock of 1812, and $14,000,000 of the Six per cent, stock of 1813, 1814, and 1815, due in the years 1825 and 1826, but the anticipated subscriptions were not realized. The funds pledged for payments on account of the old, were to remain pledged for payments on account of the new stock, FOUR-AND-ONE-HALF PER CENT. LOAN OF 1824. (ACT OF MAY 24, 1824.) Length of loan (minimum), eight years; redeemable after January 1,1832; amount authorized, $5,000,000; amount issued, $5,000,000; sold at par; interest, 4^ per cent., payable quarterly; first issue, second calendar quarter of 1824; final redemption, December 24, 1833. This loan was to provide for the awards of the commissioners under the treaty with Spain of February 22, 1819, whereby, in consideration of the cession of Florida, the United States renounced certain claims for spoliation on American commerce and some other claims of American citizens on Spain, and agreed to pay the same, not to exceed the above amount; also to make satisfaction for injuries sustained by Spaniards by the operation of United States troops in Florida. The act appropriated a sum equal to what would be necessary to pay the interest on the stock to the end of 1824. HISTORY OF THE CUEKENCY OF THE COUNTRY. 59 COPY OP OBLIGATION. Four-and-one-half per cent, loan of 1824 {act of Kay S4, 1824). FDKDBD FOTJE-AND-A-HALI' PEE CENT. STOCK, PEE ACT OF 24th MAT, 1824. No. . Bank of the United States, at- -, 182—. Be it tnown that there is due from the United States of Ameeica, Unto or assigns, the sum of , bearing interest at four and a half per cent, per annum from the day of , inclusively, payable quarter-yearly; being stock created in pursuance of an act of Congress passed on the 24th day of May, 1824, entitled "An act to authorize the creation of a stock to an amount not exceeding Five Millions of Dollars, to provide for the awards of the Com- missioners under the treaty with Spain of the 22d of February, 1819;" the principal of which stock is redeemable at the pleasure of the United States, at any time after the first day of January, in the year 1832, which debt is recorded in and is transferable at this office by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Dollars ■ . Countersigned: Cashier. President. Funded four-and-a-half per cent stock of 1824. EXCHANGED FOUR-AND-ONE-HALF PER CENT. STOCK OF 1824. (ACT OF MAY 26, 1824.) Length of loan (minimum), eight and nine years; redeemable, respectively, one-half after December 31, 1832 and December 31, 1833; amount authorized, $15,000,000; amount issued, $4,454,727.95; sold at par; interest, 4J per cent., payable quarterly; first issue, fourth calendar quarter of 1824; final redemption, March 11, 1843. There was a short redemption of one cent by a clerical error in the Philadelphia, Pa., ofiftce. This stock was issued in exchange for $3,094,766.97 of the 6 per cent. Sixteen million loan of 1813, and $1,359,900.98 of tbe 6 per cent. Seven-and-one-half million loan of 1813. The same funds already pledged for the payments on account of the said stocks were to remain pledged for the payments on account of this stock. COPY of obligation. Exchanged four-and-one-lialf per cent, loan of 1824 {redeemable after December SI, 1832). EXCHANGED EOUE AND ONE-HALE PEE CENT. STOCK OP 1824 (KEDEEIIABLE AETEE THE 31ST DAX OF DECEMBEE, 1832). No. . Treasury Department, Register's Office, , 182—. Be it known that there is due from the United States of America, Unto or assigns, the sum of , bearing interest at four and one-half per centum per annum from the first day of , inclusively, payable quarter-yearly ; being Six Per Cent. Stock of 1813, exchanged in pursuance of an act of Congress passed on the twenty-sixth day of May, 1824, entitled "An act to authorize the Secretary of the Treasury to exchange a stock bearing an interest of four and one-half per cent, for certain stocks bearing an interest of six per cent.," the principal of which stock is subject to redemption at the pleasure of the United States at any time after the 31st day of December, 1832, which debt is recorded in, and transferable only at, this Department by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Dollars . , Begiater. Exchanged four and one-half per cent, stock of 1824. 60 HISTORY OF THE CURKENCY OF THE COUNTRY. Exchanged four-and-one-half per cent, loan of 18S4 {redeemable after December SI, 18SS). EXCHANGED FOUR AND ONE-HALF PER CENT. STOCK OF 1824 (EEDBBMABLB AFTER THE 31ST DAT OF DECEMBER, 1833.) No. . Treasury Department, Register's Office, , 182 — . Be it known that there is due from the United States op America, Unto or assigns, the sum of , bearing interest at four and one-half per centum per annum from the first day of , inclusively, payable quarter-yearly ; being Six Per Cent. Stock of 1813, exchanged in pursuance of an act of Congress passed on the twenty-sixth day of May, 182i, entitled "An act to authorize the Secretary of the Treasury to exchange a stock bearing an interest of four and one-half per cent, for certain stocks bearing an interest of six per cent.," the principal of which stock is subject to redemption at the pleasure of the United States at any time after the Slst day of December, 1833, which debt is recorded in, and transferable only at, this Department by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Dollars . , Eegiaier, Exchanged four and a half per cent, stock of 1824. FOUR-AND-ONE-HALF PER CENT. LOAN OF 1824. (ACT OF MAY 26, 1824.) Length of loan, indefinite; redeemable at any time after December 31, 1831; amount authorized, $5,000,000; amount issued, $5,000,000; sold at par; interest, 4J per cent., payable quarterly; first issue, first calendar quarter of 1825; final redemption, February 21, 1834. This loan was for the purpose of discharging such part of the Six per cent, stock of 1812 as should be redeemable after January 1, 1825. The payments of interest and the redemption were charged upon the sinking fund. Both this and the preceding loan were created to fund a portion of the 6 per cents, at a lower rate of interest. COPY OF OBLIGATION. Funded four-and-one-half per cent, loan of 18H {act May S6, 18134). FUNDED FOUR AND A HALF PER CENT. STOCK OF 1824, PER ACT OF 26TH MAT, 1824. No. . Bank of the United States at , 182 — . Be it known that there is due from the United States of America, Unto or assigns, the sum of , bearing interest at four and one-half per centum per annum from the first day of , inclusively, payable quarter-yearly; being stock created in pursuance of an act of Congress passed on the twenty-sixth day of May, 1824, entitled, "An act to authorize the Secretary of the Treasury to exchange a stock bearing au interest of four and one-half per cent, for certain stocks bearing an interest of six per cent.," the principal of which stock is subject to redemption at the pleasure of the United States at any time after the 31st day of December, 1831 ; which debt is recorded in, and transferable only at, this Bank, by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Dollars . Countersigned : Cashier. President. Funded four and a half per cent, stock of 1824. HISTORY OP THE CURRENCY OP THE COUNTRY. 61 EXCHANGED FOUR-AND-ONE-HALP PER CENT. STOCK OF 1825. (ACT OF MARCH 3, 1825.) Length, of loan (minimum), three and four years; redeemable, respectively, one half after December 31, 1828 and December 31, 1829; amount authorized, $12,000,000; amount issued, $1,539,336.16; sold at par; interest, 4^ per cent., payable quarterly; first issue, first calendar quarter of 1826; final redemption, March 31, 1834. This loan was to be applied to paying and discharging such part of the Six per cent, stock of 1813 as would be redeemable after January 1, 1826. Of the stock issued, $1,148,854.20 was in exchange for that amount of the Sixteen million loan of 1813, and $390,481.96 of the Seven-and-one-half million loan of 1813. The same funds already pledged for the payments on account of the stock which might be redeemed or exchanged, were to remain pledged for the payments on account of this stock. COPY OF OBLIGATION. Exchanged four-and-one-half per cent, stock of 1825 (redeemable after December SI, 1828). EXCHANGED FOUE AND ONE-HALF PER CENT. STOCK OF 1825 (REDEEMABLE AFTER THE 31ST DAY OF DECEMBER, 1828). No. . Treasury Department, Register's Office, , 182—. Be it known that there is due from the United States of America, Unto or assigns, the snm of bearing interest at four and one-half per centum per annum from the first day of inclusively, payable quarter- yearly ; being Six Per Cent Stock of 1813, exchanged iu pursuance of an act of Congress passed on the third day of March, 1825, entitled "An act to authorize the Secrelary of the Treasury to borrow a sum not exceeding Twelve Millions of Dollars, or to exchange a stock bearing an interest of four and one-half per cent, for a certain stock bearing an interest of six per cent.," the principal of which stock is subject to redemption at the pleasure of the United States at any time after the 31st day of December, 1828; which debt is recorded in, and transferable only at, this Department, by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Dollars . , Register, Exchanged four and a half per cent, stock of 1825. Exchanged foiir-and-one-lialf per cent, stock of 1825 {redeemable after December SI, 1829). EXCHANGED FOUR AND ONE-HALF PER CENT. STOCK OF 1825 (REDEEMABLE AFTER THE 31ST DAT OF DECEMBER, 1829). No. . Treasury Department, Register's Office, , 182 — . Be it known that there is due from the United States of America, Unto or assigns, the sum of bearing interest at four and one-half per centum per annum from the first day of inclusively, payable quarter-yearly, being Six Per Cent Stock of 1813, exchanged in pursuance of an act of Congress passed on the third day of March, 1825, entitled "An act to authorize the Secretary of the Treasury to borrow a sum not exceeding Twelve Millions of Dollars, or to exchange a stock bearing an interest of four and one-half per cent, for a certain stock 62 HISTORY OF THE CUERENCY OP T[IE COUNTRY. bearing an interest of six per cent.," the principal of which stock is subject to redemption at the pleasure of the United States at any time after the 31st day of December, 1829 ; which debt is recorded in, and transferable only at, this Department, by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Dollars . Begister. Exchanged four and a half per cent, stock of 1825. TREASURY NOTES OF 1837. (ACT OF OCTOBER 12, 1837.) Length of loan (authority for issuing), one year two and one-half months; redeemable after one year from respective dates of notes; amount authorized, $10,000,000; amount issued, $10,000,000; sold at par; interest, one-tenth of 1, 2, 5, and 6 per cent., payable on redemption; first issue, fourth calendar quarter of 1837; outstanding June 30, 1896 — see Treasury notes prior to 1846, p. 69. Although in 1835 the United States was, for the first time in the history of the country, practically out of debt, ample funds having been deposited to meet the $328,582.10 of the public debt, estimated to be still outstanding, solely because pay- ment had not been demanded — owing to the subsequent changed financial condition of the country, and the prevailing extraordinary depression and panic in 1837, most of the banks having suspended specie payments, it was deemed expedient to authorize the issue of Treasury notes in such sums as the exigencies of the Government might require, not exceeding the above amount. They were to be issued in payment of debts due by the United States; were to be transferred by delivery and assignment; were to be received for all payments to the United States, and the Secretary of the Treasury was authorized to borrow money on the credit of the same. The interest paid on these notes was $126,232.85. COPY OF OBLIGATION. Treasury note {act October 12, 18S7). No. . No. . Eeceivable in Thk UNITED STATES Payment of aU Promise to pay one year after date to or order One Hundred Dollars with interest Public Does, ^.t the rate of per centum. Washington, , 183 — . Countersigned : Register. Treasurer of the United States. TREASURY NOTES OF 1838. (ACT OF MAY 21, 1838.) Length of loan (authority for issuing), seven and one-third months; redeemable after one year from respective dates of notes; amount authorized, $10,000,000; amount issued, $5,709,810.01; sold at par; interest, 6 per cent., payable on redemption; first issue, second calendar quarter of 1838; outstanding June 30, 1896 — see Treasury notes prior to 1846, p. 69. The condition of the country and of the public finances had not improved at the end of 1837. In May, 1838, the President informed the Congress that the available means in the Treasury were only $26,000. Owing to demands awaiting payment, the resources on hand could carry the Government but a few days. In consequence, the above act HISTORY OP THE CURRENCY OF THE COUNTRY. 63 was passed authorizing the further issue of Treasury notes, according to the provisions and subject to all the conditions, etc., contained in the act of October 12, 1837, in place of notes issued under said act, and afterwards paid into the Treasury and canceled. The odd figures are owing to interest accrued. The interest paid was $287,234.14. COPY OF OBLIGATION. Treasury note (act May 21, 1838). No. . No. . ReceiTablo in The United States Payment of all Promise to pay one year after date to or order Fiity Dollars with interest at Public Dues. the rate of per centum. Washington, , 183—. Countersigned: Treasurer of the United States. TREASURY NOTES OF 1839. (ACT OF MARCH 2, 1839.) Length of loan (authority for issuing), four months; redeemable after one year from respective dates of notes; amount authorized, "the remainder authorized to be issued" by the previous act; amount issued, $3,857,276.21; sold at par; interest, 2 and 6 per cent., j)ayable on redemption; first issue, first calendar quarter of 1839; outstanding June 30, 1896 — see Treasury notes prior to 1846, p. 69. The power to issue and reissue Treasury notes under the two foregoing acts having expired December 31, 1838, the above act extended the time to June 30, 1839, and was passed at the instance of the Secretary of the Treasury, who informed the House of Eepresentatives that it would be impossible to meet the demands upon the Treasury without it. The interest paid was $177,158.87. COPY OP OBLIGATION. Treasury note {act March S, 1839), No. . No. . The United States Keceivable in Payment of all Promise to pay one year after date to or order One Hundred Dollars with interest Pablio Dues, at the rate of per centum. Washington, 183 — . Countersigned : Register. Treasurer of the United States. TREASURY NOTES OF 1840. (ACT OF MARCH 31, 1840.) Length of loau (authority for issuing), one year: redeemable after one year from respective dates of notes, or before, at the option of the Government; amount authorized, not to exceed $5,000,000 outstanding at any one time; amount issued, $7,114,251.31; sold at par; interest, 2, 5, 5f, and 6 per cent., payable on redemption; first issue, second calendar quarter of 1840; outstanding June 30, 1896 — see Treasui-y notes prior to 1846, p. 69. 64 HISTORY OP THE CUKRENCY OP JTHB COUNTRY. It being deemed that its anticipated resources would not be available in time to meet the demands on the Government, the act was passed to remedy this inoon- venience. It renewed the provisions of the act of October 12, 1837, and authorized the issue of Treasury notes in lieu of others redeemed within the foregoing limit. The interest paid was $284,763.69. COPY OF OBLIGATIOK. Treasury note (act of March SI, 1840), No. . No. , EeceivaWem Thb UNITED STATES Payment of aU Promise to pay one year after date to or order One Thousand Dollars with Public Dues. interest at the rate of per centum. Washington, , 184 — . Countersigned: Register. Treasurer of the United States. TREASURY NOTES OP 1841. (ACT OP PEBRUARY 15, 1841.) Length of loan (authority for issuing), one year; redeemable after one year from respective dates of notes, or sooner, if possible; amount authorized, not to exceed $5,000,000 outstanding at anyone time; amount issued, $7,529,062.75; sold at par; interest, 2, 5, 5f, 5J, and 6 per cent., payable on redemption; first issue, first calendar quarter of 1811; outstanding June 30, 1896 — see Treasury notes prior to 1846, p. 69. It appearing possible that not only might the estimated available balance of $24,273 which would remain in the Treasury at the close of 1841 entirely disappear, but an actual deficit of several millions be found under the operation of the compro- mise tariff act of 1833, the above act was passed to ward off this danger. The notes were to be issued, except as otherwise specified, under the limitations and provisions of the act of October 12, 1837, as modified by the act of March 31, 1840. The interest paid was $530,789.32. COPY OF OBLIGATION. Treasury note (act February 15, 1841), No. . No. . Eeoeivable in EeceivaWe in Payment THE UNITED STATES Payment ofaU ofaU Public Dues. Promise to pay one year after date to or order Pive Hundred Public Dues. Dollars with interest at the rate of per centum. Washington, , 184 — , Countersigned : Register. Treasurer of the United States. LOAN OP 1841. (ACT OF JULY 21, 1841.) Length of loan, three and one-half years; redeemable upon six months' notice, or anytime after three years from January 1, 1842; amount authorized, $12,000,000; amount issued, $5,672,976.88; sold at par; interest, 5f, 5J, and 6 per cent., payable quarterly; first issue, third calendar quarter of 1841; final redemption, third fiscal quarter of 1847. HISTORY OF THE CURRENCY OF THE COUNTRY. 65 It was estimated that at the close of the year there would be a probable deficit of $11,406,132.98. During the previous four years the expenditures had exceeded the revenues by $31,310,014.20. Tlie issue of Treasury notes had been but an expedient to postpone teini)oi arily the iJayment of a constantly increasing debt. The only rem edy was by a saf1i(;iently long loan to allow the public finances, aided by returning prosperity, to recujjerate. This was the intent of the law. The money was to be applied to the redeuii)tioii of outstanding Treasury notes, and to defray public expenses. From August 21 to December 16, 1844, the Secretary of the Treasury purchased $490,350 of the 5J, and $128,125 of the 6 per cents., at various rates, ranging from eleven one- hundredths to seveiityfive one hundredths of 1 per cent, above par. The premium paid amounted to $3,208.93. The interest paid was $1,078,925.47. COPY OF OBLIGATION. LoanoflSil. 5,000 6,000 Uuited States Stock. 5 OOO 5,000 5^000 No. . UNITED STATES LOAN or 1841. No. . Truasury Dbpartmbnt, , 184 — . Bo it known that there is due from the United States of America, Unto or assigns, the sum of F'ive Thousiind Dollars bearins; interest at per Centura per annum from the day of , 181— , inclusively, payable quarter-yearly, being stoclt created iu pursuance of an act of Congress passed on the twenty-first day of July, 1841, entitled '-An act author- izing a, loan not exceeding the sum of Twelve Millions of Dollars," the principal of which stock is reimbursable at the pleasure of the United States at any time after the thirty-first day of Decem- ber, 1844, which debt is recorded in and transferable at the office of the Register of Treasury by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Countersigned : lieghter. Secretary of the Treasury. TREASURY NOTES OF 1842. (ACT OF JANUARY 31, 1842.) Length of loan (authority for issuing), one year; redeemable after one year from respective dates of notes; amount autliorized, not to exceed $5,000,000 outstanding at any one time; amount issued, $7,050,904.83; sold at par; interest, 2 and 6 per cent., l)ayable on redemi)tion; first issue, first calendar quarter of 1842; outstanding June 30, 1896 — see Treasury notes prior to 1846, p. 69. Up to January 1, 1842, there was an estimated deficiency of $627,557.90 over the amount received from the foregoing loan, which, owing to the short period it had to run, did not seem to meet with much favor, while the estimated excess of expendi- tures over revenues for 1842 was $14,218,570.68. In this emergency the above issue was authorized, subject to the provisions and limitations of the act of October 12, 1837; the notes when redeemed to be reissued, but not to exceed in amount the limit per above. The interest paid was $377,004.02. 5618 5 QQ HISTORY OF THE CUKRENCY OP THE COUNTRY. COPT OP OBUGATION. Treasury note (act January SI, 1842). Eecelvable In Uo.— — • No. Payment of all Thb United States Public Dues. Promise to pay one year after date to or order One Hundred Dollars, with interest at the rate of per centum. Washington, , 184 — . Countersigned: Register. Treasurer of the United States. LOAN OF 1842. (ACT OF APRIL 15, 1842.) Length of loan, twenty and two-thirds years ; redeemable upon six months' notice, or at any time not exceeding twenty years from January 1, 1843; amount authorized, $17,000,000; amount issued, $8,343,886.03; sold at from 2J per cent, discount to par; interest, 6 per cent., payable semi annually; first issue, second calendar quarter of 1842 ; final redemption, fourth fiscal quarter of 1872, The act extended the provisions of the act of July 21, 1841, increasing the amount by $5,000,000. It was' passed, like that for the issue of the Treasury notes of 1842 (act of January 31, 1842), to prevent the threatened deficiency indicated in the note to that act. It was manifest that the power to keep outstanding $5,000,000 in Treasury notes could not make up a deficiency of over $14,000,000; hence the necessity for this loan. Of this stock $1,700,000 was sold at $97.50. The discount was $42,500, but it was offset by $82.20 accrued interest. Prom 1849 to 1858 the Secretary of the Treasury purchased $5,460,521.92 of this stock, at various rates ranging from 5 to 21 per cent, above par. Bayley gives the amount of premium paid as $729,686.87 instead of $727,864.95. The difference of $1,821.92, occurring in 1853, can not be reconciled. $437.38 commission was paid. The interest paid was $7,365,532.34. COPY OF OBLIGATION. LoanofWdS. TOflTED STATES LOAN OF 1842. No. . • No. . Treasury Department, , 18—. $100. $100. Be it known that there is due from the United States op America, Unto or assigns, the sum of Cue Hundred Dollars, bearing interest at six per centum per annum from the day of , 184 — , inclusively, payable half-yearly, being stock created in pursuance of an act of Cougress entitled "An act anthorizing a loan not exceeding the sum of Twelve Millions of Dollars," approved July 21st, 1841, aud an act of Congress entitled "An act for the extension of the loan of eighteen hundred and forty-one, and for an addition of Five Millions thereto and for allowing interest on Treasury notes due," approved April 15th, 1842, the principal of which stock is reimbursable at the pleasme of the United States at any time after twenty years from the 31st day of December, 1842, which debt is recorded in and transferable at the office of the Register of the Treasury, by appearance in person, or by attorney, according to the rules and forms instituted for that purpose. Regisler of the Treasury. HISTORY OP THE CURKENCY OF THE COUNTRY. 67 TREASURY NOTES OF 1842. (ACT OF AUGUST 31, 1842.) Length of loan (authority for issuing), seven and one-half months; redeemable after one year from respective dates of notes; amount authorized, $6,000,000; amount issued, $3,025,554.89; sold at par; interest, 6 per cent., payable on redemption; first issue, third calendar quarter of 1842; outstanding June 30, 1896 — see Treasury notes prior to 1846, p. 69. It had been found possible to realize at par, as prescribed, but a small portion of the amount needed under the act of July 21, 1841, or even under the act of April 15, 1842, which permitted the sale of stock for an extended period at less than par. It was declared, in debate, that to meet $3,875,000 immediate liability of the Govern- ment, not one dollar was available, and the stock must either "be sacrificed to the shylocks of the country," or some remedial provisions be made. In this emergency the act was passed. It provided, in case the aforesaid stocks could not be sold except at below par, for the issue of Treasury notes, as exigency might demand, to the amount authorized, under the provisions, etc., of the acts of October 12, 1837 and March 31, 1840. The notes redeemed might be reissued or replaced by new issues up to April 15, 1843; the amount outstanding not to exceed $6,000,000. The interest paid was $180,254.97. COPY OP OBLIGATION. Treasury mote {act Avgust SI, 184S). Receivable in No. . No. . Eoceivable in "J™,™ The United States "I^f," of all of all u 10 ues. Promise to pay one year after date to or order Five Hundred " '" ™^' Dollars, with interest at the rate of per centum. Washington, , 184 — . Countersigned: Begister, Treasurer of the United States. TREASURY NOTES OF 1843. (ACT OF MARCH 3, 1843.) Length of loan (authority for issuing), one and one-third years; redeemable after one year from respective dates of notes; amount authorized, indefinite; amount issued, $1,806,950; sold at par; interest, one-tenth of 1 and 4 per cent., payable on redemption ; first issue, second fiscal quarter of 1844; outstanding June 30, 1896 — see Treasury notes prior to 1846, p. 69. This was simply an issue of new notes in place of others issued under previous acts and redeemed, etc. The estimated revenues for the year were but little in excess of tlie current expenses; hence the necessity for some action. The national debt in March, 1843, was said to be $27,409,338, of which $11,608,977 fell due daring the year, and might be presented for payment. The act provided that when any Treasury notes issued under previous acts should, after the passage of this act, be redeemed before July 1, 1844, other notes to the same amount might be issued in their stead under the limitations, etc., of the acts under which they were originally issued. It authorized the payment of interest on notes of this act after maturity, and also on those issued under the act of August 31 , 1 842. The interest paid was § 1,931.60. 68 HISTOKY OF THE CURRENCY OF THE COUNTRY. COPY OF OBLIGATION. Treasurynote {act March S, 184S). Receivaljle in payment of all public duoS. No. . No. . The United States Promise to pay one year after date to or order Fifty Dollars with interest at the rate of one mill per $100 per annum. Washington, , 184 — . Countersigned: Eegiater. Ti-easurei' of the United States. LOAN OF 1843. (ACT OF MARCH 3, 1843.) Length of loan, ten years ; redeemable July 1, 1853 ; amount authorized, indefinite; amount issued, $7,004,231.35; sold at from 1 to 3| per cent, premium; interest, 5 per cent., payable semi annually; first issue, second calendar quarter of 1843; final rcdemi)tion, third fiscal quarter of 1855. This loan was obtained under the same act authorizing the issue of Treasury notes of 1S43. The third section authorized the President, at his discretion, to cause to be redeemed and canceled such of the notes then outstanding as became due by the issue of stock, under the limitations, etc., of the act of April 15, 1842. There was realized on the sale $76,032.35 premium. In 1845 the Secretary of the Treasury purchased $400,000 of this stock at an average rate of 3| per cent, premium. In N^ovember, 1848, $136,000 was purchased at 1.268 per cent, discount, the same amounting to $1,725. In 1852, $15,000- was purchased at one-fourth of 1 per cent., and $137,700 at IJ per cent, premium. In 1853, $4,296,802.50 was purchased (including purchases at par) at various rates from par to 2J per cent, premium. Bayley gives the total premium paid as $23,332,05. Deduct $1,000 commission in 1845, and add $17,832.67 in 1853 and $5 in 1855, on account of "Premium and interest;" correct amount, $40,109.72, The commission paid amounted to $1,422.50. COPY OP OBLIGATION. LoanoflSdS. UKIXED STATES LOAN OF 1843. UiaTED STATES STOCK. 1,000, 1,000. No. w No. . Treasuky Department, 1,000 TTnitod States Loau of 1843. Be it known that there is due fiom the United States of Amekica Unto or assigns, the sum of One Thousand Dollars, heiug stock created in pursuance of an act of Congress entitled "An act authorizing the reissue of Treasury notes, and for other j)iii-])osc.s,'' approved March 3d, 1843, the principal of which is redeemable at the pleasure of the United States at any time after the expiration of ten years after the 30th June, 1843, and bearing interest at the rate of live per centum per annum, payable half-yearly, which debt is recorded in the office of the Register of the Treasury, and is transferable on the books of the Treasury according to the regulations provided for that purpose. Dated at Washington this day of , 184 — , Countersigned : Begiater of the Treasury. Secretary of the 7?reasury, HISTORY OF THE CURRENCY OF THE COUNTRY. G9 TREASURY NOTES PRIOR TO 1846. (See Treasury Notes of 1837, 1838, 1839, 1840, 1841, 1842— January and August — and 1843, ante.) Length of loan (authority for issuing), four months to one and oue- third years; redeemable one year from their respective dates as issued; amount authorized, $51,000,000; amount issued, $47,002,900; sold at par; interest at various rates, from one tenth of I to per cent., payable on redemption; first issue, fourth calendar quarter of 1837; outstanding June 30, 1^96, $82,425.35; included in the Finance Keport under the title of "Old Debt." On March 31, 1847, the First Comptroller directed the Register to close the several accounts with the above issues, and consolidate and transfer the balances outstanding^ aggregating $328,083.14, to a new account, known thereafter under the above caption. The redemptions, therefore, having been recorded in conformity with said plan, the outstanding can not be given otherwise than in accordance therewith. $13,586.29, per Bay ley, ''Unadjusted, short," in 1880, remains unsettled. The act of April 15, 1842, section 9, and the act of March 3, 1843, section 2, authorized the payment of interest at 6 per cent, from March 5, 1842, on notes of all the above issues due and unpaid before that day; and from their dates of maturity on all under said acts subsequently falling due, until redeemed, or sixty days' notice be given for their redemption. The interest on these combined loans amounted to $1,908,909.36. TREASURY NOTES OF 1846. (ACT OF JULY 22, 1846.) Length of loan (authority for issuing), one year; per act of January 28, 1847, extended conformably to time set therein; redeemable one year from respective dates of notes; amount authorized, $10,000,000; amount issued, .$7,087,800; sold at par; interest, one-tenth of 1 to 5f per cent, payable on redemption; first issue, first fiscal quarter of 1847; outstanding June 30, 1896, $5,900; included in the Finance Eeport under the title of "Old Debt." "Unadjusted, short, $1,000." War with Mexico was declared May 13, 1840. To prevent a threatened deficiency of $12,587,000, as per report of the Secretary of the Treasury, should the war continue until July 1, 1847, this loan was provided. The notes were to be issued as emergency required, except as otherwise provided (as were all the Treasury notes prior to 1840), under the limitations and other provisions of the act of October 12, 1837. In place of any of this issue redeemed, authority was given to issue others, within the limit out- standing at any oue time. The interest paid was $90,524.88, COPY OP OBLIGATION. Treasury note (act July SS, 1S46). Receivable in No. . No. . r.aymcnt Qf ^11 The United States Public Dnes. Promise to pay one year after date to or order One Hundred Dollars with interest at the rate of per centum. Washington, , 184- Coimtersigned: Register, Treasurer of the United States. 70 HISTORY OP THE CURRENCY OP THE COUNTRY. LOAN OF 1846. (ACT OF JULY 22, 1846.) Length of loan, ten years; redeemable K"ovember 12, 1856; amount authorized, $10,000,000; amount issued, $4,999,149.45, of which $363,900 was sold at an average rate of .277 of 1 per cent, premium, the balance at par; interest, 6 per cent., payable semi-annually; first issue, second fiscal quarter of 1847; final redemption, fourth fiscal quarter of 1861. The act providing for the issue of Treasury notes, authorized the borrowing of such an amount of monej- as the Presideut might deem proper (instead of issuing the whole amount of Treasury notes), under the same provisions as contained in the act of April 15, 1842; such sum, together with the Treasury notes issued, not to exceed $10,000,000. From November 18 to December 21, 1846, $363,900 of this stock was sold at a premium, as per above, the same amounting to $1,007.75. On October 4, 1852, $3,000 was purchased at 6.83 per cent, (not at 18f per cent., as Bayley has it) above par, the premium paid amounting to $204.89, not, as Bayley gives it, $558.77; difference, $353.88, which amount he is in excess in the total for the loan. From May 21 to June 29, 1853, inclusive, $65,200 was purchased at rates from 6.22 to 7.57 per cent, above par, the premium paid being $4,317.72. From 1854 to 1857, inclusive, $4,896,939.71 was purchased at various rates from eighteen one-hundredths of 1 to 9 per cent, above par, the premium paid amounting to $221,329.88. Aggregate premium paid, $225,852.49. $183 commission was paid, and the interest amounted to $2,414,256.69, COPY OF OBLIGATION. Loan of 1846, 5,000 5,000 United States Stock. 5,000 5,000 5,000 No. . UNITED STATES LOAN OF 1848. No. . Treasury Department, , 18 — . Be it known that there is dne from the United States of America, Unto or assigns, the sura of Five Thousand Dollars, bearing interest at six per cent, per antiiim from the first day of , 18 — , inclusiTely, payable Ist January and 1st July, being stock created in pursuance of an act of Congress passed on the twenty-second day of July, 1846, entitled "An act authorizing an issue of Treasury notes and a loan, the principal of which stock is reimbursable on the 12th day of November in the year eighteen hundred and fifty-six, which debt is reconled in and transferable at the office of the Register of the Treasury by appearance, in person or by attorney, according to the rales and forms instituted for that purpose. Entered . , Recorded . Register of tlie Treasury. MEXICAN INDEMNITY STOCK. (ACT OF AUGUST 10, 1846.) Length of loan, five years; redeemable five years from date; amount authorized, $320,000; amount issued, $303,573.92; sold at par; interest, 5 per cent., payable quarterly; first issue, first fiscal quarter of 1847; outstanding June 30, 1890, $1,104.91; included in the Finance Eeport under the title of " Old Debt." HISTORY OF THE CURRENCY OF THE COUNTRY. 71 The Mexican Government having failed to pay moneys due on account of claims of American citizens, as per the terms of the convention of January 30, 1843, by article 13 of the treaty of Guadalupe Hidalgo, February 2, 1848, the United States engaged to pay the same. The act required the claimants to relinquish to the Government their right to said installments, and agree to take this stock in payment. The interest paid was $75,412.82. COPY OF OBLIGATION. Mexican indemnity stock. FIVE PEE CENT. STOCK, IN PAYMENT OF THE FOUETH AND FIFTH INSTAILMENTS AND INTEREST OF THE MEXICAN INDEMNITY. No. . [Seal of the Treas. Dep't.] Treasury Department, Ebgistee's Office, , 18 — . Be it known that there is due from the United States of America, Unto or assigns, the sura of Dollars Yim, being the amount of the fourth and fifth installments and interest due ou certificates of Mexican indemnity in the name of , to wit: No. , amounting to Dollars x^jr, bearing interest at five per centum per annum, payable semiannually (on the 10th February and 10th August), from the 10th , 18 — ; which debt is recorded in and is transferable only at this office, by appearance in person or by lawful attorney, and is reimbiirsable, at the pleasure of the United States, at any time after the 9th day of August, 1851. The interest on this certificate, amounting to Dollars r^, each six months, is payable at this office to the said or lawfully authorized attorney. Dolls. -nriT- , Register of the Treasury, TREASURY NOTES OF 1847. (ACT OF JANUARY 28, 1847.) Length of loan (authority for issuing), up to six months after ratification of peace with Mexico ; redeemable after one or two years from their respective dates ; amount authorized, $23,000,000; amount issued, $26,122,100, including reissues; sold at par; interest, 5f and 6 per cent., payable on redemption; after maturity of notes, to cease at the expiration of sixty days' notice; first issue, third fiscal quarter of 1847; outstanding June 30, 1896, $950; included in the Finance Report under the title of "Old Debt." " Unadjusted, over, $350." This issue was rendered necessary in view of an anticipated further deficit. The notes were to be issued as exigency required. Authority was given to borrow money on the credit of the same. They were transferable by delivery and assignment indorsed thereon. They were to be paid to such creditors as chose to receive them at par, and were made receivable in all payments to the Government. When redeemed other notes might be issued in their stead, provided the amount outstanding, together with the stock authorized by the same act (and in which they, as well as notes issued under previous acts could be funded), did not at any time exceed $23,000,000. The authority under the act of July 22, 1846, to issue Treasury notes, was extended by the fifteenth section, to the period fixed by this act, on the same terms and conditions; the issue under said section, however, not to exceed $5,000,000. The interest paid was $1,576,882.75. 72 HISTORY OF THE CURRENCY OP THE COUNTRY. COPY OP OBLIGATION. Treasury note (act January SS, 1847) Act of 28th Jan'y, 1847. Receivable in Payment of all Public Dues. No. . Two Years after date No. . The United States Promise to pay Five Hundred Dollars to the order of , with interest at six per cent, per annum. Washington, , 184 — . Countersigned : Register of the XJ. S. Treasury. Treasurer of the United States. Principal fundable, at the option of tlie holder, in United States six per cent, stock bearing semi- annual interest, redeemable after 1867. I.OAN OF 1847. (ACT OF JANUARY 28, 1847.) Length of loan, twenty years eleven months; redeemable January 1, 1868; amount authorized, $23,000,()()() ; uniount issned, $2>^,230,350 ; sold at rates varying from IJ to 2 per cent, premium ; interest, 6 per cent., payable semi-annually ; first issue, third fiscal quarter of 1847; outstanding June 30, 189G, $050; included in the public debt state- ment under the title of "Old Debt." The act authorized the issue of $23,000,000 in Treasury notes, or stock for any portion of the aiuount; both not to e.\;cee(l said sum. Section 14 authorized the conversion of Treasury notes of this or any pi-cvious act into said stock; hence the apparent overissue. From June 30, 1847 to August 15, 1849, a portion of this stock was sold at a premium. The i)remium realized on this loan was $74,884.(18. From April 20, 1849 to October 17, 1857, $18,815,100 was purchased at rates ranging from 1.26 to 21.58 per cent, above par, the amount paid being $3,463,432.63. Bayley gives $2,674.27 more premium paid on tliis loan tlian the books and accounts show. He is in excess, respectively, in 1851 and 18.")4, $80.32 and $ 1,206.97, the latter being a net repayment which he tailed to deduct; and he is less in 1853, $1,613.02, cause undetermined. From October 20, 1866 to June 27, 1867, $2,194,050 was purchased at from 1 J to 8 per cent, below par, the discount amounting to $132,104.25; and from July 2, 1867 to February 7, 1868, $303,850 was purchased at from 1 to IJ per ceiit. below par, the discount being $3,712; total, $135,816.25 Bayley did not get this, it is presumed, owing to the fact that (the redemption account having been charged with the full amount) the discount was covered in as a " profit." There was paid $2,396.42 commission, and $17,435,857.36 interest on the loan. COPY OF OBLIGATION. Loan of 1847. Loan of 18^7. Payable after 1807. Proceeds of the sales of Public Lands. 300. No. . No. . 300. Pledged to pay principal and interest. Treasury Department. Register's Ollicc It is hereby certified that the United States ov Ameuica Are indebted unto or— — assicjns the sum of Three Iliindrrd Dollars, redeemable "after tlic last day of December, 1807," with iulerest from the diiy of , 184 — , inclusive, at six per cent. per annum, payable on the lirst days of .lannary and ,liily in lacli vciir. This debt is authorized b.v an act of Congress approved January 28tb, 1847, and is liaiisferal>lo on the books of this Office. Washington, , 184 — . Entered . Recorded • Register V. S. Treasury. HISTORY OF THK CURRENCY OF THE COUNTRY. 73 BOUNTY-LAND SCRIP. (ACT OF FEBRUARY 11, 1847.) Length of loan, indefinite; redeemable at the pleasure of the Government; amount authorized, iiidefiuite; amount issued, $233,075; sold at par; interest, (! per cent., payable semi-annually; first issue, fourth fiscal quarter of 1847; outstaudinp: June 30, 189G, $3,000; included in the Finance Report under the title of "Old Debt." The act providing for the issue ot a warrant for one hundred and sixty or forty acres of land, in favor of each enlisted jnan for a term of enlistment of twelve months or less, respectively, who served in the Army during the war with Mexico, and was honorably discharged, or died while in the service, allowed everyone entitled, the option to receive such warrant or a Treasury scrip for $100 or $25, according to the term for wliich the soldier enlisted. Certificates to the amount of $400 were cancelef. Loan of 1S48. mrtTED SXATES LOAN OF 1848. Treasury Department. Begister's Office. 5,000 5,000 No. . No. . It is hereby certified that the United States ov Amekica Are indebted unto or assigns, the sum of Five Thousand Dollars, redeemable after the first day of .Inly, 1868, with interest from the day of , 184 — , inclusive, at six per cent, per annum, payable on the first days of January and July iu each year. This debt is authorized by an act of Congress approved March 31st, 1848, and is transferable on the books of this office. Washington, , 184 — . Entered . Recorded • Segisler U. S. Treasury. TEXAN INDEMNITY STOCK. (ACT OF SEPTEMBER 9, 1850.) Length of loan, fourteen years; redeemable January 1, 1865; amount authorized, $10,000,000; amount issued, $5,000,000; sold at par; interest, 5 per cent., payable semi-annually (January and July) ; first issue, third fiscal quarter of 1851 ; outstanding June 30, 1896, $20,000; included in the public debt statement under the title of "Old Debt." The stock authorized by the act named, was to be issued to Texas in satisfaction of all claims against the United States arising out of the annexation of said State. But $5,000,000 was issued, as a subsequent act, of February 28, 1855, provided that the creditors of Texas should be paid in cash, and increased the amount to be paid them to $7,750,000, to be divided pro rata among such as were comprehended in the first act. From 1854 to 1858, inclusive, $1,539,000 of this stock was purchased at rates ranging from 5.14 to 12 per cent, above par, the premium paid being $117,534.26. In 1864, $992,000 was redeemed, as per " Receipts and Bxpendrtures," "at a deduction of 4 per cent.," being a trifle over that rate, the discount amounting to $39,699,39. Bayley did not get this amount at all. In 1865, $427,000 was redeemed at 4 per cent, below par, but the discount of $17,080 was not covered in as such until December 23, 1870, by warrant No. 467 of that date. $14.73 and $15.89 discount on the redemptiou of $5,000 and $8,000, also in 1865, having at first been erroneously charged to interest account, was subsequently, by warrant No. 269 and counter warrant No. 763, also of HISTORY OF THE CURRENCY OP THE COUNTRY. 75 December 23, 1870, charged to principal and credited to "Unclaimed interest" account. It has not been found to have ever been otherwise covered iu. Total discount on redemption, $50,810.01. The interest paid was $2,704,173.52. COPY OF OBLIGATION. Texan indemnity stock. Treasury Department. Eegister'e Office. No. . No. . 1,000 1,000 TEXAN INDEMNITY, FIVE PEK CENT. STOCK. It is hereby certified tliat the United States of America Are indebted unto or bearer, the sum of One Thousand Dollars, redeemable after the 31st day of December, 1864, with interest at 5 per centum per annum, payable semiannually on the first days of January and July in each year, at the Treasury of the United States, on presentation and surrender of the proper coupon hereto annexed. This debt is authorized by an act of Congress approved September 9th, 1850. It is recorded in the office of the Register of the United States Treasury, and Is transferable on delivery. Washington, , 185 — . Entered . Recorded . , Register U. S. Treasury. (Coupons in form like the following, for interest attached:) 25 Texan Indemnity. 25 Due from the United States to the bearer, Twenty-Five Dollars, for six months' interest due 1st January, 1858, upon bond No. for $1,000. For the Secretary of the Treasury : . TREASURY NOTES OF 1857. (ACT OF DECEMBER 23, 1857.) Length of loan, one year; redeemable one year from date of issue; amount authorized, not to exceed $20,000,000 outstanding at any one time; amount issued, $52,778,900; sold at par; interest at various rates, from 3 to C per cent., payable on redemption, to cease after maturity at the expiration of sixty days' notice; first issue, third fiscal quarter of 1858; outstanding June 30, 189C, §700; included in the Finance Report under the title of "Old Debt." "Unadjusted, short, $1,000." This loan was authorized through the Secretary of the Treasury reporting that so great was the falling oli' in the revenues from customs, owing to the monetary crisis of that period (the banlis having suspended specie payments), it would be absolutely necessary to provide the Treasury with some additional means of meeting the dnnands upon it. The first issue was limited to S(),0()il,00(), at not more than C per cent, interest, to be expressed on the notes; the remainder to be issued at the lowest rate, not to exceed 6 per cent. The notes were transferable by indorsement and delivery, and receivable in all payments to the United States. The Secretary was authorized to borrow money on the credit of the notes. Others might be issued in place of those redeemed, the power to issue to cease January 1, 1850. Notes were issued bearing interest as follows: $6,323,000 at 3 per cent., $107,000 at 3J per cent., $110,000 at 33 per cent., $708,000 at 4 per cent., $(;88,000 at 4J per cent., $10,055,700 at 4J per cent., $4,532,500 at 4f per cent., $7,533,900 at 5 per cent., 88,204,500 at 5J per cent., $3,514,100 at 5f per cent., and $10,941,000 at 6 per cent. The interest paid was $2,603,572.69. 76 HISTORY OF THE CURRENCY OF THE COUNTRY. COPT OP OBLIGATION. Treasury note {act December S3, 1857). Ono Tear After Date The United States Promise to pay to the order of No. . One Hundred Dollars, No. with interest at the rate of per centum per annum. Washington, , 185—. Countersiffned : Register of the U. S. Treasury. Treasurer of the United States. Receivable in payment of all public duos. LOAN OF 1858. (ACT OF .TUNE 14, 1858.) Length of loan, fifteen years; redeemable after January 1, 1874; amonnt authorized, $20,000,000; amount issued, $20,000,000; sold at an average premium of 3.59 per cent.; interest, 5 per cent., payable semi-annually (January and July); first issue, first flscnl quarter of 1859; outstanding June 30, 1896, $2,000; included in the public debt statement under the title of "Old Debt." The ai)propriatious having, as represented, been increased by legislation nearly $10,000,0(10 over, and the revenue from customs having fallen about the same amount below the estimates for the current fiscal year, while $25,157,058.27 public debt wouhl fall due within ton years, this loan under the circumstance was deemed indispensable. The certificates of stock were to be issued for not less than $1,000 each, with coupons attached, but by the act of March 3, 1859, the issue of registered stock was also authorized. The premium realized was $719,365.72. There was a rebate of interest of $1,857.88. The interest paid was $15,120,705.06. COPY OF obligation. Loan of 1S5S. united states loan op 1858, Tjseasuky Dkpartment, Rkgistek's Office. Be it known that there is dne from United States Stock. The United States op America, Unto or assigns, the sum of One Thousand Dollars, being stock created in pursuance of an act of Congress entitled "An act to authorize a loan not exceeding the sum of Twenty Millions of Dollars," approved Juno 14th, 1858, the principal of which is redeemable at the pleasure of the United States at any time after the expiration of fifteen years after the 1st of January, 1859, and bearing interest at the rate of 5 per centum per annum, payable half-yearly, which debt is recorded in the Office of the Register of the Treasury and is transferable on the books of the Treasury according to the regulations provided for that purpose. Dated at W.iahington this day of , 187 — . Entered . Recorded . Register of the Treasury. HISTORY OF THE CURRENCY OP THE COUNTRY. 77 LOAN OF 1860. (ACT OF JUNE 22, 1860.) Length of loan, ten years; redeemable January 1, 1871; amount authorized, $21,000,000; amount issued, $7,022,000; sold at rates varying from par to 1.45 per cent, premium; interest, 5 x^er cent, payable semi-annually; first issue, second fiscal (juarter of 1801; final redemption, March 31, 1892. In the estimated means of the Treasury for the current and next fiscal years, no l)rovision having been made for the redemi)tiou of the $20,000,000 in Treasury notes, tlie authority for the reissue of which would cease "June 30 next," this loan was designed for that purpose, and to replace in the Treasury any amount of such notes that had been paid in for public dues. Tlie failure to realize the whole amount of the loan was caused by the political troubles preceding the war of the Kebellion. Bids for the whole $10,000,000, advertised Sejtteniber 8, 1800, were speedily made. It, however, soon becoming evident that war was inevitable, during the commercial crisis which ensued, a portion of the bidders forfeited their (lei)osits, and the loan was withdrawn from the market. The premium realized on the sale was $33,210.20. There was a rebate of interest of $28.02. The forfeiture on bids amounted to $29,990, The interest paid was $3,510,223.48. COPY OF OULIGATION. Loan of 18G0. Teeasury Depahtmunt, Rei;isticr's Ofi-ice. No. , No. . It is hereby certifiod that the fijOOO United States oe Amekica 5,000 Are indebted unto or iissigiis, the sum of Five Thousand Uollars, redeemable ton years after the first day of January, 1861, with interest from the day of , 18 — , inclusive, at live per cent. jier anuum, payable on the first days of January and July, in each year. This debt is authorized by an act of Congress apjiroved June 22d, 1860, and is transferable on the books of this OfBco. Washington, , 18 — . Entered . Recorded . Register U. S. Treasury. TREASURY NOTES OF 1860. (ACT OF DECEMBER 17, 1860.) Length of loan, one year; redeemable after one year from dates of issue; amount authorized, not to exceed .$10,000,000 outstanding at anyone time; amount issued, including reissues, $10,010,900; sold at par; interest, from ' to 12 per cent., payable on redemption ; first issue, second fiscal quarter of 1801 ; final redemption, June 17, 1808. Autliority for the issue of these notes became necessiiry when it was found that but a portion of the $21,000,000 loan authorized by the act of June 22, 1860, could be obtained. Notes were not to be issued of denominations less than $50. They were to be issued at C per cent., or such rate of interest as might be offered by the lowest bidders who would receive them at par, after public advertisement. They were made transferable by indorsement and delivery, and receivable in all payments to the United States. New notes might be issued in place of those redeemed within the limit imposed, the power to issue and reissue to cease January 1, 1863. Notes were issued 78 HISTORY OF THE CUKKENCY OF THE COUNTRY. bearing interest as follows: $70,200 at 6, $5,000 at 7, $24,500 at 8, $33,000 at 8^, $10,000 at 83 $65,000 at 9, $10,000 at OJ, $160,000 at 9J, $77,000 at 9f, $1,027,500 at 10, $266,000 at lOJ, $623,000 at 10 J, $1,367,000 at lOf, $1,432,700 at 11, and $4,840,000 at 12 per cent. The interest paid amounted to $1,147,229.83. COPY OF OBLIGATION. Treasury notes of 1860. E Pluribus Unum. No. . The United States Promise to pay one year after date to the order of One Thousand Dollars with interest at per cent per annum. Washington, , 186 — Countersigned : Iteasurer of the United States. Register of the U. S. Treasury. Receivable in payment of all public dues. LOAN OF FEBRUARY, 1861. (ACT OF FEBRUARY 8, 1861.) Length of loan, not less than ten nor more than twenty years; redeemable December 31, 1880; amount authorized, $25,000,000; amount issued, $18,415,000; sold at an average rate of 10.97 per cent, discount; interest, 6 per cent., payable semi-annually (January and July) ; first issue, third fiscal quarter of 1861 ; outstanding June 30, 1896, $5,000; included in the public debt statement under the title of "Old Debt." The Secretary of the Treasury had reported that there would be an actual deficit in the revenues of $21,677,524. As besides this, the deficiency bill appropriated between $2,000;000 and $:3,000,000, the deficiency it was estimated would be $24,000,000, while there was in the Treasury on^ January 1, 1861, but $3,233,220, and at least $5,000,000 were required to carry on the daily operations; hence the necessity for this loan. As prescribed, the funds were to be used in the payment of current demands, for the redemption of outstanding Treasury notes, and to replace in the Treasury the sum of such notes as had been paid in for public dues. The following stock was issued at the average rates, as follows: $8,006,000 at $90.47-i^, $3,099,000 at $94.01, and $7,310,000 at $85.34 1^(,\- per hundred. In the fiscal year 1880 there was purchased, per appropriation account, $2,837,000, at rates ranging from 3.21+to 3.04 per cent, above par, the premium paid amounting to $74,161.95. Bayley, although including this period, does not give this premium. In the fiscal year 1881, to December 31, 1880, $7,638,000 was purchased at rates varying from .24 to 2.13 + per cent., the premium paid being $51,277.58. See note to Ten-Forties of 1864, p. 93. There was a rebate of interest on this loan of $95.08. The discount on the issue amounted to $2,019,776.10. The total premium paid was $125,439.53, and the interest $21,695,013.23. HISTORY OF THE CURRENCy OF THE COUNTRY. 79 COPT OF OBLIGATION. Loan of February, 1861. M Tkeasuky Department, Register's Ofpicr, 1,000 Series of 1870 Series of 1870 1,000 1,000 It is hereby certified that tlie United States of America Are indebted unto or assigns, tbe sum of Cue Thousand Dollars, redeemable after the 31st day of December, 1880, with interest from the first day of , 18 — , inclusive, at six per cent. T^^ " ".' per annum, piiyable on the first day of January and July in each year. This debt is authorized by an act of Congress approved February eighth, 1861, and is transferable on the books of this office. Washington, , 18 — . Entered . Recorded . Eegister of tlie Treasury. TREASURY NOTES OF 1861. (ACT OF MARCH 2, 1861.) Length of loan, part sixty days, and two years; redeemable sixty days, and two years from date; amount authorized, indefinite; amount issued, $35,364,450; sold at rates ranging from par to 1.27 per cent, premium; interest, C per cent., payable on redemption; first issue, fourth fiscal quarter of 18C1; outstanding June 30, 1890, $2,450 ; included in the public debt statement under the title of " Old Debt." " Unad- justed, short, $1,400." On December 22, 1859, it was estimated by the Secretary that there would be a balance in the Treasury June 30, 1861, of only $3,530,196.61, which left no margin for any additional appropriations, or provisions that might be determined upon by the Congress within this period, for the payment of any portion of the public debt, which then amounted to nearly $60,000,000. Following this, after many of the Southern Members had withdrawn, the above act was passed. It provided, first, for a loan not to exceed $10,000,000, redeemable on three months' notice after July 1, 1871, and payable without notice July 1, 1881; the same to be applied to the payment of appropriations made by law and the balance of Treasury notes then outstanding. If proposals for the loan were not satisfactory, the issue of Treasury notes for the full amount was authorized, and also for the whole or any part of the money which was authorized to be borrowed by previous acts. The notes were to be for not less than $50 each. They were to be received in all payments to the United States. Interest was to cease upon call, after maturity. Of the amount issued $22,468,100 was redeemable in two years, and $12,896,350 sixty days after date. The war of the Eebellion, which began a few weeks after the passage of the bill, necessitated an increase in the issue far in excess of the amount originally contemplated. The premium realized was $414.70. The interest paid was $1,001,564.61. 80 HISTOliY OF THE CURRENCY OF THE COUNTRY. COPY OF OBLIGATION. Treasury note {act March Z, 1S61). Issued in pursuance of an act of Congress Two years approved March 2d, 18G1. After date No. . The Uniticd Statics No. . Promise to pay to the order of Fifty Dollars, with interest at six per cent., pay.'iljle Ist January aud 1st July. WashinKtou, , 1861. Convertible into bonds of the United Status. Couutersi"'nod: Register of the Treasury. Treasure:)' of the U. S. Ecceivable in payment of all public dues. OREGON WAR DEBT. (ACT OF MARCH 3, 1861.) Length of loan, twenty years; ledeeniaWe July 1, 1881; amount authorized, $2,800, 0(10; amount issued, $1,0"J0,8.')0; sold at par; interest, 6 per cent., payable semi-annually (January and July); first issue, first fiscal quarter of 18Cli; outstanding June 30, 1896, $2,500; included in the public debt statemcut under the title of "Old Debt." The amount authorized was appropriated for the payment of expenses incurred by the Territories of Washington aud Oregon in the suppression of Indian ho.stilities in 1855 and 1856. Section 4 of the act jjrovided that, if deemed expedient, coupon bonds of denominations not less than $50, might be issued to the claimants or their legal heirs, as per terms above. In the fiscal year 1863 (as per the Treasurer's books from August 28, 1862 to March 3, 18!;3), $69,550 of these bonds were purchased at rates ranging from tlnee-eighths of 1 to 2 per cent, below par. The discount no doubt amounted to $1,180.19, but one eighth of 1 per cent. con:mission, amounting to $86.95, evidently was offset against it. The balance, $1,093.24, was not covered in until the fiscal year 1809, by warrant No. 610 of September 30, 1868, then appearing as a "profit." Probably owing to this, aud the further fact that the warrants and accounts charging up and giving credit for the full redemption made no reference to it, Bayley in his book failed to note the transaction. Of $14,740.42 total premium paid, Bayley did not show $13,331.77 paid, per appropriation account, prior to 1881. The interest paid to 1885, inclusive, was $1,139,425.38, but a net excess of repayment of $14,535 since, reduced it to $1,124,890.38. There was a rebate of interest on this loan of $10.44. COPY OF OBLIGATION. Oregon war debt. A Treasury Department. A 500 ( ). 500 ( ). Series of 1870. Series of 1870. Be it known that the [Seal of U. S. Trea.sury.] Unitkd States of America Will pay to or order the sum of Five Hundred Dollars at any time. .Tftc-r the 1st day of July, 1881, on surrender of this oblijtation at the Treasury of the United States, with interest at the rate of six per centum from the 1st day of July, 1861, payable semiannually on the 1st day of January and HISTORY OF THE CURRENCY OF THE COUNTRY. 81 July in each year, at the Treasury of the United States, upon the surrender of the proper coupon hereunto annexed, pursuant to an act of Congress approved the 2d day of March, 1861, entitled, "An act to provide for the payment of expenses incurred by the Territories in the suppression of Indian hostilities therein in the years 1855 and 1856." "Washington, , 187 — . Entered . Recorded . : , Begister of the Treasury. (Coupons in form like the following attached :) oebgok wae debt. United States of America Will pay to bearer Fifteen Dollars for six months' interest, due 1st January, 1881, upon bond for $500. John Allison, Segister of the Treasury. LOAN OF JULY AND AUGUST, 1861. (ACTS OF JULY 17 AND AUGUST 5, 1861.) Length of loan, twenty years; redeemable at the i^leasure of the Government, after June 30, 1881; amount authorized, 8250,000,000; amount issued, $189,321,350; sold, the first $50,000,000 at 10.67 + per cent, discount, the balance at par; interest, 6 per cent., payable semi annually (January and July) ; $ 127,597,200 continued at 3 J per cent.; first issue, July, 1861; outstanding June 30, 1896, $18,850, including $3,600 of those continued at 3 J per cent.; included in the public debt statement under the title of " Old Debt." The Congress met in extra session July 4, 1861. Eleven States had attempted to secede from the Union and were in actual revolt. Seventy-five thousand volunteers had been called into the field to suppress the rebellion. The Secretary of the Treasury estimated the expenditures for the fiscal year 18(i2 at $318,519,581.87, which event- ually proved more than $240,000,000 less than the actual expenditures. The President asked authority to borrow $400,000,000, and this amount, added to the whole revenues of the Government, was more than $100,000,000 short of the expenditures. Under these circumstances the above acts were passed. Of the above issue, under section 1 of the first act, bonds to the amount of $50,000,000 were issued. Though the interest began July 1, they did not pass to the purchasers until November 16, 1861. They were sold at 10.67 + per cent, below par, the discount amounting to $5,338,768.09, but this was offset by $1,134,246.57 accrued interest from July 1 to November 15, 1861, inclusive, reducing it to $4,204,521.52. The remainder of the bonds, $139,321,350, was issued in exchange for Seven-Thirties of 1861, as authorized by section 1 of the second act. Of $1,864,961.15 premium ])aid, Bayley does not show 81,376,085.04 paid, per appropriation account in 1880. The balance was paid after 1880. See note to Ten- Forties of 1864, p. 93. Of $200,395,853.74 interest paid, $3,103,428.20 was at 3J per cent. There was- a rebate of interest of $1,394.10 on this loan. 5618 6 82 HISTORY OF THE CURRENCY OP THE COUNTRY. COPY OF OBLIGATION. Loan of July and August, 1861, six per cent. No. . No. . 500. 500. It is hereby certified that the United States op America Are indebted unto or assigns, the sum of Five Hundred Dollars, redeemable after the 30th day of June, 1881, ■with interest from the first day of , 18 — , inclusive, at 6 per cent, per annum, payable on the first days of January and July in each year. This debt is authorized by acts of Congress approved July 17th and August 5th, 1861, aud is transferable on the books of this Office. Washington, , 18 — . Entered . Recorded . Register U. S. Treasury. Trkasuhy Department, Register's Office. Loan July 17 and August 5, 1861. Loan of July and August, 1S61, continued at 5J per cent. 500. 500. It is hereby certified that the United States of America Are indebted nnto or assigns, the sum of Five Hundred Dollars, redeemable after the 30th day of June, 1881, with Interest from the first day of , 18 — , inclusive, at six per cent, per annum, payable on the first day of January and July in each year. This debt is authorized by acts of Congress approved July 17th and August 5th, 1861, and is transferable on the books of this Office. Series of 1870. Washington, , 18 — . Entered . Recorded . [Seal U. S. Treas. Department.] , Register of the Treasury. Treasury Department, Register's Office. (Memorandum printed across the face of the bond :) At therequest of aud for value received by the owner of this bond the same is continued during the pleasure of the Government to bear interest at the rate of three and one-half (3|) per centum per annum from July 1st, 1881, payable semiannually as provided in Treasury Circular No. 42, dated April 11, 1881. TEMPORARY LOAN OF 1861. (ACTS OF JULY 17 AND AUGUST 5, 1861.) Leugth of loan, five months; reimbursable as xier agreement; amount borrowed, $50,000,000; obtained at par; interest, 7.3 per cent., payable at reimbarsement; negotiated August 19, 1861; final reimbursement, January 14, ISGli. This loan was negotiated with the associated banks, under the above acts, August 19, 1861, as follows, viz: of Boston, $10,000,000, Philadelphia, $5,000,000, and New York, $35,000,000. It was reimbursed as follows : in money, " by warrants," in various amounts, running continuously from August 31, 1861 to January 14, 1862 — to Boston banks, $8,875,000 (report 143268), Philadelphia, $4,437,600 (report 144192), and New York, $31,062,500 (report 145243); total, $44,375,000; in Seven-Thirties of 1861, of the HISTORY OF THE CURRENCY OF THE COUNTRY. 83 issue dated August 19, 1861, paid in final settlement, to balance, January 14, 1862 — to Boston banks, $1,125,000, Pliiladelpbia, $562,500, and New York, $3,'J37,500; total, $5,625,000; aggregate, $50,000,000. With the cash payments interest was paid on the same to the amounts as follows: to Boston banks, $124,258 (report 143279), PhiladelphLa, $62,129 (report 144213), andNewTork, $434,003 (report 145977); total, $621,290. The whole $50,000,000 having in the fiscal year 1862, per the " Eeceipts and Expenditures," been covered in as a part of the receipts on account of the regular Seven-Thirties of 1861, in balancing the same Bayley properly threw out of that loan the $44,375,000 paid, as shown, in cash, and retained the $5,625,000 as a subscrii^tion thereto. He did not state this loan at all. SEVEN-THIRTIES OF 1861. (ACT OF JULY 17, 1861.) Length of loan, three years; redeemable August 19 and October 1,1804; amount authorized, indefinite; amount issued, $139,999,750; sold at an average premium of .465 of 1 per cent.; interest, 7.3 per cent., payable semi-annually; first issue, August 19, 1861; outstanding June 30, 1896, $10,700; included in the public debt statement under the title of "Old Debt." " Unadjusted, short, $48,150." The act authorized the borrowing of a sum not exceeding $250,000,000, for which coupon or registered bonds or Treasury notes might be issued in such proportions as deemed advisable, the bonds to bear interest not exceeding 7 per cent., the notes to be of any denomination not less than $50, with interest at the rate of 7.3 jier cent, per annum. The supplemental act of August 5, 1861, authorized the issue of a ])art of the bonds authorized by the preceding act, at 6 per cent., these bonds to be exchanged for Treasury notes bearing 7.3 per cent, interest per annum, but no such bond was to be issued for less than $500, nor was the whole amount of such bonds to exceed the amount of Treasury notes bearing 7.3 per cent, interest. $650,320.44 premium was realized on the sale of these bonds. Commission to the amount of $36,504. .'35 was paid out of the "Expenses of the national loan" in 1862 and 1863. The interest paid was $27,645,258.07. COPY OP OBLIGATION. Seven-thirty Treasury notes {act of July 17, 1S61, issue Aug. 19 and Oct. 1, 1861), Interest one cent per day. $50 Three years after date $50 The United States proiaise to pay to the order of Fifty Dollars, with 7A per cent, interest, payable semiauiiually. Washington, August 19, 1861. Segister of the Treasury. Treasurer of the United States. Convertible into 20-joar 6 per cent. U. S. houds, act of July 17, 1861. Five coupons attached, last six months' interest payable with note, prior installments payable only on presentation of coupons therefor. 84 HISTORY OF THE CURRENCY OF THE COUNTRY. OLD DEMAND NOTES. (ACTS OP JULY 17 AND AUGUST 5, 1861, AND FEBRUARY 12, 1862.) Length of loan, indefinite; redeemable on demand; amount authorized, $60,000,000; amount issued. Including reissues, $00,030,000; sold at par; interest, none; first issue, August 26, 1861; outstanding June 30, 1896, $54,347.50, The first act authorized the issue of $50,000,000 in Treasury notes, not bearing interest, of a less denomination than $50 and not less than $10, ijayable on demand. The second act authorized the issue of these notes in denominations of $5. The third act authorized an increase of $10,000,000 in the amount of Demand notes. COPY OF OBLIGATION. Old Demand Notes {aot July 17, 1S61, August 5, 1861, and February IB, 1862). OBVEESB. No. . The United States promise to pay to the hearer Five Dollars on demand. Washington, Aug. 10, 1861. Payable by the Assistant Treasurer of the United States, at . Begister of the Treasury. Treasurer of the United States, EEVEESE. United States op Amkkica. Five Five Dollars. TEMPORARY LOAN OF 1862. (ACTS OF FEBRUARY 25, MARCH 17, AND JULY 11, 1862, AND JUNE 30, 1864.) Length of loan, indefinite; redeemable after ten days' notice; amount authorized, $150,000,000; amount issued, $716,099,247.16; highest amount outstanding, June 12, 1866, $149,500,000; sold at par; interest, 4, 5, and 6 per cent., according to contract, payable on redemption; first issue, third fiscal quarter of 1862; outstanding June 30, 1896, $2,850; included in the public debt statement under the title of "Old Debt." The first act authorized temporary loan deposits of $25,000,000 for not less than thirty days, with interest at 5 per cent, per annum, payable after ten days' notice. The second act authorized the increase of such deposits to $50,000,000, at rates ol interest not to exceed 5 ijer cent. The third act authorized a further increase of deposits to $100,000,000. The fourth act authorized a further increase not to exceed $150,000,000, at interest not to exceed 6 per cent., or a decrease of the rate of interest on ten days' notice, as the public interest might require. The interest paid was $18,784,096.84. COPY OF obligation. Certificates of deposit — temporary loan — (act February B5, 1S6S). [Various rates of interest. Aot March 17, 1862, act July 11, 1862, act June 30, 1864.] OBVEHSE. No. . Office of the Assistant Treasurer of the United States, New York, , 186 — . I certify that this day deposited for at least thirty days to the credit of the Treasurer of the United States Dollars, for which interest at the rate of per centum per annum -will he paid to order, together with the principal, in lawful money, alter ten days' notice, upon the surrender of this certificate. Original , Assistant Treasurer. United States Treasury. Act of February 25, 1862. HISTORY OF THE CUKRENCY OF THE COUNTRY. 85 LEGAL-TENDER NOTES. (ACTS OF FEBRUARY 25 AND JULY 11, 1862, AND MARCH 3, 1863.) Amount authorized, $450,000,000 ; amount issued, including reissues, $2,855,909,808 ; highest amount outstanding, June 30, 1864, $449,338,902; sold at par; interest, none; first issue, fourth fiscal quarter of 1862; outstanding June 30, 1896 (uniformly at the end of each fiscal year since 1880, inclusive, up to which time the issue was $1,640,559,947), $346,681,016. From 1880 the issues, yearly, were for the exact amounts of the redemptions. The first act authorized the issue of $150,000,000 in notes, payable to bearer, of denominations not less than $5; $50,000,000 to be applied to the redemption of Old Demand notes authorized by the act of July 17, 1861; the notes to be a legal-tender in payment of all debts, public and private, within the United States, except duties on imports and interest on the public debt, and to be excliangeable for 6 per cent, bonds. Th^ second act authorized an additional issue of $150,000,000, not more than $35,000,000 to be of a lower denomination than $5, and no note for a fractional part of a dollar. The third act authorized an additional issue of $150,000,000 of denomina- tions not less than $1. It also limited the time in which Treasury notes might be redeemed for United States bonds, to July 1, 1863. The amount authorized by this act was to be in lieu of $100,000,000 authorized by the resolution of January 17, 1863. COPY OF OBLIGATION. United States notes {acts February 25, 1862, July 11, 1S62, March S, 1863). OBVERSE. Tliis note is a legal tender note for one dollar. The United States will pay to bearer one dollar. Washington, D. C. liegister of the Treasury, Treasurer of the Uniled States. United States note. EEVERSK. One Dollar. United States of America. This note is a legal tender at its face value for all debts, public and private, except duties on imports and interest on the public debt. Counterfeitiug or altering this note, or passing any counterfeit or alteration of it, or having in possession any false or counterfeit plate or impression of it, or any paper made in imitation of the paper on which it is priuted, is felony, and is punishable by $5,000 fine, or 15 years imprisonment at hard labor, or both. FIVE-TWENTIES OF 18G2. (ACTS OF FEBRUARY 25, 1862, MARCH 3, 1864, AND JANUARY 28, 1865.) Length of loan, five or twenty years; redeemable after May 1, 1867; payable May 1, 1882; amount authorized, $515,000,000; amount issued, 8514,771,000; sold at an average premium of .049 + of 1 per cent. ; interest, 6 per cent., payable semi-annually (May and November); first issue, fourth fiscal quarter of 1862; outstanding June 30, 1896, $218,600; included in the public debt statement under the title of "Old Debt." The first act, in order to provide for funding the Treasury notes and fioatiug debt of the United States, authorized the issue of $500,000,000 in bonds, redeemable at the pleasure of the Government after five years, and payable twenty years from. date. The second act authorized an additional issue of $11,000,000 in bonds to persons who subscribed for the loan by January 21, 1S04. The third act authorized an additional issue of $4,000,000 of these bonds, to be sold in the United States or Euroue. The 86 HISTORY OF THE CURRENCY OF THE COUNTRY. correct premium realized on the sale was $252,875. Bayley gives "the premium realized on a portion of the issues of this loan, as stated in the 'Receipts and Expend- itures,' at $1,826,868.75." Of this amount $1,573,!)93.75 was on the sale of Five- Twenties of June, 1864, as per miscellaneous covering warrent No. 408 of September 30, 1865. From March 12 to 16, 1875, $1,096,500 of these bonds were purchased for the sinking fund by the Assistant Treasurer of the United States at New York, at one-eighth of 1 per cent, below par, the discount being $1,370.62, as per pay warrant No. 57 and miscellaneous covering warrant No. 1487 of March 31, 1875, the latter filed with report 26474. Bayley does not give this. There was a rebate of interest on this loan of $18,300.61. From the fiscal year 1871 to that of 1874, both inclusive, there was redeemed $345,255,450 at from par to rates ranging from 6.47 to 15.9 per cent, above par, the premium paid being $6,786,017.29. Bayley does not show any pre- mium as paid on this loan. Commission to the amount of $1,441,369.68 was all paid out of the "Expenses of the national loan" in 1863, 1864, and 1865. The interest paid was $298,982,775.82. COPY OP OBMGATION. Five-twenties of 186S. Treasury Department. Register's Office. 1,000 1,000 It is hereby certified tliat the United States op America Are indebted unto or assigns, tlie sum of One Thousand Dollars, redeemable at the pleasure of the United States after the 30th day of April, 1867, aud payable after the 30th day of April, 1882, with interest from the 1st day of • , 18 — , inclusive, at six per cent, per annum, payable on the first days of May and November in each year. This debt is authorized by act of Congress approved February 25, 1862, and is transferable on the books of this office. "Washington, , 18 — Entered Recorded Act approved February 25, 1862. Megisier U. S. Treasury. Redeemable after five, and payable twenty years from date. CERTIFICATES OF INDEBTEDNESS OF 1862. (ACT OF MARCH 1 AND 17, 1862, AND MARCH 3, 1863.) Length of loan, one year; redeemable one year from date; amount authorized, no limit; amount issued, including reissues, $561,753,241.65; sold at par; interest, 6 per cent.; first issue, third fiscal quarter of 1862; outstanding June 30, 1896, $3,000; included in the public debt statement under the title of "Old Debt." The first act authorized the issue of the certificates named, to public creditors who might elect to receive them, payable one year from date, or earlier, at the option of the Government. The second act authorized the issue of these certificates in payment of disbursing ofiflcers' checks. The third act made the interest payable in lawful money. Bayley mentions "$3,183.75 received in 1866 on account of premium" on this loan. It was really a part of $23,608.75 discount on $20,000,000 in certificates purchased before maturity. Of said amount, $20,425 (deposited August 5, 1862) was covered in by warrant No. 95 of August 7, 1862, as a "profit." The $3,183.75 balance (deposited December 23, 1862), was covered in by warrant No. 743 of June 30, 1866, erroneously HISTORY OF THE CURRENCY OF THE COUNTRY. 87 as principal. Subsequently, by warrant No. 276 and counter warrant No. 511 of December 28, 1870, it was charged back to principal and erroneously covered in as premium. A "gain" of $3,452.50 on $500,000 purchased through Jay Gooke & Co., March 6, 1866, was covered in as part of warrant No. 738 of December 31, 1867. By warrant No. 430 of March 11, 1869, there was covered in $153,200.63 as a " profit" on the purchase of certificates of this loan. These sums make $180,261.88 discount. Bayley did not get this. The interest paid was $31,147,265.76. COPY OF OBLIGATION. Certificates of indehiedness {acta of March 1, 17, 1862, and March 3, 1863). OBVERSE. If the order blank is not filled, this certificate, issued to , will be paid to bearer. United States Tkeasuuy. $1,000 Certificate of Indebtedness. $1,000 The United States is indebted to , or order, in tlie sum of One Thousand Dollars, payable in one year from date, or earlier, at the option of the Government, on the snrreuder of this certificate, with interest at 6 per centum per annum. Washington, , 1864. Countersigned by direction of the Secretary: Register of the Treasury. Treasurer of the United States. Issued on account of , No. , dated , 1864. Act of March 1, 1863. FRACTIONAL-CURRENCY. (ACTS OF JULY 17, 1862, MARCH 3, 1863, JUNE 30, 1864, AND JUNE 21, 1879.) Redeemable on presentation; amount authorized, $50,000,000; amount issued, including reissues, $368,720,079.51; the highest amount outstanding at the close of any fiscal year was $45,912,003.31, June 30, 1874; sold at par; interest, none; first issue, first fiscal quarter of 1863 ; outstanding June 30, 1896 — less $8,375,934 estimated as lost or destroyed— $0,891,184.14. The first act authorized the use of postage and other stamps as currency, and made them receivable in payment of all dues to the Government less than $r>. Section 4 of the second act authorized the issue of fractional notes in lieu of postage and revenue stamps, commonly called postal-currencj'^; made them exchangeable in sums not less than $3 for United States notes, and receivable for postage or revenue stamps, and in payment of dues to the Government, except duties on imports less than $5, and linuted the amount to $50,000,000. Section 5 of the third act authorized an issue of $50,000,000 in fractional currency, and provided that the whole amount of these notes outstanding at any time should not exceed this sum. Section 3 of the fourth act directed to be paid out, on account of arrears of pensions, the legal- tender currency held as a special fund for the redemption of fractional-currency under section 1 of ioint resolution 17 of July 22, 1876, and provided for its redemption, on presentation, out of tlie general funds. The $8,375,934 "lost or destroyed" would constitute a profit on this loan. 88 HISTORY OF THE CURRENCY OF THE COUNTRY. COPT OF OBLIGATION. FractMnal currency (act of July 17, 1862). First issue (postal). [Issued in denominations of 5g., lOc, 25o., and 50c.] OEVEKSE. Postal Currency. Furnished only by the Assistant Treasurers and designated depositaries of the U. S. U. S. Postage. Five Cents. Receivable for postage stamps at any post-office. REVERSE. Exchangeable for United States notes by any Assistant Treasurer or designated U. S. Depositary in sums not less than Five Dollars. Receivable in payment of all dues to the United States less than Five Dollars. (Act approved July 17, 1862.) Fractional-currency {acts of March S, 186S, and, June SO, 1864). Second, third, fourth, and fifth issues. [Issned in denominations of 8c., 5c., lOc, 15c., 25c., and 50c.] OBVEESE. Furnished only by the Assistant Treasurers and designated depositaries of the United States. United States Fractional Currency. Fifty Cents. Receivable for all United States stamps. Act approved March 3, 1863. BEVERSE. Exchangeable for United States notes by the Assistant Treasurers and designated depositaries in sums not less than Three Dollars. Receivable in payment of all dues to the United States less than Five Dollars, except customs." ONE AND TWO-YEAR NOTES OF 1863. (ACT OF MARCH 3, 1863, SECTION 2.) Length of loans, one and two years, respectively; redeemable one and two years from date; amount authorized, $400,000,000; amount issued, of One-year notes, $44,520,000, of Two-year notes, $166,480,000; total, $211,000,000; sold at par; interest, 5 per cent., payable on redemption; first issue, Two year notes, first fiscal quarter of 1864, One-year notes, third fiscal quarter of 1864; outstanding June 30, 1896, One-year notes, $31,965, Two-year notes, $27,300; total, $59,265; included in the public debt statement under the title of "Old Debt." "Unadjusted, short. One-year notes, $40, Two year notes, $100; total, $140." On December 4, 1862, the deficiency over receipts for the fiscal year 1864 and the remainder of the fiscal year 1863, was estimated by the Secretary of the Treasury at $899,300,701.22. The public debt at the time was stated at $783,804,252.64, and it was estimated that if the war continued to July 1, 1864, it would amount to $2,000,000,000. It was said to be simply impossible to continue so mighty a struggle by the use of gold and silver only. Nay, if all the specie in the country, and all the currency of the loyal States, could be poured into the public Treasury, the whole would not meet the demands of the war up to July 1, 1864. England nnd France, in time of war, both extended their paper currency to the utmost limits. Even the Bank of England, strong as it was, paid no specie from 1791 to 1821, and its notes were sold as late as 1814 at a discount of 25 per cent. To meet these condition.* the act was passed authorizing the above HISTORY OF THE CURRENCY OF THE COUNTRY. 89 find three following loans. These Treasury notes were to be of denominations not less than $10, and were made a legal-tender for their face value. Up to August 10, 1875, a separate account was kept with each series, but, in conformity with the direction of the First Comptroller of that date, the two accounts have since been consolidated. The interest paid on these loans amounted to $8,526,145.86. COPT OF OBLIGATION. One Year Notes (act of March 3, 1863). OBVERSE. This note is a legal tender for Ten Dollars. This note is a legal tender for Ten Dollars. Washington, March 5, 1864. Act of March 3, 1863. $10 One year after date, The United States will pay to the hearer, with five per cent, interest, Ten Dollars. Register of the Treasury, Treasurer of the United States. Treasury Note. EEVEESE. United States This note is a legal tender, at its face value, excluding interest, for all debts, public and private, except duties on imports and interest on the public debt. Counterfeiting or altering this note, or passing any counterfeit or alteration of it, or having in possession any false or counterfeit plate or impression of it, or any paper made in imitation of the paper on which it is printed, is felony, and is punishable by $1,000 fine, or 15 years' imprisonment at hard labor, or both, OP America. Two-Year 5 pel- cent. Treasui-y notes (act March 3, 1863), [Issued with and without coupons attached,] OBVERSE. This Note is a Legal Tender for Fifty Dollars. Act of March 3d, 1863. The United States Two years after date will pay to bearer Fifty Dollars, with interest at five per cent, per annum, payable at maturity. Washington, March 23, 1864. Register of the Treasury. Treasurer of the United States. Treasury Note. REVERSE. United States of America. This note is a legal tender, at its face value, excluding interest, for all debts, public and private, except duties on imports and interest on the public debt. Counterfeiting or altering this note, or passing any counterfeit or alteration of it, or having in possession any false or counterfeit plate or impression of it, or any paper made in imitation of the paper on which it is printed, is felony, and is punishable by $1,000 fine, or 15 years' imprisonment at bard labor, or both. 90 HISTORY OF THE CURRENCY OF THE COUNTRY. LOAN OF 1863. (ACTS OF MARCH 3, 1863 AND JUNE 30, 1864.) Length of loan, seventeen years; redeemable July 1, 1881; amount authorized, $75,000,000; amount issued, $75,000,000; sold at an average premium of 4.453— per cent.; interest, 6 per cent., payable semi-annually (January and July); $50,457,950 continued indefinitely at 3J per cent.; first issue, fourth fiscal quarter of 18C4; out- standing June 30, 1896, $8,200, inclusive of $100 continued at 3J per cent.; included in the public debt statement under the title of "Old Debt." The first-named act authorized the issue of $900,000,000 in bonds; $300,000,000 for the fiscal year 1863 and $600,000,000 for the fiscal year 1864, of denominations of not less than $50, redeemable in not less than ten nor more than forty years; principal and interest payable in coin. The second act, section 3, repealed so much of the preceding act as limited the authority thereunder to the current year, and the authority altogether except as to $75,000,000 of bonds for which subscriptions had already been invited. The premium on the sale was $3,339,593.80. This is $157.90 less than given by Bayley, as follows: Included in covering warrant No. 537 of December 31, 1864, $7.68 was found by the Treasurer's books and transcript of August 27, 1804, to be accrued interest on Seven-Thirties of 1864; and warrant No. 446 of December 23, 1870, covered in $150.22 as premium. The last was really the difference between $464.33 accrued interest, paid in currency (covered in by warrant No. 653 of September 30, 1868) on $2,000 premium (covered in by warrant No. 651 of even date) from July 11, 1864, and the gold value, and it (as well as the §464.33) has been carried, as it should have been, to profit. Of $748,549.80 premium paid, Bayley does not show $549,035.18 paid, per appropriation account in 1880. The balance was paid after. See note to Ten-Forties of 1864, p. 93. Of $76,820,494.02 interest paid on this loan, $1,929,147.81 was at 3J per cent. There was a rebate of interest of $404,22. There was a profit of $014.55 on the loan, as shown above. COPY OF OBLIGATION. Loan. 1863. 500 It Is hereby certified that the 500 Are indebted unto or assigns, in the sum of Five Hundred Dollars, redeemable after the 30th day of June, 1881, with interest from the first day of , 18 — , inclusive, atsixper cent, per annum, payable on the first days of January and July in each year. This debt is authorized by act of Con- gress approved March 3d, 1863, and is transferable on the books of this Office. Washington, , 18 — . Entered . Recorded . Begister of the Treasury. Treasury Department. Act of March 3. 1863. HISTORY OF THE CURBENCY OP THE COUNTRY. 91 Loan of 186S continued at S 1-^ per cent. Register's OiSce. Treasury Department. 1,000 1,000 It is hereby certified tliat tlie United States of America [Seal of U. S. Treas. Dept.l Are indebted unto , or nsiiigns, in the sura of One Thousand Dollars, redeemable after the 30th day of .June, 1881, with intcvest from the first day of •, 18 — , inclusive, at six per cent, per annum, payable on the first day of .January and July in eacli year. This debt is authorized by act of Con- gress approved March 3d, 1863, and is transferable on the books of this Olfice. Washington, , 18 — . Entered . Recorded -. Series of 1873. Act of March 3d, 1863. Begktcr of the Treasury. (Memorandum printed across the face of the bond:) At the request of, and for value received by, the owner of this bond, the same is continued during the pleasure of the Government, to bear interest at the rate of three and one-half (3^) per centum per annum from July Ist, 1881, payable semi-annually, as provided in Treasury Circular No. 42, dated April 11, 1881. COMPOUND-INTEREST NOTES. (ACTS OF MARCH 3, 1863 AND JUNE 30, 1864.) Length of loan, tliree years ; redeemable three years from date ; amount authorized, $400.()0(),000; amount issued, $266,595,440; sold at par; interest, C per cent.,conii)ound, l>ayable on redemption; first issue, fourth fiscal quarter of 1864; outstanding June 30, 1896, $169,980; included in the public debt statement under the title of "Old Debt." The first act authorized the issue of $400,000,000 iu Treasury notes, of denomi- nations not less than $10; interest not exceeding 6 per cent., payable in lawful money; to be a legal-tender for their face value, and redeemable not more than three years from date. The second act authorized the issue of $200,000,000 in Treasury notes, of denominations not less than $10; redeemable after three years from date, with interest not exceeding 7.3 per cent., payable in lawful money, at maturity, and to be a legal-tender to the same extent as United States notes, for their face value, excluding interest. A discount on redemption, of $116,731.35, as determined by the lists of purchases recorded iu the Treasurer's office, arose as follows: $54,556.59 was a gain on $2,367,000, $39,922.79 on $1,945,000, and $22,161.97 on $5,268,970, purchased before maturity, through Jay Oooke & Co., in February, March, and April, 1866; and $90 arose as a gain on $1,333,610 of purchases in July, 18C6. The $116,731.35 was covered in as a part of warrant No. 783 of December 31, 1867. Out of the appropriations for paying premium, all made prior to 1880, amounting to $282,683.52, $1,376.25 commission of the amount given as such was paid, and $1.25 excess of premium paid and refunded, but erroneously covered in as premium received, has been deducted, making the payment $281,306.02. Bayley does not show either the discount realized or premium paid on this loan. Of $7,382.37 commission paid, $6,000.12 was paid in ]8()8, per report 22492, out of the "Expenses of the national loan." Of this amount, $3,550 had previously been paid in 1867, as premium, per report 19808. The total interest paid was $34,411,822.82. 92 HISTORY OF THE CURRENCY OF THE COUNTRY. COPY OP OBLIGATION. Three-year 6 per cent, compound-interest notes (acts March S, 1S6S and June SO, 1864). OBVEKSE. This note is legal tender for Ten Dollars. Washington, July 15, 1864. Will pay to the bearer, with interest at the rate of six per cent, per annum, compounded semi- annually. Ten Dollars. Register of the Treasury, Treasurer of the United States. Treasury Note. EEVEESB. United States of America. By act of Congress this note is legal tender for Ten Dollars, but bears interest at six per cent., compounded every six months, though payable only at maturity, as follows : 6 months' interest 30 Note worth 10. 30 Oneyear 60 " " 10.60 ISmonths 92 " " 10.92 Twoyears 1.25 " " 11.25 Thirtymouths : 1.59 " " 11.59 Threeyears 1.94 " " 11.91 This sum, $11.94, will be paid the holder for principal and interest, at maturity of note, three years from date. GOLD CERTIFICATES. (ACTS OF MARCH 3, 1863 AND JULY 12, 1882.)— FOR SILVER CERTIFICATES SEE PAGE 109. Payable on demand; amount antborized, indefinite; amount issued, including reissues, $1,539,029,880.46; the highest amount outstanding at the close of any fiscal year was $157,542,979, June 30, 1890; sold at par; interest, none; first issue, second fiscal quarter of 1866; outstanding June 30, 1896, $42,818,189. Section 5 of the first act authorized the deposit of gold coin and bullion with the Treasurer, or any Assistant Treasurer of the United States, in sums not less than $20, and the issue of certificates therefor in denominations the same as United States notes; and these certificates were also authorized to be issued in payment of interest on the public debt. The amount was limited to a sum not greater than 20 per cent, of the amount of coin and bullion in the Treasury, and they were made receivable for duties on imports. The second act provides that the issue of gold certificates shall be suspended whenever the gold coin and bullion reserved for the redemption of United States notes falls below $100,000,000. COPY OF OBLIGATION. Gold certificates (act of March S, 186S). OBVEESB. Act March 3, 1863. $5,000. It is hereby certified that Five Thousand Dollars have been deposited with the Assistant Treasurer of the United States, payable in gold at his office, to the order of . New York, , 18—. Asst. Treasurer, N. Y. Register of the Treasury. Ireasurei' of the United States. Series of 1870. Gold Note. Five Thousand Dollars. HISTORY OP THE CURRENCY OF THE COUNTRY. 93 Gold certificates {ad July 12, 188Z), payaile to bearer OBVERSE. [TJnder chap. 290, aec. 12, act of July 12, 1882.] This certifies that there have been deposited in the Treasury of the United States Twenty Dollars iu Gold Coin, repayable to the hearer on demand. (Departmental Series). Washington, Sept. 1, 1882. Eegiater of the Treasury. Treasurer of the United States. BEYERSB, Twenty Dollars. United States Gold Certificate. Oold certificates (act of July IS, 1882), payable to order, OBVERSE. Act of July 12, 1882. $5,000 It is hereby certified that Five Thousand Dollars have been deposited with the Assistant Treasurer of the United States, payable in gold at his office to the order of . , 18—. Asst. Treasurer TX. S. Register of the Treasury. Treasurer of the United States. Series of 1888. Gold Certificate. Five Thousand Dollars. TEN-FORTIES OF 1864. (ACT OF MARCH 3, 1864.) Length of loan, ten or forty years; redeemable after ten years; payable forty years from d^te, in coin ; amount authorized, $200,000,000 ; amount issued, $196,118,300 ; sold at rates varying from par to 7 per cent, premium; interest, 5 per cent., payable semi-annually (March and September), in coin ; first issue, fourth fiscal quarter of 1864; outstanding June 30, 1896, $35,350; included in the public debt statement under the title of "Old Debt." The amount authorized was in lieu of so much of the loan authorized by the act of March 3, 1863, to which this was supplemental. Of $1,499,728.56 premium realized on the sale, $508,351.29 was premium on the loan, and $991,377.27 premium on accrued gold interest paid in currency. Bayley and the "Eeceipts and Expenditures" give the premium realized as $659,422.78. Of this amount, $151,071.49, covered in by warrants Nos. 252 of June 13, and 518, 519, 530, 636, and 637 of June 30, 1864, was found by the schedules attached to be premium on interest. The total amount given as premium on accrued interest in the "Eeceipts and Expenditures" (for 1864, 1866, 1867, and 1869, which iu this instance Bayley did not take up) was $10,606.69. To these two items have been added $61.44, part of warrant Xo. 316 of December 14, 1864, errone- ously covered in as interest, and $829,637.65 erroneously printed in the "Eeceipts and Expenditures" in 1865 as the same. In 1866 $1,550,000 of this loan was purchased, at an average rate, net, of 8.74 per cent, discount. The total discount was $135,462.08, 94 HISTORY Ofc^ THE CURRENCY OF THE COUNTRY. which is less $1,937.50 commission and $411.05 interest, which, were deducted; reiiort 719737. Bayley failed to show this. In 1879 $14,404.73 preininm (paid on the purchase of $2,089,500, averaj^e rate, .(J89 of 1 per cent.) was chiirged up as interest; reports 27634 and 27640. lu 1865 $948,000 in "6 per cents, of 1881" and $2,782,000 in Five- Twenties of 1862, were bought through Jay Cooke & Go. for the Assistant Trt-asurer of the United States at New York, at rates ranging from 5J to 6| per cent, pi'eniium, and within a few days resold at from 5| to 7^ per cent, premium ; the net profit realized ($8,575 commission paid on the purchases and sales having been deducted) being for the "1881s." $2,945, and for the Five-Twenties of 1802, $9,837.50. At the same time there was also bought $2,755,000 in Ten- Forties of 1804 at from 7 to 9| per cent, discount, and resold at from 7| to 8J per cent, discount; there being realized thereon ($5,387.50 commission and $137.25 interest paid on the purchase and sale having been deducted) a net profit of $4,931.25. As the total of the profits, viz: $17,713.75, was absorbed by being deducted from $1,735,613.80, the net premium paid resulting from the jiurchases and sales of gold, coincident with the bond transactions, they do not anywhere appear; report 152915. There was paid $031, 245.03J commission on this loan, out of the "Expenses of the national loan," in 1864, 1805, 1866, 180s, and 1869. There was a net rebate of interest of $29.33, and a profit of $6.21. The interest paid was $140,681,114.22. COPY OP OBLIGATION. Ten-forties of 1864. Five per cent loan Eedeemable after under act of March ten and payable forty 3rd, 1864. years from date. 1,000 1,000 Treasury Department. Register's Office. It is hereby certified that the United States op America Are indebted unto or assigns, in the sum of One Thousand Dollars, redeemable at the pleasure _^ „ of the United States after the 28th day of February, 1874, and payable on the 1st day of T eas Dent 1 March, 1904, with interest from the , inclusive, at five per cent, per annum, payable on the first day of September and March in each year. This debt is authorized by act of Congress approved March 3d, 1864, and is transferable on the books of this Office. Washiiigton, March 1st, 1864. Issued , 18 — . Entered . Eecorded . Register of the Treasury. FIVE-TWENTIES OF MAECH, 1864. (ACT OF MARCH 3, 1864.) Length of loan, five or twenty years; redeemable after five, and payable twenty years from date; amount authorized (inclusive of Ten-Forties of 1864), $200,000,000; amount issued, $3,882,500; sold, $182,000 at an average of 4.14 per cent, premium, the rest at par; interest, 6 per cent., payable semi-annually (May and November), in coin; first issue, third fiscal quarter of 1866; final redemption, first fiscal quarter of 1877. Of $26,374.60 realized on the sale of this loan, $8,532.55 was premium, and $17,842.05 premium on accrued interest. The face of warrant No. 352 of June 9, HISTORY OF THE CURRENCY OP THE COUNTRY. 95 1866, coveriug in the first amount, had evidently been changed from interest to read correctly, premium. "Warrant No. 360 of same date, covered iu $08,819.33 as interest, but $17,842.05 of that amount was determined to be as shown. Warrant No. 361 of even date, covered in $182,000 principal, to which these items appertained. Bayley does not give any premium realized or paid on this loan. The purchases were in the fiscal years 1871, 1872, and 1873, and the premium paid amounted to $187,408.39. The interest paid was $1,664,961.85. COPY 01'' OBLIGATION. Five-tu'enties of March, 1864. Eeileemable after five, aucl pavable twenty \earB from date. 1,000 ■ ' ' 1000 Treasury Department. Register's Office It is hereby certified that the United States of America Are indebted unto or assigns, in the sum of One Thousand Dollars, redeemable at the pleasure of the United States after the 31st day of October, 1869, .and payable on the first day of November, 1884, Tvith interest from the , inclusive, at six per cent, per annum, payable on the first day of May and November in each year. This debt is authorized by act of Congress approved March 3, 1864, and is transferable on the books of this Office. Washington, , 18 — . Entered . Recorded . Register of the Trvaaury. Act of March 3d, 1864. FIVE-TWENTIES OF JUNE, 1864. (ACT OF JUNE 30, 1864.) Length of loan, five or twenty years; redeemable. at the pleasure of the Gov- ernment, after November, 1809; payable November 1, 1884; amount authorized, $400,000,000; amount issued, .$1'_'5, 501,300; sold at an average rate of 3.781 -f per cent, premium; interest, per cent., payable semi-annually (May and November), in coin; first issue, second fiscal quarter of 1865; outstanding June 30, 1896, 810,400; included in the public debt statement under the title of "Old Debt." Of the premium derived from the sale of this loan, viz : $4,751,289.66, $4,747,950.38 was on bonds, and $3,333.28 premium on accrued interest. In Bayley the premium realized, " as stated in the ' Receipts and Expenditures,'" is given as $3,178,710.81. To tliis has been added $1,573,993.75, part of warrant No. 408 of September 30, 1865, erroneously covered in as premium on Five-Twenties of 1862, and $155 per warrant No. 712 of December 31, 1870, on Peters's donation of $1,000 to tlie sinking fund, and there has been deducted $4,903.18, part of warrant No. 775 of March 30, 1807, determined to belong to the Consols of 1865. Bayley makes no note of $5,343,518.29 premium liaid on the purchase of this loan. The purchases were in the fiscal years 1871, 1872, 1873, and 1874. The interest paid to 1885, inclusive, was $62,554,921.98, but a net excess of repayment since that time reduced it to $02,547,053.57. The commission, to the amount of $1,087.50, was paid out of the " Expenses of the national loan." There was a rebate of interest of $2,340.99, and a forfeiture on bids of 96 HISTORY OP THE CURRENCY OF THE COUNTRY. COPY OF OBLIGATION. Mve- twenties of June, 1864 {act of June SO, 1864). Treasury Department. Register's Office. One Thousand. One Thousand. It is hereby certified that the United States of America Are indebted unto or assigns, in the sum of One Thousand Dollars, redeemable at the pleasure of the United States after the 31st day of October, 1869, and payable on the first day of November, 1884, with interest from the , inclusive, at six per cent, per annum, payable on the first days of May and November in each year. This debt is authorized by act of Congress, approved June 30, 1864, and is transferable on the books of this Office. Washington, , 18 — . Entered . Recorded . Beglster of the Treasury, Treasury Department. Redeemable after five, and payable twenty years from date. SEVEN-THIRTIES OF 1864 AND 1865. (ACTS OP JUNE 30, 1864 AND MARCH 3, 1865.) Length of loan, three years; redeemable August 15, 1867, June 15 and July 15, 1868; amount authorized, $800,000,000; amount issued, including reissues, $829,992,500; sold at par; interest, 7.3 per cent., payable semi-annually, in lawful money; first issue, first fiscal quarter of 1865; outstanding June 30, 1896, $124,050; included in the public debt statement under the title of " Old Debt." Under section 2 of the first act, $200,000,000 of these notes, of not less than $10 each, was authorized to be issued in lieu of an equal amount of the $400,000,000 of the Five-Twenties of June, 1864, authorized by the first section of the same act; and it was provided that the total amount of United States notes issued, or to be issued, should never exceed $400,000,000, and such additional sum, not exceeding $50,000,000, as might be temporarily required for the redemption of temporary loans. The second act authorized a loan of $600,000,000, and the issue therefor of bonds or Treasury notes; the latter to be of denominations of not less than $50, interest at not more than 7.3 per cent, per annum, payable in lawful money. These notes were not issued as legal-tenders. But a comparatively small portion of them, and such but temporarily, ever entered into circulation. Bayley gives, "per the 'Receipts and Expenditures,'" $316,876.14 premium as realized on the sale of this loan. Of this amount, $24,039.09, covered in by warrant No. 663 of March 31, 1866, was really premium on the sale of Five-Twenties of 1865 ; and the remainder, $292,237.05, covered in by warrant No. 586 of December 31, 1870, was a repayment by F. E. Spinner, Treasurer of the United States, of a balance of funds advanced to him to pay premium on the purchase of tbe loan. Bayley makes no note of $17,673,306.29 premium paid on the purchase. Out of tbe appropriations for paying premium, as disclosed in sundry reports, there was paid $8,449.30 commission ; and out of the " Expenses of the national loan " there was further paid $5,080,810.62^ for the same; total, $5,089,259.92^. In some instances commission (and premium paid as well) was charged to interest account; and discounts on pur- chases were absorbed by being offset against payments of commission and interest. There was a profit of $10,741.57 in favor of the loan, as shown through transactions on profit and loss account on the Treasurer's books. The interest paid was $141,536,427.73. HISTORY OF THE CURRENCY OF THE COUNTRY. 97 COPT OF OBLIGATION. Seven-thirty Treasury votes {act June 30, 1864), OBVEESB. Interest ten cents per day. Waahington, August 15, 1864. $500 Three years after date $500 The United States promise to pay to the order of , Five Hundred Dollars, with 7^ per cent. interest, payable semiannually in lawful money. Register of the Treasury, Treasurer of the United States. Act June 30, 1864. Five coupons attached. Last six mouths' interest payable with note. Prior iDstallments payable only on presentation of coupon therefor. Pay to bearer at maturity. Convertible at the option of the holder into bonds redeemable at the pleasure of the Government after five years, and payable twenty years from July 15, 1868, with interest at six per cejit. per annum, payable semiannually in coin. Seven-thirty Treasury notes (act of March S, 1866), issue June 15, 1865. OBVERSE. Interest ten cents per day. Washington, June 15, 1865. $500 Three years after date $500 The United States promise to pay to the order of , Five Hundred Dollars, with 7A per cent. interest, payable semiannually in lawful money. Register of the Treasury. Treasurer of the United States. Act of March 3, 1865. Five coupons attached. Last six months' interest payable with note. Prior installments payable only on presentation of coupon therefor. Pay to the bearer at maturity. Convertible at the option of the holder into bonds, redeemable at the pleasure of the Government after iive years, and payable twenty years from July 15, 1868, with interest at six per cent, per annum, payable semiannually in coin. 5618 7 98 HISTORY OP THE CUEEENCY OF THE COUNTKY. Seven-thirty Treasury notes {act of March, S, 1865), issue July 15, 1885. OBVEBSE. Interest ten cents per day. Washington, July 15, 1865. $500 Three years after date $500 The United States promise to pay to the order of , Five Hundred Dollars, -with 7i^ per cent. interest, payable semiannually in lawful money. Register of the Treasury. Treasurer of the United States, Act of March 3, 1865. The Government reserves the right of pay- Five coupons attached; last six months' in- mg in coin the interest on this note at the rate of terest payable with note; prior installments pay- six per cent, per annum. able only on presentation of coupons therefor. EBVEESE. Pay to the bearer at maturity. Convertible at the option of the holder into bonds, redeemable at the pleasure of the Government after five years, and payable twenty years from July 15, 1868, with interest at six per cent, per annum, payable semiannually in coin. NAVY PENSION FUND. (ACTS OF JULY 1, 1864 AND JULY 23, 1868.) Length, of loan, .indefinite; amount authorized, indefinite; amount invested, 114,000,000; sold at par; interest, 3 per cent, payable semi-annually (January and July) ; first issue, second fiscal quarter of 1865; outstanding June 30, 1896, $14,000,000; not included in the public debt statement. The first act cited, authorized the Secretary of the Kavy to invest in registered securities of the United States, so much of the Navy pension fund (the proceeds of the sale of prizes captured during the recent war) in the Treasury January 1 and July 1 in each year, as would not be required for the payment of naval pensions. Section 2 of the second act fixed the interest at 3 per cent, per annum, in lawful money, and confined its use to the payment of naval pensions exclusively. The interest paid was $13,853,535.76. FIVE-TWENTIES OF 1865. (ACTS OP MAECH 3, 1865 AND APEIL 12, 1866.) Length of loan, five or twenty years; redeemable after November 1, 1870; payable November 1, 1885; amount authorized, indefinite; amount issued, $203,327,250; sold at an average rate of 2.874:-f per cent, premium ; interest, 6 per cent., payable semi- annually (May and November), in coin; first issue, second fiscal quarter of 1866; outstanding June 30, 1896, $21,850; included in the public debt statement under the title of "Old Debt." The act of March 3, 1865, authorized the issue of $600,000,000 in bonds and Treasury notes (see Seven -Thirties of 1864 and 1865, p. 96,) in addition to amounts previously authorized; the bonds to be for not less than $50; interest payable at not exceeding 6 per cent, per annum, in coin, or 7.3 per cent, in currency. In addition to the amount of bonds authorized, authority was also given to convert Treasury notes or other interest-bearing obligations into bonds of this act. The second act construed the first to authorize the receipt of any obligations of the Government, whether bearing interest or not, in exchange for any bonds authorized thereby; or to sell any of such HISTORY OP THE OUREENCY OF THE COUNTRY. 99 bonds, provided the public debt should not be increased thereby. Of $5,141,353.96 premium reaUzed on the sale of this loan, $4,841,058.17 was premium on bonds, and $300,295.79 premium on accrued interest. Bayley gives the premium realized as $5,179,393.07. To this add $24,639.09, warrant No. 663 of March 31, 1866, erroneously covered in to Seven-Thirties of 1864 and 1865, and deduct per various warrants, premium. Consols of 1865, $70,345.01, and premium on accrued interest, Five-Twenties of 1865, $292,628.98. To the latter add $7,666.81, part of warrant No. 304 of December 6, 1866, erroneously covered in as interest, and it makes the amount of premium on interest given above. As the premium, and premium on accrued interest realized on the Five-Twenties of 1865 and Consols of 1865, 1867, and 1868, was all covered in, generally, as Five-Twenties of 1865, the work of separation is both intricate and difficult. Bayley says nothing of $4,102,665.46 premium paid on the purchases of this loan. The commission paid, as far as determined, viz : $77,611.49, was paid out of the "Expenses of the national loan." There was a rebate of interest on this loan of $6,072.61. The interest paid was $113,695,906.32. COPY OF OBLIGATION. Five-twenties of 1S65. Redeemable after five years and payable twenty years from date. 1,000 1,000 Treasury Department. Register's Office. It is liereby certified that the United States of America Are indebted unto , or assigns, in the sum of One Thousand Dollars, redeemable at the pleasure of the United States .ifter the 31st day of October 1870, and payable on the first flay of November, 1885, with interest from the , inclusive, at six per cent, per annum, pa,\able on the first day of May and November in each year. This debt is authorized by act of Congress approved March 3d, 1865, and is transferable on the books of this office. Washington, , 18 — . Entered . Recorded - Act of March 3d, 1865. Begister of the Treasury. CONSOLS OF 1865. (ACTS OF MARCH 3, 1865 AND APRIL 12, 1866.) Length of loan, five or twenty years; redeemable after July 1, 1870; payable July 1, 1885; amount authorized, indefinite; amount issued, $332,998,950; sold at an average premium of 3.676 per cent. ; interest, 6 per cent., payable semi-annually (Jan- uary and July), in coin; first issue, first fiscal quarter of 1867; outstanding June 30, 1896, $109,200; included in the public debt statement under the title of "Old T3ebt." These bonds were issued under identically the same authority and provisions as the Five-Twenties of 1865. Of $12,398,208.55 premium realized on the sale of the loan, $12,241,894.75 was straight premium, and $156,313.80 premium on accrued interest. Bayley states the premium realized as $12,291,531.54. From this deduct the $156,313.80 determined to be premium on accrued interest, and add $4,903.18, part of warrant No. 775 of March 30, 1867, erroneously covered in as premium on Five-Twenties of June, 100 HISTORY OF THE CURRENCY OP THE COUNTRY. 1864, $70,345.01 from premium on Five-Twenties of 1865, $28,347.44 from premium on Consols of 1867, and $3,081.38 unaccountable shortage. See further note to Five- Twenties of 1865, p. 98. . There was $3,131.74 rebate on this loan, and $14,489,659.95 premium was paid on redemption. Bayley does not show any premium paid on the purchase. Commission to the amount of $93,142.05 was paid out of the "Expenses of the national loan." The interest paid was $168,518,123.46." COPY 01' OBLIGATION. Consols of 1865. Act of March 3d, 1865. Series of 1873. Consolidated debt, issued under act of Congress approved March 3d, 1865. 5,000 5,000 Register's Office. Treasury Department. It is hereby certified that the United States of America Are indebted unto , or assigns, in the sum of Five Thousand Dollars, redeemable at the pleasure ,- , -^ _ of the United States after the Ist day of July, 1870, and payable on the first day of July, Treas D 1 1 ^^^' '^^^^ interest from the , inclusive, at six per cent, per annum, payable on the first day of January and July in each year. This debt is authorized by act of Congress approved March 3rd, 1865, and is transferable on the books of this Oflice. Washington, . Entered . Recorded . Begister of tlie Treasury. Redeemable after five and payable twenty years from July 1st, 1865. CONSOLS OF 1867. (ACTS OP MARCH 3, 1865 AND APRIL 12, 1866.) Length of loan, five or twenty years; redeemable after July 1, 1872; payable July 1,1887; amount authorized, indefinite; amount issued, $379,618,000; sold at an average Ijremium of 1.054+ per cent.; interest, 6 per cent., payable semi-annually (January and July), in coin; first issue, first fiscal quarter of 1868; outstanding June 30, 1896, $171,200; included in the public debt statement under the title of " Old Debt." These bonds, like the Consols of 1805, were also issued under the same authority and provisions as the Five-Twenties of 1865. The premium realized on the sale was $4,003,548.33. If there was any premium on accrued interest the warrants do not show it. Bayley states the premium realized as $4,()'J1, 895.77. Deduct $28,347.44, Consols of 1865. There was a rebate of interest of $4,659.27, and $132,901.27 premium was paid on the purcliase. Bayley does not show any premium paid on the purchase of this loan. There was 024,069.29 commission paid out of the "Expenses of the national loaii." The interest paid was $225,048,477.25. HISTORY OF THE CUREENCr OF THE COUNTRY. 101 COPY OF OBLIGATION. Consols of tS67. Act of March 3d, 1865. Series of 1876. Consolidated debt, issued under act of Congress approved March 3, 1865. 5,000 5,000 Register's Office. Treasury Department. It is hereby certified that the United States of America Are indebted unto , or assigns, in the sum of Five Thousand Dollars, redeemable at the pleasure of the United States after the 1st day of July, 1872, and payable on the 1st day of July, T ^^ n 1 1 ■'-^^^> with interest from the , inclusive, at six per cent, per annum, payable on the first day of January and July in each year. This debt is authorized by act of Congress approved March 3rd, 1865, and is transferable on the books of this OfSoe. Washington, , 18 — Entered , Recorded . Register of the Treasury. Redeemable after five and payable twenty years from July Ist, 1867. CONSOLS OF 1868. (ACTS OF MARCH 3, 1865 AND APRIL 12, 1866.) Length of loan, five or twenty years; redeemable after July 1, 1873; payable July 1,1888; amount authorized, indefinite; amount issued, $42,539,930; sold at an average premium of .045 of 1 per cent.; interest, 6 per cent., payable semi annually (January and July), in coin; first issue, fourth fiscal quarter of 1868; outstanding June 30, 1896, $16,850; included in the public debt statement under the title of "Old Debt." These bonds, as well as the Consols of 1865 and 1867, were issued under the same authority and provisions as the Five-Twenties of 1865. There was $10,253.40 premium realized on the sale. If there was any premium on accrued interest the warrants do not indicate it. Bayley agrees with the premium realized as herein given. There was $453.94 rebate of interest on the loan, and 8716,362.06 premium was paid on redemption. Bayley makes no mention of premium paid on the purchase of the loan. He is short, net, of the combined revised amount of premium received on account of the Five- Twenties of 1865 and the Consols of 1805 and 1867, $3,081.38, which amount, as indicated in the notes thereto (pp. 98, 99, 100.), is immediately identifiable with the first-named loan. All the commission given, as far as determined, was paid out of the " Expenses of the national loan." The interest paid was $25,714,345.92. COPY OF OBLIGATION. Consols of 1868. Consolidated loan, issued under act of Congress approved March 3d, 1865. Redeemable after five and payable twenty years from date. Ten X Thonaand. Ten X Thousand. Register's Office. Treasury Department. It is hereby certified that the United States op America Are indebted unto , or assigns, in the sum of Ten Thousand Dollars, redeemable at the pleasure of the United States after the 1st day of July, 1873, and payable on the tiist day of July" [Seal of U.S. ;^gg8 Tvith interest from the , inclusive, at six per cent, per annum, payable on the first day of January and July in encli year. This debt is authorized by act of Congress approved March 3rd, 1865, and is transferable on the booljs of this OfBce. Washington, , 18 — . Entered . Recorded ■ Register of the Treasury, 102 HISTORY OP THE CUKRENCY OF THE COUNTRY. THREE PER CENT. CERTIFICATES. (ACTS OF MARCH 2, 1867 AND JULY 25, 1868.) Length of loan, indefinite; payable on demand; amount authorized, $75,000,000; amount issued, including reissues, $85,1.55,000; sold at par; interest, 3 per cent., payable semi-annually, in lawful money; first issue, second fiscal quarter of 1868; outstanding June 30, 1896, $5,000; included in the public debt statement under the title of "Old Debt." The object of this loan was to provide for the redemption of the Compound-interest notes. The first act authorized the issue of temporary loan certificates, not to exceed $50,000,000 at any time outstanding, in the manner prescribed by section 4 of the act of February 25, 1862, entitled "An act to authorize the issue of United States notes and for the redemption or funding thereof, and for funding the floating debt of the United States." The second act authorized $25,000,000 of these certificates for the same pur])ose. The interest paid on this loan was $5,694,528.78. COPY OF OBLIGATION. Three per cent, certificates {acts of March Z, 1867 and July S5, 1868), OBVEESB. The United States of America $10,000 will pay , or bearer, Ten Thousand Dollars on demand in lawful money, witli interest from date at the rate of three per cent, per annum, at the olfice of the Assistant Treasurer at New York. , 18-. Asst. Treasurer, N. Y Treasurer of the TJ. S. Treasury Department. Issued under the act of March 2, 1867, providing for the redemption of Compound interest notes. CERTIFICATES OF INDEBTEDNESS OF 1870. (ACT OF JULY 8, 1870.) Length of loan, five years; payable September 1, 1875; amount authorized, $678,362.41; amount issued, $678,362.41; sold at par; interest, 4 per cent., payable semi-annually (Mai-ch and September); final redemption, December 31, 1875. These certificates were issued, one-third to the State of Maine and two-thirds to the State of Massachusetts, for the use and benefit of the European and North American Eailway Company, and were in full adjustment and settlement of all claims of said States or railway company (to which latter the claim had been assigned by the former, to aid in constructing its line of railway to the northern boundary of the United States), for interest on moneys expended by the State of Massachusetts, before the separation of Maine therefrom in 1820, on account of the war of 1812-1815 with Great Britain. The amount of principal allowed, viz: $657,924.74, out of $843,349.60 claimed, had been paid as follows: $430,748.26 March 31, 1831, and $227,176.48 March 3, 1869; and on these amounts, from said dates, the interest allowed in satisfaction of which these certificates were issued, was computed. The interest paid on the loan was $135,600. HISTORY OF THE CURRENCY OF THE COUNTRY. 103 COPY OF OBLIGATION. Certificate of indebtedness {act of July 8, 1870), Act July 8th, 1870. 1,000 United States Treasury, certificate of indebtedness, 1,000 [Seal of U. S. Treas. Dept.] The United States of America Are indebted to , or bearer, in the snra of One Thousand Dollars, payable in five yesrs from September 1st, 1870, on the surrender of this certificate, with interest at four per centum per annum, payable on the first day of March and September in each year, both principal and interest in lawful money, at the Treasury of the United States. This certificate is authorized by act of Congress, entitled "An act providing for refunding the interest paid by the State of Massachusetts on money expended by her on account of the war of 1812 to 1815," approved July 8th, 1870. Washington, , 187 — . Entered . Recorded , Register of the Treasury. Six months' interest due September 1st, 1875, payable with this certificate. (Coupons for interest attached, in form like the following:) 20 Actof July 8th, 1870. 20 [Seal of tj. S. Treas. Dept.] The United States of America will pay to the bearer Twenty Dollars, in lawful money, for six months' interest, due March 1st, 1874, on Certificate of Indebtedness for $1,000. John Allison, Segister of the Treasury. FIVE PER CENT. LOAN OF 1881. (ACTS OF JULY 14, 1870, JANUARY 20, 1871, DECEMBER 17, 1873, JANUARY 14 AND MARCH 3, 1875.) Length of loan, ten years; redeemable after May 1, 1881; amount authorized, indefinite; amount issued, $517,994,160; sold at .015— of 1 per cent, premium; interest, 5 per cent., payable quarterly (February, May, August, and Kovember), in coin; $401,504,900 continued indefinitely at 3i per cent.; first issue, fourth fiscal quarter of 1871; outstanding June 30, 1896, of 5 per cents., $32,500; of those continued at 3 J per cent., $2,250; total, $34,750; included in the public debt statement under the title of "Old Debt." The first (refunding) act authorized the issue of $200,000,000 of these bonds at not less than par, for coin, and the application of the proceeds to the redemption of any Five-Twenties, or the exchange of these bonds for any Five-Twenties. The second act increased the amount to $500,000,000. Under these (refunding) acts there was issued $486,043,000. The third act authorized the issue of 5 per cent, bonds in lieu of any bonds of the Loan of 1858, which the holders might, by February 1, 1874, elect to exchange therefor. The fourth (resumption) act authorized to be issued or disposed of, at not less than par, in coin, bonds of the United States of any of the classes described in the first act, to the extent necessary for the redemption of fractional- currency in silver coins of denominations of ten, twenty-five, and fifty cents, of standard value. The fifth act authorized the issue of bonds of the character, etc., 104 HISTORY OF THE CUEEENCY OF THE COUNTEY. set forth in the first act, to James B. Eads, or his legal representatives, in payment, at par, for the construction of jetties, etc., at the South Pass of the Mississippi River and Gulf of Mexico. Under the last three acts there was issued $31,951,150 in bonds of this loan. Of $77,265.51 premium realized on the sale (at rates ranging from one- fourth of 1 to 3.37 per cent. — average 1.62+), $435 was covered in by warrants Kos. 1091 and 1092 of September 30, and 468 of December 15, 1874, as Miscellaneous revenue. There has not been taken up here $385,100.07, covered in by warrants Kos. 515 of May 31, 512 of September 8, 1876, and 428 of March 15, 1877, premium realized on bonds pertaining to the "Geneva award," found to have been credited to that fund. Bayley says nothing of premium realized or paid on this loan. There was a rebate of interest of $1,171.60, and $57 forfeiture on bids. The premium paid was $982,378.79. There was paid $221,896,331.64 interest, of which $16,954,468.05 was at 3J per cent, continued. Of $1,817,837.04 commission, $426.59 was paid out of the "Expenses of the national loan," and $1,817,410.45, net, out of the appropriation for "Eefunding the national debt, 5 per cent.," out of which latter was also paid $768,370.72 for expenses. COPY OF OBLIGATION. Five per cent, funded loan oflSSl. Series of 1878. WasLington, May 1st, 1871. FTmDED LOAN OF 1881 (INTEREST FIVE PEE CENT). Principal and interest payable In 1000 Coin at the Treasury of tlie tTnited States. [Seal.] The United States op America Are indebted to , or assigns, in the sum of One Thousand Dollars. This hond is issued in accord- ance with the provisions of an act of Congress entitled "An act to authorize the refunding of the National Debt, approved July 14, 1870, amended by an act approved January 20, 1871," and is redeem- able at the pleasure of the United States after the first day of May, A. D. 1881, in coin of the standard value of the United States, on said July 14, 1870, with interest in such coin from the day of the date hereof at the rate of five per centum per annum, payable quarterly, on the first day of February, May, August, and November in each year. The principal aud interest are exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority. Transferable on the bookB of this OfSce. Date of issue . Entered . Eecorded . Begister of the Treasury. Act of July 14th, 1870. Mveper cent, loan of 18S1, continued at S^per cent. Series of 1878. Washington, May Ist, 1871. FUNDED LOAN OF 1881 (INXEEEST 5 PEE CENT). Principal and interest payable in coin at the 10,000 Treasury of the United States. The United States of America Are indebted to , or assigns, in the sum of Ten Thousand Dollars. This bond is issued in accordance with the provisions of an act of Congress entitled "An act to authorize the refunding of the National Debt, approved July 14, 1870, amended by an act approved January 20, 1871," and is HISTORY OF THE CURRENCY OF THE COUNTRY. 105 redeemable at the pleasure of the United States after the first day of May, A. D. 1881, in coin of the standard value of the United States on said July 14, 1870, -with interest, in such coin, from Treaa Deiit 1 *^® ''^■^ °^ ^^^ ''^'^ hereof at the rate of five per centum per annum, payable quarterly, on the first day of February, May, August, and November in each year. The principal and interest are exempt from the payment of all taxes or duties of the United States, as vpell as from taxation in any form, by or under State, municipal, or local authority. Transferable on the books of this Offlce. Date of issue, . Entered . Recorded - Megister of the Treasury, Ten Thousand Dollars. Act of July.U, 1870. Ten Thousand Dollars. (Memorandum printed across the face of the bond:) At the request of and for value received by the owner of this bond, the same is continued during the pleasure of the Government, to bear interest at the rate of three and one-half (3J) per ceutum per annum from August 12, 1881, as provided in Treasury Circular No. 52, dated May 12, 1881. FOUR-AND-ONE-HALF PER CENT. LOAN OF 1891. (ACTS OF JULY 14, 1870, JANUARY 20, 1871, AND JANUARY 14, 1875.) Length of loan, fifteen years; redeemable after September 1, 1891; amount authorized, indefinite; amount issued, $250,000,000; sold (for resumption) from par to IJ per cent, premium; interest, 4^ per cent., payable quarterly (March, June, September, and December), in coin; $L'5,3C1,500 continued indefinitely at 2 per cent.; first issue, second fiscal quarter of 1877; outstanding June 30, 1896, of 4J per cents., $389,150; of those continued at 2 per cent., $25,304,500; total, 825,753,650. The first act authorized the issue of $300,000,000 in bonds of this loan at not less than par, for coin, the proceeds to be applied to the redemption of any Five-Twenties, or the bonds to be exchanged for any Five-Twenties, par for jDar. Under this (refunding) act there was issued, at par, $185,000,000. The third act authorized to be issued or disposed of, at not less than par, in coin, either of the classes of bonds described in the first act, for the purpose of redeeming, on or after January 1, 1879, in coin, the outstanding Legal-tender notes, when presented in sums of not less than $50. Under this (resumption) act there was issued $65,000,000, at from par to 1^ per cent, premium. The bonds continued at 2 per cent., per above, were issued (as in the instance of the Five per cent, loan of 1881) in exchange for the original bonds, by mutual agreement between the Secretary of the Treasury and the holders, and were made redeemable at the pleasure of the Government. Of $145,786,037.83 interest paid, $2,404,694.24 was at 2 per cent, continued. The $1,167,784.63 commission and $74,074.27 other expenses, were paid out of the appropriation for "Refunding the national debt, 4J per cent." The premium realized on the sale of this loan was $750,000. In the "Eeceipts and Exi)enditures" the premium given as realized in 1879, includes $746,943.25 on the Four per cent, loan of 1907. The ledger and warrants show it to belong to that loan. Bayley gives this loan as sold at par. There was a rebate of interest on the loan of $24.89. There was paid $9,998,201.40 premium on the purchase. 106 HISTORY OF THE CURRENCY OP THE COUNTRY. COPT OF OBLIGATION. Four-and-one-half per cent, loan of 1891, Washington, Sept. 1st, 1876. FUNDED LOAN OF 1891. Principal and interest Interest payable in coin at the -, Treasury of the percent. United States. The Unite-d States of America Are indebted to or assigns, in the sum of Ten Thousand Dollars. This bond is issued in accordance with the provisions of an act of Congress entitled "An act to authorize the rcifundiug of the National Debt, approved July 14, 1870, amended by an act approved January 20, 1871," and is redeemable at the pleasure of the United States after the first day of September, A. D. 1891, in coin of the standard value of the United States on said July 14, 1870, with interest, in such coin, from the day of the date hereof, at the rate of four and a half per centum per annum, payable quarterly, on the first day of December, March, June, and September in each year. The principal and interest are exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form, by or under State, municipal, or local authority. Transferable on the books of this Office. Date of issue, . Entered . Recorded . Begiater of the Treasury. Act of July 14th, 1870. Four-and-one-half per cent, loan of 1891, funded, continued at H per cent. Washington, Sept. Ist, 1876. M rUNDED LOAN OiS 1891. Principal and interest payable in coin Interest, 4} per cent. 1,000 at the Treasury of the United States. A The United States of America Are indebted to or assigns, in the sum of One Thousand Dollars. This bond is issued in accordance with the provisions of an act of Congress entitled "An act to authorize the refunding of the National Debt, approved July 14, 1870, amended by an act approved January 20, 1871," and is redeemable at the pleasure of the United States after the first day of September, A. D. 1891, in coin of the standard value of the United States on said July 14, 1870, with interest, in such coiu, from the day of the date hereof, at the rate of four and a half per centum per annum, payable quarterly, on the first day of December, March, June, and September in each year. The principal and interest are exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form, by or under State, municipal, or local authority. Transferable on the books of this Office. Date of issue, . Entered . Recorded . Register of the Treasury. Act of July 14th, 1870. (Memorandiim printed across the face of the bond) : At the request of and for value received by the owner of this bond, thejsame is continued during the pleasure of the Government, to bear interest at the rate of two (2) per centum per annum from September 2, 1891, as provided in Treasury Circular No. 99, dated July 2, 1891. HISTORY OP THE CURHENCY OP THE COUNTRY. 107 FOUR PER CENT. LOAN OF 1907. (ACTS OF JULY 14, 1870, JANUARY 20, 1871, AND JANUARY 14, 1875.) Length of loan, thirty years; redeemable after July 1, 1907; amount authorized, indefinite; amount issued, $740,898,200; sold (for refunding) from par to one-half of 1 per cent, premium; interest, 4 i)er cent., payable quarterly (January, April, July, and October), in coin; first issue, first fiscal quarter of 1878; outstanding June 30, 1896, $559,636,850. The first act authorized the issue of $1,000,000,000 in bonds of this loan at not less than par, for coin, the proceeds to be applied to the redemption of any Five- Twenties, or the bonds to be exchanged for any Five-Twenties, par for par. Under this (refunding) act there was issued $710,398,200, at from par to one-half of 1 per cent, premium. Of this amount, $40,003,150 was issued in the conversion of Eefunding certificates authorized by act of February 26, 1879; $97,540 being on account of accrued interest. (For this loan see page 110.) In the tables in the Finance Eeports from 1892 to 1895, both inclusive, the issues for such exchanges in said years, amounting to $59,750, were not taken up. In correcting this in the Finance Eeport for 1896, the printed figures made an error of $500,000 in excess; while $11,100 issued in 1896 was again not taken up. The third act authorized to be issued or disposed of, at not less than par, in coin, either of the classes of bonds described in the first act, for the purpose of redeeming, on or after January 1, 1879, in coin, the outstanding United States Legal- tender notes, when presented in sums of not less than $50. Under this (resumption) act there was issued at par $30,500,000, of which $5,500,000 was applied to the payment of the " Halifax award." Of $746,948.25 premium realized on the sale, the " Receipts and Expenditures " for 1879 gives $746,943.25 as on the Four-aud-one-half per cent, loan of 1891, while the ledger and warrants show it to belong to this. Bay ley does not give any premium realized on this loan. There was $2.63 rebate of interest on this loan, and a forfeiture on bids of $2.96. $46,396,006.64 premium was paid on purchases. $1,950,749.33 commission, and $651,415.35 other expenses, were paid out of the appropriation for "Eefunding the national debt, 4 per cent." The interest paid was $463,016,852.81. The bonds alike of the Five per cent, loan of 1881, the Fourand-onehalf per cent, loan of 1891, and the Four per cent, loan of 1907, issued under the act of July 14, 1870, were exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority. The act was not to authorize an increase of the bonded debt of the United States. Interest to cease at the end of three months' notice of intention to redeem. COPY OF OBLIGATION. Four per cent, loan of 1907, consols. (FACE OP BOND.) 1877. 1907. M FOUR PEE CENT. CONSOLS OF THE UNITED STATES. Principal and inter- A 4 est payable in coin One M Thousand Washington, July 1st, 1877. at the Treasury of thelJnited States. The United States of America Are indebted to or assigns, in the sum of One Thousand Dollars. This bond is issued in accordance with the provisions of an act of Congress entitled "An act to authorize the refunding of the National Debt, approved July 14, 1870," amended by an act approved January 20, 1871, and is 108 HISTORY OP THE CUERENCY OF THE COUNTRY. redeemable at the pleasure of the United States after the first day of July, A. D. 1907, in coin of the standard value of the United States on said July 14, 1870, with interest, in such coin, from the day of the date hereof, at the rate of four per centum per annum, payable quarterly, on the first day of October, January, April, and July in each year. The principal and interest are exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form, by or under State, municipal, or local authority. Transferable on the books of this Office. Date of issue . Entered . Recorded . Register of the Treasury. Act of July 14th, 1870. (BACK OF BOND.) Act of July 14th, 1870. Amended January 20th, 1871. TRANSFER NO. . Original Date . Original No. . 1000. rOUK PER CENT. CONSOLS. 1877-1907. For value received, assign to the within registered bond of the United States, and hereby authorize the transfer thereof on the books of the Treasury Department. Dated , 18—. State of , County of , Town of . Personally appeared before me the above-named assignor, known or proved to me to be the payee of the within bond, and signed the above transfer, acknowledging the same to be his free act or deed. Witness my hand, ofBcial designation, and seal. Note. — The execution and ackuowledgraent of the above assignment, when not made at the Treasury Department, must be before a U. S. judire, U. S. district attorney, clerk of a U. S. court, collector of customs, collector or assessor of internal revenue, U. S. Treasurer or Assistant Treasurer, or the president or cashier of a national bank, or, if in a foreign country, before a U. S minister or consul. In all cases the officer must add his official designation, residence, and seal if he has one. When the assignment is made by a corporation, it must be named as the assignor; when by a guardian, trustee, executor, administrator, an officer of a corporation, or anyone in a representative capacity, proof of his authority to act must be produced to the officer before whom the assignment is made and must accompany the bond. Assignors nrast be identified as known and responsible persons to the satisfaction of the officer. One Thousand. CERTIFICATES OF DEPOSIT. (ACT OF JUNE 8, 1872.) Length of loan, indefinite; redeemable on demand; amount authorized, indefinite; amount issued, $1,273,930,000; sold at par; interest, none; first issue, first fiscal quarter of 1873; outstanding June 30, 1896, $31,990,000. The act authorized the deposit of United States notes, without interest, by bank- ing associations, in sums of not less than $10,000, and the issue of certificates therefor in denominations of not less than $5,000, payable on demand in United States notes at the places where the deposits were made. It provided that the notes so deposited in the Treasury should not be counted as a part of the legal reserve, but that the certificates issued therefor might be held and counted by the national banks as part of their legal reserve, and accepted in the settlement of clearing-house balances at the places where the deposits therefor were made, and that the United States notes for which such certificates were issued, or other United States notes of like amount, should be held as special deposits in the Treasury and used for the redemption of HISTORY OP THE COKEENCY OF THE COUNTRY. 109 such certificates. In the tables of the Finance Eeports for 1874, 1875, and 1876, the amount issued is given as $137,675,000, which was the sum of the issues in 1873 and 1874, the subsequent issues not having been added thereto. lu the report for 1877 the amount was changed to $64,780,000, and it is continued at that in all subsequent reports up to and including that for 1896. COPY OF OBLIGATIOlSr. Currency certificates of deposit (act of June 8, 187S), OBVEESB. CEETIPICATE OF DEPOSIT. $10,000 It is hereby certified that Ten Thousand Dollars have been deposited with the Assistant Treasurer of the United States, payable in United States notes, on demand at his office, to , or order. , 189-. , Register of tlie Treasury. Asst. Treasurer U. 8. Treasurer of the United States. United States Notes. Act of June 8, 1872, chapter 346, series of 1875. SILVER CERTIFICATES. (ACTS OF FEBRUARY 28, 1878 AND AUGUST i, 1886.)— FOR GOLD CERTIFICATES SEE PAGE 92. Eedeemable on demand; amount authorized, indefinite; amount issued, inchiding reissues, $1,248,358,000 ; sold at par; interest, none; first issue, fourth fiscal quarter of 1878; outstanding June 30, 1896, $342,619,904, the highest amount outstanding at the close of any fiscal year. The first act authorized the issue of certificates in denominations corresponding to those of United States notes, but not of smaller denominations than $10, in exchange for the coin authorized by this act; said coin to be deposited by the holder with the Treasurer or any Assistant Treasurer of the United States, and retained in the Treasury for the payment of the certificates on their presentation; said certificates to be receivable for customs, taxes, and all public dues, and be subject to reissue when so received. The second act authorized the issue of silver certificates in denomina- tions of $1, $2, and $5; the same to be receivable, redeemable, and payable in like manner, and for like purposes as were provided for by the first act. COPY OF OBLIGATION. Silver certificates (act of February 2S, 1S7S). [Issued in deuomiuatlons of 10s, 20s, 50s, 100s, SOOs. and 1,0003.] OBVEKSE. CERTIFICATE OF DEPOSIT. This certifies that there have been deposited with the Treasurer of the United States at Washington, D. C, payable at his office to the bearer on demand, Twenty Silver Dollars. Register of the Treasury. Treasurer of the United Slates. Act of February 28, 1878. BE VERSE. Twenty Dollars. This certificate is receivable for customs, taxes, and all public dues, and when so received may be reissued. United States-Silver Certificate. 110 HISTORY OF THE CURRENCY OP THE COUNTRY. Silver certificates (ao< August 4, 1886). [Issued in denommatioiiB of Is, 2s, 5s, 10s, and 20s.] Receivable, redeemable, and payable in like manner and for like purposes as provided for by the Silver Certificates of the act of February 28, 1878. REFUNDING CERTIFICATES. (ACT OF FEBRUARY 26, 1879.) Length of loan, indefinite; redeemable by conversion into 4 per cent, bonds of 1007; amount authorized, indefinite; amount issued, 140,012,750; sold at par; interest, 4 per cent., payable on conversion; first issue, fourth fiscal quarter of 1879; outstanding June 30, 1896, $47,140. The act authorized the issue in exchange for lawful money of the United States, certificates of deposit of the denomination of $10, bearing interest at the rate of 4 per cent, per annum, and convertible at any time, with accrued interest, into 4 per cent, bonds described in the refunding act of July 14, 1870; the money so received to be applied to the payment of the bonds bearing interest at a rate not less than 5 per cent., in the mode prescribed by said act. The conversions up to June 30, 1896, were, on account of principal, $39,965,610, and interest, $97,540; total, $40,003,150, Much of the accrued interest was paid, otherwise, in money. There was a premium realized on these certificates of $105, covered in by warrant No. 749 of September 27, 1879. Total interest paid, $388,280.34. COPY OF OBLIGATION. Four per cent, refunding certificates {act of February S6, 1879), OBVEESE. XTNITED STATES EEFUNDrtTG CEETIFICATB. $10 Ten Dollars. Apeil 1, 1879. This certifies that the sum of Ten Dollars has been deposited with the Treasurer of the United States, under act of February 26, 1879. Act of February 26, 1879. "Washington, D. C. Register of the Treasury. Treasurer of the United States. Convertible, with accrued interest at four per cent, per annum, into four per cent, bonds of the United States issued under the acts of July 14, 1870, and January 20, 1871, upon presentation at the office of the Treasurer of the U. S., VPashington, D. C, in sums of $50, or multiples thereof. Act of February 26, 1879. KEVEESB. CEETIFICATB OF DEPOSIT. Ten Dollars. Interest on this note will accrue as follows: For each 9 days, or ,V of a quarter 1 cent. For each quarter year 10 cents. For each entire year 40 cents. United States. HISTOEY OF THE CURRENCY OP THE COUNTRY. Ill LOAN OF JULY 12, 1882. (ACT OF JULY 12, 1882.) Length of loan, indefinite; redeemable at the pleasure of the Government; amount authorized, indefinite; amount issued, $305,681,250; sold at par; interest, 3 per cent., payable quarterly (February, May, August, and November) ; first issue, first fiscal quarter of 1883; outstanding June 30, 1896, $7,000; included in the public debt statement under the title of " Old Debt." These bonds were issued in exchange for the 5 and 6 per cent, bonds which had been previously continued at 3J per cent, by mutual agreement between the Secretary of the Treasury and the holders, and were made redeemable at the pleasure of the Government. The interest paid was $29,867,461.13. COPY OF OBLIGATION. Three per cent, loan of 188S. THEBB PEE CENT. LOAN OS 188J. Original No. . Original No. . Register's 0£Sce. Treasury Department. 1,000 Washington, August Ist, 1882. 1,000 The United States of America Are indebted to or assigns, in the sum of One Thousand Dollars. This bond is issued in accordance with the provisions of an act of Congress entitled "An act to enable the National Banking Associations to extend their corporate existence, and for other purposes," approved July 12, 1882, and is payable at the pleasure of the United States at any time after all bonds bearing a higher rate of interest, and which shall be thus redeemable, shall have been redeemed or called, ^* ° re.isur3 ^jjjjj interest, from the date hereof, at the rate of three per centum per annum, payable quarterly, at the Treasury of the United States, on the first day of February, May, August, and November in each year. This bond is exempt from all taxation by or under State authority, and is transferable on the books of this Office. The last of the bonds originally issued under this act, and their substitutes, shall be first called in, and this order of payment shall be followed until all shall have been paid. (See also sections 3693-3701, U. S. R. S.) Date of issue - Entered Recorded Begister of the Treasury. TREASURY NOTES OF 1890. (ACT OF JULY 14, 1890.) Eedeemable ondemand; amountauthorized, indefinite; originalissue,$155,931,002; amount issued, including reissues, $340,387,000; sold at par; interest, none; firstissue, first fiscal quarter of 1891; outstanding June 30, 1896, $129,683,280. The act directs the Secretary of the Treasury to purchase, from time to time, silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof as may be offered in each month, at the market price thereof, not exceeding $1 for 371.25 grains pure silver, and to issue, in payment for such purchases of silver bullion, Treasury notes of the United States, to be prepared by the Secretary of the Treasury, in such form and of such denominations, not less than $1 nor more than $1,000, as he may prescribe; that such notes shall be redeemable on demand, in coin, at the Treasury of the United States, or at the oflice of any Assistant Treasurer of the United States, and when so redeemed maybe reissued; but no greater or less amount shall be outstanding at any time than the cost of the silver bullion and the standard silver 112 HISTORY OF THE CURRENCY OP THE COUNl-RY. dollars coined therefrom then held in the Treasury, purchased by such notes ; and such Treasury notes shallbe a legal-tender in payment of all debts, public and private, except when otherwise expressly stipulated in the contract, and shall be receivable for cus- toms, taxes, and all public dues, and when so received may be reissued ; and such notes, when held by any banking association, maybe counted as a part of its lawful reserve; that upon demand of the holder of any of the Treasury notes provided for, the Secretary shall redeem the same in gold or silver coin, at his discretion, it being the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law. COPY OF OBLIGATION. Treasury notes of 1890 (aai July 14, 1890). OBVEESE. TEE A SUET NOTE. No. . The United States of America !• Will pay to bearer One Dollar in Coin. No. . Wasliington, D. C. Register of the Treasury. Treasurer- of the United States. Legal Tender. Act July 14, 1890. BEYERSE. 1 1 This Note is a Legal Tender at its face value in payment of all debts, public and private, except vrliere otherwise expressly stipulated in the contract. NATIONAL BANK NOTES. (REDEMPTION ACCOUNT.) (ACT OP JULY 14, 1890.) Length of loan, indefinite; payable as occasion demands; amount authorized, indefinite; amount deposited, $104,146,748.25; received at par; interest, none; first receipt, first fiscal quarter of 1891; outstanding, being balance in the Treasury June 30, 1896, $20,102,022.50. The act provides that balances standing with the Treasurer of the United States to the respective credits of the national banks for deposits made to redeem the circulating notes of such banks, aud all deposits thereafter received for like purposes, shall be covered into the Treasury as Miscellaneous receipts, and the Treasurer of the United States shall redeem, from the general cash in the Treasury, the circulating notesof said banks which may come into his possession subject to redemption * * * and the balance remaining of the deposits so covered shall, at the close of each month, be reported on the public debt statement as debt of the United States bearing no interest. LOAN OP 1904. (ACTS OP JULY 14, 1870 AND JANUARY 14, 1875.) Length of loan, ten years; redeemableafter February 1, 1904; amount authorized, indefinite; amount issued, $100,000,000; sold, $50,000,000 at $117,266 + , and $50,000,000 at $117,077; interest, 5 per cent., payable quarterly (February, May, August, and November); first issue, third- fiscal quarter of 1894; outstanding June 30, 1896, $100,000,000. The second (resumption) act authorized the Secretary of the Treasury to use any surplus revenues from time to time in the Treasury not otherwise appropriated, and to issue, sell, dispose of at not less than par, in coin, either of the descriptions of bonds HISTORY OF THE CURRENCY OF THE COHNTRy. 113 of the Uuited States described in the first act, for the purpose of redeeming, on and after January 1, 1879, in coin, at the oflBce of the Assistant Treasurer of the Uuited States in New York, the outstanding United States Legal-tender notes when presented in sums of not less than $50. Of the issue made under this authority, $50,000,000 in bonds were issued in the fiscal year 1894, and $50,000,000 in the fiscal year 1895. These aud subsequent issues were rendered indispensable by the necessity for maintaining the $100,000,000 gold reserve fund, required by the act of July 12, 1882 (see Eev. Stat., sec. 5207, p. 1007), which was being seriously depleted by steady withdrawals of gold from the Treasury, the Congress (though urged) having failed to provide any remedial measures in the premises. The Secretary of the Treasury, in his report on the finances for 1893 (p. 69), reported that during the first five months of the fiscal year 1894 the expenditures exceeded the receipts from revenues by $29,918,095.66 ; at the end of said year the deficit had reached $69,803,200.58. At the close of the fiscal year 1895 there was a further deficit of $42,805,223.18 (Finance Eeport, 1895, p. 20), making a total for both years of $112,608,483.76. On April 22, 1893, the reserve fund was reduced to $95,432,357; for the first time falling below the prescribed sum. On January 17, 1894, it stood at $09,757,824; and it was then imx^ossible to increase it without resorting to the issue and sale of bonds under the authority of the resumption act of January 14, 1875. After the sale of the first $50,000,000 the free gold amounted to $107,446,802. On August 7, 1894, it had fallen to $52,189,500, but was slowly replenished until November 4, 1894, when it reached $61,878,374; but in anticipation of further heavy demands it was then considered absolutely necessary, for the maiutenance of the public credit, etc., to resort to the issue of 8r)(),000,000 additional bonds. The premium realized on the sale of the loan was $17,171,795.71. The interest paid was $9,(t99,533.85. COPY OF OBLIGATION. Five per cent, loan of 1904. One M Thousand. 1804. 1904. M. FIVE PEK CENTS OF 1804. 1,000 5 5 i,ooo Washington, D. C. February 1, 1894. M. The United States of America Are luclelbted to or assigns, in the sum of One Thousand Dollars. This hond is issued under authority of an act of Congress entitled "An act to provide for the resumption of specie payments," approved January fourteenth, eighteen hundred and seventy-five, being one of the descriptions of bonds described in the act entitled "An act to authorize the refunding of the national debt," approved July fourteenth, eighteen hundred and seventy, as amended by the act of January twentieth, eighteen hundred and seventy-one, and is redeemable at the pleasure of the United States after the first day of February, nineteen hundred and four, in coin of the standard value of the United States on said July fourteenth, eighteen hundred and seventy, with interest in such coin from the day of the date hereof at the rate of five per centum per annum, payable quarterly on the first day of February, May, August, and November in each year. The principal and interest are exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority. Transferable on the books of this Office. Date of record . Entered . Recorded ■ Ee'jisier of the Treasury. Act of January 14, 1875. 5618 8 114 HISTORY OF THE CUEKENCY OP THE COUJ^TRY. LOAN OF 1925. (ACTS OF JULY 14, 1870 AND JANUARY 14, 1875.) Length of loan, tliirtj- years; redeemable after February 1, 1925; amount author- ized, iudeflnite; amount issued, $162,315,400; sold at an average of $108.6042; interest, 4 per cent., payable quarterly (February, May, August, and November); first issue, third fiscal quarter of 1895; outstanding June 30, 1896, $162,315,400. The second (resumption) act authorized the Secretary of the Treasury to use any surplus revenues from time to time in the Treasury not otherwise appropriated, and to issue, sell, dispose of at not less than par, in coin, either of the descriptions oi bonds of the United States described in the first (refunding) act, for the purpose of redeeming, on and after January 1, 1879, in coin, at the office of the Assistant Treas- urer of the United States in New York, the outstanding United States Legal-tender notes when presented in sums of not less than $50. Under this authority bonds were first issued, half in the latter part of the fiscal year 1895, and half in the early part of the fiscal year 1896, to the amount of $62,315,400. They sold at an average of $104,496, the premium realized, $2,800,844.62, being covered in in 1895. There was next issued, in the fiscal year 1896, bonds to the amount of $100,000,000. These sold at an average of $111,166, the premium being $11,166,246.41; total premium realized, $13,967,091.03. The interest paid on the loan was $3,554,454.57. The Secretary of the Treasury in his report on the finances for the fiscal year 1895 (p. 69), reported substantially as follows: After the payments into the Treasury on account of the Loan of 1904 had been completed, it soon became evident that the transaction had not been effectual to stop the drain of gold. On February 8, 1895, the reserve had been reduced to $41,340,181, and several millions more had been demanded for withdrawal. It was evident that unless effectual steps were promptly taken to check the growing distrust in the public mind, the Government would be compelled within a few days to suspend gold payments. The Congress, although earn- estly appealed to, had failed to make any other provisions for meeting the emergency. In his report ou the finances for the fiscal year 1896 (p. 71), the Secretary further reported that "* * * on the 6th day of January, 1896, the reserve having been reduced to $61,251,710, a circular was issued calling for subscriptions for $100,000,000 in United States four per cent, bonds of the same date and character as those sold in February, 1895." These conditions determined the negotiation of this loan. The deficit in the revenues during the fiscal year 1896 was $25,203,245.70, making a total for the past three years of $137,811,729.46. Per the Secretary's report (1896, p. 72), " * * * on the 1st day of December, 1896, there was free gold in the Treasury to the amount of $131,510,352." COPY OF OBLIGATION. Four pel- cent, loan of 1925. Act of January 14, 1875. Wasliiiigton, D. C, February 1, 1895. 1000 1925. four pee cents of 1895. 1000 The United States op Ameeica No. . Are indebted to or assigns, in the sura of One Thousand Dollars. This bond is issued nuder authority of an act of Congress entitled "An act to provide for the resumption of specie payments," approved January fourteenth, eighteen hundred and seventy-five, being one of the descriptions of HISTORY OF THE CUERENOY OF THE COUNTRY. 115 bonds described in the act entitled "An act to authorize the refunding of the national debt," approved July fourteenth, eighteen hundred and seventy, as amended by the act of January twentieth, eigliteen hundred and seventy-one, and is redeemable at the pleasure of the United States after the first day of Feb., nineteen hundred and twenty-five, in coin of the standard value of the United States on said July fourteenth, eighteen hundred and seventy, with interest in such coin from the day of the date hereof at the rate of four per centum per annum, payable quarterly on the first day of February, May, August, and November in each year. The principal and interest are exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority. Transferable on the books of this Office. Date of issue, . Entered < — . Eecorded ■ Begister of fhe Treasury, CENTRAL PACIFIC RAILROAD. (ACTS OF JULY 1, 1862, JULY 2, 1864, AND MAY 7, 1878.) Length of loan, thirty years; redeeuiable tliirty years from date of issue; amount authorized, indefinite; amount issued, $25,885,120; sold at par; interest, 6 per cent., payable semi-annually (January and July); first issue, May 12, 1805; outstanding June 30, 1896, $23,327,120. There was redeemed of these bonds by the G-overnment (leaving the railroad com- pany still indebted to it for tLe same), $2,357,000 in the fiscal year 1895, and $201,000 in the fiscal year 1896; total, $2,558,000. Of the amount outstanding, per above, $1,404,000 due January 1, 1896, had not been presented for redemption; $2,112,000 became due and payable January 1, 1897. The amounts as follows will become due and payable on the following dates: $10,614,120 January 1, 189-;, and $9,197,000 January 1, 1809. Total interest paid, per vouchers, $42,728,159.70. The public debt statement of June 30, 1896, with reference to the railroad direct, gives the following- figures: Principal outstanding, $25,885,120; interest accrued and not yet paid, $657,693.60; interestpaidby the United States, $42,730,499.64; interest repaid bycom- pany, by transportation service, $7,665,351.41; by cash payments, 5 per cent, of net earnings, $058,283.26; balance paid by the United States, $34,406,864.97; sinliing fund— bonds, $5,478,000, cash, $1,126,185.57; total, $6,604,185.57. The difference between the interest paid, per vouchers, and by the public debt statement, it was found could not be reconciled, but is owing partly to unclaimed dividends, amount uncertain, and $1,770 outstanding checks. While the amount of "Unclaimed Pacific Railroad interest" kept in the Division of Bookkeeping and Warrants, Secretary's office (the several roads not being desiguated therein), shows a balance of $4,229.90 due by the Government since August 31, 1883, an alphabetical record in the office of the Auditor for the Treasury Department shows only 8360 in all remaining unpaid, of which $150 pertains to the Central and $210 to the Union Pacific roads. Applying these known amounts, appertaining hereto, the total interest paid per this statement for this road is less than per the public debt statement by $419.94. See remarks to Central Branch, Union Pacific, p. 117. 116 HISTOEY OF THE CURRENCY OP THE COUNTRY. KANSAS PACIFIC RAILWAY. (LATE UNION PACIFIC RAILWAY, EASTERN DIVISION.) (ACTS OF JULY 1, 1862, JULY 2, 1864, AND MAY 7, 1878.) Length of loan, thirty years ; redeemable thirty years from date of issue; amount authorized, indefinite ; amount issued, $6,303,000; sold at par; interest, 6 per cent., payable semi-annually (January and July); first issue, November 1, 1865; outstanding June 30, 1896, $4,238,000. There was redeemed of these bonds by the Government (leaving the railway company still indebted to it for the same), $ J,065,000 in the fiscal year 1896. Of the amount outstanding, per above, $15,000 due January 1, 1896, had not been presented for redemption ; $2,800,000 became due and payable January 1, 1897, and $1,423,000 will become due and payable January 1, 1898. Total interest paid, per vouchers, $10,847,760.97. The public debt statement of June 30, 1896, with reference to the railway direct, gives the following figures: Principal outstanding, $6,303,000; interest accrued and not yet paid, $126,690 ; interest paid by the United States, $10,850,323.44; interest repaid by company, by transportation service, $4,406,765.49; balance paid by the United States, $6,383,557.95. Adding $2,220 outstanding checks to the interest paid per this statement, it will still be less than the amount per the public debt statement by $342.47, which difference it was found could not be reconciled. See remarks to Central Pacific, p, 115. UNION PACIFIC RAILROAD. (ACTS OF JULY 1, 1862, JULY 2, 1864, AND MAY 7, 1878.) Length of loan, thirty years; redeemable thirty years from date of issue; amount authorized, indefinite; amount issued, $27,236,512; sold at par; interest, 6 per cent., payable semiannually (January and July); first issue, February 1, 1866; outstanding June 30, 1896, $22,943,512. There was redeemed of these bonds by the Government (leaving the railroad company still indebted to it for the same), $4,293,000 in the fiscal year 1896. Of the amount outstanding, per above, $27,000 due January 1, 1896, had not been presented for redemption ; $3,840,000 became due and payable January 1, 1897. The amounts as follows will become due and payable on the following dates: $15,919,512 January 1, 1898, and $3,157,000 January 1, 1899, Total interest paid, per vouchers, $45,407,261.75. The public debt statement of June 30, 1896, with reference to the railroad direct, gives the following figures: Principal outstaading, $27,236,512; interest accrued and not yet paid, $087,495.36; interest paid by the United States, $45,407,248.66; interest repaid by company, by transportation service, $15,409,348.20; by cash payments, 5 per cent, of net earnings, $438,409.58; balance paid by the United States, $29,559,490.88; sinking fund— bonds, $14,146,250, cash, $2,030,549.21; total, $16,176,799.21. Adding $1,590 outstanding checks and $210 unclaimed dividends to the interest paid per tliis statement, it will be in excess of the amount per the public debt statement by $1,813.09. See remarks to Central Pacific, and Central Branch, Union Pacific, pp. 115, 117. HISTORY OF THE CURRENCY OF THE COUNTRY. 117 CENTRAL BRANCH, UNION PACIFIC RAILROAD. (LATE ATCHISON AND PIKE'S PEAK RAILROAD COMPANY, ASSIGNEES OP THE HANNIBAL AND ST. JOSEPH RAILROAD COMPANY). (ACTS OF JULY 1, 1862, JULY 2, 1864, AND MAY 7, 1878.) Length of loan, thirty years; redeemable thirty years from date of issue; amount authorized, indefinite; amount issued, 81,600,000; sold at par; interest, G per cent., payable semi-annually (January and July); first issue, July 27, 186G; outstanding June 30, 1896, $960,000. There was redeemed of these bonds by the Government {leaving the railroad company still indebted to it for the same), $640,000 in the fiscal year 189G. $640,000 became due and payable January 1, 1897, and $320,000 will become due and payable January 1, 1898. Total interest paid, per vouchers, $2,748,534.29. The public debt statement of June 30, 1896, with reference to the railroad direct, gives the following figures: Principal outstanding, $1,600,000; interest accrued and not yet paid, $28,800; interest paid by the United States, $2,749,808.26; interest repaid by company, by transportation service, $635,957.97; by cash payments, 5 per cent, of net earnings, $6,926.91; balance paid by the United States, $2,106,923.38. Adding $180 outstanding checks to the interest paid per this statement, it will still be less than the amount per the public debt statement by $1,093.97. Beginning with the fiscal year 1871, an appropriation account for the payment of interest was opened under the title of each of the Pacific railroads. Prior to that time such payments by the G-overnment, on its bonds issued in favor of the se\eiai comjianies, had been included in the general appropriation account of "Payment of interest on the public debt, created since July 21, 1841, per act of February 9, 1847." Besides this, up to the end of the fiscal year 1879, the system of payments on schedules prevailed, resulting in the frequent return of unclaimed dividends, and the subse- quent periodical payment of various amounts of the same. It is, therefore, difficult to make an exact balance between the dividends of interest accrued on the entire issue (and reported as paid in the public debt statement), and the actual payments to the individual holders of the bonds. See remarks to Central Pacific, p. 115. WESTERN PACIFIC RAILROAD. (ACTS OF JULY 1, 1862, JULY 2, 1864, AND MAY 7, 1878.) Length of loan, thirty years; redeemable thirty years from date of issue; amount authorized, indefinite; amount issued, $1,970,560; sold at par; interest, 6 per cent., payable semi-annually (January and July); first issue, January 24, 1867; outstanding June 30, 1896, $1,970,560. $320,000 became due and payable January 1, 1897, and $1,650,560 will become due aiul payable January 1, 1899. Total interest paid, per vouchers, $3,146,138.94. The public debt statement of June 30, 1896, with reference to the railroad direct, gives the following figures: Principal outstanding, 81,970,560; interest accrued and not yet paid, 859,116.80; interest paid by the United States, $3,146,168.94; interest repaid by company, by transportation service, $9,367; balance paid by the United States, $3,136,801.94. Adding $30, checks unpaid, to the interest paid per this statement, it will balance exactly with the amount per the public debt statement. 118 HISTORY OF THE CUEEEXCY OP THE COUNTRY. SIOUX CITY AND PACIFIC RAILROAD. (ACTS OF JULY 1, 1862, JULY 2, 1864, AND MAY 7. 1878.) Length of loan, thirty years; redeemable thirty years from date of issue; amount authorized, indefinite; amount issued, $1,628,320; sold at jiar; interest, 6 per cent., payable semi-annually (January and July); first issue, March 16, 1868; outstanding June 30, 1896, $1,628,320. The amount issued, per above, will fall due January 1, 1898. Total interest paid, per vouchers, $2,685,537.49. The public debt statement of June 30, 1896, with refer- ence to the railroad direct, gives the following figures : Principal outstanding, $1,628,320; interest accrued and not yet paid, $48,849.60; interest paid by the United States, $2,685,537.49; interest repaid by company, by transportation service, $246,659.49; balance paid by the United States, $2,438,878. As may be seen, the interest paid per this statement agrees exactly with the amount per the public debt statement. The totals for all the Pacific railroads, as given in the public debt statement of June 30, 1896, are as follows: Principal outstanding, $64,623,512; interest accrued and not yet paid, $1,608,645.36; interest paid by the United States, $107,569,586.43; interest repaid by companies, by transportation service, $28,433,449.56; by cash pay- ments, 5 per cent, of net earnings, $1,103,619.75; balance jiaid by the United States, $78,032,517.12; sinking fund— bonds, $19,624,250, cash, $3,156,734.78; total, $22,780,- 984.78 The total interest paid, per vouchers, per these statements on the bonds pertaining to all the roads, is $107,563,393.14; adding $5,790, unpaid checks, and $360, unclaimed dividends (per the record in the office of the Auditor for the Treasury Department), makes $107,569,543.14, which is $43.29 less than the gross amount paid per the public debt statement. EEIIIABKS OK PACIFIC RAILROADS. The Pacific railroad bonds, amounting to $64,623,512, all registered, in denomina- tions of $1,000, $5,000, and $10,000, were issued under the act of July 1, 18G2, as amended by the subsequent acts, and are payable, as well as tbe interest thereon, in " lawful money." A right of way and certain public lands were granted to the several companies, and provisions made requiring the Secretary of the Treasury to issue to said companies, upon completion of sections of their several roads, bonds of the United States at the rate of $16,000 per mile, except for certain parts more difficult of con- struction, for which they were to be issued at the rate, respectively, of $32,000 and $48,000 per mile. Under the first act the amount of said bonds delivered to the com- panies, with all interest thereon that might be paid by the United States, was to constitute, in each instance, a first mortgage on the whole line of road, witli all property thereto appertaining. The lien of the United States, however, was later made subordinate to a first mortgage authorized by the second act. This act also provided" * * * that only one-half of the compensation for services rendered for the Government by said companies" (instead of all as stipulated in the first act) "shall be required to be applied to the payment of the bonds issued by the Government in aid HISTORY OF THE CURKENCY OF THE COUNTRY. 119 of the construction of said road;" and section 9 of the act of March 3, 1871, further directed the Secretary of the Treasury to pay over in money to the company the other half. The grants under the first act were made upon condition that the companies should pay said bonds at maturity; the roads, with everything belonging thereto, to be forfeited to the Government on failure to do so. The same act further provided that after the completion of the roads, until said bonds and interest thereon were paid, at least 5 per cent, of the net earnings of the roads should also be annually applied to the payment thereof; and the act of May 7, 1878, specified certain deductions that should be allowed in determining said net earnings. This last act also again prescribes that the whole amount of compensation which may from time to time be due said rail- road companies, for services rendered for the Government, should be retained by the United States; one-half to be presently applied to the liquidation of the interest paid and to be paid by the United States upon the bonds issued by it, as aforesaid, to said corporations; and the other half thereafter on the Ist day of February in each year, to be turned into the sinking fund provided for in the same act. This act, after pre- scribing other payments of moneys by the companies to the sinking fund, and in what manner the same should be applied, further provided that all sums due the United States from said railroad companies should constitute a lien against their property, rights, franchises, etc., and that a iailure to perform any of the requirements of the acts in force should operate as a forfeiture of all rights, privileges, grants, etc., obtained from the United States; and it should be the duty of the Attorney-General to cause said forfeiture to be judicially enforced. COPY OF OBLIGATION. Pacific Sailroad loan, PACIFIC EATLKOAD BOND. Register's Office, Treasury Department. 1000 It is hereby certified tliat 1000 The United States of America Act of July 1st, 1862. Act of July 2n(l, 1804. Are indebted unto or assigns, in tlie sum of One Tlionsand Dollars, payable on the rtny of , 189 — , with interest from the , 18 — , at six per cent, per annum, payable semiannually, in lawful money on the 1st day of January and July in each year. This debt is authorized by acts of Congress approved July 1st, 1862,. and July 2nd, 1864, and is transferable on the books of this Office. Washington, , 18 — . Entered . Registered ■ Begistei' of the Treasury. Treasury Department. Payable thirty years from date. 1-20 HISTORY OF THE CUREENCY OP THE COUNTRY. PRBMIIJM KECEIVED. The following is a detailed tabular statement, by years, of premium aud premium on accrued interest received (tbe latter being the difference on gold interest paid into the Treasury in currency) from 1835 to 1896, inclusive, from the sale of the several loans. The abundant explanatory notes to the various tables, to which attention is particularly invited, •will of themselves give something of an idea of the numerous inaccuracies encountered aud the intricate nature of the work accomplished. The researcb has been tborough and the effort to reconcile discrepancies exhaustive. The greatest confusion, was often found to exist, req iiiring laborious and exhaustive research to determine the facts. The numbers of all warrants covering in premium had to be ascertained, and the same withdrawn from the files and closely examined. In many instances while the warrant showed only premium, the papers attached' (often very bulky) disclosed premium on interest, or a different loan from tlie one given in the warrant. Constant resort had to be had to the books of the Treasurer's office, returns and transcripts of the assistant treasurers examined, certificates of deposit hunted up, etc. There seems to exist no record that presents thoroughly or accurately the information whicb it is the purpose of these statements to furnish. For instance, Bayley's "History of the National Loans" (as prepared for the Tenth Census of the United States), published as authentic by the Department, purports to give the premium realized on the several loans. It will be seen that in many instances, owing to irregularities in the covering warrants, where it was not ascertained or intended, premium on interest was included as premium, or the latter, which should have been included, was omitted. In the instance of the Five-Twenties of 1865, however, the entire premium on accrued interest covered in as such was apparently knowingly included. Of $1,826,868.75 given as premium on Five-Twenties of 1862, $1,573,993.75 was found to belong to the Five-Twenties of June, 1864, the premium on which loan was of course increased by just that amount. On the Five-Twenties of March, 1864 (stated to have been sold at par), no premium was given, whereas $26,374.60 was realized thereon. Corrections in the Certificates of indebtedness of 1862 and the Seven-Thirties of 1864 and 1865, leave nothing as received on account of those loans. Of $316,876.14 appearing as premium on the latter loan, $24,639.09 appertained to the Five-Twenties of 1865, and $292,273.05 was really a repayment on account of funds that had been advanced to pay premium on the purchase of the loan. These are only a few of the many inaccuracies encountered which have been corrected herein. The Ten-Forties of 1864 present a marked instance, and a further forcible illustration of this is furnished in the case of the Five-Twenties of 1865, a comparative statement as to which will be found on pp. 125, 126. There it will be seen how the "Receipts and Expenditures," the records from which they are compiled, Bayley, and the C0 7ering warrants, even between themselves, are completely at variance. HISTORY OF THE CURRENCY OF THE COUNTRY. 121 Pebmium Received on Account of the Various Loans FROM 1835 TO 1896, INCLUSIVE. Year. Loan of IS43. Act of Mar. 3, 1843. Loan of 1846. Act of July 22, 1846. Loan of 1847. Act of Jan. 28, 1847. Loan of 1848. Act of Mar. 31, 1848. Loan of 1858. Act of June 14, 1858. Loan of 186b. Act of June 22, 1860. Treasury notes of 1861. Act of Mar. 2, 1801. Seven- Tliirtiea of 1861. Act of July 17, 1861. T?'ive-Twen- tiesof 1862. Acts of Tub. 25, 1S02, etc. Certifl- catea of indebted- nesa of 1862. Acts of Mar. land 17, 181.2, etc. 1843 al to Si per cent. $71, 700. 8:) 606. 60 .S77per cent. JJ«o2pe)- cent. 3.0s to 4.05 per cent. S.M per cent. Parte 1.45 per cent. Partol.gr per cent. .465 per cent. .049+ per cent. 1844 1847 $1,667.75 $27, 358. ie 37 080. 00 1R;8 18411 I 2, 896. 82 $484, 168. 66 18.50 .... . . 1... 7, 650. 00 3, 000. 00 1 18.")! 4, 264. 92 ]85:j 22.50 18511 $709, 357. 72 I860 10, 008. 00 1861 $33, 216. 20 $414. 70 1862 $68, 400. 00 180;) 1804 1805 1806 $252, 875. 00 1807 1368 1800 1871 1875 1876 1877 1 1879 1880 1S94 1895 . -. 1896 Totals . 76, 632. 35 1,007.75 74, 884, 98 487,191.10 719,365.72J 33,210.20 414. 70 65D,32U.44J 252,S75.00 STATEMENT OE PEEMIUM ON ACCRUED INTEREST RECEIVED. 1 1 1865 1 1867 1 1869 ' Totals 1 Aggregate $76, 632. 35 $1,007.75 $74,884.98 $487,191.16 $719,365.72 $33, 216. 20 $414. 70 $650, 320. 44 $252,875.00 a The rate of premium given in each instance is the average rate. Loan of I860.— W&Trant No. 599 of June 30, 1864, covered in $29,990 as forfeited on proposals for subscriptions to tliis loan. Taken up in "Receipts and Expenditures" under bead of " Fines, Penalties, and Forfeitures." Not here included. Five- Twenties of JSff.^.— Warrant No. 408 of September 30, 1865, covered in $1,826,868.75 as premium on this loan. The lists attached to the warrant show that $1,573,993.75 belonged to the Five-Twenties of June, 1864. Certificates of indebtedness of 1862.— By warrant No. 743 of June 30, 1866, $3,183.75 (deposited December 23, 1862) was covered in to theprincipal of this loan. It was really a part of $23,608.75 discount on $20,000,000 in certificates purchased before maturity. The other portion, $20,425 (deposited August 5, 1862), was by warrant No. 95 of August 7, 1862, covered in as a profit. Subsequently, by warrant No. 276 and counter warrant No. 511 of December 28, 1870, the $3,183.75 was charged back to principal, and erroneously covered in as premium. See table of discount realized, p, 126. 122 HISTORY OF THE CUEEENCY OF THE COUNTRY. Premium Received on Account op the Various Loans from 1835 to 1896, inclusive— Cont'd, Tear. Com- pound- interest notes. Acts of Mar. 3, 1863 and June 30, 1864. Loan of 186:i. Acts of Mar. 3, 1863 and June30, 1864. Ten-ror- tics of 1804. Act of Mar. 3, 1864. Kve- Twenties of Mar., 1864. Act of Mar. 3, 1864. Five-Twen- ties of June, 1864. Act of June 30, 1864. Seven- Tliir- ties of 1864 and 1865. Acta of June 30. 1864 and Mar. 3, 1865. Five-Twen- ties of 1865. Acts of Mar. 3, 1865 and April 12, 1866. Consols of 1805. Acts of Mar. 3, 1865 and April 12, 1866. Consols of 1867. Acts of Mar. 3, 1865 and April 12, 1866. Consols of 1808. Acts of Mar. 3, 1865 and April 12, 1866. 1843 4. 45:1 — per cent. . iS9+pcr cent. 4. 14 per cent. S.7Sl+per cent. Z. 874+ per cent. S. 676 per cent. 1.0S4+per cent. . 045 per cent. 1844 1848 1849 1850 1851 1853 1859 1860 l«6l 1862 1863 1864 $1,675,343.70 1, 590, 004. 80 7, 670. 00 147. 50 1865 $],794,046.29 1,674,393.75 1, 379, 361. 34 $8, 532. 65 $1,866,316.26 1, 277, 119. 89 1,254,497.69 509, 124. 33 1867 $10, 309, 363. 06 1, 928, 043. 64 4, 488. 16 1868 $507, 931. 29 420. 00 $3, 387, 730. 90 1869. -- 66,428.00 615, 817. 43 $19,253.40 156.00 1875 1877 :;..;:;;::::..:::::::-. 1880 1894.. 1895 1896... Totals 3, 339, 593. SO 508, 351. 29 8,532.56 4, 747, 956. 38 4,841,058.17 12, 241. 894. 75 4, 003, 548. 33 19, 253. 40 STATEMENT OF PEEMIUM ON ACCRUED INTEREST RECEIVED. 1884 $160, 163. 79 829, 699. 09 1, 301. 54 43.84 169.01 1865 $17, 842.05 $1, 175. 79 299, 120. 00 1867 $3 333 28' $156,313.80 Totals 991, 377. 27 17, 842. 05 3,333.28 300, 295. 79 $5, 141, 363. 96 156, 313. 80 $12, 398, 208. 55 Aggre- $3, 339, 593. 80 $1,499,728.66 $26, 374. 60 $4,751, 289. 66 $4, 003, 518. 33 $19, 253. 40 Compound-interest notes. — Warrant No. G19 of December 31, 1806, covered in f 1.25 as excess of premium i^aid to (and refunded by) Winslow, Lanier & Go., on the purchase of these notes, and it ought to have been, as it now is, carried as a repayment to the account of premium paid on this loan. Loan of iSff5.— Warrant No. 537 of December 31, 1864, covered in $407.68 as premium on this loan, of which $7.08 was found by the Treasurer's books and tran- script of August 27, 1804, to be "Accrued interest on Seven-Thirties of 1804," and is here deducted. Warrant Ko. 767 of December 31, 1864, covered in $17.44 as "Premium on 188 i bonds, act of July 17, 1861," evidently an error. That loan sold part at a dis- count and part at par. Certificate of deposit No. 60 of October 22, 1864, reads simply "Premium on sale of 1881 bonds." The amount is here included. Warrant No. 050 of September 30, 1868, covered in $150.22 erroneously as principal. By warrant No. HISTORY OF THE CURRENCY OF THE COUNTRY. 123 270 and counter warrant No. 446 of December 23, 1870, it was cliarged back to princi- pal account and covered in as premium. As this amount was really the dififereuce between $464.33 accrued interest paid in currency (covered in by warrant No. 653 of September 30, 1868) on $2,000 premium (covered in by warrant No. 651 of even date), from June 11, 1861, and the gold value, it, as well as the interest, should have been covered in as a, profit. It is not here included. Ten-Forties of iSffJ.— Warrants Nos. 252 of June 13, and 518, 519, 530, 636, and 637 of June 30, 1864, covered in $151,071.49 as premium on tliis loan. The lists attached to the warrants and the records of the Treasurer's office, show the whole amount to be premium on accrued interest. This sum added to $508,351.29, found to be premium, makes $059,422.78, the total amount given as such in the "Receipts and Expenditures." Therein the total premium on accrued interest is given as $10,606.69. To this has been added the item above, $829,637.05 erroneously printed in 1865 as interest, and $61.44 part of warrant No. 316 of December 14, 1864. In said warrant $95.60 premium on interest had been covered in as the latter. In warrant No. 295 of March 22, 1865, covering in accrued interest, $34.16 was deducted and covered in by warrant No. 296 of even date, as premium on interest. The balance, as above, was not found to have been corrected by warrant. Five-Twenties of March, 1S64. — Warrant No. 360 of June 9, 1866, covered in $08,819.33 as interest, of which amount, $8,532.55 was found to be as here shown. Five-Twenties of June, 18GI. — Warrant No. 768 of December 31, 1864, covered in $80 as forfeited on bids for this loan; amount not here included. There is included $ 1,573,993.75, part of warrant No. 408 of September 30, 1865, erroneously covered in as premium on Five-Twenties of 1862. Of warrant No. 775 of March 30, 1807, $-1,903.18 was found to be premium ou Five-Twenties (Gousols) of 1865. The item of $155 in 1871 (warrant No. 712 of December 31, 1870), is premium on "Peter's donation of $1,000 to the sinking fund." Seven-Thirties of 1864 and iSff5.— Warrant No. 663 of March 31, 1866, covered in $24,639.09, per " Receipts and Expenditures " as " Premium ou the purchase of 7-3-10 bonds, act June 30, 1864." The same was found to be ijremium on the sale of Five- Twenties of 1865. Warrant No. 586 of December 31, 1870, covered in $292,L'37.05 as premium received from sales, while it was really a repayment of fuuds advanced to jjay premium on the purchase of this loan. Five-Twenties of 1865. — There is here included $995,247, erroneously covered in by warrant No. 459 of December 20, 1865, as principal; also $24,639.09, under warrant No. 663 of March 31, 1866, as per note to Seven-Thirties of 1864 and 1865. Warrant No. 557 of June 28, 1866, covered in $2,077.35 as premium. Per lint attached, $1,175.79 was found to bo premium on interest. Warrant No. 295 of September 20, 1.S66, covered in $21,2 1 7.10. This amount was taken up in the "Receipts and Expenditures " as premium ou accrued interest. Being a sale of gold received for accrued interest it is not here included. Warrant No. 451 of September 29, 1866, covered in $479,203.87 as premium on accrued interest. The " Receipts and Expenditures" takes this up as premium. The lists attached to the warrant, and the transcripts and books of the Treasurer's office, show that $381,641.97 was premium, and $97,621.90 premium on interest on this loan. Warrant No. 650 of September 29, 1866, covered in $687,668.09 as premium. The list attached, for week ending August 11, 18li6, shows $181,364.34 as premium ou accrued interest. Warrant No. 687 of September 29, 1866, covered in $77,527.20 as premium. 124 HISTOSY OF THE CUERENCY OF THE COUNTRY. The list and certificate of deposit No. 10101 of August 11, 1866, show $12,466.95 to be premium on accrued interest. Warrant No. 364 of December 6, 1866, covered in $25,176.69 as interest. Of this amount $7,666.81 was found to be premium on accrued interest. Consols o/i8e5.— Warrant No. 516 of December 31, 1866, covered in $76,407.42 as premium on accrued interest. Certificate of deposit No. 14268 of November 22, 1866, shows that of $14,468.48, borne on list of eveu date, attached to the warrant, $5,000 was premium on sales. Warrant No. 775 of March 30, 1867, covered in $202,077.28 as premium ou Five-Twenties of June, 1864. List of March 21, 1867, and certificate of deposit No. 15706 of same date, show that $4,903.18 belong to this loan. Warrant No. 661 of June 29, 1867, covered in as priocipal, in part, per list of May 31, 1867, attached, $889,700. Certificate of deposit No. 16879 of that date shows the amount of principal to be $862,700; difference, $27,000. Warrant No. 666 of June 29, 1867, covered in as premium, in part, per list of May 31, 1867, attached, $58,576.35, while certificate of deposit, of even date, shows $85,576.35; difference as above, here included, $27,000. Pkbmium Received on Account of the Variods Loans feom 1835 to 1896, inclusive— Cont'd. Year. Five per cent, loau of 1881. Acts of July 14. 1870, J an. 20. 1871, etc. Four-and-one- lialf percent, loan of 1891. Acts of July 14. 1870, Jan. 20. 1871, etc. Four per cent, loan of 1907. Acts of July 14, 1870, Jan. 20, 1871, etc. Kefunding certificates. Act of ^'eb. 26, 1879. Loan of '1904. Acts of July 14, ] 870 and Jan. 14, 1875. Loan of 1925. Acts of July 14, 1870 and Jan. 14, 1875. Total. 1843 .01,5 — per cent. Por to li per cent. Far to i per cent. 17.077+percent. 8.G04+percent. $71,700 83 1S44 660. 00 28, 365. 91 1849 1 487,065 48 1850 i 10,550.00 1851 4, 204. 92 22.50 1859 709, 357. 72 10, 008. 00 1861 33, 630. 90 18()2 68, 400. 00 681, 920. 44 1,675,343.70 1864 3, 384, 050. 89 1866 3,643,787 56 12, 965, 991. 79 1868 7, 078, 203. 42 1, 215, 631. 31 155 00 1871 1875 $435. 00 a 55, 442. 80 (1,21,387.71 t 435 00 1 55,442.80 a 21 387 71 1877 1 $750, 000. 00 $746, 943. 25 5.00 1,496 943.25 1880 $105. 00 110 00 $8, 633, 295. 7i 8, 538, 500. 00 8,633,295.71 11, 339 344 62 1895 $2, 800, 844. 62 11, 106, 246. 41 11, 166, 246. 41 Totals b 77, 265. 51 750, 000. 00 746, 948. 25 105.00 1 17,171,795.71 13,967,091.03 !) 64, 719, 302. 47 STATEMENT OF PKEMItTM ON" ACCEUED INTEREST EECEIVED. 1864 1 1 $160, 163. 79 829 699 09 1865 1 1866 20 SI 9 3R 1867 1 458 810 92 1809 1 1 Totals 1 1 i 1, 469. 162. 19 1 1 Aggregate . 6 $77, 265. 51 $750,000.00 $746,948.25 $105. 00 $17,171,795.71 $13,967,091.03 b $66, 188, 464. 66 a These amounts are less, respectively, than heretofore published, by $250,291,98 and $134,808.09, covered in by warrants N03. 515 of May 31, 1876, 512 of September 8, 1876, and 428 of March 15, 1877, as premium on bonds pertaining to the "Geneva award," found to have been credited to that fund. 6 Is $385,100.07 less than heretofore published, being the sum of the foregoing. Note.— For premium derived from the sale of loans prior to 1835, as far as ascertainable, see p. 155. HISTORY OF THE CURRENCY OF THE COUNTRY. 125 Five per cent, loan of 1881.— Oi the $435, in 1875, warrants Kos. 1091 and 1092 of September 30, 1874, covered in $30 and $375, and warrant No. 468 of December 15, $30, all as Miscellaneous revenue. $57, " Forfeiture on subscriptions " per warrant No. 634 of September 21, 1874, for $30, and. warrants Nos. 513 and 514 of September 8, 1876, for $3 and $24, not here included. See footnotes a and h on preceding page. Four-and-one-half per cent, loan of 1891. — In the "Keceipts and Expenditures" the premium shown, as received in 1879, includes $746,943.25 on the Four per cent, loan of 1907. The ledger and warrants show it as stated. Four per cent. loan of 1907. — In the "Eeceipts and Expenditures" no receipts of premium are given in 1879 on account of this loan. (See note to preceding loan, p. 105.) A forfeiture of $2.96 on account of subscription is not here given. Pkismium Received on Account of the Various Loans from 1835 to 1896, inclusive — Cont'd. [Comparison between tlie various statements, from tlie sources as per below, of premium and premium on accrued interest received on account of Fivo-Twenties of 1865 (and Consols of 1865, 1867, and 1868), the consols not being indicated in the warrants covering in the several amounts.] LoaD, etc. As per "Receipts and Expenditures." As per ledgers. As per Bayley. As per this statement. $W, 341, 594. 36 182, 530. 90 $19, 862, 330. 49 640, 577. 67 a$5, 179, 393.07 $4,841,058.17 300, 295. 79 Five-Tweniies of 1865, premium ou intL-rest 12,291,531.64 12,241,894.75 156 313 80 4,031,895.77 19, 253. 40 4, 003, 548. 33 20, 524, 125. 26 21,217.10 20, 502, 908. 10 21, .522, 073. 78 21, 562, 364. 24 Less sale of gold Five-Twenties of 1865 211,502,908.16 995. 247. 00 27, UilO. 00 Add from principal.'Five-Twenties (Consols) of 1805 3,081.38 21,525,155.10 21,525,155.16 24, 639. 09 7,666.81 4,903.18 Add from Seven-Thirties of 1864 and 1865 to Five- Add from Five-Twenties of June, 18G4 to Consola 21,502,364.24 STATEMENT OF PREMl CM ON ACCK CTED INXEEEST EECEIVED. $182, 530. 90 21,217.10 $640, 577. 67 Less 381,641.97 Part of $479,263.87... Erom premium. From premium. From premium. From interest. Premium. As per this statement. $300, 295. 79 156,313.80 161,313.80 479, 263. 87 258, 935. 70 Add 1, 175. 79 Add 181,364.34 Add 12,466.95 Add 7, 666. 81 456, 609. 69 640,577.67 461, 609. 59 Less 5, 000 00 456, 609. 59 a "While on other loans Bayley gives only the premium, in this loan he includes the premium on interest. 126 HISTORY OF THE CURRENCY OF THE COUNTRY. As per Bayley. FTJETHBB COMPARISON. Hve-Twenties of 1865. As per thi^ statement. Preminra $5,179,393.07 Plus additions, per this statement 32,305.90 Premium Premium on interest. 6, 211, 698. 97 Consols of 1865. B41, 058. 17 300, 295. 79 1, 141, 35:1. 96 - 70, 345. 01 Premium 12,291,531.64 Plus additions to tliis statement 4, 903. 18 Premium 12, Premium on interest 241, 894. 75 156,3)3.80 12, 296, 434. 72 — 101, 773. 83 12, 398, 208. 55 Consols of 1867. Premium 4,031,895.77 Premium 4, Consols of 1868. Premium 19,253.40 Premium Totals. 003, 548. 33 28, 347. 44 19, 253. 40 Premium 21,522,073.78 Plus additions, per this statement 37,209.08 Plus discrepancy, unknown 3, 081. 38 Premium 21, Premium on interest 105, 754. 65 456, 609. 59 21, 562, 364. 24 Five-Twenties of 1865 -f . Consols of 1867 + Discrepancy 70, 3 J 5. 01 28, 347. 3, 081. Oil 44^ 38j Consols of 1865 + . 21, 562, 364. 24 101, 773. 8 DISCOUNT REA.LIZED. Discount Realized on the Pueciiase or Redemption of tile Various Loans from 1835 to 1896, inclusive. Year. Loan of 1843. Act of Mar. 3, 1843. Loan of 1847. Act of Jan. 28, 1847. Loan of 1848. Act of Mar. 31, 1848. Texan in- demnity stock. Act of Sept. 9, 1850. Oregon war debt. Act of Mar. 2, 1861. Five- Twenties of 1862. Acts of Feb. 25, 1862, etc. Certifi- cates of in. debtedness of 1862. Acts of Mar.l and 17, 1862, etc. Com- pound- interest notes. Acts of Mar. 3,1863 and June 30, 1864. Ten- Forties of 1864. Act of Mar. 3, 1864. Total. 1849 al.268per cent. $1, 725. 00 t.lpcr cent. 3.72 per cent. 4 per cent. %ofltoS per cent. ioflper cent. $1,725.00 20, 425. 00 39 699 39 1863 $20,425.00 1864 $a9, 699. 39 1865 1866 $135 462 08 135,462.08 1S67 $132, 104.2."jll!R1-4ni.''S 1868 3, 712. 00 3, il!t9. 50 3,452.50*116 7:H1 35 127,895.35 1869 3, 691. 25 $l,0;i3 24 153, 200. 63 3,183.75 1871 17, 110. 62 20,294.37 1, 370. 62 1875 !i$l, 370.62 Totals . 1, 725. 00 135, 816. 25 89, 092. 00 56,810.0] 1, 093. 24 1, 370. 62 180, 261. 88 116,731.35 135, 462. 08 718,362.43 a The rate of premium given in each instance is the average rate. h On account of the sinking fund. Loan of 1843.— The above discount of $1,725 on the purchase of $136,000 of this loan, was improperly deducted (together with $2,899.63 "short interest;" total, $4,624.63) from $27,046.63; the sum of $5,169.50 premium on $80,700, Loan of 1842, $21,281.25 premium on $260,000, Loan of 1848, and $170, $100.88, and $325; total, $595.88, commission on the three loans paid on the purchase of the respective amounts at the Same time; the remainder, $22,422, being by warrant No. 6143J of November 24, 1848, charged in the appropriation account as "Premium and commission on Loans of 1842, 1843, and 1848." Report 100449. Texan indemnity stock.— Oi the $17,110.62 above, $17,080, being a discount of 4 per cent, on a redemption of $427,000 in the fiscal year 1865, was first covered in as such by warrant No. 467 of December 23, 1870, and by counter warrant No. 271 of even HISTORY OP THE CURRENCY OF THE COUNTRY. 127 date was charged to priacipal, from which it had been deducted. (See report 15395, and pay warrant No. 1335 of November 26, 1864.) The balance of $30.62, being a discount of $14.73 and $13.89 on the redemption of $5,000 and $8,000, respectively (report 16973, and warrant No. 2993 of May 22, 1865), was at first erroneously charged to "Interest, public debt." Subsequently, by report 21785, warrant No. -(_>'.) of December 23, 1870, and counter warrant No. 763 of same date, it was charged to principal and credited as a repayment to account of "Unclaimed interest." It has not been found to have been afterwards covered in, as it should have been, as a profit, ill the Miscellaneous receipts or otherwise. Certificates of indebtedness of 1862. — By warrant No. 95 of August 7, 1862, the $20,425 (deposited August 5, 1862) was covered in as a profit on the purchase of this loan. It was really a part of $23,608.75 discount on $20,000,000 in certificates purchased before maturity. The other portion, viz: $3,183.75 (deposited December 23, 1862, entered in 1871), was by warrant No. 743 of June 30, 1860, erroneously covered in as principal. Subsequently, by warrant No. 276 and counter warrant No. 511 of Decem- ber 28, 1870, the same was charged back to principal, and erroneously covered in as premium. (See note in statement of premium received, p. 121.) The $3,452.50, appear- ing in 1868, arose as a gain on $500,000 purchased through Jay Cooke & Co., March 6, 1866. By report 19043, and warrant No. 5222 of March 16, 18G6, the entire amount of principal and interest having been allowed, as if paid in full, on June 28, 1860, the aforesaid item was carried to tbe credit of " Premium and discount account," in Ledger 1, Treasurer's office, p. 2)4. After $116,731.35, similarly arising from the purchase of Compound -interest notes, and $4,076.47 interest on balances dne the United States by the First National Bank of Newton, Mass., had been likewise credited, and $;),C;i.s.!)7, entirely appertaining to Compound-interest notes, had been contra-debited in the aforenamed account, the balance, to wit: $ 114,021.35, con taiiiingevidently the item under consideration, was by warrant No. 738 of December 31, 1867, covered into the Treasury. Compound-interest notes. — Of the $116,731.35 entered in ISOS, the following amounts, as determined by the lists of purchases recorded in the Treasurer's office, arose as follows: $54,556.59 was a gain on 82,307,000,839,922.79 on 81,945,000, and $22,161.97 on $5,268,970; total principal, 89,580,970; purchased before maturity, through Jay Cooke & Co., in February, March, and April, 1806. By reports 19078, 19072, 19088, 19155, 19290, and 19581, and warrants Nos. 5208 of March 22, 5304 and 5305 of March 27, 5347 of April 2, 5566 of April 30, and 6032 of June 19, 1866, the whole amount of interest, and by reports 19852, 20024, 20180, 19733, 20508, 20036, and 20783, the entire amount of principal of these transactions were allowed as if paid in full; $11,220.21 appearing in the Treasurer's lists as commission, being included iu the amoirnt allowed as interest. On June 28, 1800, the discounts, as herein shown, were respectively placed to the credit of "Premium and discount account" in Ledger 1, Treasurer's office, p. 204. $90 going to make up the 8116,731.35, arose as a gain, per report 20385, and warrant No. 6672 of August 28, 1866, on $1,333,010, of purchases in July, 1866; the same being, on September 6, likewise entered to the credit of the aforesaid account. On June 28 there had been also placed to the credit of this account $3,452.50, similarly arising from the purchase of Certificates of indebtedness of 1862, as to which see note to that loan, p. 87. On December 9, 1807, there was further credited to said account $4,070.47; being, as per receiving teller's slips. Treasurer's of&ce of same date, interest on balances dne by the First National Bank of 128 HISTORY OP THE CURBENCY OP THE COUNTRY. Newton, Mass., to wit: $156,497.98, as shown in the last transcript of said bank ol February 28, 1867. The total of these credits was $124,260.32. Against this were entered the following debits, all on account of Compound- interest notes : July 23, 1866. " Excess of cost over actual interest paid Jay Cooke &, Co." $2, Oil. 84 July 23, 1866. "Paid premium on notes pnrchaseil by Assistant Treasurer at New York" 3,553.82 Aug. 29, 1866. " Commissions on purchase of 6 per cent notes " 4, 073. 31 Dec. 30, 1867. "Amount deposited in Treasury" covered in as part of warrant No. 783 of December 31 114,621.35 Total 124,260.32 The first item was really on account of difference non -allowed, per reports 19769, 19783, 19808, and 19814, claimed, as determined through the lists recorded in the Treasurer's office, to have been paid — $92.88 as interest and $1,918.96 as commission — on the total purchases of $4,665,040, in the month of May, 1866. The second item, appearing also in the list for May, 1866, under the head of commission ($3.82 as paid by the Western Insurance Company, and of $3,550 by the Assistant Treasurer at New York), was actually allowed in report 19808, and paid, as premium, by warrant No. 6164 of July 2, 1866, and draft 5070, cashed July 12, being anterior to the date of the debit in that case. The third item was on account of differences non-allowed, per reports 20082, 20092, 20096, 20103, 20106, 20115, 20130, 20138, 20142, 20151, 20152, 20157, 20161, 20164, 20170, 20174, 20176, and 20179, claimed, as per Treasurer's lists, to have been paid, $2,760.81 as interest and $1,312.50 as commission on the total purchases of $2,596,940, during the month of June, 1866. Afterwards, by report 22211, warrant No. 720 of July 2, 1867, and draft 7255, date changed from June 29 (the date of the report) to July 5 — cashed July 31,1867 — $4,025.11 of said item was allowed and paid as interest, leaving $48.20, as interest, not found to have been allowed, the same being difference of $1 in report 20106, and $47.20 in reports 20151 and 20196. Finally.— By report 22492, Treasury warrant No. 1035 of September 30, 1867, and draft 8110 of even date, cashed October 31, 1867, there was further allowed on account of the May, 1866, purchases, and paid as commission, out of the appropriation for paying — ' Expenses of the national loan" $6,006.12 The actual net non-allowance, charged up as shown, for May, was.. . $2, Oil. 84 The allowance now, on that score, exceeded that amount by 444. 28 And of the $3,553.82 charged up in like manner as the first item, though previously allowed as premium in report 19808, on papers pertain- ing to the same and embracing the same payments (as shown above) by the Assistant Treasurer at New York, there was allowed a second time, now as commission 3, 550. 00 6,006.12 And here it may be said exhaustive research has totally failed to disclose any entries reconciling these discrepancies. Thus it will be seen that not only should the entire amount really realized, viz: $124,260.32, including the $116,731.35 derived from Compound-interest notes, have been deposited, but had the requisite counter- entries been made in the aforesaid "Premium and discount account," the $114,621.35 actually covered in, as a part of warrant No. 783 of December 31, 1867, should have been increased by $13,585.05, to $128,206.40. HISTOKY OP THE CURRENCY OF THE COUNTRY. 129 Warrant No. 783, in addition to the foregoing amount, covered in $10,846.01 from "Profit and loss account;" total, $126,467.36. Note. — For discount realized from the sale of loans prior to 1835, as far as ascertainable, see p. 155. PROFIT REALIZED. Profit Realized from Rebate of Interest on Coupon and Registered Bonds from 1835 to 1896, inclcsivk. Tear. Loan of 1858. Act of Juno 14, 1858. Loan of 1860. Act of June 22, 1860. Loan of February. 1861. Act of Feb. 8, 1861. Or6',.ion war debt. Act of Mar. 2, 1861. Loan of July and August, 1861. Acts of July 17 and Aug. 5, 1861. Five- Twen- ties of 1862. Acta of Feb. 25, 1862, etc. Loan of 1863. Acts of Mar. 3, 1863 and June 30, 1864. Ten-For- ties of 1864. Act of Mar. 3, 1864. Five-Twen- ties of June, 1864. Act of June 30, 1864. Five-Twen- ties of 1865. Acts of Mar. 3, 1865 and Apr. 12, 1866. 1869 $88. 55 .66 6.44 6.38 31.92 1, 723. 19 a. 74 $28. 62 $49. 05 .44 5.09 1.36 18.57 3.23 a 10. 78 5.04 .08 .84 $7.04 .10 .08 .02 2.39 $731. 13 16.71 132. 61 19.46 165. 20 76.66 a 132. 16 58.00 18.12 22.49 14.71 6.91 $5,670.56 2,481.73 1, 880. 88 a 2, 964. 79 b 3, 648. 69 c 1, 639. 70 d 108. 26 $218. 21 4.44 34.88 9.62 54.58 19.71 a 36. 69 17.50 1.69 2.15 4.07 .68 $522. 17 451. 44 158.06 a 59U. 38 b 265. 46 e 206. 43 d46.90 40.15 $1, 695. 99 894 91 1870 $8.90 3.61 a 8. 21 5.53 1.44 .16 1.48 1871 1872 a 800 34 1873 1, 278. 82 6 648 02 1874 1875 .81 c 93. 70 1876 115 33 1877 3 07 1878 1879 1880 .00 1881 1882 1883 1884 1885 • "" Totals.. al,857.88 28.62 a 95. 08 10.44 al,394. 16 e 18, 300. 61 a 404. 22 a 29. 33 e 2, 340. 99 d 6, 072. 61 a Regis- tered : $0.74 a Regis. tered : $2.19 a Regis- tered: $11.97 Registered: a $2, 085. 64 (11,619.28 (J78.74 dl.94 a Regis- tered : $1.40 a Regis- tered : $7.44 Registered : a $534. 03 6 8.32 C17.74 dl.69 Registered : a $378. 04 6 3.90 U6.55 d 387. 55 e 3, 685. 60 e 561. 68 Year. Consols of 1865. Acts of Mar. 3, 1865 and April 12, 1866. Consols of 1867. Acts of Mar. 3, 1865 and ApiiU2, 1866. Consols of 1868. Acts of Mar. 3, 1865 and April 12, 1866. Five per cent. loan of 1881. Acta of July 14, 1870, Jan. 20, 1871, etc. Four-and- one-half per cent. loan of 1891. Acta of July 14, 1870, Jan. 20, 1371, etc. Fourper cent, loan of 1907. Acts of July 14, 1870, Jan. 20, 1871, etc. Total. $2,233.67 74.36 225. 93 25.51 220. 70 101.51 a 123. 88 80.13 33.76 10.52 1.77 o $2, 617. 66 h 348. 18 c 1, 022. 25 39. 84 196. 67 2:iu. 03 d 103. 40 43.78 17.52 30.57 3.37 $374. 36 3.46 17.85 3.33 16.94 2.85 26.23 6.14 1.00 1.78 a $14, 237. 01 b 4, 285. 33 c 4 035 21 1870 1871 $0.71 127. 09 a 8r.7 23 18. 26 32.48 24.44 11.13 8.43 90.78 .15 1873 e 6, 033. 46 / 5, 470. 90 701.97 400 03 1875 1876 99.68 1878 $22. 83 $0.03 108. 34 1879 32 35 98.97 1881 2.00 2 21 1.17 1.25 .12 .05 1.17 1883 1.25 .12 .05 Totals.. a 3, 131. 74 « 4, 659. 27 a 453. 94 o 1, 171. 60 24.89 2.62 ft39,978.00 a Registered: $11.99 Registered : a $137. 99 6 279.27 c 798. 05 d9.44 a Registered; $1.38 a Registered : $752. 63 Registered : a $137. 99 6 279.27 c 798. 05 d 3, 005. 15 el, 224. 75 / 853.0' S48.19 A 6, 049. 32 5018- 130 HISTORY OF THE CUKRENCY OP THE COUNTRY. PROFia THKOtTGH FORFEITUEES ON ACCOTJNT OF PROPOSALS FOR SUBSCRIPTIONS TO LOANS. Tear. Loan of 1860. Act of June 22, 1860. Five-Twenties of June, 1864. Act of June 30, 1864. Five per cent. loan of 1881. Acts of July 14, 1870, Jan. 20, 1871, etc. Four per cent. loan of 1907. Acts of July 14, 1870, Jan. 20, 1871, etc. "Warrant, and date of covering amount. Total. 1864 a $29, 990. 00 599, June 30, 1864.. 768, Dec. 31,1864.. 634, Sept. 21, 1874 . . 513, Sept. 8,1876.. 614, Sept. 8,1876.. 664,Junel5,1880.. $29,990.00 80 00 1865 $80. 00 1R75 $30.00 3.00 24.00 1877 } 27. 00 2 96 1877 1880 $2.96 Totals 29, 990. 00 80.00 67.00 2.96 30,129.96 a Appears in "Receipts and Expenditures," 1864, under the head of "Fines, penalties, and forfeitures." PROFIT FROM INTEREST ON PREMIUM, AND PREMIUM ON SAME. Year. Loan of 1863. Acts of Mar. 3, 1863 and June 30,1864. Warrant, and date of covering amount. Total. 1869 $464.33 150. 22 653, Sept. 30,1868.. 446, Dec. 23,1870.. $464. 33 150. 22 Total - 614. 55 614. 55 Warrant 'So. 650 of September 30, 1868, covered in $150.22 erroneously as prin- cipal. By warrant and counter warrant Nos. 270 and 446 of December 23, 1870, it was charged back to principal account and covered in as premium. As this amount was really the difference between $464.33 interest, paid in currency (covered in by warr^t No. 653 of September 30, 1868), on $2,000 premium (covered in as part of warrant No. 651 of even date) from June 11 , 1864, and the gold value, it, as well as the interest, should have been covered in as a profit, as given above. Profit forward $70,722.51 In tlie " Profit and loss account," Treasurer's office, appear the following items, viz: Cr. Feb. 20, 1866. By error in credit of Ten-Forties of 1864 $6. 21 Mar. 20, 1866. By coupons of Seven-Thirties of 1864 and 1865 3,105.77 Mar. 16, 1866. By coupons of Seven-Thirties of 1864 and 1865 8,212.50 June 20, 1866. By coupons of Seven-Thirties of 1864 and 1865 365. 00 June 30, 1866. By error in coupons of Seven-Thirties of 1864 and 1865 3.65 Dec. 20, 1866. By error in credit of coupons of Seven-Thir- ties of 1864 and 1865 15.47 Deo. 29, 1866. By difference in bonds of Seven-Thirties of 1864 and 1865 12.54 $11,721.14 Dk, Jan. 7, 1867. To coupons, short, Seven-Thirties of 1864 and 1865 321. 61 Jan. 9, 1867. To coupons, short, Seven-Thirties of 1864 audl865 24.60 June 28, 1867. To difference in coupons of Seven-Thirties of 1864 and 1865 627.15 973. 36 Net credit on account of Ten-Forties of 1864, $6.21, and Seven-Thirties of 1864 and 1865, $10,741.57 $10, 747. 78 HISTOEY OF THE CURRENCY OF THE COUNTRY. 131 After various other entries, debit and credit, not identified with the loans, by warrant ¥o. 783 of December 31, 1867, there was covered into the Treasury $10,846.01 on account of "Pro&t and loss" (being $98.23 in excess of the net credit shown), and $114,621.35 on account of "Premium and discount account;" total, $125,407.36, as ''Profit arising from the purchase of 6 per cent. United States notes," etc. See note to Compound-interest notes, p. 128. SUMMAET. Loan. From rebate of interest. From forfeit- ures. From inter- est on premium, etc. From profit and loss account. Total. $1,857.88 28.62 95.08 10.44 1, 394. 16 18, 300. 61 404. 22 29.33 2, 340. 99 $1, 857. 88 Loan of 1860 $29, 990. 00 30, 018. 62 95.08 10.44 1, 394. 16 18, 300. 61 Loan of 1863 . .. . . $614 55 1 018 77 $0 21 35. 54 Five-Twenties of June 1864 80.00 2 420 99 10, 741. 57 10, 741. 67 6, 072. ei 3,131.74 4, 659. 27 453. 94 1, 171. 60 24. 89 2.62 6, 072. 61 Con8ol8ofl865 .. ..... 3 131 74 4, 659. 27 Consols of 1868 -.... 453. 94 JTive per cent loan of 1881 57.00 1, 228. 60 24.89 Four per cent, loan of 1907 2.96 5.58 Total profits 39 978 00 1 3fl 129 96 1 614. 55 10,747.78 81, 470. 29 DISCOUNT SUSTAINED. Discount Sustained on the Issue or Sale op the Various Loans from 1835 to 1896, inclusive. Tear. Loan of 1842. Act of Apr. 15, 1842. Loan of Feb- ruary, 1861. Act of Feb. 8, 1861. Loan of July and August, 1861. Acts of July 17 and Aug. 5, 1861. Total. 1842 $42,417.80 $42,417.80 2, 010, 033. 60 4, 214, 264. 02 1861 $2, 010, 033. 60 9, 742. 50 1862 $4, 204, 521. 52 Totals 42.417.80 2, 019, 776. 10 4, 204, 521. 52 6, 266, 715. 42 Loan of 7S45.— $1,700,000 was sold at $97.50. The discount was $42,500, but it was offset by $82.20 accrued interest. Total issue, $8,343,886.03. Sold at an average rate of $99.44+ per cent. Loan of February, 1861. — Total issue, 818,415,000. Sold at an average rate of $89.03+ per cent.; $8,00fi,000 was issued at an average rate of $90.47^, 83,099,000 at an average rate of $94.01, and 87,310,000 at an average rate of 885.34 i^o per 8100. Loan of July and August, 1861. — The average price realized on the first $50,000,000 of this loan, in 1862, was 889.32+ . The discount amounted to $5,338,768.09, but it was offset by $1,134,246.57 accrued interest from July 1 to November 15, 1861, inclusive, reducing it to $4,204,521.52. S97.18 H. Total issue, $189,321,350. Average realized. Note. — For discouat sustained on the sale of loans prior to 1835, as far as ascertainalile, see p. 155. 132 HISTORY OF THE CURRENCY OP THE COUNTRY. PREMIUM PAID. Detail op Appropriations, by Loans, prom 1835 to 1896, Inclusive, LOAN OF 1841. Xear. Account of preminm. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1845 $3, 268. 93 $3, 268. 93 LOAJS OF 1842. 1849 $5, 169. 50 $5, 169. 50 1853 ., $25, 044. 08 431, 976. 66 94, 132. 25 40, 300. 88 49, 353. 116 61,427.08 25, 044. 06 1854 $11, 069. 34 4, 870. 67 2, 140. 87 2, 226. 84 $162. 84 443, 198. 34 1855 . , ... 90, 002. 92 1856 42,441.75 61,580.80 61, 427. 08 1857 . . .. 1858 Totals 702, 234. 89 5, 169. 60 20, 307. 72 152. 84 727, 864. 95 In 1849 the appropriation, per the books, reads "Premium and commission on Loans of 1842, 1843, and 1848, $22,422." The actual payments were, for Loan of 1842, premium and commission, $5,270.38; Loan of 1843, commission, $170; Loan of 1848, premium and commission, $18,706.62; total, $24,147; but $1,725 discount on the Loan of 1843 being improperly deducted, produced the aforesaid appropriation. Eeport 100449. See table of commission paid, p. 154. In 1853 the approi^riation for premium, Loan of 1842, was $24,327.59, and for the same in the appropriations for Loans of 1842, 1846, 1847, and 1848, $716.47. Total. — The appropriation for premium, Loan of 1842, was $701,518.42, and for the same in the appropriations for Loans of 1842, 1846, 1847, and 1848, $716.47. LOAN OF 1843. Tear. Account of premium. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for iuterost. Total. 1845 $13,962. 50 2,063.87 $13,962.50 2,063.87 24,138.35 1852 1853 $6,305.68 $17,832. 67 5.00 Totals 6,305. 68 16,026. 37 17,837.67 40,169.72 In 1845— Bee table of commission paid, p, 154, for $1,000; reports 90619 and 90698. Bayley includes this as premium. In 1849 see note to Loan of 1842 above. For $1,725 discount see table of discount realized, p. 126. In 1852 the appropriation reads "Premium and commissions," but there was no commission paid. In 1853, of the above amount under head of Premium and interest, per reports 108419 and 108424, $17,332.67 was interest. See note to detail of payments, by loans, p. 142. HISTORY OF THE CURRENCY OF THE COUNTRY. 133 In 1855 the appropriation probably contained $1.24 interest. Eeport 116042. LOAN OF 1848. Tear. Account of premium. Account of premium and commiasiOD. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1853 $4, 522. 61 168, 418. 68 26, 250. oa 22, 304. 50 284. 78 $4. 522. 61 167,947.43 1854 $9, 528. 75 2, 717. 41 1, 825. 76 1855 28, 967. 41 1856 24, 130. 26 284.78 1857 211,780.57 14,071.92 225,852.49 In 1853 the appropriation for premium Loan of 1846, was $4,317.72, and for the same in the appropriations for Loans of 1842, 1846, 1847, and 1848, $204.89. In the first is included $44.93 interest allowed on funds used by agents in making purchases. In 1854, 1855, and 1856 see notes to detail of payments, by loans, p. 142. Total. — The appropriation for premium Loan of 1846, was $211,575.68, and for the same in the appropriations for Loans of 1842, 1846, 1847, and 1848, $204.89. LOAN OF 1847. Year. Account of premium. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1849 $59, 965. 69 69, 175. 38 107, 999. 55 $59, 965. 69 69, 175. 38 1851 1852 167, 999. 65 311 811 36 1853 $303, 425. 85 1, 6!I8, 785. 15 659, 927. 00 152, 410. 00 157,024.00 281,692.00 $3, 385. 61 1854 $60, 2:i:t. 49 20, J.5J. 15 10, flU5. 08 2, 925. 76 1,659,018.64 580, 379. 15 163, 381. 08 1855 1856 159, 949. 76 1858 281, 592. 00 Totals 3, 053, 170. 00 297, 140. 62 8, 385. 61 94,576.48 3, 463, 272. 61 In 1849 see table for $478.12 commission paid, p. 154. In 1851 see table for $537.81 commission paid, p. 154. In 1852 there was no commission paid as such. In 1853 the appropriation for premium Loan of 1847, was $294,358.99, and for the same in the appropriations for Loans of 1842, 1846, 1847, and 1848, $9,066.86. In the first amount is erroueously contained 8C,425.,"jO, paid on the Loan of 1848; and it should contain $20,792.49 (diiierence $14,366.99) erroneously included as paid on the latter loan. Eeport 109515. Of the $8,385.51 above, $6,410.61 really apper- tained to the Loan of 1848, but the error was corrected in 1854; see Loan of 1848, p. 134. In the appropriation for premium is included $203.35, and for premium and interest $227.75j total, $431.10, interest allowed on funds used by agents in making purchases. 134 HISTORY OP THE CUEEENCY OF THE COUNTRY. LOAN OF 1848. Tear. AccoTint of premium. AcoouDt of premiam and commission. Account of premium and interest. Account of premium leas interest. Account of premium and interest less deduction for interest. Total. 1849 $18,381.62 $18, 381. 62 1853 ... . . $50,439.01 533,873.34 136, 257. 00 120,272.00 142, 584. 00 229, 744. 00 $2, 203. 64 4, 206. 97 52, 642. 65 1854 $17,457.67 2. 415. 91 7, 308. 90 1, 098. 30 $1,259.17 556, 797. 15 1855 138, 672. 91 1856 .. 127, 580. 90 1857 143, 682. 30 1868 229, 744. 00 Totals 1,213,169.35 18,381.62 6, 410. 61 28,280.78 1, 259. 17 1, 267, 501. 53 In 1849 the gross premium was $21,281.25, but $2,899.63 " coupons short," was deducted per report 100449. See uotes to Loans of 1842 and 1843, p. 132, and table for $325 commission paid, p. 154. In 1853 the appropriation for premium Loan of 1848, was $43,683.24, and for the same in the appropriations for Loans of 1842, 1846, 1847, and 1848, $6,755.77. In the first amountis erroneously contained $20,792.49 paid on the Loan of 1847 ; and it should contain $6,425.50 erroneously included as paid on the latter loan. Difference in excess, $14,366.99. Eeport 109515. In the account of premium is included $58.68, and in the account of premium and interest $3.64; total, $62.32; interest allowed on funds used by agents in making purchases. The $2,203.64 above, really pertains to the Loan of 1847, but the error was corrected in 1854, when there was paid $6,410.61, and repaid $2,203.64. TEXAN INDEMNITT STOCK. Year. Account of premium. Account of premium and commission. A ccount of premium and interest. Account of premium leas iut;erest. Account of premium and interest less deduction for interest. Total. 1854 $55, 460. 00 23, 760. 00 27, 360. 00 5, 040. 00 1, 680. 00 $720. 60 $56, 180. 60 .... 478. 91 3, 034. 75 27, 838. 91 1358 1, 680. 00 US, 300. 00 4, 234. 26 In 1854, 1856, and 1857, for interest deducted see table of detail of payments, by loans, p. 143. LOAN OF FEBEUAET, 1861. Year. trZTul^' pfeS^V/d premium. ^commission. Account of premium and interest. Account of premium less interest. Account of premium and interest lees deduction for interest. Total. $74,161.95 $74,161.95 51 277 58 1881 .". 51,277.58 ■ 1 Totals 125,439.63 1 125,439.53 OREGON WAR DEBT. 1867 $5, 058. 75 8,273.02 1, 408. 65 $5, 058. 75 1881 1 408 65 Totals 14,740.42 14,740.42 HISTORy OF THE CURRENCY OF THE COUNTRY. 135 LOAN OF JTJLT AND AUGUST, B61. Year. Account of premium. Account of premium and commission. Acoonnt of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1880 $1, 376, 085. 04 488, 876. 11 $1, 376, 085. 04 488, 876. 11 1881 Totals 1,864,961.15 1, 864, 961. 15 SINKING FUND. 1869..- $1, 374, 680. 05 3, 694, 740. 30 $1,374,680.05 3 594 740 30 1870 Totals 4,969,420.35 4, 969, 420. 35 In 1871 repaid $5,377,026.63. Paid, per vouchers, $5,377,021.81. $4.82 of repay- ments charged bacli, and by counter warrant No. 576 of December 31, 1870, covered in as Miscellaneous revenue from sale of gold coin derived from interest. In i(97^-$4,969,420.36 was carried to the surplus fund. See balance sheet, p. 152, SPECIAL FUND. Tear. Account of premium. Account of premium and commission. Account of premium and interest. Account of premium lees interest. Account of premium and interest less deduction for interest. Total. 1870 $12, 401, 608. 30 $12,401,608.30 In 1871 repaid $13,324,141.62. Paid, per vouchers, $13,32 (,110.31. $31.31 of repayments charged bacli, and by counter warrant No. 576 of December 31, 1870, covered in as Miscellaneous revenue from sale of gold coin derived from interest. In 1872 $12,401,608.30 was carried to the surplus fund. See balance sheet, p. 152. FIVE-TWENTIBS 01" 1862. Tear. Account of premium. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1871 $3, 139, 757. 61 2, 072, 577. 40 1, 412, 462. 49 161,219.79 $3, 139, 757. 61 2, 072, 577. 40 1 412,462.49 1872 1873 . . .. 1874 161, 219. 79 Totals 6, 786, 017. 29 6, 786, 017. 29 COMPOUND-INTEEEST NOTES. 1867 $194,131.29 88, 550. 98 $194, 131 . 29 1871 . 88, 550. 98 Totals 282, 682. 27 282, 682. 27 1 In 1867, out of this appropriation, per reports 20385 and 157686, $1,376.25 commis- sion was paid. See table of commission paid, p. 154. $1,25 covered in by warrant No. 136 HISTOKY OP THE CURRENCY OP THE COUNTRY. 619 of December 31, 1866, as premium received, being really an excess of premium paid to and refunded by Winslow, Lanier & Co., is here treated, as it should have been, aa a repayment to this account. See statement of the account, p. 151. LOAN OF 1863. Teax. Acconnt of premium. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1880 $549, 035. 18 199, 614. 62 $549,035.18 199, 514. 62 1881 Totals 748,649.80 748,549.80 FIVE-TWENTIES OF MAECH, 1864. 1871 $167, 670. 80 21, 508. 93 8, 328. 66 $157, 670. 80 21,508.93 1872 1873 8, 328. 66 Totals 187,408.39 187, 408. 39 FIVE-TWENTIES OF JUNE, 1864. 1871 $3, 438, 014. 04 915, 434. 40 771, 612. 46 218,467.39 $3,438,014.04 915,434.40 771,612.46 218,457.39 1872 1873 1874 Totals 5,343,618.29 6,343,618.29 SEVEN-THIETIES OF 1864 AND 1865. 1866 $68,476.61 10, 614, 158. 09 7,001,151.04 300, 000. 00 207. 00 $58,476.51 10, 614, 168. 09 7,001,151.04 300,000.00 207 00 1867 1863 1809 1870 Totals 17,973,092.64 17,973,992.64 Out of the appropriation in 1866 there was paid, per reports 19741, $501.69; 19883, $312.50; 19887, $312.50; 19893,$625; 19898, $125; 19900,$21.87; 19907, $748.31; 19913, $625, and 19916, $250; total, $3,521.87, commission, and out of the appropriation in 1867, per report 157686, $4,927,43, commission; total, $8,449.30. See table of com- mission paid, to which these amounts have been carried, p. 154. The total payments on account of premium were $17,673,306.29. A balance of $292,237.05 remaining in the hands of P. E. Spinner, Treasurer of the United States, at the end of 1869, per warrant No. 586 of December 31, 1870, was erroneously covered into the Treasury as premium received. This forms a part of the $316,876.14 shown as received in Bayley's book. There was really no premium realized on the sale of this loan. The balance, $24,639.09, was derived from the sale of Five-Twenties of 1865. HISTORY OF THE CURRENCY OF THE COUNTRY. 137 FIVE-TWENTIES OE 1865. Tear. Account of premium. AccoTiiit of premium and commission. Account of premium and interest. Account of premium leas interest. Account of premium aod interest less deduction for interest. TotaL 1871 $2, 992, 107. 42 G40, 725. 51 334, 254. 58 135, 577. 95 $2, 992, 107. 42 640, 725. 51 1873 334 254 58 135, 577. 95 Totals 4, 102, 665. 46 4, 102, 665. 46 CONSOLS OF 1865. 137] $9,995,251.75 2, 371, 750. 09 1, 761, 693. 49 360, 964. 62 $9,995,251.75 2, 371, 750. 09 1, 761, 693. 49 1B72 .. 1 1874 1 360, 964. 62 Totala 14,489,659.95 14, 439, 659. 95 CONSOLS OF 1867. 1871 $6,087,206.68 925, 280. 44 688, 065. 97 432,348 18 $6, 087, 206. 68 1872 1873 . 688, 065. 97 432,348.18 1874 8,132,901.27 8,132,901.27 CONSOLS OF 1868. 1871 $489, 364. 11 10, 089. 09 129, 502. 34 86, 505. 62 $489,364.11 10, 989. 09 129,502.34 1872 1873 1874 Totala 716, 362. 06 716,362.06 FIVE PER CENT. LOAN OF 1881. 1880 .$662, 206. 97 320,171.82 1 $662, 206. 97 320 171 82 1881, 1 Totals 982, 378. 79 : 982, 378. 79 1 FOUK-AND-ONE-HALF PEE CENT. LOAN OF 1891. 1888 $2, 135, 214. 04 6, 366, 604. 87 1, 427, 300. 87 70, 081. 62 $2, 135, 214. 04 6, 365, 604. 87 1, 427, 300. 87 70, 081. 62 1889 1891 . Totals 9, 998, 201. 40 9, 998, 201. 40 FOUR PER CENT. LOAN OF 1907. 1880 $125,558.26 $125, 558. 26 6, 135, 628. 42 10, 926, 757. 78 18, 876, 923. 19 10, 331, 138. 99 1888 6,135,628.42 | 1889 10,926,757.78 1 1890 18,876,923.19 1891 10,331.138.99 ' Totala 46,396,006.64, 46,396,006.64 138 HISTORY OT THE CURRENCY OP THE COUNTRY. Total of Appeopeiations, by Loans, i'eom 1835 to 1896, Inclusive. Loan. Account of premium. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. $3,268.93 (1702,234.89 6, 305. 68 e 211, 780. 57 /3, 053, 170. 00 1,213,169.35 113, 300. 00 125, 439. 53 14,740.42 1, 864, 961. 15 ft 4, 969, 420. 35 112,401,608.30 6, 786, 017. 29 j 282, 682. 27 748, 549. 80 187, 408. 39 5, 343, 518. 29 A 17, 973, 992. 64 4,102,665.46 14. 489, 659. 95 8,1)2,901.27 716, 362. 06 982, 378. 79 9,998,201.40 46, 396, 006. 64 $3, 268. 93 Loan of 1842 a$5, 169. 50 c 16, 026. 37 $20,307.72 $152. 84 6727,864.95 d$17,837.67 cd 40, 169.72 Loan of 1846 14,071.92 94, 576. 48 28, 280. 78 4, 234. 26 225, 852. 49 297, 140. 62 18, 381. 62 8, 385. 51 6,410.61 3, 453, 272. 61 1, 259. 17 ffl, 267, 50L63 117, 634. 26 125, 439. 53 14, 740. 42 Loan of July and August, 1861 . . . 1, 864, 961. 15 ft 4, 969, 420. 35 il2, 401,608. 30 TivB-TwftTiftififi of lRfi2 6, 786, 017. 29 )• 282, 682.27 748, 549. 80 Five-Twenties of March 1864 187, 408. 39 5, 343, 618. 29 Seven-Thirties of 1864 and 1865 * 17, 973, 992. 64 4, 102, 665. 46 14, 489, 659. 95 8, 132, 901. 27 Consols of 1868 716, 362. 06 Five per cent, loan of 1881 Four-and-onehalf per cent, loan of 1891 982, 378. 79 9, 998, 201. 40 Tour per cent, loan of 1907 46, 396, 006. 64 Totals il40,819,743.42 6c336,718.11 (im32,633.79 161,471.16 1, 412. 01 n 141, 351, 978. 49 ainoludes $716.47 out of the appropriation for Loans of 1842, 1846, 1847, and 1848. &In 1849 the appropriation, per the hooks, reads, "Premium and commission on Loans of 1842, 1843, and 1848, $22,422.' The actual payments, per report 100449, were aa follows, viz : Loan. Premium. Commis- sion. Total. Loan of 1842 . . $5,169.50 $100. 88 170. 00 325. 00 $5, 270. 38 170. 00 Loan of 1848 .. 18, 38). 62 18 706 62 Totals 23,651.12 695. 88 24, 147. 00 From the total amount was improperly deducted $1,725 discount on the purchase of the Loan of 1843, which determined the appropriation ahove. In these tahles tne correct entries have heen made. C$1,000 commission paid in 1845, per reports 90619 and 90698, is included by Bayley as premium. d See note to detail of payments, hy loans, in 1853, p. 142, relative to $17,332.67 interest added. e Includes $204.89 out of the appropriation for Loans of 1842, 1846, 1847, and 1848. /Includes $9,066.86 out of the appropriation for Loans of 1842, 1846, 1847, and 1848.* gin 1849 the gross premium was $21,281.25, but $2,899.63, " coupons short," was deducted. See notes a aod b above, to Loan of 1842. Includes $6,755.77 out of the appropriation for Loans of 1842, 1846, 1847, and 1848. ft. In 1871 repaid $5, 377,026.63'. Paid, per vouchers, as carried to the various loans, $5,377,021.81. Of repayments, $4.82 was charged back, and by counter warrant No. 576 of December 31, 1870, covered in as Miscellaneous revenue from sale of gold coin derived from interest. In 1872 $4,969,420.35 was carried to the surplus fund. iln 1871 repaid $13,324,141.62. Paid, per vouchers, as carrried to the several loans, $13,324,110.31. Of repayments, $31.31 was charged hack, and hy counter warrant above, similarly covered in. In 1872 $12,401,608.30 was carried to the surplus fund. jFoT $1,376.25 carried to commission, see detail of payments, by loans, in 1867, p. 144. $1.25 erroneously covered in by warrant No. 619 of December 31, 1866, aa premium received, being really an excess of payment refunded by Winslow, Lanier & Co., is here deducted. fcFor $3,521.87 and $4,927.43; total, $8,449.30, carried to commission, see detail of paymeuts, hy loans, in 1866 and 1867, p. 145. The total payments, per vouchers, on account of premium was $17,673,306.29. A balance of "$292, 237.05 remaining in the hands of F. E. Spinner, Treasurer of the United States, at the end of 1869, was by warrant No. 586 of December 31 , 1870, incorrectly covered into the Treasury as a receipt of premium. This forms a part of the $316,876.14 given in Bayley's book as received. There was really no premium realized on the sale of this loan. The balance of $24,639.09 was derived from the sale of Five-Twenties of 1865. I Paid, per vouchers, as premium, $123,146,652.17. Paid aa commission, $9,825.55. Balance covered in, aa per preceding note, $292,237.05. Carried to the surplus fund, sinking, and special funds, $17,371,028.65. mPaid, per vouchers, as premium, $28,426.82. Carried to the surplus fund, excess of repayment, Loan of 1847, $4,206.97. nPaid, per vouchers, as premium, $123,674,680,27. Paid as commission. $9,825.55. Balance covered in, Seven-Thirties of 1864 and 1865, $292,237.05. Carried to the surplus fund, excess of repayment. Loan of 1847, $4,206.97. Sinking and special funds, $17,371,028.65. * Note.— In the Loan of 1 847 (in 1853) is erroneously contained $6,425.60, paid on the Loan of 1848 ; and in the latte'r ia erroneously contained $20,792.40, paid on the former. The first is therefore minus, and the latter plus, $14,366.99. Keport 109516. HISTORY OF THE CUEEENCY OF THE COUNTRY. 139 Bayley gives the total premium paid for the Loan of 1843 as $23,332.05. Deduct $1,000, commission paid in 1845, and add $17,832.67, of account Premium and inter- est, in 1853, and $5, same account, in 1855, not included by him, and the result is as stated, viz : $40,169.72. His totals for the Loans of 1842, 1846, and 1847 are in excess, respectively, $1,821.92, $353.88, and $2,674.27; equals, $4,850.07; and his total for the Loan of 1848 is less than given in these tables by $1,876.50. He is therefore in excess, net, for these four loans, $2,973.57. It is certain that he took up in the Loan of 1848, in 1849, $2,899.63 " coupons short," deducted, in report 100449, from premium paid. The balance, $73.94, arises as follows. He was, unaccountably^ in excess. Loan of 1842, in 1853, $1,821.92, Loan of 1846, in 1853, $353.88, Loan of 1847, in 1851, $80.32; total, $2,256.12. He was in like manner less. Loan of 1847, in 1853, $1,613.02, and Loan of 1848, in 1853, $569.16; total, $2,182.18. Difference, in excess, $73.94. He did not deduct from the Loan of 1847, and add to the Loan of 1848, in 1854, as he should have done, a net repayment and counter payment, respectively, of $4,206.97 (being the difference between $6,410.61 and $2,203.64) in correction of an error — included by hirn — which occurred in 1853 in the appropriations under the title of "Premium and interest," on account of said loans. The other known discrepancies are all noted in their proper places. Note. — For premium paid on loans prior to 1835, as far as ascertainable, see p. 155. Dbtail of Appropriations, by Years, from 1835 to 1896, Inclusive. Tear. Loan of 1841 . Act of July 21, 1841. Loan of 1842. Act of Apr. 15, 1842. Loan of 1843. Act of Mar. 3, 1843. Loan of 1846. Act of July 22, 1846. Loan of 1847. Act of Jan. 28, 1847. Loan of 3848. Act of Mar. 31, 1848. Texan indem- nity stock. Act of Sept. 9, 1850. 1845 ^ $3,2C8.93 a $13, 962. 50 1849 6 $5, 169. 50 $59, 965. 69 69, 176. 38 167, 999. 55 311,811.36 1, 659, 018. 64 680, 379. 15 163, 381. 08 159, 949. 76 281, 592. 00 $18, 381. 62 1851 1852 2,063.87 24, 138. 35 1853 25, 044. 06 443,198.84 99, 002. 92 42, 441. 75 51, 580. 80 61, 427. 08 $4, 522. 61 167, 947. 43 28, 967. 41 24, 130. 26 284. 78 52, 642. 65 656, 797. 16 138, 672. 91 127, 680. 90 143, 682. 30 229, 744. 00 1854 $56, 180. 60 23 760 00 1855 . - 5.00 1856 27, 838. 91 8, 074. 76 1857 1858 1 680.00 1868 1869 1870 1871 . -. 1 1872 1873 1874 1880 1881 1 . .. 1888 ( i 1889 1 1 1S90 1891 3, 268. 93 6727,864.95 c 40, 169.72 117, 534. 26 a Bayleymakes thia $1,000 more. Reports 90619 and 90698 show it to be commission. See table of commission paid, p. 154, 6$5,i69.'50, Loan of 1842, and $18,381.62, Loan of 1848, equals $23,551.12. In thia instance the appropriation, per the books in 1849, rearls, " Premium and commission on Loans ot 1842, 1843, and 1848, $22,422." Add $1,725 discount. Loan of 1843, improperly deducted, and deduct $100.88, $170, and $325; total, $595.88, commission, Loans of 1842, 1843, and 1848. c Bavley's total for this loan, less $1,000 coramiasiou, is $22,332.05. He does not include $17,837.67 of appropriation on account of "Premium and interest." See note to detail of payments, by loans, in 1853, p. 142. d See notes a, b, aJid c, total of appropriations, by loans, p. 138. 140 HISTORY OF THE CURRENCY OF THE COUNTRY. Detail of Appropriations, by Years, from 1835 to 1896, Inclusive— Continued. Year. Loan of Feb- ruary, 1861. Act of Feb. 8, 1861. Oregon war debt. Act of Mar. 2, 1861. Loan of Jnly and August, 1861. Acts of July 17 and Aug. 5, 1861. Sinking fund. Act of Feb. 25, 1862. Special fund. Act of Feb. 25, 1862. Five- Twenties of 1862. Acts of Feb. 25, 1862, etc. Componnd- interest notes. Acta of Mar. 3, 1863 and June 30, 1864. 1845 . . . 1849 1851 1852 1853 1854 . 1855 1866 1 1857 1 1858 1866 1867 $5, 058. 75 ffi$194,131.29 1868 1869 . ... $1,374,680.05 3,594,740.80 1870 $12,401,608.30 1871 $3, 139, 757. 61 2, 072, 577. 40 1,412,462.49 161, 219. 79 88, 550. 98 1872 1873 1874 1880 $74, 161. 95 51, 277. 58 8, 273, 02 1, 408. 65 $1, 376, 085. 04 488, 876. 11 1881 1888 1889 1890 1891 125, 439. 53 14, 740. 42 1, 864, 961. 15 64,869,420.85 612,401,608.30 6,786,017.29 a 232, 682. 27 Tear. Loan of 1863. Acts of Mar. 3, 1863 and June 3D, 1864. Fiye-Twenties of March, 1884. Act of Mar. 3, 1864. Fh-e-Twenties of June, 1864. Act of June 30, 1864. Seven-Thirties of 1864 and 1865. Acts of June 30, 1864 and Mar. 3,1865. Five-Twenties of 1865. Acta of Mar. 3, 1865 and Apr. 12, 1866. Consols of 1865. Acta of Mar. 3, 1805 and Apr. 12, 1845 1849 1851 1862 1853 1854 1855 1856 1857 1858 1366 c $58, 476. 51 c 10, 614, 158. 09 7,001,151.04 300, 000. 00 207.00 1867 1868 1869 1870 1871 $157, 570. 80 21,508.93 8, 328. 66 $3, 438, 014. 04 915, 434. 40 771,612.46 218,457.89 $2, 992, 107. 42 640, 725. 51 334, 254. 58 135,577.95 $9, 995, 251. 75 2, 371, 750. 09 1,761,693.49 360,964.62 1872 1873 1874 1880 $549, 035. 18 199, 514. 62 1881 1888 1889 1890 1891 Totals 748, 549. 80 187 408 39 5 343 518 9.Q Cl7 97.^ 99S 64 4 109. Rfi!i 46 14 dftQ R^(i Qf; ■ a Outof this appropriation, per reports 20385 and 157686, $1,376.25 commission was paid. See table of commission paid, p. 154. $i .25 covered in by warrant No. 619 of December 31, 1866, as premium received, being really an excess of premium paid to and refunded by winslow, Lanier &. Co., has been here deducted. b Carried to the surplus fund in 1872. For payments on account of the several loans, see detail of payments, by loans, pp. 144, 145, 146, and balance sheet, p. 152, c Of the appropriation in 1866, per various reports, and in 1867, per report 157686, there was paid $3,521.87 and $4,927.43, commission ; total, $8,449.30. See table of commission paid, p. 154 ; also, detail of payments, by loans, p. 145. The total pay- ments of premium, per vouchers, on account of this loan, was $17,673,306.29. A balance of $292,237.05 remaining in the hands of F. E. Spinner, Treasurer of the United States, at the end of 1869, was by warrant No. 586 of December 31, 1870, incorrectly covered in as premium received. This forms a part of the $316,876.14 given in Bayley'e book as received. There was really no premium realized from the sale of this loan. The balance of $24,639.09 was derived from the aale of Five- Twenties of 1865 HISTORY OP THE CUKEENCY OP THE COUNTRY. 141 Detail of Appropriations, by Years, FROM 1835 TO 1896, Inclusive — Continued. Tear. Consols of 1867. Acts of Mar. 3, 1865 and Apr. 12, 1866. Consols of 1868. Acts of Mar. 3, 1865 and Apr. 12, 1866. PiTe per cent, loan of 1881. Acts of Jnly 14. 1870, Jan. 20. 1871, etc. Fonr-and-one- half per cent, loan of 1891. Acts of Jnly 14, 1870, Jan. 20, 1871, etc. Four per cent, loan of 1907. Acts of July 14. 1870, Jan. 20. 1871, etc. 1845 1851 1853 1855 1857 1866 1868 1870 $6, 087, 206. 68 925, 280. 44 688, 065. 97 432,348.18 $489, 364. 11 10, 989. 99 "129,602.34 86, 605. 62 1872 1874 $662, 206. 97 320, 171. 82 $125, 558. 20 1881 1888 $2, 135, 214. 04 6,365,604.87 1,427,300.87 70,081.62 6, 135, 628. 42 10, 926, 757. 78 1890 18, 876, 923. 19 10, 331, 138. 99 8, 132, 901, 27 716,362.06 982, 378. 79 9,998,201.40 46, 396, 006. 64 Total of Appropuiations BY YUAES , FROM 1835 TO 1896, Inclusive. Tear. Account of premium. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1345 $3, 208. 93 a $13, 962. 50 683,516.81 69,175.38 170, 063. 42 o $17, 231 43 1849 683,516.81 1851 69,175.38 1852 ... . c 170, 063. 42 418,159 03 1853 389, 737. 21 2, 778, 513. 83 840, 326. 25 362,653.38 354, 286. 74 574,443.08 d 58, 476. 51 e 10, 813, 348. 13 7,001,151.04 1, 674, 630. 05 / 15, 996, 555. 60 026,387,823.39 6, 958, 266. 76 6, 105, 919. 99 1, 395, 073. 65 2,795,320.42 1, 061, 248. 78 8, 270, 842. 46 17,292,362.65 20, 304, 224. 06 10,401,220.61 $28,421.82 4, 206. 97 6.00 1854 . $99,009.85 30, 456. 14 22, 710. 52 9, 285. 65 $1,412.01 2, 883, 142. 66 870, 787. 39 386, 372. 90 363,672.39 1855 1856 1857 1866 d58 476 51 1867 1868 7, 001 151 04 1869 1 074 680 05 / 15, 936, 555. 60 g 26, 387, 823. 39 6, 958, 266. 76 5,105,919.99 1, 396, 073. 55 2, 795, 320. 42 1,061,248.78 8, 270, 842. 46 17, 292, 362. 65 20, 304, 224. 06 10, 401, 220. 61 1871 1873 1874 1881 1889 . . 1891 7il40, 819, 743. 42 i 336, 718. 11 32, 633. 79 161, 471. 16 1, 412. 01 M141. 351,978.49 a Bay ley makes this $1,000 more. Reports 90619 and 90698 show it to be comra'ssion. See table of commiasion paitl, p. 154. blucludes $1,725 discount on Luan of I'^^S, in the accounts improperly deducted from premium, etc., Loans of 1842 and 1843. See table of discount realized, p. 126. c Wbile the appropriation in this instance reads "Premium and commissions," there were no payments of the latter, as such. dOut of this appropriation, per various reports, there was paid on account of Seven-Thirties of 1864 and 1865, $3,521.87, commission. See detail of appropriations, by loans, p. 1^6; also, table of commission paid, p. 154. eOf this appropriation, per reports 20385 and 157686, there was paid on account of Compound-interest notes, $1,376.25, and per report 157686 on account of Seven -Thirties of 18G4 and 1865, $4,927.43; total, $6,303.68, commission. See table of commission paid, p. 154. The last report says, payable out of the appropriation for " Expenses of the national loan ; " but ■warrantNo. 6979 of October 8, 1866, does not so indicate, and it was not so paid. /Of this amount, $1,374,680.05 appropriated on account of the sinking fund in 1869, was carried to the surplus fund in 1872. See detail of appropriations, by years, p. 140. ^Of this amount, $3,594,740.30 appropriated on account of the sinking fund in 1P70, and $12,401, 60'^. 30 appropriated ou account of the special fund in 187U; total, $15,996,348.60, was carried to ■flie surplus fund in 1872. Total for the sinking fund, 1869 and 1870, $4,969,420.35. Aggregate, $17,371,028.65. For payments by loans on this account, see detail of payments, by loans, pp. 144, 145, 146, and balance sheet, p. 152. h Of this appropriation, there was paid $8,449.30 commission on the Seven -Thirties of 1864 and 1865, in 1866 and 1867. and $1,376.25 commission on Compound-interest notes, in 1867 ^ total, $9,825.55, as per foregoing. 142 HISTORY OP THE CURRENCY OF THE COUNTRY. Detail of Payments, by Loans, from 1835 to 1896, Inclusive. LOAN OF 1841. Tear. Account of premium. Account of premium and commisBion. Account of premiumand interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1845 $3, 268. 93 $3,268.93 LOAN OF 1842. 1849 $5, 169. 50 $5, 169. 50 1863 $25,044.06 431, 976. 66 94, 132. 25 40, 300. 88 49, 353. 96 61, 427. 08 25, 044. 06 1854 a $11, 069, 34 (84,870.67 6 2,140.87 /2, 226. 84 6 $152. 84 c 443, 198. 84 1855 d 99, 002. 92 1856 8 42,441.75 1857 *. / 51, 580.80 61, 427. 08 Totals 702,234.89 5, 169. 50 J 20, 307. 72 M52.84 i 727, 864. 95 1849 and 1853 flee notes to detail of appropriations, by loans, p. 132. See table of oommisalon paid, p. 154. LOAN OF 1843. $13, 962. 50 2, 063. 87 $13, 962. 50 2, 063. 87 j 24, 138. 35 fc5. 00 1852 $6, 305. 68 j $17, 832. 67 45.00 1855 6, 305. 68 16, 026. 37 217,837.67 140,169.72 In 1845 and 1849 see notes to detail of appropriations, by loans, Loans of 1842 and 1843, p. 132. In 1852 see note to detail of appropriations, by loans, p. 132. LOAN OF 1846. 1853 m$4,622.ei n 158, 418. 68 26, 250. 00 22, 304. 50 284. 78 m $4, 522. 61 p 167, 947. 43 9 28,967.41 $9, 528. 75 J 2, 717. 41 1-1,825.76 1855 1857 , 284 78 5 211,780.57 1 14, 071. 92 « 225, 852. 49 o Interest added, $59.19; deducted, $143.20; net deducted, $84.01. 6 Interest added, $27.84; deducted, $30; net deducted, $2.16. c Interest added, $87.03; deducted, $173 20; net deducted, $86.17. (J Interest added, $7.28; deducted, $53.61 ; net deducted, $46.33. e Interest deducted, $69.13. / Interest deducted, $73.16. ff Interest added, $66.47; deducted, $339.10; net deducted, $272.63. A Same as note h above. i Interest added, $94.31; deducted, $369.10; net deducted, $274.79. j Interest added, $17,332.67, per reports 108419 and 108424. In not taking up these and similar items in the Statement of Interest, Mr. Morris made this note: "Premiumand interest is treated in this worlt as all premium. The interest was not paid as such, or charged to the appropriation for paying the same. The bonds having been bought flat, it wa.s simply the result of a Department calculation. Intended to represent the interest accrued on the bonds at the date of purchase. See further note, total of payments, by loans, p. 147. * Probably $1.24 interest added. Keport 116042. ZInterest added, $17,333.91. m Includes $44.93 interest allowed on funds used by agents iu making purchases. n Includes $4.01 interest paid as premium. Keports 110522 and 110651. Interest added, $7.56; deducted, $335,31; net deducted, $327.75. y Interest added, $11.57; deducted, $335.31; net deducted, $323.74. ^Interest added, $15.29; deducted, $111.88; net deducted, $96.59. r Interest deducted, $42.74. * Includes $48.94 interest. « Interest added, $22.86; deducted, .$489.93; net deducted, $467.08. Mlnt«rest added, $71.79; deducted, $489.93; net deducted, $418.14. Note.— Bay ley states the total premium paid on this loan as $226,206.37. The premiam paid on $3,000, pnroliased Octobel 4, 1852, amounted to $204.89, not $558.77, as he gives it; difl'erence, $353.88. HISTORY OF THE CURRENCY OP THE COUNTET. 143 Detail of Payments, by Loans, prom 1835 to 1896, Inclusive — Continued. LOAN OF 1847. Year. AcCOTlDt of premium. Account of premium and commission. Acoonnt of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1849 $59, 965. 69 69, 175. 38 167, 999. 65 $59,965.69 69 175 38 1851 1852 --,- 167, 999. 55 1853 r; a$317,792.84 /I, 597, 525. 15 /561, 187. 00 152, 416. 00 157,024.00 281, 692. 00 6$8,385.51 1(2 4,206.97 c326 178 35 1854 e$60,233.49 o 20, 452. 15 A10,965.08 i 2, 925. 76 e 1, 653, 551. 67 1855 o581,639. 15 A 163, 381. 08 il59 949 76 1856 ... 1857 1858 281, 692. 00 Totals a3, 067, 536. 99 297, 140. 62 64,178.54 j 94, 576. 48 i 3, 463, 432. 63 In 1849 and 1851 see table of commission paid, p. 154. In 185£ no commiasion was paid as such. LOAU OF 1848. 1849 I $18, 381. 62 !$18, 381. 62 m $36, 072. 02 p 633, 873. 84 136,257.00 120, 272. 00 142, 584. 00 229, 744. 00 7i$2,203.64 5 4, 206. 97 38, 275. 66 1854 r $17, 457. 67 m2,415.91 1.7,308.90 TO 1, 098. 30 «$1,259.17 < 556, 797. 15 u 138, 672. 91 1856 V 127, 580. 90 1857 TO 143, 682 30 229, 744. 00 Totals xl, 198, 802. 36 1 18, 381. 62 » 6, 410. 61 J/ 28, 280. 78 « 1,259. 17 Z 1, 253, 134. 54 TEXAN INDEMNITY STOCK. $55, 460. 00 23, 760. 00 27, 360. 00 oo $720. 60 aa $56, 180. 60 2.1 760 00 1855 bb 478. 91 cc 3, 034. 75 bb 27, 838. 91 5, 040. 00 1, 680. 00 cc 8,074.7.1 1, 680 00 1858 113, 300. 00 dd 4, 234. 26 ttlncludes $203.35 interest allowed on funds used by agents in making purchases. Seu note to total of appropriations, by loans, p. 138. & Includes $227.75 interest allowed on funds used by agents in malting purcbases. $6,410.61 really pertained to the Loan of 1848, but tbe error was corrected in 1854. cincludes $431.10 interest allowed on funds used by agents in making purchases. $6,410.61 really pertained to tbe Loan of 1848, but the' error was corrected in 1854. dPaid, $6,410.61 ; repaid, $2,203.64. e Interest added, $9, 19 ; deducted, $234.70 1 net deducted, $225.51. /Outstanding warrant for $1,260 in 1854, paid in 1855. o Interest added, $20.37 i deducted, $200.22 ; net deducted, $179.85. ^Interest deducted, $74.92. i Interest deducted, $50.24. j Interest added, $29.56 1 deducted, $.560.08 ; net deducted, $530.52. Silnterest added, $460.66; deducted, $560.08; net deducted, $99.42. •Excess of repayment. ($2,890.63 "coupons short" deducted. See p. 139. m Includes $58.68 interest allowed on funds used by agents in making purchases. See note to detail of appropriations; by loans, p. 134. * n Includes $3.64 interest allowed on funds used by agents in making purchases. $2,203.64 really pertained to tbe Loan of 1847, bat the error was corrected in 1854. Includes $82.32 interest allowed on funds used by agents in making purchases. $2,203.64 really pertained to tbe Loan of 1847, but the error was corrected in 1854. p Includes $0.85 interest paid as premium, a Paid $6,410.61; repaid $2,203.64. rlnterest added, $32.37; deducted, $204.20; net deducted, $171.83. (Interest added, $24.86; deducteu, $25.69; net deducted, $0.83. ^Interest added, $58.08; deducted, $229.89; net deducted, $171.81. M Interest added, $2,49; deducted, $18.58; net deducted, $16.09. V Interest deducted, $211.10. TO Interest deducted, $21.70. X Includes $59.53 interest y Interest added, $34.86 ;'Beducted, $455.58 ; net deducted, $420.72. z Interest added, $122.89; deducted, $3,380.90; net deducted, $3,258.0L aa Interest deducted, $19. 40. bb Interest deducted, $1. 09. cc Interest deducted, $305. 25. dd Interest deducted, $326. 74. 144 HISTORY OF THE OUEEENOY OF THE COUNTRY. Detail of Payments, by Loans, pkom 1835 to 1896, Inclusive— Continued. LOAF or FBBEUAET, 1861. Year. Account of preminm. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1880 $33,047.47 92, 392. 06 $33,047.47 92,392.06 1881 ''^ Totals 125,439.53 125,439.53 OEEGON WAE DEBT. 1867 $5,058.75 7, 287. 65 2, 394. 02 $5,058.76 7,287.65 2,394.02 1880 . 1881 Totals 14,740.42 14,740.42 LOAN OF JULY AND AUGUST, 1861. 1880 $765, 270. 45 1, 099, 690. 70 $765, 270. 45 1, 099, 690. 70 1881 Totals 1,864,061.15 1,864,961.15 FIVE-TWENTIES OF 1862. 1871 a$2, 774, 271. 22 1, 872, 681. 34 1, 945, 129. 34 193, 935. 39 a$2, 774, 271.22 1,872,681.34 1,945,129.34 193,935.39 1872 1873 1874 Totals a6, 786, 017. 29 a 6, 786, 017. 29 COMPOUND-INTEEEST NOTES. 6$168,743.18 13, 412. 84 99, 150. 00 i$163,743.18 13,412.84 99, 150. 00 1868 ... Totals 281, 306. 02 281, 306. 02 LOAN OF 1863. $322, 842. 35 425,707.45 $322,842.3.1 426,707.45 1881 • --... . Totals 748,549.80 748,549.80 FIVE-TWENTIES OF MAECH, 1864 1871 . ..._ c $147, 627. 35 20,377.78 13,356.40 46.86 C$147, 627. 35 26,377.78 13,356.40 46,86 1872 c 187, 408. 39 c 187, 408. 39 a$763, 309. 11 and $1,516,198.59 paid out of appropriations and repayments on account of the sialting and special fands, as carried to the several loans. 6 The total payment here was $170,120.68, but report 20385 gave S525 as commission, and in report 157686 the vouchers showed $851.25 to be likewise. $1.25 covered in by warrant No. 619 of December 31, 1866, as premium received, be'ng really an excess of preminm paid to and refunded by Winslow, Lanier & Co., is also deducted, being treated as it shouM have been, as a repayment to the above account. See total of appropriations, by loans, p. 138. c$27,480.35and$116,951paidout of appropriations and repayments on acooiint of the sinking and spei^ial funds as caoried to the several loans. HISTORY OF THE CURRENCY OF THE COUNTRY. 145 Detail op Payments, by Loans, from 1835 to 1896, Inclusive— Continued. rrVE-TWENTIES OF JUNE, 1864,. Year. Account of premium. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total, 1871 a$3,138,283.18 933 294 79 a$3,138,283.18 Q33 2')4 79 1872 ... 1873 1, 018, 863. 97 253, 076. 35 1, 018, 863. 97 1874 a 5. 343, 518. 29 5,343,518.29 SEVEN-THIRTIES OE 1864 AND 1865. 1866 6 $54, 954. 64 67,479,943.16 6, 509, 738. 65 3, 628, 462. 84 c 207. GO I $54, 954. 64 67,479,943.16 6, 509, 738. 65 3, 628, 462. 84 1867 . .. . . 1868 1869 1 '" Totals 617,673, 306. 29 617,673,306.29 EIVE-TWEXTIES OF 1865. 1871 d $2,557,430. 17 969, 552. 17 432, 400. 99 143,282.13 d $2,557,430. 17 969, 552. 17 432 400 99 1872 . 1873 143, 282. 13 Totals d 4, 102, 665. 46 d4,102,605.46 CONSOLS OF 1865. C$8,785,499.97 2, 807, 337. 67 2,476,232.07 420, 590. 24 r!$8, 785, 499.97 2, 807, 337. 67 2, 476, 232. 07 1872 1874 420, 590. 24 Totals .. 614,489,659.95 614,489,659.95 CONSOLS OF 1867. /$5,647,422. 22 1, 27.1, 932. 62 705, 696. 30 505, 850. 13 - /$5,647,422.22 1, 273, 932. 62 705, 696. 30 505 850 13 1872 1873 1874 Totals /8, 132,901.27 /8, 132, 901. 27 a$703,979.13 and $1,775,558.81 paid out of appropriations and repayments on account of the sinking and special funds, as carried to the several loans. fiSeot^ble for $3,521.87 and $4,927.43 commission paid, p. 154: also, note to detail of appropriations, by loans, p. 136. c Per warrant No. 397 of March 29, 1867, report 21850, this amount was paid out of "Expenses of the national loan." By warrant No. 310 of May 23, 1867, it was here credited as a repayment. Per warrant No. 188 of November 2, 1869, report 24272, it was cliarged back, etc., as above. See detail of appropriations, by loans, p. 136. d $534,002.77 and $1,250,178.54 paid out of appropriations and repayments on account of the sinking and special funds, as carried to the several loans. e $1,6:11,881.17 and $5,367,359.35 paid out of appropriations and repayments on account of the sinking and special funds, as carried to the several loans. /$1, 613,134.83 and $2,931,842.43 paid out of appropriations said, repayments on account of the sinking and special Cuiida, ae carried to the several loans. 5018- -10 146 HISTORY OF THE CURRENCY OF THE COUNTRY. Detail of Payments, by Loans, from 1835 to 1896, Inclusive— Continued. CONSOLS OF 1868. Toar. Account of premium. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduction for interest. Total. 1871 a $478, 414. 25 20,957.46 99, 034. 86 117, 955. 49 a $478, 414. 25 20, 957. 46 99,034.86 117, 955. 49 1872 1873 .... 1874 Totals a716,362.06 a716,362.06 FIVE PEE CENT. LOAN OF 1881, 1880 $278, 739. 61 703, 639. 18 $278, 739. 61 1881 ... 703, 639. 18 Totals 982, 378. 79 982, 378. 79 FOUE-AND-ONE-HALP PER CENT. LOAN OF 1891. 1888 $2,135,214.04 6, 365, 604. 87 1, 427, 300. 87 70, 081. 62 $2, 135, 214. 04 1889 6, 365, 604. 87 1890 1, 427, 300. 87 1891 70, 081. 62 Totals 9, 998, 201. 40 9,998,201.40 FOUR PER CENT. LOAN OF 1907. 1881 $125,658.26 6,135,628.42 10, 926, 757. 78 18, 876, 923. 19 10, 331, 138. 99 $125, 658. 26 6, 136, 628. 42 10,926,757.78 18, 876, 923. 19 10,331,138.99 1888 1889 1890 1891 Totals 46, 396, 006. 64 46,396,006.64 a$103.234.45 anil $366,021.59 paid out of appropriations and repayments on account of tlie sinking and special funds, carried to the several loans. HISTORY OF THE CURRENCY OP THE COUNTRY. 147 Total of Payments, by Loans, from 1835 to 1896, Inclusive. Loan. Acconnt of premium. Account of premium and commission. Account of premium and interest. Account of premium less interest. Account of premium and interest less deduc- tion, etc. Total $3, 268. 93 702, 234. 89 6, 305. 68 c 211, 780. 67 A 3, 067, 536.99 n, 198, 802. 36 113, 300. 00 125,439.53 14,740.42 1, 864, 961. 15 6 786 017 29 $3, 268. 93 c727 864.96 Loan of 1842 - . $5,169.50 16, 026. 37 a $20, 307. 72 b $152. 84 d$17,837.67 d40 169 72 /14, 071. 92 )■ 94, 576. 48 28, 280. 78 r 4, 234. 26 g 225, 852. 49 it 3, 463, 432. 63 J 1,253, 134. 54 J- 117, 534. 26 125, 439. 53 r.oan of 1847 297, 140. 62 m 18, 381. 62 14,178.54 n 6, 410. 61 Loan of 1848 p 1, 259. 17 14, 740. 42 1, 864, 961. 15 Loan of July and August, 1861... Five-Twenties of 1862 «6 786 017 29 281, 306. 02 748, 649. 80 187,408.39 5, 343, 618. 29 17, 073, 306. 29 4, 102, 665. 46 14 489 659 96 1 281, 306. 02 Loan of 1863 748, 549 80 u 187, 408. 39 2)5,343,618.29 Five-Twenties of Jnne 1864 RfivMi-Thirties of 18G4 and 1865 ! 17 673 306 29 Five-Twentiea of 1865 w4, 102, 665.46 114,489,659.95 J/ 8, 132, 901. 27 2 716 362.06 8,132,901.27 716, 362. 06 982, 378. 79 9,998,201.40 46,396,006.64 Consols of 1868 982, 378. 79 Four-and-one-half per cent, loan of 1891 9,998,201.40 46 396, 006. 64 Four per cent, loan of 1907 Totals *123,146,652.17 1 336, 718.11 I 28, 426. 82 §161,471.16 H 1, 412. 01 '123, 674, 680. 27 a Interest added, $66. 47 ; deducted, $339.10 ; net deducted, $272.63. 6 Interest added, $27.84; deducted, $30; net deducted, $2.16. c Interest added, $94. 31 ; deducted, $369.10 ; net deducted, $274.79. d Interest added, $17,333.91. Of this amount, $17,332.67 was paid per reports 108419 aud 108424, and $1.24 per report 116042, as premium. A discount of $1,725 on the purchase of this loan in 1849, was improperly deducted from the sum of prcniinm paid on the Loans of 1842 and 1848, and commission on the three loans; report 10U44D. In those tables the actual transactions are given. $1,000 commission, per reports 90619 and 90698, is included by Bayley as premium. e Interest added, $48.94, of which $44.93 was allowed on funds used by agents in making purchases. /Interest added, $22.85; deducted, $489,93; net deducted, $467.08. fir Interest added, $71.79; deducted, $489.93; net deducted, $418.14. Of the amount added, $44.93 was allowed, per report 110532, on funds used by agents in making purchases; and $4.01, per report 110651, was interest paid as premium. A Interest added, $203.35; being amount allowed on funds used by agents in making purchases. See detail of appropriations, by loans, p. 133. i Interest added, $227.76; being amount allowed on funds used by agents in making purchases. See detail of appropriations, by loans, p. 133. ' j Interest added, $29.56; deducted, $560.08; net di-ducfed, $530.52. k Interest added, $460.66 ; deducted, $560.08 ; not deducted, $99.42. Of the amount added, $431.10 was allowed on funds used by agents in making purchases. I Interest added, $59.53, of which $58.68 was allowed on funds used by agents in making purchases, and $0.85 was paid as premium. See detail of appropriations, by loans, p. 134. m Interest deducted, $2,899.63; beiilg on "coupons short." 71 Interest added, $3.64; being amount allowed on funds used by agents in making purchases. Interest added, $34.86; deducted, $455.58; net deducted, $420.72. p Interest added, $24.86; deducted, $25.69; net deducted, $0.83. q Interest added, $122.89; deducted, $3,380.90; net deducted, $3,258.01. Of the amount added, $62.32 was allowed on funds ustd by agents in making purchases. r Interest deducted, $325.74. s See table below — Total. t Per reports 20385 and 157686, $1,376.25 was paid as commission out of the appropriation for premium in 1867. $1.25, covered in by warrant 'No. 619 of December 31, 1866, as premium received, was really an excess of premium paid and refunded, and is here deducted. In the foregoing tables are included the amounts as follows, paid out of the appropriations and repayments on account of the sinking and special funds, as carried to the accounts of the several loans, viz : Sinking fund. Special fund. Total. $763, 309. 11 27, 480. 35 703,979.13 534, 002. 77 1,631,881.17 1, 613, 134. 83 103, 234. 45 $1, 516, 198. 69 116, 961. 00 1,775,558.81 1, 250, 178. 54 6, 367, 359. 35 2, 931, 842. 43 366, 021. 59 *$2,279,507.7O M 144, 431. 35 V 2, 479, 537. 94 101,784,181.31 a; 6, 999, 240. 52 y4, 644, 977. 26 z469, 256. 04 5,377,02L81 13, 324, 110. 31 18,701,132.12 148 HISTORY OF THE CURRENCY OP THE COUNTRY. [Continuation of footnotes from page 147.] BALANCE. Sinking fund. Special fund. Total. Payments above brougbt down Amounts carried to surplus fund '. Premium on sale of gold coin covered in as Miscellaneous revenue Total appropriations and repayments $5, 377, 021. 81 4, 969, 420. 35 4.82 $13, 824, 110. 31 12,401,608.30 31.31 $18, 701, 132. 12 17, 371, 028. 65 36.13 10, 346, 446. 9 25, 725, 749. 92 36, 072, 196. 90 * Interest added, $311.82, of which $306.96 was allowed on funds used by agents in malsing purchases, and $4.86 interest paid as premium. t Interest deducted, $2,899.63 ; being on " coupons short." X Interest added, $17,565.30, of which $231.39 was allowed on funds used by agents in mating purchases, and $17,333.91 was interest paid as premium. See note to Loan of 1843, p. 147. 5 Interest added, $153.74; deducted, $2,17D.43i net deducted, $2,016.69. If Interest added, $52.70; deducted, $55.69; net deducted, $2.99. ' Interest added, $18,083.56; deducted, $5,125.75: net added, $12,957.81. Of the amount added, $538.35 was allowed on funds used by agents in mal£ing purchases, and $17,338.77 was interest paid outright as premium. Note. — For premium paid on loans prior to 1835, as far as ascertaiuable, see p. 155. Detail of Payments, by Years, fkom 1835 to 1896, Inclusive. Year. Loan of 1841. Act of July 21. 1841. Loan of 1842. Act of Apr. 15, 1842. Loanofl843. Act of Mar. 3, 1843. Loan of 1846. Act of July 22, 1846. Loan of 1847. Act of Jan. 28, 1847. Loan of 1848. Act of Mar. 31, 1848. Texan indemnity atocli. Act of Sept. 9, 1850. Loan of February, 1861. Act of Feb. 8, 1861. 1845 t. 4 J per cent $3, 268. 93 ll.S2fer cent. IMper cent. $13, 962. 60 4.2S per cent. 17. IS per cent. 16.08 per cent. 7.6 per cent. 2.16 per cent. 1849 a $5, 169. 50 $59, 965. 69 69, 175. 38 167, 999. 55 d 326, 178. 35 M,653,55L67 n 581, 639. 15 9-163,381.08 V 159, 949. 76 281, 592. 00 a$18,38L62 1851 1852 2, 063. 87 b 24, 138. 35 1853 2.^044.06 / 443, 198. 84 i 99, 002. 92 J) 42, 441. 75 « 51, 580.80 61, 427. 08 c $4, 522. 61 y 167, 947. 43 m 28, 967. 41 g 24, 130. 26 284. 78 6 38,275.66 1 656, 797. 15 138, 672. 91 «127,580.90 w 143, 682.30 229, 744. 00 1854 3 $66, 180. 60 23, 760. 00 827.838. 91 a; 8, 074. 75 1, 680, 00 1855 i5.00 1856 1857 1858 1866 1867 1868 1869 1870 1871 1872 1873 1874 1880 $33,047.47 92, 392. 06 1881 1888 1889 1890 1891 Totals . 3, 268. 93 1/ 727, 864. 95 40,169.72 1 225, 852. 49 2 3,463,432.63 31,253,134.51 « 117, 534, 26 125,439.53 t The rate of premium given in each instance is the average rate. a See table on p. 138. 6 Interest added, $17,332.67. See notes j to detail of pay- ments, by loans, p, 142, and c and d to total of payments, hy years, p. 150. c Interest added, $44.93 ; being allowed on funds used by agents in making purchases. See note to detail of payments, by loans, p. 142. d Interest added, $431.10; same as preceding note. e Interest added, $62.32; same as note c. / Interest added, $87.03; deducted, $173.20; net deducted, $86.17. ^ Interest added, $11.57; deducted, $335.31; net deducted, $323.74. Mnterest added, $9.19; deducted, $234,70; net deducted, $225.61. i Interest added, $58,08; deducted, $229.89; net deducted, $171.81. _;' Interest deducted, $19.40. *Intere8tadded,$7. 28; deducted, $53. 61 ;n6tdeducted,$46. 33. I Interest added, $1.24; report 116042. minterest added, $15.29; deducted, $111.88; net deducted, $06,59. n Interest added, $20,37; deducted, $200.22 ; net deducted. $179.86. Interest added, $2.49; deducted, $18.58: net deducted, $16.09. p Interest deducted, $69.13. q Interest deducted, $42.74. r Interest deducted, $74.92. 5 Interest deducted, $211.10. t Interest deducted, $1.09. u Interest deducted, $73.16, V Interest deducted, $50,24. w Interest deducted, $21,70. X Interest deducted, $305,25, V Interest added, $94,31; deducted, $369.10; net deducted, $274.79. See table on p. 142. z Interest added, $17,333.91. See table on p. 142. 1 Interest added, $71.79 (of which $44.93 was allowed on funds used by agents in making purchases) ; deducted, $489.93 ; net deducted, $418,14. 2 Interest added, $460,66 (of which $431,10 was allowed on funds usedbyagontsinmakingpurchases) ; deducted, $560.08 ; net deducted, $99,42. ' Interest added, $122.89 (of which $62.32 was allowed on funds used by agents in making purchases); deducted, $3,380.90; net deducted, $3,258.01. See table on p. 142. ' Interest deducted, $325.74. HISTORY OF THE CURRENCY OF THE COUNTRY. 149 Dbtaii, OB Payments , BY Years , FROM 1835 TO 1896, Inclusive — Continued. Year. Orngon war debt. Act of Mar. 2, 1861. Loan of July and August, 1861. Acts of July 17 and August 5, 1861. rive-Twen ties of 1862. Acts of Feb. 26, 1862, etc. Compound- interest notes. Acts of Ifar. 3, 1863 and June30, 1864. IiOanofl863. Acts of Mar. 3, 1863 and June 30, 1864. Five-Twen- Fiv^e-Twen- ties of Marcb, ties of June, 1864. Act of 1864. Act of Mar. 3, 1864. June 30, 1864. Seven-Thir- ties of 1864 and]866. Acts of June 30. 1864 and Mar. 3, 1865. 1845 H.SSperct. 3.SS per cent. 12 .33 per cent.' 1.45 per cent. 3.84percent. 14.03 per cent. 12.37 per cent. 5.07 per cent. 1849 I : 1851 1 1852 1 1853 1 ]«ri4 1 1 1855 1 j 1 1857 1858 1866 l$54 964 64 1867 $5, 058. 75 2$168, 743. 18 13, 412. 84 1 ■7,479,943.16 6, 609, 738. 66 3,628,462.84 1868 1 1 1869 1870 1 99,150.00 1871 ^$2,774.271. 22 1, 872, 081. 34 1, 945, 129. 34 193, 935. 39 •$147,627.35 5$3,138,283.18 26,377.78 933,294.79 13 356 40 , 1 018 863 97 1R72 1873 - . 1874 46.86 253,076.35 1880 7,287.65 2, 394. 02 $705,270.46 1, 099, 690. 70 $322, 842. 35 425, 707. 45 1881 1888 1889 1890 1891 j ! :: Totals . 14, 740. 42 1 1, 864, 961. 16 36,786,017.20 1 2 281,306.02 | 748,649.8(1 | •'187,408.39 j' 5,343,518. 29 '17,673,306.29 Year. rive-Twenties 011865. Acts of Mar. 3, 1865 and Apr. 12, 1866. Consols of 1865. Acts of Mar. 3, 1865 and Apr. 12, 1866. Consols of 1867. Acts of Mar. 3, 1865 and Apr. 12, 1866. Consols of 186S. Acts of Mar. 3, Isi;:, and Apr. 12 1806. Five per cent, loan of 1881. Acts of July 14, 1870, Jan. 20, 1871, etc. Four-and-one- balf percent, loan of 1891. Acts of July 14, 1870, Jan. 20, 1871, etc. Four per cent, loan of 1907. Acts of July 14, 1870, Jan. 20, 1871, etc. 1845 13,19 per cent. 12.27 per cent. 12.40 percent. 1^.78 2'cr cent. 2.77 per cent. 5.70 per cent. 8. 37 per cent. 1849 1851 . . 1852 1853 1854 1855 1 1856 A _._ 1 1857 1 1858 1 1866 1807 1868 1869 ■ 1871 c $2, 557, 430. 17 969, 552. 17 432, 400. 99 143, 282. 13 ' $8, 786, 499. 97 2, 807, 337. 67 2,476,232.07 420, 690. 24 8 $5, 047, 422. 22 1,27.1,932.62 705, 696. 30 505, 850. 13 = $478,414.25 20,967.46 99, 034. 86 117,956.49 \ 1872 1873 1 1 1874 1 1880 $278, 739. 61 703, 639. 18 1 1881 $126, 558. 20 6, 135, 628. 42 10,926,757.78 18, 876, 923. 19 10, 331, 138. 99 1888 $2, 135, 214. 04 6, 365, 604. 87 1, 427, 300. 87 70, 081. 62 1889 1890 1891 Totals ■■ '4, 102,665.46 '14,489,659.95 ' 8, 132, 901. 27 '716,362.06 S82, 378. 79 9, 998, 201. 40 46, 396, 006. 64 t Tho rate of premium given in eacli instance is the average rate. 1 For$3,521.87and$4,927.43 commission paid outof appropri- ation forpayingpremium, see table of commission paid. p. 154. 2 There is deducted here $525, given in report 20385 as com- mission, and $851.25 shown by vouchers in report 157686 to be likewise ; also $1.25 incorrectly covered in hy warrant No. 61 9 of December 31, 1866, as premium received', being really an excess of payment refunded by Winslow, Lanier & Co. 5 $763,309.11 and $1,516,198.59 paid out of appropriations and repayments on account of the sinking ajid special funds, as carried to the sereral loans. ■* $27,480.35 and $116,951 paid out of appropriations and repayments on account of tne sinking and special funds, as carried to the several loans. s $703,979.13 and $1,775,558. 81 paid out of appropriations and repayments on acconnt of the sinking and special funds, as carried to the several loans. ^$534,002.77and$l,250,178.54paidout of appropriations and repayments on account of the sinking and special funds, as carried to the several loans. '$1,631,881.17 and $5,367,359.35 paid out of appropriations and repayments on account of the sinking and special funds, as carried to the several loans. 8 $1,613,134.83 and $2,931,842.43 paid out of appropriations and repayments on account of the sinking and special funds, as carried to tbe several loans. ^ $103,23-4.45 and $366,021.59 paid out of appropriations and repayments on account of tbe sinking and special funds, as carried to the several loans. 150 HISTORY OF THE CURRENCY OF THE COUNTRY. Total of Payments, by Years, from 1835 to 1896, Inclusive. Year. Account of premium. Account of premium and -commission. Account of premium and interest. Account of premium Jess interest. Acccflintof premium and interest less deduction for interest. Total. 8.14 average per cent. 1845 $3,268.93 $l.^, 962. 60 a 83, 516.81 69,175.38 170, 063. 42 $17, 231. 43 83,516.81 1849 1851 69, 175. 38 170, 063. 42 1852 1853 6 389, 737. 21 « 2, 777, 253. 83 841, 586. 25 362, 653. 38 354, 286. 74 574, 443. 08 n 64, 954. 64 7,653,745.09 6, 523, 151. 49 3,628,462.84 99, 357. 00 p23,528.948.36 7, 904, 133. 83 6, 690, 713. 93 1, 634, 736. 59 1, 407, 187. 53 2,449,381.67 8, 270, 842. 46 17, 292, 362. 65 20, 304, 224. 06 10, 401, 220. 61 c $28, 421. 82 iJ 418, 159. 03 h 2. 877, 675. 69 1854 /$99, 009. 85 3 30, 456. 14 I 22, 719. 52 m9,286.65 ff $1,412. 01 1855 iS. 00 k 872, 047. 39 1856 1 385, 372. 90 1857 m 363, 572. 39 1858. 574 443 08 186C n 54, 954. 64 1867 7, 653, 745, 09 1868 6,523, 151.49 1869 3, 628, 462. 84 1870 99, 357. 00 1871 J) 23, 528, 948. 36 7, 904, 133. 83 1872 1873 6, 690, 713. 93 1874 1,634,736.59 1880 1, 407, 187. 53 1881 2, 449, 381. 67 188S 8, 270, 842. 46 1889 17, 292, 362. 65 1890 20, 304, 224. 00 1891 10, 401, 220. 61 2)gl23,U6, 652.17 a 336, 718. 11 J- 28, 426. 82 8161,471.16 g 1, 412. 01 p« 123,674,680.27 ainterest deducted, Loan of 1848, $2,899.03 ; being on " couiions short." & Interest added, Loans of 1846, 1847, and 1848, $306.96; being amount allowed on funds used by agents in making purchases. c Interest added. Loans of 1843, 1847, and 1848, $17,564.06, of which $231.39 was amoxint allowed on funds used by agents in making purchases. Loans of 1847 and 1848. As to the balance of $17,332.67, see next note below. d Interest added. Loans of 1843, 1846, 1847, and 1848, $17,871.02, of which $538.35 was amount allowed on funds used by agents in making purchases. See preceding note. e Interest added. Loans of 1846 and 1848. $4.86, paid as premium. /Interest added. Loans of 1842, 1846, 1847, and 1848, $108.31; deducted. Loans of 1842, 1846, 1847, 1848, and Texan indemnity stock, $936.81; net deducted, $828.50. o Interest added. Loans of 1842 and 1848, $52.70; deducted, $55.69; net deducted, $2.99. Ainterest added, Loans of 1842, 1846, 1847, and 1848, $165.87; deducted. Loans of 1842,1846, 1847,1848, and Texan indemnity stock, $992.50 ; net deducted, $826.63. i Interest added, Loan of 1843, $1.24, paid as premium. j Interest added. Loans of 1842, 1846, 1847, and 1848, $45.43 ; deducted, $384.29 ; net deducted, $338.86. * Interest added. Loans of 1812, 1843, 1846, 1847, and 1848, $46.67; deducted, Loans of 1842, 1846, 1847, and 1848, $384.29; net deducted, $337.62. ! Interest deducted. Loans of 1842, 1846, 1847, 1848, and Texan indemnity stock, $398.98. Tti Interest deducted. Loans of 1842, 1847, 1848, and Texan indemnity stock, $450.35. n See table for $3,521.87 commission paid. Seven. Thirties of 1864 and 1865, p. 154. See table for $1,376.25 and $4,927.43 commission paid, Compound-interest notes, and Seven-Thirties of 1864 and 1865 ; total, $6,303.68, p. 154. j> Includes the following payments out of appropriations and repayments on account of the sinking and special funds, as carried to the several loans; $5,377,021.81 and $13,324,110.31; total, $18,701,132.12. For payments by loans, see tables detailing the same, pp. 144, 145, 146. q Interest added, $311.82, of which $306.96 was amount allowed on funds used by agents in making purchases, , 8117. 64 ] l.'i 421,018.02 8. 06 8 i;!l,'. 700 66 $0.02 1872 6.00 1 101 996 oOt n 37J i.'.n 19 1873 1. 104, 840. 00 1, 103, 365. 00 1. 105, 509. 00 1, 105, 660. 00 1, 105, 800. 00 1,105,932.00 1, 073, 413. 31 1,174,217.20 850, 228. 88 15, 150 liO 570. 00 1,860.00 11, 378, 294. 59 11,333,082.00 11, 375, 641. 50 11,349,871.50 11,320,611.00 11,386,360.00 11,177.219.50 11,826,101.29 9,245,081.45 17,001,527.65 2 330, 889. 81 8 23,989.23 * 6, 937.20 n, 937. 11 6 1, 032. 99 '8,710.47 » 1,816. 17 '403.02 "14,488.25 "366.80 12 2,465.24 "278.36 394. 50 1153.00 1874 1875 1876 6.00 7.50 1,005,710.118 24, 822. 1)9 1879 10 5ll '"il.87 5,971.79 1,831.38 4,813 20 1881 44,282 11 24, 189. ut 33U. no 4.8. 00 060. 00 78.00 06. 00 1014,730.00 39.00 33.22 1883 12.98 3, 265. 22 796. 36 4, 7.i2. ."lo 1884 72.no' .- 1886 3.05 3.85 16, 24.'). 04 1887 60.00 4, 404. 00 5.-) 4 OG 1888 1, 255. 00 i'i2, 418 87 808. 28 352. 95 1890 1891 142. 77 396. 95 1893 90.00 7.71 "'i4."oi 5, 551. 07 1, 835. 05 62.50 275. 36 60 00 1894 1805 1396 12.00 Tutals 1.00L',0:!2 42:11,956,985.39 ""'130,537,874.65 035, 374. 32 2, 848. 08 204. 75 93, 11.8.-,. 980. 53 484, 098. 06 1,049,061.91 60.02 Ajjgrogatf 1,002,032.42,11, 956, 985. 39 " 130,537.674.65 1 1 035, 374. 32 2, 848. 08 204. 75 93, 085, 980. 53 484, 098. 06 1,049,061.91 60.02 , 708, 530. 55 continued at 3| per cent. ; 2 322, 0U6. 31 continued at 3| per cent. ; 3 8, 372. 73 continued at 3i per cent. " 1, 251. 20 continued at 'i^ per cent. ^1, 617. 61 continued at 3| per cent. ^ 458. 49 continued at 3i per cent. ^11. 47 continued at 3i per cent. 8379. 17 continued at 3| per cent. no separate appropriation, no separate appropriation. ^ $241. 02 continued at 3J per cent. ^•t 8. 75 continued at 3^ per cent. " 215. 80 continued at 3| per cent. '2 24. 74 continued at 3| per cent. 1S275.36 continued at 3| per cent. '■*35. 00 continued at 3| per cent. « 3, 103, 428. 20 continued at 3| per cent. 16 Excess of repayment. 164 HISTORY OF THE CURRENCY OF THE COUNTRY. a o O I S a) >« _ 43 OWrH roc; ca 'a ■ aseocooofoojcoooiOT-i ■ 0)03t-como;cocot>o '■WUSiHWCJT-lr-lOOO > o o ■ o o . 00 I o'er c ■ IM (M C 00000000 00000000 00000000 ir-ooM-^eotHCOiMi-i < «r !z; o H o <1 o g -P O CO -u „- Oh S " ® to o a CD O^ -W " of °"- SfiSl-g CO o2 CO H 3 . eSS CO CO o o ncoeisocicocqeoooco .-iccoot--^Or^-^o-^ ■ O CD IffrjTr-T ■ o ira CO 0OU5 CO ' CI iH 1-1 -2cceDO(M(NCOif5CacO • "^Tfinoiocaojoooin 'COoe-T*toow-*oo ■ CO 03 7^" -^i 00' t-^o Ift i-i" ■ COlOCCJO-rJI'-ICOCO-Tfl'* ' ■> t- c- t- 1- to t- 03 m 'OosasoiojOJOiOJOsco iinoocacot-ocOiH-^.-i • co^mint-cocot-wo — -McnO(M HCSeDOiOliTitOCOWCT iiftooooomooci ■ ■^icinoinmooiow ■ irii-Hcooffi-^^-Ti'iftoJ ■(TOOlTjit— COOr—tDCD-* Osc*coo:o I CO tJth t-Too odtD -^a' ■ ooiooojiooooroo ■ in-riiiO'ififsm-iiji'raicoc- -OOOlO^HC'ICO'^lOtDr^'OOOlOr^C^CO'+intOC-COOi OCOCOODOOCOMOOnOOOCOOO t»coooooooooooooQOcocooooo'yja HISTORY OF THE CUKREiSCV OF THE COUNTEY. 165 M o: CO o ^ (M t— 00 O .-1 1^ c: o; T I a lo O-^QCO0)(DC0i-(000i0Ct-'-C OCim \a — <3i (s TZ in t~ -ococD.-i«5«D(D(n'r>(or~(No»n coco-*T-lO>ooocD^ -Cooo>o^co~— '^ OOCOi->OOu, -T •* X cao'coodcJ" "^ cd" ho ^(Mo^'+iocoi— ccojo.— c-in-^inco OOOOCOCOOOOOOOCCX C: C. ^. C: O) a> Oi oooococ£oooooocoao xooooccooouoo +i +i +i +; 43 ft P, e:, p. =1. P- ;: COCOcQCCcoCOcorS rtc3c3ns«3(3rt ooocosoo o ;.- ^ c cj a :j « tt)Oi-(l>C3500^rH OiMtjicd.— — iioeo lo c" - CI in CO °o C-l (N lO OO 166 mSTOEY OF THD CUERENCY OF THE COUNTRY. o I > M CO tJ ►J •< Loan of 1904. Acts of July 14, 1870 and Jan. 14, 1875. Loan of July 12, 1882. Act of July 12, 1882. - Refunding certificates. Act Of Feb. 26, 1879. - - - - - :- s is 3 is M iO) 1 is' Four per cent. loan of 1907. Acts of July 14, 1870, Jan. 20, 1871, etc. $3, 067, 681. 20 7,415,763.42 28,619,226.63 29,224,101.76 Four-and-one- half per cent, loan of 1891. Acts of July 14, 1870, Jan. 20, 1871, etc. $2, 647, 034. 89 8, 526, 951. 44 10,795,868.70 11, 543, 031. 47 11,147,188.31 Five per cent. loan of 1881. Aotsof July 14, 1870, Jan. 20, 1871, etc. $7, 613, 981. 18 9, 901, 311. 16 14, 940, 006. 08 17, 173, 565. 89 22,981,318.86 23, 280, 459. 12 27, 273, 623. 48 24,804,865.42 26, 442, 840. 01 23,869,141.41 Certifi- cates of in- debtedness of 1870. Act of July 8, 1870. $13, 360. 00 27, 320. 00 27, 120. 00 27, 020. 00 27, 200. 00 13, 580. 00 O • I O 1 • CD ■ I Three per cent, certifi- cates. Acta ofMar.2, 1867 and July 25, 1868. $1, 484, 017. 29 944, 480. 26 298, 288. 40 2, 697. 94 Consols of 1868. Acts of Mar. 3, 1805 and April 12, 1866. $2, 533, 935. 08 2,364,494.77 2, 360, 825. 62 2,255,562.04 2, 254, 701. 00 2, 236, 203. 23 2, 231, 061. 00 2, 269, 288. 33 2, 353, 029. 46 1, 068, 235. 01 13,676.73 Consols of 1867. Acts of Mar. 3, 1865 and April 12, 1866. ' $22, 455, 004. 66 19, 675, 292. 66 19,241,619.46 18, 692, 940. 02 18, 736, 828. 75 18,564,499.50 18, 538, 440. 20 18,702,253.61 22, 942, 398. 42 2,395,465.00 40, 998. 73 1 c T-1 oc i 1- 3 I Cf 1 oc i-a 1 1 If a 5 cc 00 o 0( oc C'' oc a. CC 0( a a tH a H 5 00 OC a IT cc 1 l-tl- 1 1 I-l oc g oc oc cc a i HISTORY OF THE CURHENCY OF THE COUNTRY. 167 1 vo m o> I w- ^ - CO ^ ■■^OCQrOC-liMOi'X)t>r-lCO t- ' 74"co o'l-Tio'c-'co ■ lO 00 O t- t> .-I ■ CO to (M to C- rH ' :o 00 wo N 5 lO 0> O 05 71 l~ I— ■ -P O-l CO -h r^ CI "■rioffloot-ot-toc-iiMmotD p-'jac^iHocOJiMt-^o-TumcoioaoTtH ooiioMmo5t-t-coiooorot--#to to -^ CO oi *■ ■■ ■ — — ---- ■ — H'^i'OlOtDiHOOt— ':t<-*IOlOCO-rH-^(NMO-*-Tf-^CO'* o— io)05'*iocoMcoo-*r— o«ot- tO;0^'TJ(D:D-*-ftOO-t<00)t--tO -rH-^McOOCOOSOOCsltOO^-diM-^ (N(NO010J-*-t<0)OO00(MCl!0i- cocoai-t<-^OJ(Mmuo(MOC^i— 1^1- iMMr-ltM(MiH00-#iratOi-HniOiOU ■*OOCOO.HCO-tOOtDO-*COCOfO W^01000COCTt-i-HCO<»QO-^03 <=>OimtOcOtD0300!(M»s> CQ -rfi -H 22 -trc»(o"^co M * "* i-Ti-H " 3 QOOOJOOOOOCClTUr QOooiofoeocoooto t:2oo)Oc +J 3 =: n = d !H ■-J i> « X :j © ^ ;j :j ^ -Jr o Fi ^ ;id ^ L. ;h CJ o n 00 -o 0> CO <^ ^' o to co'co'c^f CO r^ -th" t- O — O O o CO >o "fi m >o -^ aaaflda=;q P P 1-1 u 12; o 15 O h O in c 3 Q0:D 3 t-CO -I lO CO Oi-IOi-ICll^aOr cooomcoc oi oc D- >o lo m ir - I- O L- ;=: [~ L-l : ~ ^ -ai CI Ci Oi O . '^ I— to C- oo— ( COCOCOCOfOCOCOCQCQCOCOinC^lCOCOCOCC 000000 = 0000=1=1000:^1 = OOlf3^'*0300t>-rC0000 10'-0 riOO t~O0O>OSCO-^00i— iWCOOO-OC10L~-tOO OiHOD-OOOOOOOO- O O W 01 oi CO -^ -^ -H o a, >r: -J co(MmQO-*o>«iT-(i:-ciCi:ri ; ira-*COCO'-nN(MOMtO'J"CO CO ro CO CO CO CO CO CO T>i CO ^; DO ow ^ -- .-.■ u- CSOCOCOCOVCDCOCDOV X> ;2 -t^t>t-OCOt~-t-OC -oimotoorT'-'co- Hi-imcioo-^irai-ioii CO (M W coo CO 1 in lo in ic3 m ■* 13 in in in in tn tn (MtO^COOOWMOSt- ;DiniO(cco'Ominr ininin'— 'oiinusin-^ in o O -J" CO c^ B <1 o-^wco-tfineot-oooiOi-HWco-rHineo OOOOOOOOQOQOC»COOOa30>oesCiOC3i03 ooooaoooQOOOoooooooocoocooaoooooco ct H 13 -,0 woo 1— < 3; 03 „ Oj o .2 S^ H © © ^^ CO CO CJCOo (M O ', CO CO CO CO ^ f^ CO CO CO oo' CO re — ' CO r H c3!SeScS=3c3-Sei'Sc3cS'^"S': i fl p C P .5 .5 , c _a _= C _H H .3 ;o oS S5 5 S t- =-5 b 3 o iboooin^^r-imowon ■ * ^-^"^ 170 HISTORY OF THE CURRENCY OF THE COUNTRY. Advaitces on Account of Loans Continued at 31 Per Cent. 1883. NO SEPARATE APPEOPBIATIONS.— AS CONTAINEB ON PP. 163, 165, 167. Loan of July and Anguat, 1861. Acts of July 17 and Aug. 5, 1861. Loan of 1863. Acts of Mar. 3, 1863 and June 30, 1864. Five per cent. loan of 1881. Acts of July 14,1870, Jan. 20, ]87], etc. Total. $2, 899, 345. 66 130, 815. 11 $856, 957. 06 $10, 062, 039. 62 $13, 818, 342. 34 130, 816. 11 Net 2, 768, 630. 55 856, 957. 06 10,062,039.62 13,687 627.23 AS FURNISnED BY THE TREASTJEEB'S OFFICE. $1, 128, 833. 73 1,770,511.93 $25,771.80 831, 185. 26 $2.78 10, 062, 036. 84 $1, 164, 608. 3] 12, 603. 734. b3 TotaLs . 2, 899, 345. 66 856, 957. 06 10, 062, 039. 62 13, 818, 342. 34 1883. NO SEPARATE APPROPRIATIONS.— AS CONTAINED ON PP. 163, 165, 167. Totals $322, 006. 31 $1, 067, 321. 29 $6, 377, 778. 88 68, 257. 63 $7,767,106.48 68, 257. 63 Net 322, 006. 31 1, 067. 321. 29 6,309,621.25 7,698,848.85 AS FURNISHED BY THE TREASURER'S OFFICE. $5, 293. 40 316, 712. 91 $226, 245. 91 841, 075. 38 $644, 403. 16 5, 733, 376. 72 $875,942.47 6,891,161.01 322, 006. 31 1,067,321.29 6, 377, 778. 88 SUMMARV. NO SEPARATE APPROPRIATIONS. Totals, 1882 . Totals, 1883 . Aggregate Deduct repayments, 1882 and 1883 ^ Net, 1882 and 1883. $2, 899. 345. 66 322, 006. 81 3, 221, 361. 97 130,816.11 3, 090, 636. 86 $856, 967. 06 J,067, 321. 29 1, 921, 278. 35 1, 924, 278. 36 $10, 062, 039. 62 6, 377, 778. 88 16, 439, 818. 60 68, 267. 63 16, 371, 660. 87 $13, 818, 342. 34 7, 767, 106. 48 21, 585, 448. 82 199, 072. 74 21, 386. 376. 08 * Repayments (no personal credit) apply to bond.s. *0f these repayments, $67,600.08 (no personal credit) apply to bonds, and $657.65 (personal credit) apply to interest checks. 30f these repayments, $130,816.11 and $67,600.08; total, $198,415.19, (no personal credit) apply to bonds, and $657.65 (personal credit) apply to interest checks. HISTORY OP THE CURRENCY OP THE COUNTRY. 171 Advances on Account op Loans Continued at 3J Per Cent. — ContinnecT. AS FURNISHED BZ THE TEEASUEER'S OFFICE. Te.nr, etc. Loan of Jnly and August, 1861. Acta of July 17 and Aug. 5, 1861. Loan of 1803. Acts of Mar. 3, 1863 and June 30, 1364. Fivo per cent. loan of 1.^.^1. Arts of Julv 14, 1870, Jan. 20, 1871, etc. Total. Tonds, 1882,nii(n8S3 $1,134,127.13 2, 087, 224. 84 $252, 017. 71 1, 672, 260. 64 $644, 405. 94 15,795,412.66 $2, 030, 550. 78 Totals 1882 ajid 1883 3, 221, 351. 97 1, 924, 278. 35 16,439,818.50 21 585 448 8'^ No separate appropriations tor. 1882 2, 768, 530. 55 322, 000. 31 856, 957. 06 1, 007, 321. 29 10, 003, 039. 62 6,309,521.25 13, 687, 527. 23 7, G98, 848. 85 1883 Totals 3, 090, 536. 80 1,924,273.35 16, 371, 560. 87 21,386,376.08 Separ.ate appropriatir ns for; 1884 8,372.73 1,251.20 1,617.61 458. 49 11.47 379. 17 241.02 8.75 215.80 •J4. 74 275. 36 3,394.41 1, 251. 67 32.19 82.18 15.06 8.31 51.80 2.73 5.39 10.72 570, 149. 27 7,037.93 2,570.91 CSS. 60 157. 14 140. 72 381. S3 270. 51 824. 74 .86 184. 19 37.49 1885 1886 4 220 71 1887 1888 1 s:f 67 1889 1890 1891 ■>S1 99 1892 1893 36 32 1894 1895 1896 . . 35.00 35 00 Totals 12,891.34 4, 8.14. 46 .'iSJ, 444. 18 (l3, 103, 41'^. 20 a 1, 929, 132. 81 j a 16, 95i, 005. 05 a See detail of payments, by years, j)'p. 179, 181, 185. 6 1'or complete details from 18G0 to 189G, see detail of payments, by years, p. 186, and table on p. 189. 172 HISTORY OF THE CURRENCY OF THE COUNTRY. Advances on Account of Loan Continukd at 2 Pbu Cent. Tear. Fot-r-and-one- half per cent. loan of 1891. Acts of July 14, 1870, Jan. 20, 1871, etc. Separate appropriations Cor: 18^2 $373, 028. 77 60^, 369. «7 1891 512, 030. 01 1895 ., . 508, 250. 47 1896 507, 087. 00 Total a2, 404, 660.12 a See detail of payments, by years, pp. 185, 186, and table on p. 189^ HISTOKY OF THE CUERENCY OF THE COUNTRY. 173 Detail op Payments, by Years, from 1789 to 1896, Inclusive. Tear. Prior to 1835.^ Segis- tered debt: old.3 Six per cent. stock of 1790. Act of Aufl. 4, 1790. Deferred six per cent, stock of 1790. Act of Aug. 4, 1790. Three per cent, stock of 1790. Act of Aug. 4, 1790. Undeter- mined six and three per cent. stocks of 1790. Tour- and- one-half per cent, stock of 1795. Act of Mar. 3, 1796. Five- and- one-half per cent. stock of 1795. Act of Mar. 3, 1795. ITavy six per cent. stock. Act of June 30, 1798. Eight per cent, loan of 1798. Acts of July 16, 1798 and May 7, 1800. 1780 to 1834' S to Spercevt. $152,239,429.95 i to G per cent. G percent. G per cent. S per cent. 6 andS per cent. 4^ per cent. Hper cent. G per cent. S per cent. $22. 53 2, 455. 58 939. 70 $121. 17 21, 537. 61 540. 50 1.81 .11 233. 15 1,001.29 .07 .28 2, 568. 74 19, 491. 10 2, 041. 12 458. 80 714.57 1,522.17 351.75 286. 09 502. 61 66. R2 37.86 $52. 50 9X82 $116, 012. 74 956. 98 $56. 25 $165. 00 i$305. 19 $70. 00 1^37 IS J9 401.16 15.38 .23 1,781.60 1, 586. 56 .14 .38 5, 070. 53 20,981.24 7, 945. 67 4, 717. 10 1, 270. 69 715.51 1,8J0.49 775. 79 749. 66 1963.35 73.92 6. CO 289. 63 863. 74 4.50 294 00 268. 00 1811 1, 542. 86 IHi'.i (to June 80) 1 i 1844 3, 819. 84 10, 519. 42 6, 607. 15 633. 65 892. 79 270. 48 262. 51 386. U8 460. 86 95 21 47.40 20.51 22.60 642.44 337. 05 30.00 783 33 1S45 1,079.40 657. 89 23.89 881. 22 370. 17 $1, 155. 67 114. 32 76.40 7L72 12.70 29.93 975 27 388. 32 ]848 18'tU 491. 78 357. 67 279. 66 42. 00 99.00 64.00 1852 50. 72 .- -- 1 64 00 ]S5't 105. 00 1 26. 79 1 .... t 164. 94 108. 82 1 1K57 : 1858 1 14. C'.i : ' 1 1 Totals 152,2i9,429.95 4,731.33 50,260.10 52,531.46 143,521.63 1 n,615.30 | 56.23 165.00 1,106.30 2,746.92 I860 to 1866 1 1 . . ' L. 1 1 1 6.31 8J.0S 1868 1 1 1 i 1870 1 1 1 1 1 II 1 1 I 1 1 372 1 1 { 1873 ' 1 ' 1874 1 i 1 1875 1 1 :.. .... 1877 1 1878 1 1 1870 1 J880 ' 1 1 1881 ' 1882 - ■ 1 . 1883 ' ] 884 1 1 1 1 885 ■ ' 188(i i 1 .. ; 154. 08 16.38 11.46 1 204.00 1 ,SH8 1 1 1 SS!I 1 i i 1 Kill) 1 1801 1 1" ■" 1 1 1 ; 1 1893 1 III 1 1894 1 1 1895 i ' 1800 1 I Totals 154. 08 1 16. 69 93.54 204.00 Aggregate. 152,2:9,429.95 4,731.33 50,414.18 52.54;<. 15 143, 615. 17 1, 615. 36 56. 25 166. 00 1, 106. 30 2, 950. 92 * For payments by loans ont of balance from 1834, made in 1835 and 1836, see p. 187. 2 Owing to flie burning of the Treasury building by the British troops on August 24, 1814, and the later conflagration on March 31, 1833, -when a part of the records and a large number of accounts were destroyed, it has been found impossible to determine the payments of interest. ?ji/ ?oa7is, pertaining to the earlier issues prior to 1835. 3 ^ppj-opriatioji for "Certain parts of the domestic debt." ^ Excess of repayment. ^ After exhaustire research, owing to the loss of several books, etc., it was found utterly impracticable to more dctinitely determine these payments. ^ Outstandinji warrants from 1840 and 1845 174 HISTORY OF THE CURRENCY OF THE COUNTRY. Detail of Payments, by Years, prom 1789 to 1896, Inclusive— Continued. Year. Louisiana six per cent, stock. Act of Nov. 10, 1803. Ex- changed six per cent, stock of 1807. Act of Fob. 11, 1807. Con- verted six per cent, stock of 1807. Act of Feb. 11, 1807. Six per cent, loan of 1812. Act of Mar. 14, 1812. Tem- porary Joan of 1812. Act of Mar. 14, 1812. Ex- changed six per cent. stock of 1812. Act of July a, 1812. Sixteen million loan of 1813. Act of Feb. 8. 1813. Seven- and-one- half million loan of 1813. Act of Aus. 2, 1813. Treasury notes of March, 1814. Act of Mar. 4, 1814. Treasury notes .of Decem- ber, 1814. Act of Dec. 26, 1814. 1789 to 1834 6 per cent. 6 per cent. Gper cent. 6 per cent. 6 per cent. e per cent. 6 per cent. G per cent. S| per ct. 5g per ct. 1835 $11. 07 11.07 1.08 183G $93. 75 $1, 774. 18 $46. 08 $43, 857. 71 $3, 008. 11 20,98 1837 1838 1839 1840 163. 86 150. 00 180. 00 162.27 191.93 317.36 300. 00 1841 $112.50 $125.23 $22. 68 1842 (to Dec. 31) 1843 (to June 30).., 1844 12.00 79.60 18.00 127. 50 96.00 658. 68 293. 32 35.00 200. 04 237. 22 156. 77 26.18 16.17 1, 066. 38 1, 827. 12 1, 088. 54 465. 45 90.00 67.90 8.26 570. la 1, 048. 69 686. 56 50.41 405. 00 15.00 1845 $182.82 25.57 98.41 84.89 1846 1847 1848 1849 10.35 6.23 .26 1850 1851 J852 30.00 9.00 90.00 40.60 1853 19.50 7.26 1854 1855 1856 1857 1858 1859 I Totals 379. 60 218. 74 302. 84 3, 280. 08 125. 23 669. 94 48, 905. 55 1 7, 362. 77 23.22 30.24 1860 1861 1862 18G3 1864 1865 1866 1867 18G8 1869 - i .... 1872 :::::::::::::::::: 1874 1876 1878 1880 1882 1884 1886 1888 1890 1892 1894 1895 1 Aggregate... 379. 50 218.74 1 302.84 3, 280. 08 125.23 609.94 48, 905. 56 7, 362. 77 23.22 30.24 HISTORY OF THE CURRENCY OF THE COUNTRY. 175 Detail of Payments, sy Yi .AKS, FROM 1789 TO 1896 , Inclusive — Continued. Year. Ten mil- lion loan of 1814. Act of Mar. 24, 1814. Six rail- lion loan of 1814. Act of Mar. 24, 1814. Undesig- nated loan of 1814. Act of Mar. 24. 1814. Seven per cent, stock of 1815. Act of Feb. 24, 1815. Treasury notes of 1815. Act of Feb. 24, 1815. Treas- ury note stock of 1815. Act of Feb. 24, 1815. Six per cent, loan of 1815. Act of Mar. 3, 1815. Five per cent, loan of 1820. Act of May 15, 1820. Five per cent, loan of 1821. Act of Mar. 3, 1821. Ex- changed five per cent, stock of 1822. Act of April 20, 1822. 6 per cent 6per cent. 6 per cent. 7 per cent. 5| per ct. Gpereent. 6 per cent. 5 per cent. 5 percent. 5 per cent. 1835 $99.30 """i99.'5i' $208,756.71 07, 815. 18 37.50 183li... I8;j7 $14, 9oi. is 126. 98 $6, 987. 72 14.77 $1, 059. 97 $140. 89 $36. 00 $4i, 374. 53 78.75 $6, 522. 65 $730.94 1S38 1839 1840 548. 66 525. 00 147. 11 300.00 3.49 87.50 176. 66 1841 17.01 194.40 1843 (to June 30) . 1844 612. 06 924. 90 338. 05 090. 00 1,068.43 352. 20 146. 06 120. 00 1.53 997. 88 809. 86 4.66 52.64 367. 50 001.94 2, 708. 77 491. 51 45.93 90.00 293. 92 121.50 1, 980. 56 20.46 1845 76.97 7.40 72.30 24.33 24.96 1846 1847 1848 300. 00 66.24 8.76 11.57 18.59 65. 110 122. 77 1849 1850 1851 105.00 63.98 3.91 .97 1852 1853 7.00 1854 1855 1 1 1850 1 1857 \ 1858 1 1359 I Totals 18,371.99 9, 937. 29 1 1, 161. 35 | 2, 036. 93 j 493. 21 333. 65 45, 553. 81 6, 816, 47 278,913.08 1 739.94 1860 1 t 1861 i 1862 1863 j 1864 1 1 1865 1 1 1866 1 1867 1 1868 ::::::::: 1869 ■ 1870 1 1871 1872 1 1 1873 I 1874 i 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 340. 29 1S88 18SU 1890 1 1891 1 1892 1893 1894 1895 1806 ... Totals .... 340. 29 1 Aggregate. 18,371.99 9, 937. 29 1, 161. 35 2, 036. 93 493.21 333. 65 45, 894. 10 6, 816. 47 278, 913. 68 739.94 176 HISTORY OF THE CURRENCY OF THE COUNTRY. Di .TAIL OF Payments, by Years, fro.m 1789 to 1896, Inclusive— Continued. Tear. Four-and. one-half per cent, loan of 1824. Act ofMay 24, 1824. (Florida claima.) Four-and one-half per cent, loan of 1824. Act of May 26 1824. Ex- changed four-and one-half per cent, stock of 1824. Act of May 26, 1824. Ex- changed four-and one-half per cent, stock of 1825. Act of Mar. 3, 1825. Treasury notes of 1837. Act of Oct. 12 1837. Treasury notes of 1838. Act ofMay21 1838. Treasury notes of 1839. Act of Mar. 2 1839. Treasury notes of 1840. Act of Mar. 31 1840. Treasury notes oi 1841. Act of Feb. 16, 1841. Loan of 1841. Act of July 21, 1841, 1789 to 1834.... 4iper cent. 4iper cent. 4iper cent. 4iper cent. Treasur 3/ notes pi- per or to 1846. cent, gene Interest .^ oj 1 to6 •ally. 5§, Si, and 6 per cent. 1835 $11,465.15 43, 545. 22 1836 ?73, 165. 78 *27. 879. 2? $1, 790. 40 1837 1 1838 $14, 667. 30 101 087. 13 $:i39. 18 t 1839 268, 085. 66 $30, 661. 21 11,297. 16.144. 3«1_ 60 1 1840 6,058.91 1, 341. 22 573. 23 177. 35 1,119.00 642. 29 117.15 283. 03 788. 88 294. 51 lOL 39 $14,172.74 185, 437. 16 1841 2, 981. 24 1,021.67 190. 34 1,048.19 571.49 877. 17 271. 47 201. 66 203. 83 13.92 69.59 6.98 1, 647. 43 444.76 !fil . 350. fio $21, 5141. 07 1842 (to Bee. 31) 70,628.64 263,017.70 4, 878. 74 76, 614. 37 7,641.08 159,613.98 8113. 30, 23, 674. 33 386. 40 2, 330. 39 ' 65** 38 2 9 ftfi.T ifi 1844 0.75 17.87 6.00 409, 662. 72 506,936.11 79, 397. 27 801 64 1845 352. 62 396. 56 319. 92 1846 1847 1848 41.21 24.33 12.94 21.24 3 446. 63 664.48 ' 129. 31 26.7: 1849 146 63 1850 1851 1852 1.60 65.08 6.46 1853 6.90 1854 49.58 1855 1856 135 00 1857 34.80 6.96 47.29 30 00 1868 1859 6.96 Totals .... 73,172.53 28, 628. 4 ( .10, 010. 37 2,110.32 126,22L39 287. 227. 18 177, 158. 87 =284, 766. 69 ^630,780.89 1,078,835.47 1860 '6.46 1861 '6.73 1862 '6.96 81.60 1863 1864 1865 1866 1867 1868 1869 15 00 1870 85. 60 1871 1872 l»5.00 1873 1874 1875 1876 15 00 1877 1878 i»2.70 1879 1880 60 00 1881 1882 1883 1884 ) 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 Totals .... 11.46 6.96 1 7.00 8.43 90.00 Aggregate. 73, 172. 63 28, 628. 40 55,010.37 2, 110. 32 120, 232. 85 287, 234. 14 177, 168. 87 "284,763. 69 530, 789. 32 1,078, 925. 47 Paid on purloined notes: '$296.22; 2$716.76; 3$129.71| '$49.14; *$296.22; c$894.eo. 'Piiid as Treasury notes prior to 1846, out of the appropriation for " Interest on Treasury notes ;" balance from 1869. 8 Purloined ; paid as Treasury notes prior to 1846, oat of the appropriation for " Interest on the public debt." 'Paid as Treasury notes prior to 1840, out of the appropriation for " Interest on the public debt." '"Paid as Treasury notes prior to 1846. " Purloined, $297.72. HISTORY OF THE CURRENCY OF THE COUNTRY. 177 Detail of Payments, by Years, from 1789 to 1896, Inclusive— Continued. Year. Loan of 1842. Act of Apr. 15, 1842. Treasury notes ol 1842. Act of Jan. 31, 1842. Treasury notes of 1842. Act of Aug. 31, 1842. Treas- ury notea of 1843. Act of Mar. 3, 1843. Loan of 1843. Act of Mar. 3, 1843. Treasury notes of 1846. Act of July 22, 1846. Loan of 1846. Act of July 22, 1846. Mexican iudem- uity Stock. Act of Aug. 10, 1846. Treasury notea of 1847. Act of Jan. 28, 1847. Loan of 1847. Act of Jan. 28, 1847. 1789tol839 6 per cent. Treasury r Interest generall lotes prior iV of 1 to 6 V- to 1846. per cent. B per cent. ■hoflto 51 per cent. 6 per cent. 5 per cent 5tand6per cent. 6 per cent. 1840 1841 1843 (to Dee. 'M) $16, 578. 36 9, 603. 99 327, 594. 20 14, 673. 08 4, 509. 61 '3,005.60 3729. 17 «309. 27 6187.24 92.43 14.10 7.75 1L13 33.44 «3.86 189. 69 1843 (to June 30) $173. 17 194,661.71 568,814.76 601, 760. 35 408, 807, 13 76, 095. 53 440, 740. 62 692, 039. 59 279, 398. 61 300, 677. 37 553,115.91 487, 734. 50 430, 849. 74 914, 747. 48 413,234.88 195,769.30 168, 079. 34 $234. 73 1844 169, 747. 59 $4,931.50 $37, 515. 00 1845 3, 030. 93 648. 80 1, 307. 63 304, 713. 07 337, 197. 03 252, 394. 06 1846 1847 «19. 80.5. 71 2$3, 103. 28 19,161.41 314, 654. 64 156, 537. 48 146, 748. 78 223 546 89 $7, 938. 18 1848 2, 919. 39 9.00 9.00 12.00 270. 00 1,260.00 58,167.50 41,174.00 325,003.76 29,971.31 406,188.90 4,176.76 $28.11 1849 1850 364, 565. 68 23, 145. 76 1, 479. 00 204. 00 61 .-50 9.00 22, 437. 97 7, 085. 22 1852 202, 270. 26 354, 348. 76 229, 624. 15 17, 962. 50 461, 477. 50 57.50 267. 30 366. 40 54 00 f^ATj 0^7 RQ 1853 311,266.36 1,757,478.50 624. 1Q7 60 1854 9.5 JR9 10 1855 6 00 5.40i 272! 209.321 '582.27 6 40' 6Si^ 5^57 oil r,0 71 1 '^9.'> 191 n 1856 3, 998, 653. 28 1,491,479.61 1857 8.10 8.10 118,211.04 2,660.08 489. U5 97.50 1859 8.43 t^fi] f;^9 fio Totala . 6, 626, 699. 99 '377, 551. 35'l80, 254. 97 4, 931. 60 3, 129, 278. 27 96, 511. 38 2, 413, 580. 93 75, 412. 82,1, 676, 841. 05 12, 484, 570. 11 1860 74, 980. 88 132, 175. 36 159,493.40 214, 691. 68 119, 612. 80 31,294.66 4, 273. 36 861. 21 105. 00 682. 00 150. 00 360. 00 5.40 2.70 24.21 44.02 25 974 93 1861 8 13. 67 12. 00 318, 709. 50 549 892 86 1862 1863 1 1864. 50.00 125. 00 330. 00 1.53 1865 9 9. 66 ' 12. 00 27.00 1,111,645.60 1866 1867 2.70 590 083 11 1868 '3.00 1 280, 588. 50 659 853 89 1869 ... 9 6.00 »3.00 382.su 6.00 1870 6,253.76 1871. 1 1872 1 629 00 1873 696. 00 3(1.00 3U. OU 1875 . 90.00 1876... 17.96 1877 258. 00 1878 1 1 240. 00 1879 135.00 90.00 2L00 1 210. 00 105 00 1880 ■""'l 1 42.00 1881. . 1 1882 1883 6.40 1 1884 . .._. 1 1885 1886 6.66 1 1887 1 1889 1 120.00 1890 1891 1892 1893 ... 1894 1895 1896 Totala 738,832.35 52.67 567. 50 13.60 675. 76 41.70 4, 951,287 25 . Aggregate 7,365,632.34 377,604.02180,254.97 4,93150 3,129,835.77 96, 524. 88 2, 414, 256. 69 76, 412. 82 1, 676, 882. 75 17, 435, 857. 36 1 Paid on I)urloinea notes: '$1, 176.92; =$124.95; "$12.15; =$44.31; =$3.86; '$1,362.19. 'Excess of repayment. *Paidas Treasury notes prior to 1846, out of tlie appropriation for "Interest on Treasury notes;" balance from 1859, 9Paid as Treasury notes prior to 1846, out of ttie appropriation for " Interest on ttie "public debt." 5618- -12 178 HISTOEY OF THE CURRENCY OF THE COUNTRY. o o o m n z Pa O P Loan of July and August, 1861. Acts of July 17 and Aug. 5, 1861. ■"§6 "Is, CO $300, 000. 00 561,359.47 3, 387, 543. 73 6,966,738.19 8, 399, 649. 90 10, 335, 873. 18 8, 449, 773. 16 16, 884, 203. 12 8,893,575.35 13, 518, 012. 00 11,041,499.62 9,207,116.59 ■ 13,493,367.00 12, 580, 855. 60 6,808,270.60 11, 878, 671. 00 9, 684, 980. 00 11, 958, 260. 50 Loan of Febru- ary, 1861. Act of Feb. 8, 1861. a. to $87, 540. 00 649, 060. 99 1, 049, 291. 75 2, 035, 007. 23 955,904.97 1, 036, 708. 50 723, 000. 00 1, 825, 029. 64 783, 600. 86 1, 400, 304. 00 1,080,036.00 815, 340. 00 1, 394, 220. 00 1,194,720.00 635, 310. 00 1,148.480.00 983, 772. 00 1, 168. 654. 31 Treasury notes of 1861. Act of Mar. 2, 1661. CO $6, 804. 47 523, 887. 23 384, 685. 74 69, 686. 33 17, 162. 60 228. 74 48.00 10.82 = 11.60 62.78 o o Treasury notes of 1860. Act of IJeo. 17, 1860. CO S2g O) CO o ^*in g §SS3 $84, 968. 13 213, 758. 67 330, 709. 54 674, 375. 00 262, 225. 00 340, 125. 00 209, 426. 00 615, 994. 16 215,700.00 597, 294. 98 1, 076. 00 60.00 gg i in fl 2 Poo 2 co- 848, 241. 27 494, 006. 28 973, 194. 90 935, 160. 00 955, 147. 80 1, 533, 125. 00 952,516.00 1,007,750.00 848, 750. 00 1, 243, 625. 00 839, 350. 00 1,123,775.00 966, 626. 00 920, 800. 00 1,066,825.00 213, 250. 00 7, 075. 00 13,300.00 13, 000. 00 12, 625. 00 Treasury notes of 1867. Act of Dec. 23, 1857. 1 SI. •iai CO 00 Ift CO CD i 766, 871. 32 1,061,910.62 182, 022. 39 6, 070. 89 273. 90 105. 01 24.44 4.50 3.00 12. 00 562. 96 o CO oo coco Texan indem- nity stock. Act of Sept. 9, 1850. 1 a. «5 § 287, 095. 22 346. 629. 73 210, 693. 91 186, 297. 65 241, 630. 14 181, 560. 00 CD CO i 162, 525. 00 128, 860. 00 151, 225. 00 136, 350. 00 143, 650. 59 164, 666. 90 44, 790. 00 80, 500. 00 1, 675. 00 1, 260. 00 150. 00 230.62 800. 00 ggg CDO iri OO 1-HOO IM 00 CO 3I 1 Si to '$86,491.42 233, 702. 76 386,766.36 363, 060. 64 1, 191, 307. 14 1, 087, 613. 87 917,470.55 1, 891, 647. 12 1,004,418.98 602, 133. 13 632, 277. 50 i 00 267, 049. 00 303, 119. 50 533, 398. 25 506, 066. 25 623,901.75 916, 374. 00 438,001.00 666, 126. 29 382, 716. 00 555, 648. 18 942.00 90.00 § 1 Bounty- land scrip. Act of Feb. 11, 1847. § CO ■ee- (MOO in its CD" in 15 o" S3" in CD eo" "co o o CO 2.63 9.37 6.00 7.06 CO : H c i ir CI" 9 oc oc a c 1 IL 1 P c V a P 1- c 5 1 If 1 S 5 3 o 1 oc 5 OC if a a IT OC 1 1 i 1 |i 1 cc 1 -a 1 a 1 i T- s S to ' Tl - 1- I0( ir ■0 St- 32 -01 HISTORY OF THE CURRENCY OF THE COUNTRY. 179 *o«io^o.HO>i>t-(MinoTj<(ooo NlOr-Mt-COiHOi^rHOKCOMcOOO ooa3i>tnt-a>os«3c-co-*^co-*"THT-H00"rHS tH'S m'S i CO in 755, 022. 23 1, 427. 070. 85 636, 600. 00 690. 00 1, 770. 00 330.00 60.66' o I I I O I 1 ■ § ; ; ; !o * • ' CO o ?5 CO o c3 (O in o 1'"'" 00 00 1 I J 1 = • ; ■ if • • . . c- H ; i i i to 11, 097, 64 5, 875. 00 500. 00 125. 00 2, 750. 00 3 o § O S □0 (O in 8 (O CO in I-- 00 i 00 00 CO ■ o ■ ]co ■ . I i iH iM lO I 1 I • i . t>Tfl t- . ■ ■ CO CO* QO coco X3C ioccooooo eo-i* irj(D i s <1 1 D 00 - in ,, €&0 CO pq 180 HISTORY OP THE CURRENCY OF THE COUNTRY. a o Q I !> H g Co o H One and Two-year notes of 1863. Act of Mar. 3, 1863, sec. 2. *3 $53, 179. 70 5, 985, 093. 47 1, 980, 258. 41 435,855.42 37, 436. 64 15,739.32 5, 840. 69 3, 240. 30 2, 200. 3b 1,573.01 1, 108. 68 974.96 549. 93 Loan of 1863. Actsof Mar.3, 1863 and June 30, 1864. 1« Hi CO $1,220,844.99 3, 242, 651. 69 4,060,045.64 3,273,377.71 6,738,710.87 3, 680, 251. 00 5,332,201.95 4, 381, 095. 00 3, 690, 670. 60 5,324,385.00 5, 092, 466. 00 2,604,570.00 CertifiQates of indebtedness of 1862. Acts of Mar. 1 and 17, 1862, etc. $2,490,549.05 8,504,031.85 10,090,174.85 7, 294, 645. 21 2, 766, 933. 63 879. 28 825.37 106. 52 a. to - - - - oToT Sinking fund. Act of Feb. 25, 1862. a. to SS sr' Five-Twenties of 1862. Acts of Feb. 26, 1862, etc. a. so 1 $88, 118. 71 ' 23, 206. 22 643, 705. 17 33,421,748.93 30, 454, 312. 76 37, 194, 321. 26 18, 241, 852. 03 44,209,763.05 24, 808, 757. 76 30,853,433.80 31, 268, 744. 57 17, 835, 801. 39 15, 009, 425. 92 10, 463, 266. 09 4, 590, 303. 66 Temporary loan of 1862. Actsof Feb. 25, Mar. 17, and July 11, 1862, and June 30, 1864. 1 2 $60, 455. 83 2, 132, 580. 58 2,816,029.36 6,107,831.49 6, 548, 696. 16 2, 907, 370. 66 9, 890. 56 675. 63 361. 82 69.76 101. 03 § : 00 . Temporary loan of 1861. Acts of July 17 and Aug. 5, 1861. - a. gg QON ■ 1 Seven-Thir- ties of 1861. Act of July 17, 1861. 1 a, ' $795, 201. 20 2, 740, 853. 76 8,386,963.66 15, 387, 196. 81 1,914,272.34 5, 006. 56 1, 460. 93 1,623.97 643. 06 549. 69 7.30 39.96 167. 96 230.70 3.42 Oregon war debt. Act of Mar. 2, 1861. 1 to $3,435.00 42, 165. 00 63,104.78 97, 023. 00 61,630.00 64, 707. 00 58, 326. 00 66,940.28 55, 158. 00 56,761.00 56, 805. 00 57,867.25 50, 316. 00 61, 731. 00 66, 565. 00 i OS if 01 oc a ■J. a oc c oi n oc cr O R 1 CM o CO C P i 00 r- % oc l> oc 3 0( o ir o< If oc cr IT OC OC OC re oc 1 1 1 i rHr- r- 000 2 oc .-Jcv ODO Cf a into 00 00 HISTORY OF THE CURRENCY OF THE COUNTRY. 181 CO CO C4 74 r-ICl ?4 <- iiaoaioofDt O M-dT O -* M r-T lO oT OKNOOOOaiOOOTHa, (OOJOOOtOWinoO ""ii PS ^ CO ■^ CO ofl «3-*coK5i*N»o:3in-*cocoiraNcorH»n(MO oooaocOJt-«OCOeO H «i OOOOOOOOOOOCOOOOOOCOOOODOOOOaooOCCOOOOQO >1 (11 rr ^ (M_ la K CI * 182 HISTORY OP THE CUEEENCY OF THE COUNTRY. (MOOOO»OlCOmt-i-ltOi-t«3N (Mr-l00MrO00t-'*00tO»C«IOl HMlNNmiM(MrH(MWCa« l>OeDfH-*OOOJCO>-HOt-t-COOO t-OOCOlOOrHaSOO-d<(MO(Dt-(M t-i-Ht^OOMeDTOCOOOWCOCOt' 3 a +3 a o o I m > o III PQ H m (- oo--*eDOicDb-iOO)c:oooi-H m-iOi«DrHtD^,-((r> »OOC0i0-^5DC0t-(0(NI>10C0eJO» HOOC^lt-OOint-CO-<: OMt-lMPSi-H-^tOOJi-iC-moOCKMN MOli-lr-ICOC^OOOOMt-OCOi-l CONmi-IOOCOt>OOOJrHOO:M " t> int-fcTc^fcTorororoo or-*" 3000JOOOOOOOOOOOO 3<^^5D^OOdOOC500000 3iOC C0OOC3O0OOOOOCO 5 w' lo lO o o o o o" o^o o'o'o" o"o t. CO oo^ coc^-*t^iotDC--^N»n^motc»TM-<* lOLn-E^OCOCDOOCDcnOrHT-HCO'^ffirHV oiOc-:(OiHC-iniociicMi-Hmoeoci?ooco (N in cq 03 lo t> iH tH 0(M rH m ^ mif5eaoTjioMt-(Nooo-^c«(DTiit-sa tnt-r-IOlOOlOlr-OOOOt-tOJOOC-O oit-^-^toco-^cocoMOOJeoiooioJirirH Smmt->H->*(CNooocDO>wt-oojm OM-<*lr-C^iHiOO:tOCOOlT*1-^COOJrH b^ (^ r CO N rH m" 00 -^ i-T CO oj" in t> so ej" iH i-T OJMlM(DiH->*00li300-«0C(D-^ {&CD C400m03tAOikOm-^COt- ■* CO" CO T-i" Ui" l> Ui ■* -^jT CO Clf t>OiOlf5«lf;tONOC(D-J^. C-OJMt-CO-^-^i-^iOOStO^ OiCOCOCDl-~t-CDOJMt>COO 31^ cfl o 0+3 ?f2^ 0{D o «o P OlftOiOO«DCO)COCit- — MtOCOm^'* «00C3O00mClC0OM.-<-d'Mi-'0001C-O in-^oo'^-oiNt-asMTiioit-cooj'WtDco to t-^ OS iri" 00 o t> to" to" t-" ■-* t^ to" i-T »-i" of rtT C3 tDiflcooco „ "" co"orifrifi"tD ef odo ooeD"arc!"ari> r-i" N pi? o m o r-( N p O CO ^ ^ ^ ^ 00 00 CO 00 ■*m(oi>cooiOi-H(Neo-^in(Dt-ooffli i-*Tf(T!fiTH^-ii(mtommif5tomiraioio COOOOOOOOOOOCOOOCOOOCOOOCCOOXtOO CaN.-lrH(D*Ot>i-tOC^O'((ICOrHCCiH c2cot-^c«t^cotoir;cooT-(-r)"!iCOOJO (OtOtOWCOtOtOOtOCDt— ODOOOOOOOOOOOOOOOOOOOC w yi CO "* in b- t* t- t- l- □0 00 CO 00 00 to t> 00 O) O -H L-- t— r- h- 00 CO 00 00 CO 00 00 oo HISTORY OF THE CURRENCY OF THE COUNTRX. 183 -I la ao to (o m ao iO t-tocJt-l(NCX)C^I(D-rtirat> l> lO t- CO (O lO t> l> iH ** C- ■^ >-l (M (M'oC-^tjTiH CO cot-(oooo(ric;coQo-^'o^t--*co >ra ■— ' ci o: I- rt -* ."^ rt -t m -ii oo in t- 00C0IMOOQ0CDt~;3C0e0C0M(MCl O03O000OCOlX)00COOC00iXCX:0 COO0COQ00OO0OOQO35ffiC- OOIOJCJ - - - ooooo 184 HISTORY OP THE CURRENCY OF THE COUNTRY. O I > M 03 O oT n H O <1 H P loan of 1925. Acts of July 14, 1870 and J an. 14, 1875. «3 : ' I ! 1 i ; ; ; fe i i : i si ; ; ; : ^ . . 1 . loan of 1904. Acts of July 14, 1870 and Jan. 14, 1875. 1 N N fe ; : : : »■ ; 1 ; ; ;;:;;:;;;; S ; • i : *i . i I . liiii sci ; ; - ; Eefunding certificates. Act of Feb. 26, 1879. •*j ■ • • • b : : i i ■0(MOMi-t'#lOOJi-HM(MifS ^(NOOiMCTWWCJiMrHNNWN OSt-t-eOfHt-lO-dHC Q094ect-aoe^o>Mi- t*" -^ O -^ ff«r CO CT r^ I- OOOlOlO rH'^ - ,. _ ...HmoO'-Hcc-^ootoo-jHccciico a:ao»o>toooaoait-T-icnooao-41 o>Oi-(Wco^i«eDc-aoo:oi- 106, 778. 82 1 49, 500. 00 '"142,980.00 95, 430. 00 88, 170. 00 100, 770. 00 88, 740. 00 64, 450. 00 100. 830. 00 95, 610. 00 98, 370. 00 60, 340. 00 95, 160. 00 89,730.00 137, 130. 00 144, 600. 00 143,250.00 95, 880. 00 97, 170. 00 95, 940. 00 95, 880. 00 95, 880. 00 135, 600. 00 56,250.00 95, 910. 00 96, 790. 00 96, 420. 00 96, 880. 00 $6, 677. 26 24, 328. 77 14, 700. 00 92, 001. 33 114, 845. 18 118, 126. 80 121,443.60 122, 403. 60 67, 666. 80 113, 683. 60 109, 773. 60 117, 393. 60 62, 086. 80 117, 643. 60 114, 423. 60 173, 900. 40 177, 360. 40 177, 350. 40 118, 233. 60 118, 233. 60 118, 203. 60 118, 233. 60 118, 233. 60 168, 680. 40 67, 786. 80 118, 233. 60 118,233.60 118,233.60 118, 233. 60 110, 851, 966. 64 1869 $23, 683. 76 38,772.47 143, 181. 06 96. 379. 20 88, 219. 20 106 309. 20 90, 169. 20 57, 729. 60 97, 819. 20 96, 659. 20 103, 039. 20 51, 759. 60 92, 329. 20 91, 849. 20 139, 918. 80 146, 648. 80 146, 578. 80 97, 639. 20 97. 729. 20 97, 519. 20 97, 909. 20 97, 699. 20 134, 719. 20 60. 649. 20 97, 729. 20 97, 699. 20 97,690.20 97, 699. 20 179, 497, 832. 28 106, 087, 227. CO 1871 - . 140, 745, 415. 67 1872 116, 546, 189. 10 1873 108, 742, 641. 01 1874 111,973,772.1.) 1875 104, 416, 634. 32 1876 80. 679, 815. 11 1877 103, 829, 330. 21 1878 84, 088, 082. 82 1879 90, le"?, 063. 45 1880 71, 997, 567. 70 1881 89, 675, 253. 49 1882 '2 64,540,263.72 1883 '3 63, 981, 135. 53 1884 '■■73,128,093.18 1885 '5130, 34L 942. 29 1886 '« 60, 580, 145. 97 1887 "47,742,303.46 1888 '"44,715,007.47 1889 1890 . . - "41,001,484.29 '» 36, 099, 284. 05 1891 - 2' 37, 547, 136. 37 1892 22 30 23, 378, 116. 23 1893 23 3127,264,392.18 '■l 32 27, 841, 406. 64 1895 2 ments out of the same. Excess of repayment Tear. Personal credit. No personal credit. Total. Personal accounts. Settle- ment accounts. Total. ca'ried to the surplus fund. $16, 212. 81 37.02 $16,212.81 37.02 $3, 001. 35 $138.97 8.14 $3, 140. 32 8.14 $13, 072. 19 28.88 16, 249. 83 16, 249. 83 3,001.35 147. 11 1.06 .34 37.86 3 148 46 13 101 37 1839 39.26 Tot.als 16, 249. 83 16, 249. 83 8,001.35 186. 37 3, 187. 72 '13,062.11 TREAStTKT NOTES OE 1837, ET SEQ. Section 9, act of April 15, 1842, provided for the payment of interest at 6 per cent, on all Treasury notes issued under the act of October 12, 1837, and subsequent acts, until redeemed, or on sixty days notice. 1844 $41,608.96 $41, 693. 96 $161. 25 $158. 42 $319.67 2^41^379.29 TREASURY NOTES. (GENERAL ACCOUNT.) ACT OF FEBRUARY 9, 1847. [" INTEREST ON THE PUBLIC DEBT."] 1851 $16, 220. 50 $16,220.50 $1,985.23 $1, 985, 23 2, 930. 00 $14, 235. 27 $2, 000. 00 930. 00 16, 220. 50 961. 63 16, 220. 50 901.63 2, 000. 00 2, 915. 23 159. 52 4,915.23 159. 52 11, 305. 27 802. 11 17, 182. 13 17, 182. 13 2, 000. 00 3, U74. 75 100. 66 6, 074. 75 100. 66 12, 107. 38 1854 ■ 17,182.13 1, 585. 10 17,182.13 1, 585. 10 2, 000. 00 3,175.41 53.84 5,175.41 53.84 12, 006. 72 1, 531. 26 18, 767. 33 18,767.23 2, 000. 00 3, 229. 25 5, 229. 25 3 13, 537. 98 DOMESTIC DEBT. $841. 68 473.21 $1,210.37 $2,052.05 473. 21 $1,500,00 400. 00 $1, 500. 00 400. 00 $552. 05 73.21 1856 1, 314. 89 1, 210. 37 2,525.20 1, 9110. 00 '"'.$23.' ,56' 3.21 1, 900. 00 J. 26. 71 623. 26 1, 314. 89 1,210.37 2,525.26 1,900.00 2C.71 1, 926. 71 ■•598.55 MEXICAN INDEMNITY STOCK. $421. 38 $421. 33 $49.56 60.71 $49. 56 60.71 $371.82 1856 421.38 421.38 110.27 110. 27 « « 311. 11 1 Carried to the surplus fund December 31, 1840. 2 Carried to the surplus fund June 30, 1844. ' Carried to the surplus fund June 30, 1855. * Carried to the surplus fund June 30, 1857. fi Carried to the surplus fund June 29, 1861. 'Balance to 1860. 5618- -13 194 HISTORY OP THE CURRENCY OP THE COUNTRY. Detail of Amounts Caeried to the Surplus Fund, arising from Excess of Repayment FROM 1835 TO 1896, Inclusive — Continued. TEEASUEY NOTES. (GENERAL ACCOUNT.) ACT OP FEBRUARY 9, 1847. ["INTBEBST ON THE PUBLIC DEBT."] Eopayments. Advances and payments out of the same. Excess of repayment Year. Personal credit. No personal credit. Total. Personal accounts. Settle- ment accounts. Total. carried to the surplus fund. 1857 $1, 363. 83 824. 16 $1, 363. 83 824.16 $286. 83 106.60 $286. 83 105. 60 $1, 077. 00 1858 718. 56 2, 187. 99 2, 187. 99 392.43 15.39 392. 43 15.39 1, 795. 66 1859 2, 187. 99 2, 187. 99 407. 82 11.86 34.10 6.96 407. 82 1 52. 92 1 1, 780. 17 1860 1861 1862 Totals 2, 187. 99 2,187.99 460.74 460.74 ' 1, 727. 25 FUNDED DEBT. (OLD.) 1867. $673. 79 $673. 79 »$673. 79 BOUNTY-LAND SCEIP. TEEASUEY NOTES OE 1861. 1854 $2, 880. 48 $2,880.48 1857 $27. 94 41.96 6.78 $76. 68 1858 1859 2,880.48 2,880.48 76.68 17.99 9.06 .76 3.00 3.00 76.68 33.81 ■•$2,803.80 1860 1861 1866 1867 1870 Totals 2, 880. 48 2,880.48 110.49 110. 49 » 2, 709. 99 1865 $18, 411. 65 $18,411.65 $12, 549. 55 $3, 823. 23 228.74 42.00 10.82 62.78 $16, 372. 78 334.34 1866 1867 1868 1870 Totals 18, 411. 65 18,411.65 12, 649. 65 4, 157, 57 16, 707. 12 «$1,704.63 SINKING FUND. 1871. $484,098.06 $484,098.06 6$484, 098. 06 SPECIAL FUND. 1871. $1,049,061.91 $1,049,061.91 =$1, 049, 061. 91 LOAN OF 1860. 1878- $305. 00 $305.00 $250.00 $250. 00 '$55.00 1 Balance to 1860. 2 Carried to the surplus fund June 30, 1864. • Carried to the surplus fund June 30, 1869, ■• Balance to 1860. ' Carried to the surplus fund November 14, 1870. ' Carried to the surplus fund November 28, 1871. » Carried to the surplus fund June 30, 1878. HISTORY OF THE CURBENCY OF THE COUNTRY. 195 Detail of Amounts Carkied to the Surplus Fund, arising from Excess of Repayment, FROM 1835 TO 1896, Inclusive— Contiuued. SBVEN-THIETIES OP 1861. Eepayments. Advances and payments out of the same. Excess of repavnient Tear. Personal credit. Noperaonal credit. Total. Personal accounts. Settle- ment accounts. Total. carried to tile surplus fund. 1878 $413. 75 $413.75 $3.85 $3.85 '$409.90 EEPUNDING CERTIFICATES. 1880. 580.77 $183,580.77 $187,363.31 $187,363.31 =$1,217.46 OEEGON" WAE DEBT. 1884. $345. 00 $345. 00 3 $345. 00 AGGREGATE. Aggregate . $103,324.95 $1,723,296.11 $1,826,621.06 f 206, 979. 31 $8,689.82 $215,669.13 $1,610,951.93 from; 1835 TO 1859, INCLUSIVE. Totals. $83, 520. 76 $1, 210. 37 14, 731. 13 , 062. 60 \$i, 195. 52 $11, 258. 12 $68, 577. 93 •> 4, (195. 08 FROM 1860 TO 1896, INCLUSIVE. Totals. 804. 19 $1, 722, 085. 74 $1, 741, 889. 93 $199,916.71 U, 407. 57 «86. 73 $204, 324. 28 « 86. 73 $1,537,565.65 n 4, 808. 35 1, 542, 374. 00 REPAYMENTS FROM 1835 TO 1859, INCLUSIVE, AND AMOUNTS PAID AND CARRIED TO THE SURPLUS FUND TO 1896, INCLUSIVE, OUT OF THE SAME. $83,520.76 $1, 210. 37 $84,731.13 $7, 062. 60 $4, 282. 25 $11, 344. 85 $73, 386. 28 REPAYMENTS FROM 1860 TO 1896, INCLUSIVE, AND AMOUNTS PAID AND CARRIED TO THE SURPLUS FUND TO 1896, INCLUSIVE, OUT OF THE SAME. Totals............ $19, 804. 19 $1, 722, 085. 74 $1, 741, 889. 93 $199, 916. 71 $4,407.57 $204, 324. 28 $1, 537, 505. 05 AGGREGATE. $103, 324. 95 $1, 723, 290. 11 $1, 826, 621. 06 $200, 979. 31 $8, 689. 82 $215, 669. 13 $1, 610, 951. 93 * Carried to tlie surplus fund June 30, 1878. ■^Carried to the surplus fund June 30, 1880. ^ Carried to the surplus fuud June 30, 1884. * Carried to the surplus fund Deo. 31, 1840, June 30. 1844, June 30, 1855, and June 30, 1857. 5 Balance to 1860: Mexican indemnity stock, $311. 11, Treasury notes (General account), etc., $1,780.17, and Bounty- land scrip, $2,803.80; total, $4,895.08. " Of balance from 1859. 196 HISTORY OF THE CURRENCY OF THE COUNTRY, Detail of Balances June 30, 1896. Name. Ledger. Page. Loan, etc. From— Dr. Duethe United States. Cr. Due by the United States. Aux.l Aux.l Aux.l Aux.l Aux.l Aux.l Aux. 3 Aux.l Aux.l Aux. 3 Aux.l Aux.l Aux.l 415 17 123 209 160 396 74 530 208 86 97 97 97 Interest charged on funds in hand In 1835 and 1841. Sept. 23, 1836 Sept. 27, 1841 June 21, 1848 July 21, 1848 Sept. 29, 1849 Aug. 13, 1869 Nov. 26, 1851 Jan. 13,1854 Juno 30, 1869 Nov. 4,1854 Sept. 1,1853 do i$884.31 »$5. 98 = $4.74 '.33 ■•.12 ■"79.42 »22.78 107 39 Thomas Gray Daniel Emerv Treasury notes {General account), etc. do do Hiram Barn ey Treasury notes of 1861 "Interest on the public debt" J. B. Trevor «12. 82 J. S. Gittings.. E.H. Webster 2, 429. 34 30.00 .10 7S. 00 7o 53^ ^,^ do Corcoran & Eiggs . . Do do "Interest on the public debt" (Un- claimed dividends) . Do «2.38 Totals . . . 3 520 14 21 18 Balances brought into 1860, of above. Balances by Hiram Barney and E. H. Webster, of ad- vances since 1859. 3 473 36 52 78 30, 1896. as per above. F. E. Spinner Per. 5. Per. 5. Per. 5. Per. 5. Per. 5. Per. 5. Per. 5. Per. 5. Per. 5. Per, 5. Per. 5. Per. 5. Per. 5. Per. 6. Per. 6. Per. 6. Per. 5. Per. 5. 299 287 288 294 300 106 114 118 120. 124 127 136 171 161 138 130 131 132 Consols of 1867 : old (?) June 24, 1878 May 25, 1883 do 813 10 Consols of 1865 : registered 5.26 Do Consol s of 1867 : registered 5 25 Do Four-aud-one-half per cent, loan of 1891; registered. Four per cent, loan of 1907 : registered . Seven- Thirties of 1864 and 1865 Five-Twenties of 1862 May 27, 1884 Feb. 15,1885 June 27, 1885 do Do A. TJ-Wyman »7 75 Do 20.27 Do Ten-Forties of 1864 Five-Twenties of June, 1864 .... . June 29, 1885 May 26, 1885 June 29, 1885 do Do . 129.50 "30.00 Do Consols of 1865 Do Consols of 1807 Do Five per cent, loan of 1881 : coupons- ... do *41 26 Do Four-and-one-balf per cent, loan of 1891: coupons. Four per cent, loan of 1907 : coupons June 30, 1885 do .. =1,868.67 Do 1, 669. 00 240.93 ■"1,260.00 Do Five per cent, loan of 1881 : registered. Central Pacific Kailroad bonds : regis- tered. Kansas Pacific Railway bonds : regis- tered. Union Pacific Kailroad bonds : regis- tered. May 20,1885 June 18, 1885 do Do Do 910210 00 Do do '■"1,050.00 ' Arose as follows : Balance from 1823, brought into 1835 Plus interest charged upon same : in 1835, $866.09, in 1841, $364, $1,236.69 :.41j total 1,230.50 Less repajTuents: in 1835^ $1,143. 11, in 1841, As per above , 2, 467. 19 3.77; total 1,582.88 884.31 ^Transferred to Branch Bank of the United States, Boston, as commissioner of loans, Massachusetts, raisin^ (aa there were no iunds in hand) a credit balance. * ^Charged back, raising a debit on account of a credit in 1838 for payment on two Treasury notes of 1837 found to have been altered {Keport 82636). ■1 $79.87 of account "Reimbursement and interest, Treasury notes." ^Charged back, raising a debit on account of a credit in 1864 for payment on two stolen Treasury notes of 1861 (Beports 12918 and 170964). « Payment in excess of advances. '$2,504.44 of advances prior, and $30 subsequent to 1859. 8 See note on p. 197. ^ Counter-balauce all except two cents. ^° Counter-balance. Note.— As shown in the case of John Pooler, while the original amount was brought forward from 1823, the present balance arose between 1835 and 1850; and so did all the other balances, except the debits against Hiram Barney, of $22.78, on account of Treasury notes of 1861, aud E. H. Webster, of $30, on account of "Interest on the public debt; " total, $52.78* wnich arose between i860 and 1885, and, of course, all arose after 1835, " ' HISTORY OF THE CURRENCY OP THE COUNTRY. 197 Detail of Balawctss June 30, 1896— Continued. Name. Ledger, Page. Loan, etc. From— Dr. Due the United States. Cr. Dne by the U'jiited States. A. U. Wyman. Do Do J. C. New . Do Totals . Per. 2 . Per. 2. Per. 2. Per. 2. Per. 2. 428 428 426 661 535 Also the following; resulting from errors as follows, the accounts stand"- Ing closed on the books, viz : Consols of 1865 do being an omission in forwarding deb- its to and in footing page. Kve-Tweuties of June, 1864 being excess in forwarding debits from p. 570. Seven-Thirties of 1864 and 1865 Pay warrant No. 76 issued to balance excess in footing entry of reports 26847 and 26848, on July 11, 1876. Five-Twenties of 1865. Short credit under report 26822. Mar. 15, 1877 June 24, 1878 July 16, 1877 June 24, 1878 July 14, 1876 $0.50 2.00 '$0. 04 3, 352. 20 .02 6, 883. 62 3, 464. 17 * Counter-balance all except two cents. Balances June 30, 1896. The following indicated corrections of errors, arising under the reports as follows, should be made, the designated accounts standing now balanced and closed. Name. Ledger. Page. Loan, etc. Date. Corrections. Dr. Dne the United States. Cr. Due by the United States. r. E. Spinner Do Per.2... Per. 2... App. 2.. Per.2... Per.2... Per.2... Per.2... App. 3.. App. 3.. App. 3.. Per.2... No ac- count. App. 3.. Per.2... Per.2 .. Per.2... Per.2... App. 3.. App. 3 . . App. 3.. Per.2... Per.2... Per.2... Per.2... Per.2... Per. 2... App. 3.. App. 3 .. App. 3.. 418 417 327 636 537 537 538 314 324 330 526 191 549 549 549 547 192 192 192 427 428 428 429 429 430 307 315 325 Consols of 186S Consols of 1867 Sept. 29, 1873 .del Deduct i$40. 60 Add $40. 50 Warrant No. 146 Consols of 1865 Consols of 1867 July 31, 1873 July 5,1876 J C New Add ."- . 21 8G1 50 do Deduct If 2, 544. oO 1,861,50 Do Consols of 1867 do do "682.50 2,541.00 Uo Warrant No. 152 Seven-Thirties of 1861. Sept. 30, 1875 July 12, 187G J)o SO.OO Add 6.00 Do ■W.^rrant No. 90 Treasury notesof 1861. June 30, 1876 Mar. 12,1877 Apr. 24,1877 June 19, 1877 As above dates. Feb. 28,1877 Mar. 31, 1877 May 31,1877 Aug. -JS, 1877 * Charged correctly . A V. Wy^l.^u do i'1.82 Do do do ' 1 82 Do Seven-Thirties of 1861 Warrant No. 33 Warrsint No. 48 Wariant No. 73 rive-Twenties of 1865. Add 25.51 Do ^ Charged correct 1,\ Add ]jo Do Do '135.00 do 184. 50 136, 00 Do do do Deduct Add Deduct do Consols of 1867 do '49.50 Do 2, 844. 00 184.50 2,844.00 Do do do Do Consols of 1868 do "2,659.50 Do Warrant No. 73 May 31, 1877 Charged correctly - Do Do 5.460.04 5, 460. 04 'Eeport2603. 'Report 27011. 2 Report 26680. ' Report 27047. 3 Report 26850. ' Report 27048. * Both charged and credited incorrectly in personal account. ' Report 27149. Note.— The $18.10 credit balance, standing in favor of F. E. Spinner, in Per. Ledger No. 5, p. 299, is incorrect to this extent : Of the old account, " Interest on the public debt, " there remained in his favor March 10. 1 874, per report 26180 (see $0.50 dilierence under report 24108, of Aug. 12, 1869, the whole account being with " Coin, coupon bonds"), m Auxiliary Ledger No. 2, p. 647, the following balance, presumably on account of Five-Twenties of 1862, which, in the fiscal year 1878, was carried to Personal Ledger No. 2, p. 382, apparently without anytliing to contirm it, as Consols of 1867 : old : ( 1) viz : $24.50. Against this there was subsequently entered warrant No. 75 of June 24. 1878, charged in Appropriation Ledger No. 3, p. 317, as "Consols of 1865 " (see letter of the First Comptroller dated June 20, 1878), $6.40, leaving due the amount as shown on p. 196, viz : $18.10. The following changes would seem to be here indicated : F. E. Spinner, Per. Ledger No. 5, p. 299, Five-Twenties of 1862, March 10, 1874, Cr. $24.50 ; Consols of 1865, June 34, 1878, Dr. $6.40, leaving the same ditterence of $18.10. See pp. 196, 198. 198 HISTORY OF THE CURRENCY OF THE COUNTRY. Review of Balances Arising Since 1859, Remaining due, not Counter-balancing. Name. Page. Loan. Due from— Dr. Or. Differences, net. Dr. Or. Hirara Barney 196 196 197 Treasury notes of 1861 Aug. 13, 1869 June 30, 1869 Mar. 10, 1874 $22. 781 30. 00/ $52. 78 E. H. "Webster "Interest on tbe public debt" ' ' Interest on tbe public debt " ■$24.50 ' $24. 50 2 52.78 24.50 228. 28 197 196 196 197 197 Conaols of 1865 June 24, 1878 Sundrydebits and credits, 1883, 1884, and 1885. Sundrydebits and credits, 1885. Juno 24, 1878 July 14, 1876 F E Smnner ■6.40 6.26 2,062.20 .02 16.40 Jas. Gimllan 66.67 2,062.22 \ 61.41 do Seven-Thirties of 1864 and 1865. . . . Five-Twenties of 1865 .02 J.C.New .5.98 Do 6. 00/ 2, 073. 88 2, 134. 89 61.01 Totals since 1859 -- 3 2.120.06 *3,473.36 2, 159. 39 21.18 3 32.73 «3,452.18 Add balances arising from 1 835 to 1859 (seep. 196) Aggregate - - '5,600.02 30. 001 1, 260. OOj 2, 180. 57 1, 290. OO '3,419.45 Add tbe tollowing since A. U. "Wyman 1859, 196 196 counter -balancing, viz : Consols of 1865, Dr. ; Consols of 1867, Cr. Central Pacific Eailroad bonds, Dr.i Kansas Pacific Eailway and Union Pacific Itailroad bonds, Cr. Sundrydebits June 29, 1885. June 18, 1885. Do Total balances at tbe en d of 1885 86,890.02 3, 470. 57 «3,419.45 As sbowB on p. 197 - 6,883.62 ■6.40 3, 464. 17 ■6.40 3,419.45 Add Consols of 1865, above, previously deducted from $24.50, Ci . Consols of ts, viz: 6, 890. 02 3, 470. 57 3,419.45 "Interest on Nov. 26, 1851 Jan. 13,1854 aSept. 1, 1853 Nov. 4,1854 Of tbe total balances the public debt:" J.B.Trevor due, tl 196 196 196 196 16 following are of the old account, "Interest on the public debt" 12.82 12 82 J.S. Sittings 2, 429. 341 75.00 .10 2, 504. 44 Corcoran & lliggs ... do .. . do ITp tol859 2,504.44 12.82 2,491.62 196 197 "Interest on tbe public debt" do June 30, 1869 !)M:ar.l0,1874 E. H. "Webster 30.00 30.00 P.E. Spinner 24.50 24 50 After 1859 30.00 24.50 5.50 2, 534. 44 37.32 2,497.12 Dr. Cr. Differences, net. Dr. Cr. 1 See note on p. 197, and item on p. 19G, to wliich it refers $6.40 $22. 78 = 30. 00 22. 78 = 2, 103. 88 ^''^^^^l^ 3, 110. 52 $24. 50 24.50 2, 159. 39 21.18 2, 180. 57 3,470.57 $18. 10 $5.50 'Less Hiram Barney, p. 196, not in appropriation account 55 51 3, 089. 34 3,033.83 3, 033. 83 *Le8S W. R, Danforth, p. 196, not in appropriation account 911.83 = 5,214.40 911. 83 = 6, 604. 40 •• Less as above, p. 19G, not in appropriation account a Unclaimed dividends. The credit balances are all in the nature of overpayments. frConsolaof 1867: old. (?) HISTORY OF THE CURRENCY OF THE COUNTRY. 199 EXPENSES OF THE NATIONAL LOAN. Statement of Expenditures, by Vouchers, from 1862 to 1875, Inclusive. Tear. AdvortiBing. Alum. Adminis- trator. Books. Blankets. Bronze. Book- binders' materiel. Building store-room and oil- house. 1863 $4, 003. 49 13, 772. 03 2, 206. 76 233, 852. 04 7, 189. 40 5, 078. 13 5, 156. 24 3, 631. 65 9, 783. 47 2, 276. 33 539. 96 525. 64 651.25 1863 $354.00 1864 $3,315.37 5, 674. 31 2, 248. 74 1,397.58 1, 784. 19 2, 133. 67 6, 072. 23 5,847.01 6, 893. 97 10, 058. 20 10, 300. 75 $15, 706. 25 28, 564. 50 20, 730. 95 17, 650. 37 26, 907. 00 7, 029. 50 1865 1866 1175.00 1867 1868 $668. 59 550. 00 1869 $1, 843. 66 1, 601. 10 1,441.90 284. 25 891.00 647. 50 1870 1871 98.50 1872 1873 1, 500. 00 1874 $315.25 $1,825.50 1875 Totals 288, 726. 39 1, 218. 59 315. 25 '2,127.50 55, 726. 02 115,488.67 6,709.41 1, 825. 50 Net 288, 726. 39 1,218.59 315. 25 12,127.50 55, 726. 02 115, 488. 67 6,709.41 ' Commission. Tear. Loan of 1848. Seven- Thirties of 1861. Five-Twen- ties of 1862. Coraponnd- interest notes. Five- Twenties of June, 1364. Ten- Forties of 1864. Seven- Thirties of 1864 and 1865. Five- Twenties of 1865. 1862 ^ofl per cent. i and 4 of 1 per cent. $36,107.35 397.00 i and J 0/ 1 per cent. J and i of Iper cent. 1 0/ J per cent. ^\to\ofl percent. itolof 1 per cent. J of 1 per cent. 1863 $18, 906. 97 1, 033, 958. 99 388, 444. 72 1864 $61, 654. 31 544, 099. 03i 645. 37 1865 $3, 755, 022. 66 j 1. 256, 801. 60 65, 903. 49 3,020.37 $11,473 12 57 283 37 1867 $66. 25 3$6,006.12 $1,687.60 23, 546. 32 400. 00 8, 855. 00 lg69 1870 62.60 1871 1875 Totals 60.25 36, 504. 35 1,441,309.68 36,006.12 1,687.50 631,245.03i 5,080.810.624 77,611.49 Net 62.25 36, 504. 35 1, 441, 369. 68 S6, 006. 12 1,687.50 631, 246. 03J 5, 080. 810. 62J 77,611 49 Commission. Clocks. Currency boxes. Carriages and repairs of same. Car faro and car tickets. Year. Consols of 1865. Consols of 1867. Five per cent, loan of 1881. Carpets. 1862 ^of Iper cent. ioflperct. iof Iper cent. $30. 00 300. 00 1864 $205. 20 594. 83 1865 1868 123. 00 607. 55 $5io. 00 534. 90 $35. 00 1867 $5, 987. 56 1868 $93, 142. 05 $23, 975. 54 93.75 1869 811. 00 108. 00 391. 75 144.56 264. 75 409. 50 1870 147.60 887. 12 77.50 17.60 56.00 1871 1872 $426. 59 279. 80 2U0. 00 30.00 1873 1874 1875 Totals 93, 142. 05 24, 069. 29 426. 59 1, 638. 62 1, 407. 58 3, 174. 46 544. 80 5, 987. 50 Net 63, 142. 05 24, 069. 29 426.59 1, 638. 62 1,407.68 3, 174. 46 544.80 5, 987. 56 'Dora's Bible. 'The total of the commission paid is $957 less than heretofore published, the same being found to have been paid lor bond paper, to which it has been carried. The figures as stated above, is the result of a revision of the data contained in the accounts relating to commission paid, as previously classified. sQf this amount, $3,550. was also paid as premium, in 1867. See Compound-interest notes, p. 91. 200 HISTORY OF THE CUKRENCV OP THE COUNTRY. Statement of Expenditures, by Vouchers, feom 1862 to 1875, Inclusive— Continued. Tear. Chloride of lime. Currency diagrams. Chemical water- prooang. Chemical solution for treatment of steel plates. Designs and. drawings. Engraving and printing. Expressage. Elevator and ma- chinery for Cash Room, Treasury Depart- ment. 1862 $330, 646. 47 1,401,773.34 627, 444. 95 133, 956. 84 49,737.81 47, 518 54 69,111.25 170, 644. 39 805, 859. 03 704, 317. 19 621, 936. 98 673, 231. 66 521,089.56 4, 266. 53 $25,416.89 79, 646. 46 00,431.95 465, 060. 93 335, 627. 00 239, 063. 86 296, 838. 84 212,626.08 187,295.40 211,848.64 122, 323. 03 264, 878. 81 162, 447. 15 21, 627. 71 1863 $600. 00 1, 970. 00 250. 00 350.00 1864 1865 ... 1866 1807 $209. 81 87."). Ill 618. h2 $180.00 ... 1868 707.60 1, 747. 50 791.69 235. 00 1870 $5, Oil. 50 1871. 1872 $18,765.47 66, 401. 26 67, 896. 26 2, 936. 32 $1,000.00 1874 Totals 1,633.76 180. 00 165, 999. 31 1, 000. 00 6, 651. 69 6, 021, 623. 53 43, 076. 53 2,691,131.75 137, 607. 37 5,011.60 Net 1,693.76 180. 00 165,999.31 1, 000. 00 6, 551. 59 5, 978, 447. 00 2, 553, 624. 38 5,011.50 Year. Engraving seals and dies. Freight. Furniture. Fuel: coal and ■wood. Fees: counsel and patent. Felting. Frames for engravings. Glne. 1862 $13. 00 1863 $37"2, 75 1, 525. 71 3, i)08. 57 4,792.61 5, 985. 98 29, 364. 43 8, 748. 27 11, 475. 84 10,062.57 2,161.02 2,580.63 4, 264. 93 1864 1,021.03 75, 308. 71 6, 060. 27 2, 866. 92 2, 050. 64 4, 124. 02 1,311.70 3,912.62 8, 357. 58 7, 454. 69 4, 863. 93 69.84 $6, 340. 19 10,025.59 13, 723. 78 14, 292. 13 16,113.80 11, 865. 31 2, 459. 16 2, 680. 30 6, 089. 00 6, 382. 47 10, 063. 78 1865 1866 $237. 98 1867 1868 2,072.42 « 875 qq 1869 $1,600.00 770. 00 463. 41 428. 92 475. 00 1, 132. 00 2.50 1870 $2, 730. 00 1871 1872 2, 944. 00 58:). 00 1, 248. 00 $1, 305. 48 1873 $248. 50 441. 60 1874 1876 Totals 7, 505. 00 117, 395. 65 86, 233. 26 100, 041. 51 4, 771. 83 1,305.48 248. 50 6, 627. 99 Net 7, 505. 00 117, 395. 56 85. 233. 26 100, 041. 61 4, 771. 83 1,305.48 248. 60 6, 627. 99 Year. Gas. Glim arable. Hardware. Hand stamps. Harness. Heating apparatus. Horses. Ice. 1862 1863 $161. 00 165. 11 811.25 1,397.06 1, 610. 19 1, 808. 24 1,327.41 539. 13 1, 954. 07 6)7.31 886 53 2, 509. 61 1864 $830. 00 1, 101. 12 5, 888. 88 6,160.95 6, 389. 22 4,915.09 2, 719. 33 3, 636. 42 2, 593. 44 2,169.18 2, 696. 11 1866 1866 1 1867 $1, 095. 55 119. 80 1868 $40, 089. 75 14, 622. 38 1,119.32 928. 34 78'1. 15 915.66 1, 065. 30 74.40 $212. 55 178. 56 $52. 00 $596. 00 1869 $476. 00 1870 45.00 159. 00 241. 95 162.15 189. 36 3,554.20 2, 108. 68 1871 300. 00 200. UO 125.00 125. 00 1872 1873 1874 1875 6 - Totals Repaytoeuts 59, 634. 30 391. 11 38, 099. 74 1,215.3 849. 45 6, 258. 88 1, 225. 00 13.786.51 Net 59, 634. 30 391. 11 fi O-O QO , o.ir r\n 13,786.51 HISTOKY OF THE CUKKENCY OF THE COUNTRY. 201 Statement of Expenditures, by Vouchers, from 1862 to 1875, Inclusive — Continued. Year. Ink, color- ing, etc. Iron cases. Iron safes and steel- lined chests. Judgment: "Victor and Duckeritz case: Texan in- demnity stock. Laundry. Leather. Labor and materiel. Lumber. $210. 00 943. 00 17, 358. 75 42,432.09 28, 043. 37 43. 167. 23 41, 786. 67 24, 429. 93 69, 671. 48 76, 393. 92 74, 626. 18 55, 810. 94 62, 275. 16 1, 649. 15 $3, 840. 19 4, 752. 75 1, 735. 00 1, 360. 00 1, 100. 00 70.00 210. 00 650. 00 iy()3 . $53. 40 1,134.71 6. 542. 49 8, 332. 45 8,613.45 10,298.13 6. 656. 63 6,224.23 7,718.03 6, 930. 06 9, 074. 12 10, 044. 04 $208. 00 798. 05 1,894.94 3, 128. 78 2. 401. 23 1, 708. 86 294. 96 197. 00 377. 39 312. 04 704. 40 $4,212.09 72, 483. 61 18.418.63 2, 260. 84 9, 820. 63 6, 462. 36 168. 61 $706. 78 1866 $123. 01) $1,831.28 1868 2 101 90 1, 943. 69 2 544 60 1870 750. 00 300. 00 1, 125. 00 1, 360. 00 1872 2, 255. 48 2, 600. 51 4, 202. 26 8,820.00 7,840.00 ia75 Tdtfils 527, 803. 87 17, 835. 00 16, 182. 94 1,831.28 80, 622. 34 12, 025. 64 112, 827. 27 61, 027. 32 25. 266. 12 Net 527, 802. 87 17, 835. 00 16, 182. 94 1,831.28 80, 622. 34 12,025.64 51, 799. 95 Tear. Lunches. Locks: bank and otLera. Machinery. Miscella- neous. Missing vouchers. Macerator. Oil. Oil-cloth. 1862 $3, 020. 38 34,490.26 88, 739. 10 86, 434. 87 13,718.87 146,532.39 22, 783. 87 18, 384. 99 38, 220. 64 23, 660. 62 9,940.83 8, 612. 35 30, 498. 88 994. 38 $270. 82 6, 055. 73 28, 9!i2. 32 1, 473. 89 1, 226. 41 1, 363. 91 1, 050. 17 1, 323. 41 $4.50 5.00 4, 279. 74 4, 968. 54 7, 705. 40 10,112.34 10, 845. 85 6, 154. 28 6, 207. 87 6,941.58 4, 647. 71 5, 6S4. 93 9, 597. 37 1864 $105. 00 1867 $l03. 50 325. 00 1869 750. 00 680. 00 2, 660. 00 1,226.13 890. 33 $121, 1^86. 17 1871 1872 942. 19 1, 295. 08 1, 277. 46 $1,092.17 1374. $2,190.00 Totals 105. 00 4, 718. 50 526, 038. 49 39, 900. 00 47, 497. 85 121, 286. 17 2, 190. 00 76, 025. 11 1, 092. 17 Net ... 105. 00 4,718.50 486, 138. 49 47, 497. 85 121, 286. 17 2, 190. 00 76, 025. 11 1, 692. 17 Year. r.iintins of eaj^le. Hag, etc. Pins. Pistols ; (revolvers). Press- board. Printers' cloth. Photo- graphs of Secretaries, etc. Paper. Bank-note. Board. 1864 $18, 667. 00 18, 748. 24 29, 042. 68 37, 216. 30 2(1, 970. 00 63, 951. 63 31, 441. 07 405. 00 $1 061. 25 1865 $100. 00 $259. 6.S 14 50 1867 139.H6 126. 34 14.5. 01 286. 97 144. 84 316.05 345. 61) 259. 20 1869 1870 1871 $5fl. 50 32. CO 39.00 $878. 70 $328. 40 1872 $405. 00 60.00 470. 23 1874, Totals 100. 00 2, 023. 55 130. 50 1, 348. 93 328. 40 455. 00 220, 440. 92 1, 075. 75 Net 100. 00 2, 023. 55 130. 50 1, 348. 93 328. 40 455. 00 220, 440. 92 1, 075. 75 202 HISTORY OF THE CURRENCY OP THE COUNTRY. Statement of Expendituebs, by Vouchers, prom 1862 to 1875, Inclusive — Continued. Paper. Tear. Bond. Boxes. Fractional- currency. Legal-ten- der. United States note. Check. In general. Revenue. 1862 1863 1864 $29, 949. 00 24, 391. 69 13,365.99 29, 106. 00 $101. 04 $265. 60 5,389.21 6, 111. 95 7, 611. 81 2, 092. 53 3, 071. 77 3,727.70 813.09 3, 645. 67 13, 063. 00 7,141.40 1866 1868 1870 1, 890. 22 80, 398. 50 2, 303. 43 160. 00 2, 220. 00 616. 50 $87, 682. 67 128, 350. 69 126, 830. 33 133, 860. 89 167, 169. 64 $106, 534. 16 95, 650. 65 23, 367. 95 $29, 161. 25 1871 $1, 430. 00 2. 644. 74 B, 745. 05 8, 297. 69 9, 211. 90 1872 153. 50 100.00 $45, 300. 50 1874 1875 . Totals Repayments 1 184, 401. 33 98, 744. 65 364. 54 643,884.22 226, 462. 75 45, 300. 50 19, 117. 48 52, 933. 73 20, 000. 00 38, 373. 15 38, 373. 15 ^Net 1 85, 656. 78 364. 54 643,884.22 226,452.75 46, 300. 60 19,117.48 32, 933. 73 Paper. Eaw silk. Rollers. Reimburse- ment of Treasurer of the United States.'' Rosin. Repairs and alterations : Treasury Department. Repairs and sky-lights Tear. Sensitive. Stamp. for Bureau of Engrav- ing and Printing. 1862 1863 $3, 750. 00 1864 $1, 020. 51 1, 406. 95 135. 37 614.96 1, 300. 92 1,291.14 1, 622, 92 2, 007. 60 878. 17 2, 123. 17 914. 16 1865 1866 1 1867 $4, 963. 40 1868 $184. 90 1869 1870 $7, 679.,«6 $7, 098. 49 8, 223. 89 630 00 $4, 925. 50 1872 $3, 306. 12 5, 154. 35 Totals 4,925.50 8, 460. 47 8, 460. 47 3, 750. 00 13,315.87 4,963.40 3, 670. 35 484. 90 7, 679. 96 16,652.38 Net 4, 925. 50 3,760.00 13,315.87 1,293.05 484. 90 7,679.96 16,652.38 Tear. Eepairs, furniture, etc.: remov- ing Bureau of Engraving and Printing from base- ment to attic. Salaries, an( diiference ^ allowed Chie of Bureau of Engraving and Printing ' Stationery. Steel plates. Sheeting: cotton and rubber. Soap. Salvage : ("Golden Rule"). Special agents in Europe : ex- penses of. 1862 $93,028.21 136, 745, 66 406, 440. 88 684, 770. 46 022, 842. 04 1, 032, 488. 35 1,216,354.68 1, 343, 805. 08 $5, 694. 99 5, 559. 60 18, 999. 03 27, 882. 28 71, 325. 14 6, Oil. 95 1, 715. 26 4, 466. 64 5, 144. 15 217. 59 2, 550. 41 2, 682. 87 143.71 1863 1864 $12,190.92 10, 151. 96 9, 415. 82 4,197.88 3, 643. 04 3,993.16 3, 644. 88 2, 212. 63 3, 690. 08 5,140.94 4, 696. 00 $5, 248. 44 20, 328. 19 22, 625. 06 29, 694. 97 31, 745. 09 12,658.62 6, 885. 25 4,719.09 4, 825. 84 6, 887. 91 7, 356. 93 $219.70' 677. 65 530.47 598. 99 780. 93 482. 62 565. 65 446. 76 313.80 663. 98 813.00 1865 \S66 io67 r 1 1868 1869 1870 $01, 618. 11 1, 364, 638. 22 1,438,098.01 1,368,346.76 1, 602, 271. 36 1871 1872 1873 1874 1,783,764.62 846. 55 1875 Totals Eepaymeiits 91, 618. 11 13, 394, 340. 88 1, 067, 870. 30 151,294.21 62, 883. 31 152,875.29 5,992.35 2, 396. 14 31, 402. 35 Net 91 518.11 15 aofi 470 ^R 151, 294. 21 62, 883. 31 152,875.29 R nQ9. ^F, 9. SQR 11 31,402.35 • To tlio amount as lieretofore publislicd thoro has been added $957, found to have been erroneously included in the commiaHion paid on Five- Twenties of 1862. See note on p. 199. ^'FoT principal, interest, and premium paid for Seven-Thirties of 1864 and 1865, stolon by A. "Wm. Lee. «$901.10 in 1872. HISTORY OF THE CURRENCY OF THE COUNTRY. 203 Statement of Expendituees, by Vouchees, from 1862 to 1875, Cnclusive — Continued. Year. Staining, room-rent, etc. Straw- board. Soda- ash. Screens: •wire. Superintend- ing the reconstruc- tion ofdrying- room, etc. ; Bureau of En- gravinpand Printing. Traveling expenses. Telegrams and cablegrams. Telegraph instru- ments. 1862 $2,810.33 1,308.15 2, 924. 86 614.95 1,697.90 990. 04 697. 80 1, 544. 07 4, 749. 26 17, 089. 11 11,876.79 10, 033. 08 7, 963. 74 111. 65 $36. 57 323. 67 514.86 693. 28 755. 71 333. 79 450. 20 649. 60 637. 09 333. 60 201. 00 176.73 55.37 18H4 1866 $3, 579. 10 $1, 350. 00 922. 50 1, 842. 20 1, 800. 50 1, 053. 09 1, 262. 97 1,377.25 2, 282. 75 216. 00 $716.16 898. 27 ]868 1870 $450. 00 1, 976. 00 256. 00 73.00 $1, 480. 00 2, 100. 00 490. 00 1872 $725. 00 1875 Totals 3, 579. 10 12, 113. 86 1,614.43 2, 761. 00 4, 070. 00 64,311.73 5, 162. 37 725. 00 Net 3, 579. 10 12,113.86 1, 614. 43 2,761.00 4, 070. 00 64,311.73 5, 162. 37 725. 00 Tear. ^ Type, electro- typing, etc. Twine. Type for inter- eat schedules. Use of frac- tional-currency separator. "Wagons and repairs of same- $2, 169. 47 3, 132. 09 I, 625. 62 502. 02 648. 47 301. 35 294. 65 70.93 2, 360. 45 16, 651. 69 499. 51 $1, 7.50. 00 1, 033. 33 $256. 00 260 00 $102. 15 1, 400. 93 $3, 7.'-..-i. 86 3, 873. 72 254. 25 557. 75 28, 266. 25 1, 563. 08 7, 629. 68 2. 783. 33 1,318.00 28, 256. 25 1, 563. 08 7, 629. 58 2, 783. 33 1,318.00 Year. Total. Eepayments. Less balances. Net. Net expendi- tures. $504, 972. 62 1, 769, 879. 67 2, 364, 874. 07 6, 594, 608. 04 1 2, 908, 013. 69 = 1,871,349.88 2, 032. 625. 15 1,964,771.93 3, 044, 505. 33 2, 874, 952. 02 2,461.741.11 2, 890, 426. 95 2, 927, 832. 12 33, 446. 90 $504,972 62 1, 769, 879. 67 2, 364, 874 07 Ig65 $43,053.78 96, 779. 01 62, 694. 73 37,071.03 119,176.64 237, 545. 11 12,718.90 55,987.41 31, 575. 64 983, 107. 23 18, 114. 00 $42, 000. 00 88, 863. 30 $1,053.78 7,915.71 62, 694. 73 37,071.03 82,711.14 237,545 11 12,718.90 55, 987. 41 31, 676. 64 983, 107. 23 6,349.36 6, 593, 654. 26 ' 2, 960, 097. 98 ' 1,808,656.15 1,995,654.12 Ig69 36, 405. 50 1,882,060.79 2, 806, 960. 22 2, 862, 233. 12 2,405,763.70 2, 858, 851. 31 1, 944, 724. 89 11, 765. 24 27, 097. 54 34,303,999.48 1, 518, 730. 04 1, 697, 824. 08 179, 094. 04 1, 518, 730. 01 1232 785 209.44 ' 2 32. 785. 269 44 ' Includes $175 for Dor6's Bible. , . . , * Includes $1,293.05 reimbursement of Treasurer of the UnllHl States for principal, interest, and premium paid foi Seven-Thirties of 1864 and 1865, stolen by A. Wni, Lee. 204 HISTORY OP THE CURRENCY OF THE COUNTRY. REFUNDING THE NATIONAL DEBT— 5 PER CENT. Five Per Cent. Loan op 1881. (Acts of July 14, 1870, January 20, 1871, December 17, 1873, January 14 and March 3, 1875.) Year. Advertising. Agents at London : disburse- ments by. Commission. Engraving and printing bonds by bank-note companies. Express- age. Freight. Hand stamps. Miscellane ous. 1871 $126, 433, 65 68, 036. 44 645. 25 1, 116. 60 $171,175,19 514, 347. 93 24, 843. 75 334, 317. 75 122, 116. 25 683, 189. 31 $5, 173. 37 2,178.25 $137. 00 152. 04 $27. 40 $150. 00 $52, 778. 89 $35. 70 12. 83 31.10 23. 28 35.76 1873 104,875.98 3, 294. 48 1,800.42 37.40 134, 747. 65 20, 392. 60 15,615.10 68, 869. 56 118.07 1B76 172. 80 298. 10 59.93 1877 Totals 196, 702. 84 121, 648. 45 1, 849, 990. 18 32, 579. 73 117, 359. 90 171, 044. 29 138. 67 27.40 328. 00 1 Net 196,702.84 121,648.45 1, 817, 410. 45 117, 359. 90 171,044.29 138. 67 27.40 328. 00 Year. Paper: bond. Printing. "Republic :" (magazine). Eichard- son's "Public Debt." Salaries. Special agents in Europe : expenses of. Steel chests and repairs of same. Telegrams and cable- grams. 1871 $360. 00 $5, 401 . 02 $28, 981. 65 1, 000. 00 7, 100. 00 625. 61 1873 ' $225. 00 1874 $98,744.55 $990. 60 180 20 1875 $12, 280. 40 6, 820. 88 $240. 58 420. 29 561. 10 1876 ' 92. 22 685. 13 1877 1878 1 8, 039. 02 i Totals Eepayments 98, 744. 55 9, 390. 05 360. 00 990. 60 225. 00 27, 146. 30 37, 173. 87 6, 300. 78 660.87 1 7,453.06 Ifet 89, 354. 50' 360. 00 990.50 225. 00 27,146.30 30,807.09 1660.87 1 27,453.06 Year. Traveling expenses. Type and printers' materiel. Total. $700. 00 533. 00 92 80 139. 20 1,02,-) IW 1,197.12 $309 563 63 1872 667, 670. 11 1873 26, 819. 63 682, 243. 53 1874 $377. 2u 229, 305. 10 710,088.96 lg76 .;... 1878 52.25 8, 091. 27 Totals 3, 746. 05 377. 20 2, 634, 117. 73 48, 336. 56 Net 3, 746. 65 377 90 9, f.RP, 7fl1 17 ' > All repairs. * All cablegrams. HISTORY OP THE CURRENCY OF THE COUNTRY. REFUNDING THE NATIONAL DEBT-tJ PER CENT. 205 FOUR-AND- ONE-HALF PEK CBNT. LOAU OF 1891. (ACTS OF JULY 14, 1870, JANUARY 20, 1871, AND January 14, 1875.) Tear. Commission. Engraving and print- ing bonds. Expressage. Freight. Lunches. Pistols: (revolvers). Salaries. Steel chests and repairs of same. $440, 000. 00 495, 267. 02 232, 367. 61 150. 00 $32, 196. 10 1, 385. 40 2, 793. 50 $3, 658. 10 4,013.60 $36. 95 15.63 15.70 $35. 75 $153. 90 $5, 355. 78 2, 924. 95 416. 40 $312.71 1879 '^4 75 1880 Totals 1, 167, 784. 63 36, 375. 00 7,671.70 68.18 35.75 153. 90 8, 697. 13 482. 71 Year. grams. * Traveling expenses. Total. 1877 $560.15 ! $16.00 291.36 ' $6, 845. 46 7,515.30 5, 335. 64 $489, 170. 90 1878 511,558.41 1879 , 25.99 240 979 59 1880 150. 00 Totals 877.50 16. no 19, 696. 40 1,241,858.90 REFUNDING THE NATIONAL DEBT— 4 PER CENT. Four Per Cent. Loan of 1907. (Acts of July 14, 1870, January 20, 1871, and January 14, 1875.) A (rents at London : dis- burse, monta by. Cash boxes. Commission. Engraving and printing. Express- age. Year. Bonds. Certificates. Tj-ansfer checks. File-holders. 1878 $331, 298. 42 1,313,407.20 305,816.34 227. 37 $48, 477. 20 155, 675. 00 45, 586. 54 $7, 822. 70 29,990. 17 57, 374. 62 138. 18 1.75 $265.00 $45, 466. 25 $205. 00 670. 00 3880 $7, 152. 66 $100.00 1882 Totnla 7, 152. 66 265. 00 1, 950, 749. 33 249,738.74 45,456.25 875. 00 95, 333. 32 14, 299. 00 100. 00 Ket 7, 152. 66 205. 00 1, 950, 749. 33 249, 738. 74 45, 456. 25 875. 00 81, 033. 42 100. 00 Tear. Freight. Gas. Index book. Lunches. Miscellane- ous. Paper. Repairing canceling machine. Bond. In general. 1878 $14. 86 8.64 44.32 1879 $40. 60 $57. 50 $26, 567. 54 1880 $856. 36 $125.00 $202. 85 1881 25.20 2, 139. 50 $1, 523. 50 1882 . . Totals 67. 82 1 856. 35 126. 00 40.60 82.70 28, 707. 04 1,52:). 60 202.86 Net 67.82 1 856.35 125. 00 40.60 82.70 28, 707. 04 1, 523. 50 202. 85 Year. Kicliardson's "Public Debt." Salaries. Special agents in Europe: ex- penses of. Steel chests and repairs of same. Telegrams and cable- grams. Traveling expenses. Type for interest schedules, etc. Total. 3878 $9,967.33 74, 049. 32 116,981.33 682. 32 9.89 $i63"48" 620. 00 $1,131.85 151. 65 2.65 $77.79 271. 23 73.07 $1,803.72 13,211.96 3, 758. 34 263. 00 $400, 583. 87 1879 $143. 76 $10, 297. 25 •2,538.50 1, 669, 967. 63 1880 540, 802. 47 5,099.07 1882 11.64 Totals 143. 75 200, 080. 10 783. 48 1,286.15 422. 09 19, 037. 01 12, 835. 75 2,616,464.58 14, 299. 90 Net 143. 76 200, 680. 19 783. 48 1, 286. 15 422. 09 19, 037. 01 12, 835. 76 2, 602, 164. 68 I Type and printers' materiel. 206 HISTORY OP THE CUREENCY OF THE COUNTRY. SUMMARY STATEMENTS. Refunding the National Debt — 5, 4J, and 4 Per Cent. Expenditures. Five per cent, loan of 1881. Acts of July U, 1870, January 20, 1871, etc. Four-and-one- half per cent, loan of 1891. Actsof July 14, 1870, January 20,1871,and Jan- uary 14, 1876. Four per cent. loan of 1907. Acts of July 14,1870, January 20, 1871, an(f Jan- uary 14, 1875. Total. Advertising Agents at London : disbursements by . Books : Index " Kepublic " (magazine) Bichardson's "Public Debt" Cash boxes Commission Engraving and printing : Bonds Certificates Transfer cliecks Expressage File-holders Freight-. ..; : Gas. Hand stamps Lunches Miscellaneous Paper: Bond In general Pistols: (revolvers) Printing Repairing canceling machine Salaries Special agents in Europe: expenses of . Steel chests and repairs of same Telegrams and cablegrams Traveling bags Traveling expenses Type and printers' materiel Totals $190, 702. 84 121, 648. 45 990.50 225. 00 1,817,410.45 117, 359. 90 $1, 107, 784. 63 36, 376. 00 171, 044. 29 138. 07 "27.' 46' 7, 671. 70 ""68.' is' 328. 00 i, 354. 60 360. 00 153. 90 27, 146. 30 30, 807. 09 ' 660. 87 27,453.06 S, 697. 13 3, 746. 65 877. 20 482.71 877. 50 16.00 19, 696. 40 1, 686, 781. 17 $1, 241, 858. 90 $7, 162. 06 125. 00 143. 75 265. 00 1, 950, 749. 33 249, 738. 74 45, 466. 25 876. 00 81, 033. 42 100. 00 67.82 856. 35 40.60 82.70 28, 707. 04 1, 523. 60 202. 85 200, 680. 19 783.48 1, 286. 16 422. 09 19, 037. 01 = 12,835.76 :, 602, 164. 68 $196, 702. 84 128, 801. 11 125. 00 990. 50 368. 75 266. 00 4, 935, 944. 41 403, 473. 64 45, 456. 26 875. 00 259, 749. 41 100, 00 274. 67 850. 35 27.40 76.35 410. 70 118, 061. 64 1, 523. 50 153. 90 360. 00 202. 85 236, 523. 62 31, 590. 57 2, 429. 73 8, 752. 65 16,00 42, 480. 06 »]3,212.95 $6, 429, 804. 75 > All repairs. 2A11 cablegrams. ^Includes $10,297.25 for type for interest schedules. Expenses oe the National Loan, and op Refunding the National Debt, 5, ii, and 4 per CENT., AS PER PRECEDING TABLES. Expenditures. Administrator .- Advertising Agents at London : disbursements by. ALum Books Index "Republic:" (magazine) , Kichardson's "Public Debt" Book-binders' materiel Blankets Bronze- Building store-room and oil-house Carnages and repairs of same Car fare and car tickets Carpets Chemical water- proofing Chemical solution for treatment of steel pljites . Chloride of lime Clocks Commission Currency and cash boxes Currency diagrams Designs and drawings : Expenses of the national loan. $315. 25 288, 726. 39 1,218.59 ' 2, 127. 60 6, 709. 41 56, 726. 02 115, 488. 67 1, 825. 60 3, 174. 46 644. 80 5, 987. 66 155, 999. 31 1, 000. 00 1, 693. 76 1, 638. 62 "7,392,938.98 1, 407. 58 180. 00 6, 651. 59 'Includes $175 for Dor6's Bible. 2Seenote2 on p. 199. ■Of this amount. $3,550 was also paid aa premium, in 1867. Refunding the national debt — 5, 4i, and 4 per cent. $196, 702. 84 128, 801. 11 125. 00 990, 60 368. 75 4,936,944.41 205. 00 Aggregate. $315. 26 485, 429. 23 128, 801. 11 1, 218. 69 ' 2, 127. 50 125. 00 990. 60 368. 75 6, 709. 41 66, 726. 02 116, 488. 57 1, 825. 50 3, 174. 46 544. 80 5, 987. 56 166, 999. 31 1, 000. 00 1, 693. 76 1, 638. 62 2 512,328,883.39 1, 672. 68 180. 00 6, 551. 69 See Compound-interest notes, p. 91. HISTORY OF THE CURRENCY OF THE COUNTRY. 207 Expenses of the National Loan, and op Refunding the National Debt, 5, 4^, and 4 per CENT., AS PER PRECEDING TABLES — Continued. Expenditures. Expenses of tlLe natioDal loan. Kefunding the national debt — 5, 4}, and 4 per cent. Elevator and machinery for Cash Room, Treasury Department . Engraving and printing Bonds Certificates Transfer checks Engraving seals and dies Expressage Fees : counsel and patent Felting File-holders Frames for engravings. Freight . Fuen coal and wood . Furniture Gas Glue Gum arable . - Hand stamps. Hardware Harness. Heating apparatus. Horses Ice. Ink, coloring, etc Iron cases Iron safes and steel-lined chesta Judgment: Victor and Duckeritz case; Texan indemnity atock . Labor and materiel Laundry Leather . Locks: bank and others. Lumber Lunches Machinery Miscellaneous Missing vouchers Macerator Oil. Gil-cloth Fainting of eagle, flag, etc . Paper: In general Bank-note Board Bond Boxes Check Fractional-ctirrunry Legal-tender Sensitive United States note Pins Press-hoard Printers' cloth Printing. Pliotographs of Secretaries, etc Pistols: (revolvers) ■ Raw silk Reimbursement of Treasurer of the United States Repairing canceling macliine Repairs and alterations : Treasury Department Repairs and sky.lights for Bureau of Engraving and Printing Repairs, furniture, etc.: removing Bureau of Engraving and Printing from basement to attic Rollers , Oil. 50 i, 447. 00 7, 2, 653, 4, 1, 505. 00 524. 38 771. 83 305. 48 117, 100, 85, 59, 6i 1, 13, 527, 17, 16, 1, 51, 80, 12, 4, 25, 486, 47, 121, 2, 70, 1, 32, 220, 1, '85, 19, 643, 225, 4, 45, 2, 1, 248. 50 395. 55 041. 51 233. 28 634. 30 627. 99 391. 11 215. 35 099. 74 849. 45 258. 88 225. 00 786. 51 802. 87 835. 00 182. 94 831. 28 799. 95 622. 34 025. 64 718. 50 265. 12 105. 00 138. 49 497. 85 286. 17 190. 00 025. 11 692. 17 100. 00 933. 73 440. 92 075. 75 656. 78 354. 54 117. 48 881. 22 452. 75 925. 50 300. 50 023. 55 348. 93 328. 40 455. 00 130. 50 1,750.00 I, 293. 05 679. 96 652. 38 Rosin Salaries, and difference allowed Chief of Bureau of Engraving and Printing Salvage ; (" Golden Rule ") Stationery Screens : wire Special agents in Europe : expenses of Sheeting : cotton and rubber Steel chests and repairs of same Steel plates 91, 618. 11 13, 315. 87 484.90 '12,326,470.58 2, 396. 14 151,291.21 2, 761. 00 31, 402. 35 152, 875. 29 62, 883. 31 $403, 473. 64 45, 450. 25 875. 00 259, 749. 41 100. 00 ' 274.' 67 856. 35 "27.46' 76.35 '416.' 76' 1, 623. 50 'iii'oei.'si' 360. 00 'iM.'go' 236, 523. 62 31, 590. 57 '«2,429. 73 5, 978, 403, 45, X ''' 5, 813, 4, 1, 117, 100, 85, 60, 6, 1, 38, 1, 13, 627: 17, 16, 1, 51, 80, 12, 4, 26, 480, 47, 121, 2, 76, 3, Oil. 50 447.00 473. 64 456. 26 875. 00 505. 00 273. 79 771. 83 305. 48 100. 00 248. 50 670. 22 041.51 233. 26 490. 65 627. 99 391. 11 242. 75 099. 74 849. 45 258. 88 225.00 786, 51 802. 87 835. 1,0 182. 94 831.28 799.95 622. 34 025. 64 718. 50 265. 12 181.35 138. 49 908. 55 286. 17 190.00 025. 11 692. 17 100. 00 34, 467. 23 220, 440. 92 1, 075. 75 ' 203, 718. 32 364. 54 19,117.48 643, 884. 22 225, 452. 75 4, 925. 50 45, 300. 60 2, 023. 55 1, 348. 93 328. 40 360. 00 465. 00 284. 40 3, 760. 00 21,293.05 202. 85 7, 679. 96 16, 652. 38 91, 518. 11 13, 315. 87 484.90 '.2, 662, 994. 20 2, 39C. 14 151, 294. 21 2, 761. 00 62, 992. 92 152, 875. 29 «2, 429. 73 62, 883. 31 'See note 1 on p. 202. •For principal, interest, and premium paid for Seven-Thirties of 1864 and 1865, stolen by A. Wm. Lee. 'Includes $901.10 in 1872. '$660.87 for repairs. 208 HISTORY OF THE CURRENCY OF THE COUNTRY. EXPKNSES 01' THE NATIONAL LOAN, AND OF REFUNDING THE NATIONAL DEBT, 5, 4J, AND 4 PER CENT., AS PER PKECEDIN6 TABLES — Continued. Exrcnditiares. Expenses of the national loan. Refunding the national debt— 5, 4^, and 4 per cent. Aggregate. Soap Soda-ash Staining, room-rent, etc Straw -hoard Superintending the reconstruction of drying-room, etc.: Bureau of En- graving and Printing Telegrams and cablegrams Telegraph instruments Traveling bags Traveling expenses Twine. , $5, 992. 35 1, 614. 43 3, 579. 10 12, 113. 86 4, 070. 00 6, 162. 37 725. 00 >$8,752.65 Type and printers* materiel Type, electroty ping, etc Type for interest schedules Use of fractional-currency separator . Wagons and repairs of same 64, 311. 73 1, 563. 08 16.00 42, 480. 08 28, 256. 25 7, 629. 58 2, 783. 33 1, 318. 00 =13,212.95 $5, 992. 35 I, 614. 43 3, 570. 10 12, 113. 86 4, 070. 00 113,915.02 725. 00 16.00 106, 791. 79 1, 563. 08 213,212.95 28, 256. 25 7, 629. 68 2, 783. 33 1, 318. 00 Totals 332, 785, 269. 44 6, 429, 804. 75 339, 215, 074. 19 '$7,453.06 for cablegrams. "Includes $10,297.25 for type for interest schednlps ; add, Expenses of the national loan, $7,629.58 for type for interest schedules : total, $17, 926.83 for type for interest schedulea, 3 Includes $175 for Dor^'a Bible. HISTOEY OF THE CUKRENCY OP THE COUNTRY. 209 AMOUNTS OUTSTANDING CONTAINED UNDER THE HEAD OF "OLD DEBT" IN BAYLEY'S "NATIONAL LOANS OF THE UNITED STATES," TO JUNE 30, 1880, AND IN THE FINANCE REPORT AND PUBLIC DEBT STATEMENT, TO JUNE 30, 1896. Six per cent, stock of 1790 *27 869 77 Deferred six per cent, stock of 17S0 23 934 qq Three per cent, stock of 1790 ]^3 953 j^g Navy six per cent, stock jqq qq Eight per cent, loan of 1800 5qq qq Sixteen mill ion loan of 1813 46 39 Ten million loan of 1834 288 98 Mississippi stock gYj^ Yg Seven per cent, stock of 1815 32 52 Treasury note stock of 1815 67. 53 Total, perBayley 57,665.00 Treasury notes prior to 1840 g2 425. 35 Treasury notes of 1846 g qqq qq Mexican indemnity stoolc 1 104.91 Treasury notes of 1847 g5Q qq Bounty-land scrip 3,000.00 Treasury notes of 1857 700. 00 Total, per Finance Report I51 745 26 Loan of 1847 ' 950. 00 Texan indemnity stock 20 000. 00 Loan of 1858 2,000.00 Loan of February, 1861 5 qqq qq Treasury notes of 1861 2 450. 00 Oregon war debt 2 500. 00 Loan of July and August, 1861 48 85Q, qq Seven-Thirties of 1861 1q^ 700. qq Five-Twenties of 1862 218 600. 00 Temporary loan of 1862 2 850. 00 Certificates of indebtedness of 1863 3 OOO. 00 Loan of 1863 8,200.00 One and Two-year notes of 1863 59 265. 00 Compound-interest u otes 169 980. 00 Ten-Forties of 1864 35,350.00 Five-Twenties of June, 1864 16, 400. 00 Seven-Thirties of 1864 and 1865 124, 050. 00 Five-Twenties of 1865 21,850.00 Consols of 1865 109,200.00 Consols of 1867 171,200.00 Consols of 1868 ! 16,850.00 Three per cent, certificates 5, 000. 00- Five per cent, loan of 1881 32,500.00 Five per cent, loan of 1881 — continued at Three and one-half per cent. . . 2, 250. 00 Loan of July 12, 1882 7,000.00 Total, per public debt statement '1, 247, 740. 26 Add outstanding of other loans, per table on pp. 210, 211, not contained in "Old Debt" and public debt 1,768,592,583.14 Aggregate outstanding, per public debt statement '1, 769, 840, 323. 40 ' This does not include $14,000,000 Navy pension fnnd contained in the table on p. 211. 5018 14 210 HISTORY OP THE CUEEENCY OP THE COUNTRY. sjdj fcg.g>. 2a mn eo O O XI CO i-f M C- .-(lo Mas o-*oooooooooooi- ooimooooooiooiooTK OJ^OlOlOOC-OO-^lOCOt-CO CtSO C4 kA C4 C4 00 O 1^ C^ Id n 3 coco I-IU3 IMOO -ia>o>oot-oomiAcot— 00 oo mo C4iO(M(N •- 1-3 Eh « Q ■ggs O O O 00 i-iC oo 1*00 b-p o^mu30'4 oji-iroroooc-ooioiocot-00 o o o o o m 'tn 5^ 22 d^ c? S S S ^ '^ ^ ^ IS ^ 00 ^ :?! oo;5J -1 r-l T-H _00 r .M MS « 9 00 3 rtl-5 :0 <(^-- (D 0) '^ £ ^ ^ to 0|> ^^'^•^ O 00 <°00 (»'"' >»'"' t>i4^ 41-4-1 S P g != cd y cd hSe 1^ Ooo "»*< C ® p lO QO ^^3 TOO ^ ^' -S (- V, Oi COOi ^^ CD O) CO O O O O O O OOCO OQ o o o o c- o o m O eg O rH O CO 0> OO CO M (DO o o o o 00-* moo TOO in O TO C^O 03 00 04 inoi 00 i-lO «) (H en O (D O o o o o OCQ t- lO •^00 -•^-4-- CO^TO E Soo a >? P^H -3 (U i-i ID fl 3 e a a o l-l § I sssi I a S £■0 > > 'o'o O 0) CO tn IS 9 " « 9 rt 1?^ ^J3 u P OS t* -rt « J3Q0 pit; t> o '-' o ©:;5 fH hOtC _^ p 5 o "^ B°g§S° ° S p «-;=! =; P S ® O ti^ "^ o o P^K^HlZi Hi Hi "S R^ E3 CD Pi s 60 .a i^ I rt *H © ® tH t,+i _ (0 O t-" p. o (S o S>T3 © q ci " a OS « p 52 ,-3 r P<« r d 3 9 djg (D p o (D p^ ".2^ ® " ca o— o a lO O ,g fd O rH ^Mo _^ pu^oT 2 lO ""I O * MOO P -* oOhy -M n 212 HISTORY OP the; currency op the country. H Q a o « t— I lO *■> ■<* (O Sf 3 C- o o o o o c s o 11 -art o ooooc > o OONOC > CM M OJ-^mC o r-1 coiftinc ' Ift |g" t-^TO CO OOI 3" 1>" W (M -* t- er a o PO tS OJOJQ 1 o [R O %- Co"i-r(M"r-r"5 f in CM ^ ■^ c- l> -c o OOOOC o o ooooc o CJ O O (N' o c CM WW -H CO c o T-Hjoiomc in o coco'tDoV o c o C3 O =;' cj d = CM o CM 71 — eoc JS"-! o l-H r; in o = in §g cT oc'oo" ^ « d a n^ < ooooc t^-l ■^TTTSianS 9« 1-3 __^ CI o:; £D 1 c3 s ci '6 g 1 n E s 1£ o f i* ffl P4 ^ ^' Ot3"~''-C o V( H ^1 S 1=1 ,2 '3^ S « 5 ,- o o 1 i' o c2 p £1 1 1 o l-H hi H 03 B <^ !zi CO" O s^ li rH K .^ fi t^ ffi >1 H <1 D s M <* fq FLi O H H w o , o fi g h Pi r*! o 12; pi' M h- 1 iz; n t— 1 5 4 CO PiS H S^ c-i P^ _^ O "S pq o W iJ gg o <1 Ph t— 1 E-1 ,, i-i oo in CM t- P ^ in cri tH' ,£1 oo CO S g o' ZD o .in M *^ o <-! a N w- M o o O o o o o o Q C3 in rs O w 00 to" tJI" t- TJI CM ^ ■* --0 in ^ oT «■ >"S 1 r^inoo ao-*«= CM osooo C0 3i c rH o c3 -e CO'-HX t- toinoi W =5 1- opin-r(< (On a enoocc o'«o"oo in CM o oom O CO CO -*'^in rlrH-fl o ^.a g |»-s eifODJ od o 00 r-i I in £ CM in O) 1 t- p CO as o CM > oi P4 -dw s CM a> • s 1 lis! 00* oo" fO I CO CO o " H 13 1 id i-IOS o t-OOJ eo -*Ti.CM OJOTjt II rHiriod l> t> Ol OJ N into "* CO I- CO 03 CC (C -]< n S into'aj" incrTco' C3 •" to coo CO "H CO (L> r--^-in •a CM CO P <& rH ca H ^ J ■*tHCS (o -*cn CO (O^tD TMCBTd ■* a.1 oi CO 00 00 OC I> CO cnc-i-j. COCO 00 +=':^02 '^COCM coi-Hin « 1^1 OS coin Tl<^00 t>r-l!LO fl ,§ cMOin CM CO CM t-^ a^^ O ■o^ ooo OOO CO SD O ro o ooco CO ■g§« fo'diri otdoj o S__ P- a)a>0) lit n p tOtO-rtt i>eo"r> OC.HOO eo in CM 00 CM in -ia< »rt» rt- ooo ooo o ooo o oi .£••3 ei o ^-i OtO CM oinco 3 o p .35 inco'to' O t-CM CM tH OQ 00 CO CM (OOJO eo ^1 in CO r-^ ■»« CI (M eo ■eft- ' o "B ; ■cp ' fl :-3 o : ■ ce u > 's >iJ. fl 1^ • rd P o s O .■5 a Si i ;3 >p.S p J=P^t3 asgs o HISTOEY Oi' THE CURRENCY OF THE COUNTRY. 213 PUBLIC DEBT STATEMENT OF JUNE 30, 1896. RECAPITULATION. Classification. Interest-bearing fleht Debt on wbich interest has ceased since maturity Debt bearing no interest Aggregate of interest and non-interest-bearing debt Certificates and Treasury notes oifset by an equal amount of casb in the Treasury Aggregate of debt, including Certificates and Treasury notes -. Total. $847, 363, 890. 00 1, 036, 890. 26 373, 728, 570. 14 1.222,729,350.40 517. 110, 973. 00 1, 769, 840, 323. 40 CERTIFICATES AND TREASURY NOTES ISSUED ON DEPOSITS OF COIN AND LEGAL- TENDER NOTES AND PURCHASES OF SILVER BULLION. Classification and authorizing act. In the Treasury. In circulation. Total. March 3, 1863 and July 12, 1882 February 28, 1878, August 4. 1886, and March 3, 1887. $497, 430. 00 11, 359, 995. 00 150, 000. 00 .34, 465, 910. 00 $42, 320, 759. 00 331,259.509.00 31, 840, 000. 00 95, 217, 361. 00 $42,818, 18(1.00 •MO'RIO ',04 on Certificates of deposit Treasury notes of 1890 July 14, 1890 129, 683, 280. 00 Aggregate of Certificat the Treasury. 38 and Treasury notes, oti'set by cash in 46, 473, 344. 00 500, 637, 629. 00 547, 110, 973. 00 For Facifio Kailxoad Debt, June 30, 1896, see preceding page. Appendix A.- INTEREST ON THE PUBLIC DEBT. Advances, Repayments, and Net ArpEOPRiATioNs on account op the Interest on the Domestic Debt ok the United States, prom 1789 to 1834, Inch sive, arranckd by States, etc. See p. 157. States, etc. New Hampshire Massachusetts . Rhode Island... Connecticut New York New Jersey Pennsylvania . . Delaware Maryland Virginia North Carolina South Carolina . Georgia Treasury Totals , 000, I, Olio, , 58:i, 1, JS6, i, S7L', S.K'i, :, 113. 217, ',511. 25, 7.-i4. .iC 429. 17 479. 93 854. 10 276. 05 446. 35 266. 04 631.01 955. 02 818.62 016.69 789. 26 391.10 177. 80 Repayments. $2:55. 117 113, 598. 26 603. 12 741.63 2. KL'O. 00 7. 360. 29 50, 602. 80 5.27 871.41 13, 350. 31 3,441.64 9, 263. 38 1,815.56 268, 900. 31 153,367,285.70 473, 638. 05 Net appropruations. $1. 009, 28, 892, 1, 582, 2.486, 36, 269. 882, 42, 062, 217. 5,511, 1, 673. 269, 6, 8611, 148, 25, 027, 499. 48 830. 91 876. 81 112.47 450. 05 086. 06 063. 24 625. 74 083. 61 459. 31 575. 05 525. 88 575. 54 277. 49 152, 893, 647. 65 214 HISTORY OF THE CURRENCY OF THE COUNTBT. Appendix B. inteeest on the public debt. Detail of Appeopriations for One and Two-Year Notes op 1863, bbspectivelt, from 1871* TO 1896, Inclusive. See pp. 164, 165. One-year notes of 1863. Act of Mareli 3, 1863, sec. 2. Two-year notes of 1863. Act of March 3, 1863, sec. 2. Year. Amount. Tear. Amount. Year. Amount. Year. Amount. Year. Amount. Tear. Amount. 1871.. 1872.. 1873.. 1874.. 1875.. 1876.. 1877.. 1878.. 1879.. 1880.. $1,665.00 1, 062. 50 846. 00 404. 00 435. 00 251. 00 281.60 194.50 142.50 107.60 1881. 1882. 1883. 1884. 1885. 1886. 1887. 1888. 1889. 1890. $100. 00 123. 60 70.00 60.00 69.00 64.60 29.60 66.00 31.60 24.50 1891... 1892... 1893... 1894... 1896... 1896... $24.00 14.00 21.60 24.00 7.00 9.50 1871.. 1872.. 1873.. 1874.. 1875.. 1876.. 1877.. 1878.. 1879.. 1880.. $1, 526. 30 933. 85 825. 01 485. 68 484. 96 325.91 325. 96 163. 37 142. 01 158. 20 1881... 1882... 1883... 1884... 1885... 1886... 1887... 1888... 1889... 1890... $53. 19 162. 60 169. 83 77.92 35.00 15.65 40.76 86.64 25.00 10.00 1891... 1892... 1803... 1894... 1895... 1896... $33. 04 21.25 17.50 27.50 3.09 22. 60 Total . 6,208.00 Total. 6,173.21 * Prior to 1871, the appropriations for the payments of interest on these, and certain other obligations of the (Jov. eniment, were included in the appropriation entitled, " Interest on the public debt created since July 21, 1841, per act of February 9, 1847." INDEX. Page. Accounts, all in the public offices to be expressed in dollars or units, etc 23 Accounts and records destroyed by burning of the Treasury building in 1814 and 1833 38, 58 Accrued interest, premium received on 119-136, 130 Adams, John, minister to Holland 20,31,33 Adoption and origin of the dollar. _ 23 Aix la Chapelle, peace of, between Great Britain, France and Spain ... 9 Algerine difficulties ._ _ 38 Algiers, procuring the release of prisoners in ... 38 All Colonial acts for issuing paper money declared void . 11 All the Colonies prohibited from admitting bills as a legal- tender 9 American citizens, spoliation to, on account of the purchase of Louisiana 43 American commerce, armament for the protection of 38 Amount, detail of, carried to the surplus fund 193-195 Amount of — Continental currency issued 13-16 Silver coined from 1855 to 1872 25 Standard silver dollars coined to 1805 . . . . 23 1853.... 24 1861, December 31 . 34 1873, from 18.55 25 1873, after 1835 24 1873, February 13 .... . . _ 24 1877, from 1873 25 1896, from 1878 .... 36 Subsidiary silver coined from 1873 to 1877 25 Trade-dollars coined to 1883 25 Amount outstanding contained under the head of " Old Debt " 209-211 Annexation of Texas, indemnity for the 74 Annual report of the Register of the Treasury for the fiscal years 1891, 1895, and 1896— what they contain 27 Anticipated deficit — In 1847— Mexican war 71 In 1861— war of the Rebellion 78 In 1894 113 Anticipation of an invasion by France in 1793 42 Antwerp loan of 1791 23,35 Appropriations — Detail of, by years, for the payment of commission. . 153 interest 157-173 interest on One and Two-year notes of 1 863 314 by loans, for the payment of premium 132-138 by j'ears, for the payment of premium 139-141 Arrearages of interest to January 1 , 1790 20 215 216 INDEX. Award— Page. Geneva, premium on bonds relating to the 104, 124 Halifax, amount applied to payment of the 107 Balance due Prance for military supplies 20 Balances — Detail of, brought into 1835 191 June 30,1896 196,197 Paid and repaid out of, due the United States, etc • 192 Review of, arising since 18.59, etc 198 Baltimore — Building a steam-frigate for the defense of 51 Subscription to loan for the defense of 50 Bank of — Columbia, balance transferred to the 43 England first went into operation 6 notes sold at a discount _ 88 suspended specie payments. . . - - - 88 Maryland instituted _ 22 Massachusetts instituted . _ _ . - . 32 New York instituted 22 money obtained from the _ 21,22,33,38,40 payment of debt due the _ 40 temporary loan from the - 38, 40 North America incorporated — "the first established in this country" 21 money obtained from the _ 31, 33, 36 temporary loan from the *. 36 The United States, first, instituted 22 money obtained from the 35, 37, 38, 39, 41 payment of debt due the 40 subscription to the capital stock of the 35 second, instituted _ 56. money obtained from the . _ 56 subscription to the capital stock of the . . 56 Banks, most of the, suspended specie payments. _ _ _ 63 Barbary powers, purchase of vessels on account of troubles with the _ 41 Barter currency - - 6 Bayley's "National Loans of the United States" 20,28,309 Bead or shell money - 5 Beginning of the present form of Government _ . 30, 32 Bids, profit through forfeiture on. 38,130 Bills is.sued by any Colony allowed to be a tender to its treasury _ . _ 1 1 Bills of credit — Absolutely abolished in all the provinces tl Continental .. ._ 12-16 Depreciation of, issued by the Continental Congress . _ _ _ l.j, 16, 19 31 First issued by the Colonies _ . _ iq Form of, issued by Massachusetts 7 New York _. _ 7 g Issued by the Indian chief Pontiac H New England Colonies prohibited from again issuing 9 Board of Treasury issued warrants in anticipation 3I Bonds — Exempt from taxation 107 Issued in aid of the Pacific Railroads . . gj^g to maintain the gold reserve fund ]^;13 ^^^^4 Bonuses, allowance of , ..-. . 31,56 INDEX. 217 Page. Bounty-land scrip _ 73 Bounties for killing or capturing hostile Indians 10 Braddock expedition 10 Brass coins; some struck prior to the Revolution 23 British, incursion into Washington hy the ... 28, 53 British minister, haughty reply to, by the States-General of Holland 18 Building a steam-frigate for the defense of Baltimore 51 Bullets, musket, used for change 5 Bullion, silver — Purchase of, for coinage of standard silv^ r dollars 85,111 discontinued 26 Bullion value of 371i grains of silver. . 26 Burning of the Treasury building, etc., in 1814, by the British troops 28,53 Burning of the Treasury building in 1838 28 Canada, expedition against 6, 7 Capitol, etc. , burning of the, in 1814, by the British troops 53 Capture of — Henry Laurens by the British .... 18 Louisburg: its restoration to France 9 Cash, the whole circulating, just before the Revolution.. 12 Central Branch, Union Pacific Railroad 117 Central Pacific Railroad. 115 Cent, coinage of the, first authorized 23 Certificates — And Treasury notes issued on deposits of coin, etc... 92, 108, 109,111,213 Gold .... 02 Of deposit 108 Of indebtedness of 1862 86 1870 102 Refunding 110 SUver.... 109 Three per cent . 102 Cession of Florida — treaty with Spain 58 Cession of lands in Mississippi Territory to the United States by Georgia 51 Change, musket bullets used for 5 Circular No. 123, Office of the Secretary of the Treasury _ 27 Circulating cash, the whole, just before the Revolution 12 Citizens of Charlotte, Mecklenburg County, N. C, declare themselves independent of the British Crown - 11 Claim of — European and North American Railway Company on account of the war with Great Britain. 102 Maine on account of the war with Great Britain 102 Massachusetts on account of the war with Great Britain 102 Coin brought from the West Indies 6 Coins — Brass or copper; some struck prior to the Revolution 23 Copper, made under the law of 1786 23 Gold and silver, coinage of, first authorized . . 23, 24 made uniformly .900 fine 24 none struck under the law of 1786 23 ratio between, 15.25 to 1 22 15tol 23 letol 24,25 to be a lawful tender. . . 23 218 INDEX. Coins — Continued. Page. Silver, largest denomination of, issued from 1805 to 1836 23 Subsidiary silver, made a legal-tender 24, 25 struck at the Mints from 1873 to 1877 __ 25 Coinage — Forbidden (in Massachusetts) as an invasion of the rights of the Crown. _ _ 22, 23 Purchase of silver bullion for 1 25, 111 The sole power to regulate, vested in Congress 23 Coinage of^ Cent, etc. , first authorized. _ _ _ 23, 24 Gold dollar, etc. , first authorized 23, 24 Silver dollar, etc., first authorized 83, 24 Silver dollars suspended by President' Jefferson _ 23 Silver from 1855 to 1877 25 Standard silver dollars discontinued 28, 24 resumed 25 to 1805 23 1852 84 1861, December 31 24 1872, from 1855 85 1873, after 1835 84 1873, February 12 24 1877, from 1873 25 1896, from 1878 26 Subsidiary silver from 1873 to 1877 85 Trade-dollar to 1883 _ 25 discontinued __ _._ _. 25 first authorized 84 limited - 24 Twenty-cent piece, first authorized ._ 84 discontinued 85 Coining during the Confederation , 23 Colonial — Acts for issuing paper money declared void 11 Congress first met in New York 11 passed Declaration of Rights and Grievances ._ 11 Mint established in Boston, Mass _ 6,22 Colonies — First began to issue paper money 10 New England, prohibited from again issuing bills of credit. 9 Colony, bills issued by any, allowed to be a tender to its treasury 11 Columbia, Bank of, balance transferred to the _ 43 Commerce, American, armament for the protection of _ 38 Commission — Detail of appropriations, by years 153 payments, by years 154 Paidfrom January 1, 1835 to June 30, 1896 28,29 Commonwealth in England, period of the, under Cromwell 22 Compound-interest notes 91 Compromise tariff act of 1833, operation Of the 64 Condensedhistory of all theloans of the Government from 1776 to June 30, 1896 5-119 Conflagration in the Treasury building in 1833 - - . 28 Congress — Colonial, first met in New York 11 passed Declaration of Bights and Grievances 11 INDEX. 219 Congress— Continued. P^^g^ Continental, amount included in Holland loans borrowed by the . . _ 37 authorized silver to be received for paper at the rate of 1 to 40 15 certificates issued under, to be received in subscriptions to stocks 33 depreciation of bills of credit issued by the _ _ 15, 16, 19, 31 emission of bills of credit authorized by the 12-16 first and second, met in Philadelphia 11 first emission of bills of credit by the _ . _ , 13 first loan negotiated by the 17,29 form of notes first issued by the 13 last issued by the . _ 15 incident that occurred in the 12 last emission of bills of credit by the . 15,16 loans negotiated by the 17-20 money needed to meet installment due on loan by the . 37 utterly v^ithout funds to turn over to the new Government 31, 33 First installment of salary paid to the President, Senators and Members of the, etc. . . 21 United States, first met in New York _ 20 transferred to Philadelphia _ 23 Connecticut— Amount paid to, by Great Britain on account of the capture of Louisburg _ 9 First issued bills of credit _ 7, 10 Consols of — 1865...- 99 1867 100 1868 101 Constitution, the new, went into operation 20 Continental — Bills of credit 12-16 Congress, amount included in Holland loans borrowed by the 37 authorized silver to be received for paper at the rate of 1 to 40 15 certificates issued under, to be received in subscriptions to stocks 33 depreciation of bills of credit issued by the Ij, 16, 19, 31 emission of bills of credit authorized by the . . ... 13-16 first and second, met in Philadelphia.. . .. '..... . 11 first emission of bills of credit by the . ... 13 first loan negotiated by the . 17, 39 form of notes first issued by the 13 last issued by the 15 incident that occurred in the 12 last emission of bills of credit by the 16 loans negotiated by the 17-20 money needed to meet installmeut due on loan by the 37 utterly without funds to turn over to the new Government 31, 32 Currency, form of, first issued -.-- 13 last issued .- 15 Money . 13-16 Paper, silver authorized to be received for, at the rate of 1 to 40 15 Converted six per cent, stock of 1807 44 Copper coins- Made under the law of 1786 23 Some struck prior to the Revolution 23 Copy of bills of credit issued by — Continental Congress 13, 15 Massachusetts - 7 New York. - 7,8 220 INDEX. Copy of obligations (See respective loans.) Page. Court of Versailles, Thomas Jefferson, minister at the 20, 32 Creation of the Treasury Department 17, 21 Credit, bills of— Absolutely abolished in all the provinces - _ . 11 Continental 13-16 Depreciation of, issued by the Continental Congress . . _ _ . 15, 16, 19, 31 First issued by the Colonies 10 Form of, issued by Massachusetts - 7 New York _ 7, 8 Issued by the Indian chief Pontiac 11 New England Colonies prohibited from again issuing 9 Cromwell, period of the Commonwealth in England under _ 22 Currency — Barter _ 6 Continental, form of, first issued 13 last issued _ 15 Fractional ___ _-. ..- 37,87 lost and destroyed . . . 87 Paper, of Virginia, Jefferson on the _ 10 original 6, 26 Dates of issue and amounts of Continental money 14 Debt- Domestic 19-21 Due at the organization of the present form of Government ... 20, 31 Due foreign oflBcers 20, 31 Of the United States, January 1, 1790 20 Old, amount of , June 30, 1896 209-211 Pacific Railroad, June 30, 1896 213 Public, June 30, 1896 , 210-313 Refunding the national — Commission paid on account of 29 Five per cent, loan of 1881 204 Four-and-one-half per cent, loan of 1891 205 Four per cent, loan of 1907 205 Summary statements of 206-308 United States practically out of 63 War, of the Territories of Washington and Oregon 80 Declaration of — Independence ., 13 Rights and Grievances passed by Colonial Congress, 11 Defense of Baltimore, Philadelphia, and New York, subscription to loan to be expended for the 50 Deferred six per cent, stock of 1790 22,33 Deficiency threatened in 1846 — Mexican war , _ 69 Deficit anticipated — In 1847 — Mexican war* ^ 71 In 1861— war of the Rebellion 78 In 1894 113 Deficit impending in 1841 , under operation of the compromise tariff act of 1833 64 Delaware first issued bills of credit 9, 10 Demand notes, old . 37, 84 Deposit, certificates of 108 Depreciation of — Bills of credit issued by the Continental Congress 15, 16, 19, 31 United States notes 27 INDEX. 221 Page. Destruction of records and accounts by burning of the Treasury building in 1814 and 1833 _ 28, 53 Detroit, siege of, in the Pontiac war _. 11 Devices, strange, proposed for new bills in New York 11 Difficulties, contemplation of, with France 41 Dimes {See Dismes.) Direct-tax loan 52 Discount — Bank of England notes sold at a 88 Loans or stocks purchased or redeemed at a _ 136-139, 155 Loans sold at a .. ._ _ 131,155 On redemption of Compound-interest notes 91 Realized and sustained prior to January 1, 1835 155 from January 1, 1885 to June 30, 1885 38 Eebate, etc., from January 1, 1835 to June 30, 1896 38 Sustained from January 1, 1835 to June 30, 1885 38 Total amount of, etc., from 1789 to June 30, 1896 39 Dismes (dimes) coinage of, first authorized . . 33 Division of dollar into 90 parts 30 Dollar- Adoption and origin of the 33 Division of, into 90 parts ... ..... 30 Gold, coinage of the, first authorized 34 fineness of the 33, 34 to be the unit of value ... . . 31 Silver, bullion value of the 36 coinage of the, first authorized S3 fineness of the 33,33 half, largest denomination issued from 1 805 to 1836 23 suspension and resumption of coinage of the ... 33-35 Trade, amount coined to 1883 35 coinage of the, discontinued .. ._ 25 first authorized 34 limited 84 declared to be no longer a legal-tender 25 Dollars — Standard silver, coined to 1805 ... 33 1853... 34 1861, December 31 34 1872, from 1855 25 1873, after 1835 24 1873, February 13 24 1877, from 1873 35 1896, from 1878 26 Domestic debt 19-21 Advances, repayments, etc., on account of the, by States 313 Donation, Peters's 95 Double-eagle, coinage of the, first authorized 34 Eads, J. B., payment to, for the construction of jetties 104 Eight per cent, loan of — 1798- - 42 1800 -- - 43 England — (See Great Britain.) Bank of, first went into operation 6 notes sold at a discount 88 suspended specie payments - - - - 88 222 INDEX. England— (See Oreat Britain.) — Continued. Page. During the Commonwealth in, under CromweE _ . . 32 The Restoration in 22 War between, and France and Spain 7 Establishment of the — Gold standard __ __ 34 Mint _. .._ 22,33 European and North American Railway Company, claim of, on account of the war with Great Britain _ ___ _. 103 Excess of payments over receipts _ 39,113 Exchange, rate of, of the currencies of the Colonies 8,9 Exchanged — Four-and-one-half per cent, stock of 1824. 59 1825 61 Five per cent, stock of 1823_._ ., _ 58 Six per cent, stock of 1807 ._ 43 1813 _ ..._ 46 Expedition against Canada 6, 7 Expenses of the national loan — Commission paid on account of _ 39 Statement of expenditures on account of, by vouchers _ 199-203 Summary statement of _ 306-308 Farmers-General of France, loan from 17, 30, 29 Fineness of the — Gold dollar _ 33,24 Silver dollar _ 22, 33 First - And second Continental Congresses met in Philadelphia 11 And subsequent loans negotiated under the new Government 21 Bank of the United States _ 22,38,39,40,41 Coinage of cent authorized 33 gold and silver coins authorized 23,34 Colonial Congress met in New York 11 Colonial Mint established in Boston, Mass 6, 33 Congress of the United States met in New York ' 20 Emission of Continental money. .. 13 Installment of salary paid to the President, Senators, etc. .. 21 Issue of bills of credit by the Colonies 10 paper money by an American Colony 6 Treasury notes under the present form of Government 36 Mint established by the United States 23 Paper money issued by the Government of the United States 27 Secretary of the Treasury appointed 21 Treasurer of the United States appointed 31 Fish paid for admission to an entertainment 6 Five-cent piece, coinage of the, first authorized 34 Five per cent, loan of — 1816 56 1820 57 1821 57 1881 103 Five-Twenties of — 1862 85 1864, March 94 1864, June 95 1865 98 INDEX. 223 Page. Florida, cession of— treaty with Spain _ 58 Foreign officers, debt due 20,31 Forfeiture on bids, profit through, etc _ 28, 130 Form of — Bills of credit issued by Massachusetts _ _ ■ 7 New York _ 7 8 Continental currency first issued _._ 13 last issued 15 Government, debt due at the organization of the present, 30, 21 Four-and- one-half per cent. — Loan of 1824 _ 58,60 1891 - ___ ___ 105 Stock of 1795.-.- ---- 39 Four per cent., loan of 1907-.- - - 107 Fractional currency - - - 27, 87 lost and destroyed 87 France and Spain — War between England and - _ 7 Great Britain and-.- --- France — Anticipation of an invasion by 43 Balance due, for military supplies - - - 20, 30 Contemplation of difficulties with _ 41 Gratuities received from, during the Revolutionary war 18 Interest remitted and expenses assumed by the King of 18, 30 Loan from Farmers-General of - - . . . 17, 30, 39 Louisburg restored to .-. 9 Franklin, recommendations of, in regard to issue of Continental money 13 Fraudulent issue - - - . . - 43 French loan of — Eighteen million livres 17,30,30 Six million livres -_. 17,30,31 Ten million livres -- - 17,30,30 Fund- Gold reserve, bonds issued for maintaining the 118, 114 Pacific Railroad sinking 213 Sinking-and special 135, 138, 140, 147, 148, 152, 153 Surplus, detail of amounts carried to the .. 193-195 Geneva award, premium on the 104, 134 Georgia — First issued bills Of credit . . ... 10 Indemnity for Mississippi lands ceded to the United States by 51 Ghent, treaty of peace with Great Britain, signed at, in 1814 _ 52 Gold and silver coin — Coinage of, first authorized.-- 28,24 Made uniformly .900 fine - 24 Ratio between - - - - . 22-35 Gold- Certificates-- 93 Dollar, coinage of the, first authorized 34 fineness of the 33, 24 to be the unit of value _ : 24 Double-eagle, coinage of the, first authorized 24 Eagle, coinage of the, first authorized 23 224 INDEX. Gold — Continued. Page, Half -eagle, coinage of the, first authorized .__ 23 Quarter-eagle, coinage of the, first authorized 33 Reserve fund, bonds issued for maintaining the _____ 113, 114 Standard established ___ 34 Three-dollar piece, coinage of the, first authorized . _ 24 Value of United States legal-tender notes _ 27, 85 Government — Beginning of the present form of _ _ 20 Condensed history of all the loans of the, from 1776 to June 30, 1896 _ _ _ 5-119 Debt due at the organization of the present form of _ _ _ _ _ _ . 20, 21 First and subsequent loans negotiated under the new_ 21 Governor Spotswood, of Virginia, tobacco notes issued during the tex-m of 10 Gratifications allowed on Holland loan of 1784 31 Gratuities received from France during the Revolutionary war. _ _ 18 Great Britain — (See England.) Amount paid by, on account of the capture of Louisburg 9 Impending war with _ _ 45 Peace of Aixla Chapelle, between, and France and Spain 9 Peacewith 20,52 War between, and Holland ., 18 War with _ 26,46,52,54,102 Grievances, Declaration of Rights and, passed by Colonial Congress 11 Guadalupe Hidalgo, treaty of (Mexican indemnity) 71 Half- Cent, coinage of the, first authorized 23 Dismes (dimes) , coinage of the, first authorized _ _ . _ _ 23 Dollar, coinage of the, first authorized _ 83 largest denomination issued from 1805 to 1836 23 Halifax award, payment of the 107 Hamilton, Alexander — Appointed the first Secretary of the Treasury 21 Loan authorized by 21,32 Recommendations of, for support of the public credit adopted _ . 32 History, condensed, of all the loans of the Government from 1776 to June 30, 1896 _ 5-119 Holland — John Adams, minister to ... 20, 31, 32 Loan of — 1783. _ 17,30,30 1784 _ 17,20,31 1787 17,20,32 1788 17,30,32 1790.... --._ 32,33 1791, March _. 22,34 1791, September 22, 35 1791 , December _ _ 22, 35 1793.__ 23,36 1793 22,36 1794 23,87 War between Great Britain and _ _ _ is Impending — Deficit in 1841, under operation of the compromise tariff act of 1833 . . _ _ 64 War with Great Britain 45 Incident that occurred in the Continental Congress 13 Incursion by the enemy (British) into Washington _._ _ 28,53 INDEX. 2'25 Indebtedness — Page. Of 1862, certificates of... 86 Of 1870, certificates of.. 103 Of the United States at the organization of the present form of Grovernment 30, 21 Indemnity — For Mississippi lands ceded to the United States by Georgia 51 Stock, Mexican 70 Texan 74 Independence — Date of issue and amounts of Continental money issued during the war of 14 Declaration of 13 Hall, Philadelphia 17 Indian — Corn made a legal-tender in Maryland 8 Hostilities, suppression of, in the Territories of Washington and Oregon 80 Troubles 37 Indians, bounties for killing or capturing hostile 10 Individual debts of the several States at the organization of the present form of Government. 20, 31 Interest — Arrearages of, to January 1, 1790 20 On premium, etc., received from January 1, 1835 to June 30, 1896 28,130 On the public debt — Advances, repayments, etc. , on account of, from 1789 to 1834. 213 Detail of amounts carried to the surplus fund 193-195 appropriations, by years 157-173 balances brought into 1835 191 June30,1896.. 196-198 payments, by years. 173-189 From 1789 to June 30, 1896 29 Payments by loans out of balances from 1834, etc 187 Review of balances arising since 1859, etc 198 Statement of the account from 178S) to 1896. 190 Premium, etc., excess of payment of, over receipts from premium, discount, etc 39 Rebate of, on loans .-. 139 realizedfrom January 1,1835 to June 30, 1896 38,129 Issue of Treasury notes — paper money . 26 Insurance Company, New York, stock sold to the.. 41 Jay, John, minister to Spain, instructions to ...... 30 Jefferson, Thomas — Minister at the Court of Versailles .. 20,33 On the paper currency of Virginia --- 10 Suspended the coinage of silver dollars 23 Jetties, payment to J. B. Eads for the construction of ... 104 Kansas Pacific Railway 116 King of France, interest remitted and expenses assum 1 1 by the 18, 30 Laurens, Henry, capture of, by the British 18 Legal- tender — Act renewed in Virginia 11 Indian com made a, in Maryland . 8 Notes , 85 gold value of 27, 85 Subsidiary silver coin made a 34, 35 Tobacco made a, in Maryland 8 o(J18 15 226 INDEX. Loan — Page. Authorized by Alexander Hamilton, Secretary of the Treasury _ . _ 31, 32 Expenses of the national, commission paid on account of the ._ 39 statement of expenditures on account of the, by vouchers.. 199-303 summary statement of the 206-308 First negotiated by the Continental Congress 17,39 under the new Government 21 Negotiated by authority of the President (George Washington) 63 Not repaid as per contract 31 Proceeds of, to be applied to rebuilding the President's house, the Capitol, etc : . . 53 Loans — (See Notes and Stocks.) Antwerp, of 1791 33,35 Condensed history of all the, of the Government from 1776 to June 30, 1896 5-119 Consols of 1865 99 1867.... 100 1868 101 Direct tax 53 Eight per cent., of 1798 43 1800. 43 First and subsequent, negotiated under the new Government SI Five per cent., of 1816 56 1830 57 1821 57 1881 103 Five-Twenties of 1863 85 1864, March 94 1864, June 95 1865 ■ 98 Four-and-one-half per cent. , of 1795 39 1824 (act of May 24, 1824)... 58 1824 (actof-May26, 1824) _ 60 1891 105 Four per cent., of 1907 107 French, of eighteen million livres 17, 30, 30 six million livres 17, 20, 31 ten million livres 17, 20, 30 From Farmers-General of France 17, 20, 39 From Spain in 1781 17,20,30 Holland, of 1782 17,20,80 1784. 17,20,31 1787 17,30,32 1788 17,20,32 1790- 32,33 1791, March 33, 34 1791, September 23, 35 1791, December _ S3 35 1793 ^.. __\\\ 2im 1793.... 22,36 1794 23,37 National, of the United States— Bayley. 20, 38, 209 Negotiated by the Continental Congress _, 17-20 to time of signing definitive treaty of peace 20 under the new Government 21 Ofl841 "'"' 64 1842 : _.... 66 1843 68 INDEX. 227 Loans — (See Notes and Stocks.) — Continued. Pago. Of 1846.--- - 70 1847 - -.- 72 1848 73 1858........ .- : 76 1860 ---- - 77 1861, February 78 1861, July and August 81 1863 --- ---- 90 1883, July 13.- - :.- 111 1904- - ---- 112 1925 - - 114 Purchased at a discount - - 136, 155 premium .., - 183-153,155 Seven-and-one-half million, of 1813 - - - - - . 48 Seven-Thirties of 1861- - 37,83 1864 and 1865 --- 96 Six million, of 1814 50 Six per cent., of 1810 44 1813 - 45 1815 54 1830 - 57 Sixteen million, of 1813 46 Sold at a discount--- --- 131,155 premium - - 119-136,155 Subscription, of 1791 .- - -.. 35 Temporary, from the Bank of New York.. 81,33,33,38,40 NorthAmerioa - -- 31,33,36 of 1789 (only loan negotiated without authority of law) - - 21 , 32 1790 (negotiated by authority of the President— George Washington) - - 23, 33 1793 --- 36 1793 -- -- 37 1794, March 37 1794, June -- 38 1794, December - - 38 1795, February--- - 38 1795, March— "A" 39 1795, Mai-ch— "B"-- -- 39 1795, March— "C" -- 39 1798 --- 41 1813 45 1814... -.-- 52 1815 .-- 53 1815, March 54 1861 82 1862 84 Ten-Forties of 1864 93 Ten million, of 1814 48 Unauthorized 32 Undesignated, of 1814 50 Loss.profltand, to June30, 1896 38,29 Lottery, obligations distributed by, as a bonus on loan 31 Louisburg — Payment by Great Britain to certain Colonies for the capture of 9 Eestored to France " 228 INDEX. Louisiana — Page. Payment for 42 Six per cent, stock _. 42 Lowest amount in the Treasury 63 Maine, claim of, on account of the war with Great Britain. _.. 103 Maintaining the gold reserve fund, bonds issued for 113, 114 Maryland — Bank of, instituted _ 33 First issued bills of credit _ _ 8, 10 Indian corn and tobacco made a legal-tender in 8 Mint instituted in _ _ _ 33 Massachusetts — Amount paid to, by Great Britain on account of the capture of Louisburg 9 Bank of, instituted _ 33 Claim of , on account of the war with Great Britain _ 103 Form of bills of credit issued by.. . _ 7 First issued bills of credit 6,10 Mint established in ___ -_. 6,33 Mecklenburg County, N. C. , citizens of, declare themselves independent of the British Crown, 11 Members and Senators of Congress , etc. , first installment of salary paid to 21 Meredith, Samuel, appointed the first Treasurer of the United States -_ __ 21 Metals, policy of the United States to maintain the two (gold and silver) at a parity. 112 Mexican indemnity stock _ 70 Mexico — Ratification of peace with _ 71 War with ..-- - -. - -. 69,73 Minister to — Court of Versailles — Thomas Jefferson 30, 33 Holland— John Adams 20,31,33 Spain—John Jay - 30 Mint- Established in Massachusetts ___ 6,32 First established by the United States 38 Instituted in Maryland _ 23 Virginia .- - 23 Subsidiary silver struck at the, from 1873 to 1877 35 Mississippi — Lands ceded to the United States by Georgia, indemnity for 51 Stock -- 51 Money — Bead or shell. 5 Obtained from the Bank of New York 31,33,33,38,40 North America .21,32,36 The United States 35,37,38,39,41,56 Of account of the United States to be expressed in dollars or units, etc 33 Paper-bills of credit, etc 6,36 first issued by the Government of the United States 37 issued by the States during the war of the Revolution 16,17 prior to the war of the Revolution 10 ■ Musket bullets used for change 5 National — Bank notes (redemption account) 112 Debt, refunding the, commission paid on account of 29 Five per cent, loan of 1881 304 Four-and-one-half per cent, loan of 1891 205 INDEX. 229 National — Contiimed. Page. Debt, refunding the, four per cent, loan of 1907 305 summary statement of . _ 206-308 Loan, expenses of the, commission paid on account of 39 statement of expenditures, hy vouchers . _ 199-303 summary statement of . _ _ . . _ 306-308 Loansof t'ne United States— Bayley 30,38,309 Navy — Pension fund _ _ 98 not included in the public debt statement 311 used for the payment of naval pensions 98, 311 Six per. cent stock _-. 41 New — Constitution went into operation 20 Emission of Continental currency 19 New England Colonies prohibited from again issuing bills of credit 9 New Hampshire — Amount paid to, by Great Britain, on account of the capture of Louisburg 9 First issued bills of credit .__ 8,10 New Jersey first issued bills of credit 7, 10 New York — Bank of, instituted 23 money obtained from the 31 , 22, 33, 38, 40 payment of debt due the 40 temporary loan from the _ 88, 40 First Colonial Congress met in 11 Congress of the United States met in .._ ... 20 issued bills of credit . ___ 7,8,10 Form of bills of credit issued by 7,8 Insurance Company, stock sold to the,. _. 41 Strange devices proposed for new bills in 11 Subscription to loan for the defense of .. ... 50 North America — Bank of, incorporated— "the first established in this country".. _ .. 21 money obtained from the . 31,32,36 temporary loan from the ._. 36 North American Railway Company, European and, claim of, on account of the war with Great Britain ---- 102 North Carolina — Citizens of, declare themselves independent of the British Crown . . 11 First issued bills of credit - - 8, 10 Notes — (See Loans and Stocks.) Compound-interest 91 Continental currency, form of, first issued — 13 last issued ... 15 Legal-tender - 27,85 National bank (redemption account) 113 Of the Bank of England sold at a discount 88 Old demand 27,84 One and Two-year, of 1863 88,214 Small Treasury, of 1815 26,37,53 Sold at a premium . 119-136,155 Tobacco, in Virginia. 9. 10 Treasury, of 1812 (first issued under the present form of Government) 26, 45 1813... 26,47 230 INDEX. Notes— (See Loans and Stocks. ) —Continued. Page. Treasury,of 1814, March 26,48 1814, December 36,52 1815 ____ _.. 26,55 1837 26,63 1838 26,62 1839 26,63 1840 26,63 1841 26,64 1848, January __ 26,65 1843, August-. 36,67 1843 26,67 1846, prior to 36, 69 1846 36,69 1847 36,71 1857 ___. 36,75 1860 __._ _ 26,77 1861 _ 26,37,79 1890 26,27,111 Treasury, sold at a premium 119-136, 155 stock of 1815 _ ._ 26,56 United States legal-tender, gold value of _ _.. 27,85 depreciation of all , _ 27 Obligations — Copy of (See respective loans.) Distributed by lottery as a bonus on loan 31 Old- Debt, amount of , June 30, 1896 _ 209-211 Demand notes _._ 27, 84 One-cent piece, coinage of the, first authorized ... 24 One and Two-year notes of 1863 88 Detail of appropriations, by years, for the payment of interest on 314 Only loan negotiated without authority of law 31,33 Oregon Territory, war debt of. 80 Origin and adoption of the dollar 22 Original paper currency 6 Out of debt, the United States practically 63 Outstanding June 30, 1896— "Old Debt" 209-311 Pacific Railroad debt 313 Public debt 310-212 Pacific Railroads — Bonds issued in aid of the _ 313 Central Branch, Union Pacific _ 117 Central Pacific 115 Debt of, June 30,1896..- 212 Remarks on... 118 Sioux City and Pacific 118 Totals for all the 118 Union Pacific _ . 116 Western Pacific 117 Pacific Railway, Kansas 116 Paid and repaid out of balances due the United States I93 Panic of 1837 and 1838 ■.. 62 INDEX. 231 Paper— Page. Currency, Jefferson on the, of Virginia.. . 10 original _. ... ... 6 Money — bills of credit, etc. _ ..... 6,36 first issued by the Government of the United States 27 issue of Treasury notes 26 issued by the States during the war of the Revolution 16, 17 prior to the war of the Revolution 10 Parliament — Allowed bills issued by any Colony to be a tender to its treasury 11 Declared void acts for issuing paper money .. 11 Prohibited New England Colonies from again issuing bills of credit 9 Payments — For Louisiana _ _ 42 Made in tobacco 6,39 Of first installment of salary due the President, Senators, etc 21 Specie, most of the banks suspended _ _ _ ... 63 resumed 25 suspended . 34 by the Bank of England 88 To J. B. Eads, for the construction of jetties... 104 Peace — Of Aix la Chapelle, between Great Britain, France and Spain 9 Ratification of, with Mexico 71 With Great Britain 20, 53 Peculiar devices proposed for new bills in New York 11 Pennsylvania first issued bills of credit 8, 10 Pension fund. Navy 98 Not included in the public debt statement ... 211 Used for the payment of naval pensions 98, 311 Peters's donation 95 Philadelphia — First and second Continental Congresses met in 11 Subscription to loan for the defense of _ . 50 Pigs, poultry, produce, etc. , passed current 6 Policy of the United States to maintain the two metals (gold and silver) at a parity 112 Pontiac — Indian chief, issued bills of credit. . 11 War— siege of Detroit 11 Poultry, pigs, produce, etc. , passed current 6 Premium — Interest, etc., excess of payment of, over receipts from premium, discount, etc. . 39 Loans purchased at a 133-153, 155 sold at a 119-136,155 Notes sold at a 119-136,155 On gold, and gold value of United States notes 27 On purchase of Refunding certificates 110 Paid, detail of appropriations, by loans 133-139 years 139-141 payments, by loans 143-148 years 148-153 from January 1, 1835 to June 30, 1896 88 prior to January 1, 1835 155 sinking and special funds l-t'i 148, 153, 153 statement of the account from 1835 to 1896 151-153 232 INDEX. Premium — Continued. Page. Realized from January 1, 1835 to June 30, 1896 _ 28 on accrued interest from July 1, 1863 to June 30, 1869 28 Received _._ 119-126 prior to January 1, 1835 155 Statement of, on account of accrued interest received 119-126 Stocks purchased or redeemed at a. _ _ 134-148, 155 soldata , _ 85,56,155 Treasury notes sold at a 119-126,155 Present form of government — Beginning of the. _ _ . _ 20 Debt due at the organization of the _. 20, 21 First issue of Treasury notes under _ 36 President — First installment of salary paid to the __. 21 Jefferson suspended the coinage of silver dollars. _ 28 Of the United States (George Washington) , loan negotiated by authority of the 82 President's house, etc. , burning of the, in 1814, by the British troops 58 Principal of the domestic debt, estimated.. 20 Prisoners in Algiers, procuring the release of _ 38 Produce, poultry, pigs, etc., passed current _ 6 Profit— And loss to June 80, 1896 28,29 From interest on premium, etc 130, 131 Realized from rebate of interest, etc 28,129 Through forfeitures on account of proposals for subscription to loans 28, 130 subscriptions to Bank of the United States _ 35, 56, 155 Public debt, June 30, 1896 , 210-213 Public debt, interest on the — Advances, repayments, etc. , on account of, from 1789 to 1834 213 Detail of amounts carried to the surplus fund 193-195 appropriations, by years _ _ 157-172 balances brought into 1835 191 June 80, 1896 196-198 payments, by years 173-189 From 1789 to June 30, 1896 29 Payments by loans out of balances from 1834, etc 187 Review of balances arising since 1859, etc _ _ 198 Statement of the account from 1789 to 1896 190 Purchase of — Bullion for coinage of standard silver dollars . _ _ 25, 111 Silver bullion discontinued _ 26 Vessels on account of troubles with the Barbary powers.. 41 Quarter-dollar, coinage of the, first authorized 23 Railroad — Central Branch, Union Pacific 117 Central Pacific. 115 Sioux City and Pacific 118 Union Pacific IIG Western Pacific 117 Railway — European and North American 102 Kansas Pacific 116 Rate of exchange of the currencies of the Colonies 8, 9 Ratio between gold and silver coins, 15.25 to 1 22 INDEX. 233 Page. Ratio between gold and silver coins, 15 to 1 23 16tol 24,25 Rebate of interest realized from January 1 , 1835 to June 30, 1896 38, 139 Rebellion — Finances, how atlected by the war of the 77 79 War of the 24 77 79 Rebuilding of the President's house, the Capitol, etc. , proceeds of loan to be applied to 53 Recapitulation of — Pacific Railroad debt, June 30, 1896 .._ 213 Profit and loss through loans to June 30, 1896 29 Public debt, June 30, 1896__ _ _ . 213,313 Records and accounts destroyed by burning of the Treasury building in 1814 and 1833 28, 53 Redemption, discount on, of Compound-interest notes _ 91 Refunding — Act ___■ __ 108,105,107,111,112,114 Certificates HO premium paid on the purchase of _ 110, 134 The national debt, commission paid on account of 39 Five per cent, loan of 1881 _ . _ _ 204 Four-and-one-half per cent, loan of 1891 305 Four per cent, loan of 1907 __ _ 205 summary statement of _ /. _ 306-308 Register of the Treasury, annual report of the, for the fiscal years 1894, 1895, and 1896— what they contain _ 27 Remarks on Pacific Railroads __ 118 Reserve fund, bonds issued for maintaining the gold 113, 114 Restoration in England (under Cromwell) , coinage forbidden in Massachusetts after the. . 33 Resumption- Act __ 103,105,107,113,114 And suspension of coinage of the silver dollar 23-25 Revolution — Paper money issued by the States during the war of the 16, 17 prior to the war of the 10 Whole circulating cash just before the. _- 12 Revoltitionary war, the __ _ ^ 12 Rhode Island — Amount paid to, by Great Britain, on account of the capture of Louisburg 9 First issued bills of credit __ * 8,10 Rights and Grievances, Declaration of, passed by Colonial Congress 11 Salary, first installment of, paid to the President, Senators, etc 31 Scrip, bounty-land 73 Secession of States 81 Second Bank of the United States _- 56 Secretary of the Treasury — Alexander Hamilton the first appointed 31 Loan authorized by the 31,83 Recommendations of, for support of the public credit adopted . _ 32 Senators and Members of Congress, etc. , first installment of salary paid to 21 Seven-and-one-half-million loan of 1813 48 Seven per cent, stock of 1815 37,54 Seven-Thirties of — 1861 37,88 1864 and 1865 96 Shell or bead money ... - 5 Siege of Detroit in the Pontiac war ...... 11 234 INDEX. Silver— Page. And gold coins, coinage of, first authorized _ 23, 34 made uniformly .900 fine 24 ratio between, 15.25 to I 22 15tol 23 16tol._ ..., 34,25 Authorized to be received for Continental paper at the rate of 1 to 40 15 Bullion, purchase of, for coinage of standard silver dollars - - - 25, 111 discontinued _ - 36 value of 371i grains of 26 Certificates 109 Coinage of , from 1855 to 1877 _ -- _. 25 Coins, largest denomination of, issued from 1805 to 1836 23 subsidiary, made a legal-tender 24, 25 Dismes (dimes) , coinage of the, first authorized 28 Dollar, coinage of the, first authorized 28 fineness of the _ 23, 23 suspension and resumption of coinage of the 23-35 standard, coinage of, discontinued 24 resumed 25 coined to 1805 28 1853 24 1861, December 81 _._ 24 1872, from 1855 25 1873,after 1835 24 1878, February 13... 34 1877, from 1873 25 1896, from 1878 26 fineness of the 23,33 purchase of bullion for coinage of the 25, 111 suspension and resumption of coinage of the 33-25 Half-dismes (dimes) , coinage of the, first authorized 23 Half-dollars, coinage of the, first authorized 28 Quarter-dollars, coinage of the, first authorized 28 Subsidiary, struck at the Mints from 1878 to 1877 25 Trade-dollars, coinage of the, first authorized 24 discontinued 25 Twenty-cent piece, coinage of the, first authorized 34 * discontinued 35 Value of 371i grains of 26 Sinking and special funds, premium paid on the 135, 138, 140, 147, 148, 153, 158 Sinking fund, condition of Pacific Railroad 212 Sioux City and Pacific Railroad 118 Six million loan of 1814 50 Six per cent, loan of — 1810... 44 IS12 45 1815 54 1820 - 57 Six per cent, stock of — 1790 22,23 1796 40 Sixteen million loan of 1813 46 Small Treasury notes of 1815 26, 27, 53 South Carolina firstissued bills of credit 7, 10 INDEX. 235 Spain and France— p^^ Peace of Aix la Chapelle, between Great Britain and 9 War between England and 7 Spain — John Jay, minister to 30 Loan from, in 1781 17, 20, 30 Treaty with — cession of Florida 58 Special and sinking funds, premium paid on the 133, 138, 140, 147, 148, 133, 153 Specie payments — Most of the banks suspended G3 Resumed 25 Suspended 24 by the Bank of England 88 Spoliation to American citizens on account of the purchase of Louisiana 43 Spotswood, Governor, of Virginia, tobacco notes issued during the term of 10 Standard — Gold, established _ _ _ _ _ 24 Silver dollars, coinage of, discontinued 24 resumed 25 coined to 1805 23 1852 '. 24 1861, December 31 24 1873, from 1855 25 1873, after 1835 24 1873, February 12 24 1877, from 1873 25 1896, from 1878 26 fineness of the 38,23 purchase of bullion for coinage of the 25, 111 suspension and resumption of coinage of the 33-23 States — Debt of the several, at the organization of the present form of Government 20, 31 Paper money issued by the, during the war of the Revolution 16, 17 Secession of i81 States-General of Holland, haughty reply by the, to the British minister f 18 Statement of — Expenditures, by vouchers — Expenses of the national loan 199-303, 206-308 Refunding the national debt 304^308 Premium and discount received and paid 155 Stocks — (See Loans and Notes.) Converted six per cent., of 1807 44 Deferred six percent., of 1790 31,23,33 Exchanged five per cent. , of 1833 58 Four-and-one-half per cent., of 1834 59 1825.. 61 Sixper cent., of 1807 43 1813 46 Louisiana six per cent 43 Mexican indemnity 70 Mississippi 51 Navy six percent __ 41 Purchased or redeemed at a discount .. 136-189,155 premium .. 131-148, 153 Seven percent., of 1815 -- 37,54 Shares of, in the first bank of the United States, held by the Government 35 236 INDEX. stocks — (See Loans and Notes.) — Contimied. Page. Shares of, in the second bank of the United States, held by the Government 56 Six per cent., of 1790 31,33,33 1796. 40 Sold at a premium _. 35,56,155 Texan indemnity _ _ 74 Three per cent., of 1790 __ _ 31,33,33 Treasury note, of 1815 __ 36,56 Strange devices proposed for new bills in New York 11 Subscription — Loan of 1791 35 To loan to be expended for the defense of Baltimore, Philadelphia, and New York 50 to be expended for steam-frigate for the defense of Baltimore 5] Subsidiary — Silver coins made a legal-tender 34,35 Silver struck at the Mints from 1873 to 1877 35 Summary statements — Expenses of the national loan — Refunding the national debt 306-308 Suppression of Indian hostilities — expenses incurred by the Territories of Washington and Oregon _ _ _ 80 Surplus fund, detail of amounts carried to the _ 193-195 Suspension of — Coinage of standard silver dollars 33, 34 the trade-dollar _ 35 twenty-cent piece 35 Specie payments _ 34 by most of the banks.-. 63 the Bank of England 88 Tariff compromise act of 1838, operation of the 64 Taxation, bonds exempt from _ _ _ . 107 Temporary loan — From the Bank of New York ._ 31,33,33,38,40 North America _.. ._ _._ 31,33,36 Of 1789 (only loan negotiated without authority of law) . 31, 33 1790 (negotiated by authority of the President— George Washington) _ 33, 33 1793. 86 1793 37 1794, March _. 37 1794, June 38 1794, December _ , _ 33 1795, February 38 1795, March, "A".... 39 1795, March, "B" ". 39 1795, March, "0" 39 1798 41 1813 45 1814.... 53 1815.... 53 1815, March 54 1861 83 1863 84 Ten-Forties of 1864 93 Ten million loan of 1814 48 Territories of Washington and Oregon, war debt of the 80 Texan indemnity stock 74 Texas, annexation of 74 INDEX. 237 The— Page. First and subsequent loans negotiated under the new Government. 21 Revolutionary war _ _ __ __ 12 Threatened deficiency in 1846 — Mexican war 69 Three-cent piece, coinage of the, first authorized. _ _ 24 Three-dollar piece, coinage of the, first authorized 24 Three per cent, stock of 1790 _ _ 21,22,33 Tobacco- Made a legal-tender in Maryland ___ 8 Notes in Virginia. _ _ 9, 10 Payments made in - _ 6, 29 Total- Amount of commission paid from January 1, 1885 to June 30, 1896 38, 29 discount sustained, etc. , from 1789 to June 30, 1896 28, 29 interest paid from 1789 to June 30, 1896 29 premium paid from January 1, 1835 to June 30, 1896 28 realized from January 1, 1835 to June 30, 1896 28 profit and loss from 1789 to June 30, 1896 _ 29 Trade- dollar- Amount coined to 1883 25 Coinage of the, discontinued. 25 first authorized 34 limited 24 Declared to be no longer a legal-tender_ _ _ 25 Treasurer of the United States, Samuel Meredith the first appointed _ . , 21 Treasury — Alexander Hamilton appointed first Secretary of the _ _ 21 Building, burning of the, in 1814 and 1833 38,53 Department, creation of the. 17,31 Lowest amount in the - 62 Note stock of 1815 -.-. 26,56 Notes and certificates issued on deposits of coin, etc 92, 108, 109, 111, 213 Notes of 1812 (first issued under the present form of Government) _ _ . . 26, 45 1813....- 26,47 1814, March 26,48 1814, December 26, 52 1815 26,55 1837 86, 63 1838 36,63 1839 36, 63 1840 36, 63 1841 36,64 1842 , January 36, 65 1843, August 26,67 1843 36,67 1846, prior to 36,69 1846 26,69 1847 36,71 1857 36,75 1860 36,77 1861 --- 36,27,79 1890 26,37,111 Small, of 1815 36,27,.53 sold at a premium 119-136, 155 Troubles with the Barbary powers, purchase of vessels on account of ..- 41 238 INDEX. Treaty— Page. Of Grhent, in 1814 — peace with Great Britain __ 53 Of Guadalupe Hidalgo — Mexican war 71 With Spain — cession of Florida 58 Unauthorized loan in 1789, by Alexander Hamilton, Secretary of the Treasury 31, 33 Undesignated loan of 1814 . _ 50 Union Pacific Railroad 116 Unit of value, the gold dollar to be the 34 United States — Bank of the, first, instituted _ 32 money obtained from the _ _ 35, 37, 38, 39, 41 payment of debt due the 40 subscription to the capital stock of the 35 second, instituted 56 money obtained from the 56 subscription to the capital stock of the 56 Debtof the, January 1,1790 30 June 30, 1896 _ 310-313 Mint, first, established by the ._ 23 National Loans of the — Bayley _ 30, 38, 209 Notes, gold value of 37 Paid and repaid out of balances due the, etc __ ___ 192 Practically out of debt 62 Public lands ceded to the, by Georgia, indemnity for _ 51 Value — Bullion, of 371J grains of silver 26 Of United States legal-tender notes. _-_ _ _ .._ 37,85 Unit of, the gold dollar to be the 34 Versailles, Court of, Thomas Jefferson minister at the 30,33 Vessels, purchase of, on account of troubles with the Barbary powers 41 Virginia — First issued bills of credit _ 10 Jefferson on the paper currency of lo Legal-tender act renewed in n Mint instituted in ^ _ _ 23 Tobacco notes in _ _ 9, 10 Walnut Street prison, Philadelphia 17 War- Between England, France and Spain 7 Great Britain and Holland _ _ _ ig Debt of the Territories of Washington and Oregon. .__ 80 Of the Rebellion _ _ 24, 77, 79 Revolution 12 paper money issued by the States during the _ 16 17 paper money issued prior to the _ 10 whole circulating cash just before the _ _ _ 12 Pontiac — siege of Detroit -_. _ __ n With Great Britain in 1813.. _ _ _._. 36,46,53,54,103 With Mexico ._. gg 73 Washington — George, President of the United States, loan negotiated by authority of 33 32 Territory, war debt of _ . _ _ _ 80 West Indies, coin brought from the _ _ g Western Pacific Railroad _ _ 117 APPEISTDIX 239 PREFATORY LETTER. Teeasxjby Department, Office of the Register, Washington, D. C, August 20, 1900. Sir: SiDce the publication of the History of the Currency of the Country and of the Loans of the United States * * * to June 30, 1896, prepared in this office, the constant demand for copies of the same has far exceeded the limited supply, long since exhausted. In view of this fact you authorized a republication of the work, extended to include the later issues and transactions affecting the various loans, etc. In execution of this design it has been deemed best to have the eutire new matter appear as an appendix to the original publication. This will avoid a radical change throughout the book, obviating extensions and alterations of numerous tables and statements, repaging, etc., which would involve the execution of a set of new plates. I have the honor to submit herewith the work completed to June 30, 1900. Eespectfully, Register. The Honorable the Secretary of the Treasury. 5618 16 241 APPENDIX PREPARED UNDER THE DIRECTION OF JUDSON W LYONS REGISTER OF THE TREASURY. HISTORY OF THE LOAi\S CREATED SINCE JUNE 30, 181)6. LOAN OF 1908-1918. (ACT OF JUXE 13, 1898.) Ijength of loan, ten or twentyyears; redeemable after August 1, 1908; payable August 1, 1918; amount authorized, $400,000,000; amount issued, $199,308,880; sold at par; interest, 3 per cent, payable quarterly, in coin; first issue, July 27, 1898; outstanding June 30, 1900, $128,843,240. Of the amount issued, bonds to the amount of $516,240 were withheld and can- celled (vide pages 247 and 203). Subsequently $69,949,400 were exchanged for Consols of 1930 (vide pages 250 and 263), on which $3,965,109.34 premium was paid. The interest paid on the loan to June 30, 1900, was $9,999,912.47. The net expense attendant on the issue of the loan to June 30, 1900, as far as ascertained, was $275,577.65. copy OF OULIGATION. 1898. C Vignette of ? Thref per cent loan of 1893. $1000. ) U. S. S. Maine. > 1918. (Number.) Act of JuDe 13, 1898. The United States of America Are indebted unto , or assigns, ix the suji of One Thousand Dollars. 'J'his bond is issued under authority of an Act of Congress entitled "An Act to provide ways '^ and means to meet war expenditures," approved June thirteenth, eighteen hundred and ninety. JS eight, and is redeemable at the pleasure of the United States after the first day of August, 1908, a and payable August 1, 1918, in coin, with interest at the rate of three per centum, payable quar--r terly in coin on the first day of November, February, May, and August in each year. The principal -js and interest are exempt from all taxes or duties of the United States, as well as taxacion in any .Si form by, or under. State, municipal, or local authority. [Seal.] gj (Number. ) ^2 Date of issue Washington, D. C, August 1, 1898. ^ Register of the Treasury. Entered . Recorded . Transferable on the books of this office. Note. — The reading matter on the face of the coupon bonds of this loan is nearly identical with the above. 243 244 APPENDIX. BACK OF BOND. Act of June IS, 1898. Original date Original No. . TiiANSPER Number. 1898. 1918. THREE PEE CENT LOAM" OF 1898. 1000 Dollars. For value received, assign to the within registered bond of the United States, and hereby authorize the transfer thereof on the books of the Treasury Department. Dated , 18—. State of , \rr r County of -. \ T"^'^ «f • Personally appeared before me the above named assignor, known or proved to me to be the payee of the within bond, and signed the above transfer, acknowledging the same to be his free act or deed. Witness my hand, official designation and Seal. Note. — The execution and acknowledgment of the above assignment, when not made at the Treas- ury Department, must be before a U. S. Judge, U. S. District Attorney, Clerk of a U. S. Court, Collector of Customs, Collector or Assessor of Internal Revenue, U. S. Treasurer or Assistant Treasurer or the President or Cashier of a National Bank, or, if in a foreign country, before a U. S. Minister or Consul. In all cases the officer must add his official designation, residence, and seal if he has one. When the assignment is made by a Corporation, it must be named as the assignor; when by a guardian, trustee, executor, administrator, an officer of a corporation, or anyone in a representative capacity, proof of his authority to act must be produced to the officer before whom the assignment is made and must accompany the bond. Assignors must be identified as known and responsible persons to the satis- faction of the officer. One Thousand Dollars. The necessity for meeting the expenses of the war with Spain occasioned this loan. The provisions of the act cited bearing on this subject were as follows : Sec. 33. That the Secretary of the Treasury is hereby authorized to borrow on the credit of the United States from time to time as the proceeds may be required to defray expenditures authorized on account of the existing war (such proceeds when received to be used only for the purpose of meet- ing such war expenditures) the sum of four hundred million dollars, or so much thereof as may be necessary, and to prepare and issue therefor, coupon or registered bonds of the United States in such form as he may prescribe, and in denominations of twenty dollars or some multiple of that sum, redeemable in coin at the pleasure of the United States after ten years from the date of their issue, and payable twenty years from such date, and bearing interest payable quarterly in coin at the rate of three per centum per annum; and the bonds herein authorized shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or uuder State, municipal, or local authority: Provided, That the bonds authorized by this section shall be first offered at par as a popular loan under such regulations, prescribed by the Secretary of the Treasury, as will give oppor- tunity to the citizens of the United States to participate in the subscriptious to such loan, and in allotting said bonds the several subscriptions of individuals shall be first accepted, and the subscrip- tions for the lowest amounts shall be first allotted: Provided furthei; That any portion of. any issue of said bonds not subscribed for as above provided may be disposed of by the Secretary of the Treas- ury at not less than par, under such regulations as he may prescribe, but no commissions shall be APPENDIX. 245 allowed or paid thereon; and a sum not exceeding one-tentli of one per centum of the amount of the bonds and certificates herein authorized Is hereby appropriated out of any money in the Treasury not otherwise appropriated, to pay the expense of preparing, advertising, and issuing the same. (Actof June 13, 1898.) The following are extracts on this subject from the annual report of the Secretary of the Treasury for the fiscal year 1898 : * * * On June 13 a circular was published inviting public subscriptions for $200,000,000 3 per cent bonds authorized by the act of June 13, 1898. The public response to this invitation was not confined to any section of the country, and during the thirty days prescribed in the circular as the period for subscriptions there were received 232,224, of $500 and less, accompanied by full payment for the bonds, and over 88,000, in sums greater than $500, accompanied in each instance by a deposit of 2 per cent of the amount subscribed. The total of subscriptions of .$.500 and less was $100,444,560, and the total in greater amounts than $500, includ- ing certain proposals guaranteeing the loan, amounted in the aggregate to more than $1,400,000,000. A. summary of subscriptions received, classified as to amounts, is here given : Subscription^ for S500 and less. Less than $100 11,483 $100 to $180 - 14,974 $200 to $280 9,902 $300 to $380 7,594 $400 to $480 7, 698 $500 only 180, .573 Total 232,221 Siitscriptioiis for -more than ^500. $520 to $980 11,8(32 $1,000 to $1,980 2.5, 1.52 $2, 000 to $2,980 10, 349 $3,000 to $3,980 5,165 $4,000 to $4,400 : .5,223 $4,500 1,875 59, 626 More than $4,500 28, 376 Total «S,002 * * "' As provided by the circular, the allotment of bonds to subscribers of amounts greater than $500 began immediately upon the close of the books July 14, the smallest subscriptions being first allotted until those of $4,400 and less had been reached. There was a residue, ascertained to be about two million and a ha^f dollars, which was allotted pro rata among the subscribers of $4,500, each subscriber for that amount being awarded the sum of $1,300. " * The bonds were dated August 1, 189=^, and their preparation was carried on as rapidly as possible. Soon after that date the Department began their delivery, subscribers for $500 and less being the first to receive their bonds substantially in the order of the receipt and acceptance of their subscriptions. The delivery of the bonds to subscribers of this class was practically completed about the Ist of September. ' • * Before the delivery of the bonds to subscribers of $500 and less had been completed, the Depart- ment began the delivery on account of greater subscriptions. * ' The burden of work thns suddenly thrown upon the Department it is difficult to fully compre- hend. In the mere matter of names and addresses, the work of writing— by reason of necessary duplication— was equal to a detailed schedule embodying several millions of names, with the address— town, county, and State— of each fully extended. To accomplish the work imposed, an addition for three months or more of nearly six hundred persons to the regular working force of the Department was necessary.' The Bureau of Engraving and Printing- was correspondingly over- 1 Employed at night as well as during the day. 246 APPENDIX. taxed. The immense increase in the number of bonds of small denominations, as compared with any previous issues, is a partial explanation. The acquisition and installation of twelve high-grade power presses, made in anticipation of increased operations, alone saved that Bureau from a com- plete breakdown. The Register of the Treasury iu his report for the fiscal year 1899, discussing the operations of his office connected Tvith this loan, said : * ' ' Owing to the anuouncement that subscriptions for $500 and under woulil first be filled, the number of separate items to bo issued and forwarded was nearly tenfold that upon any previous loan of the Government. In carrying through this important undertaking it was necessary to examine the subscription papers and other documents in connection with over 275,000 diff'ereut subscriptions and payments, to write over 222,000 letters and receipts, to address and deliver to the express company an equal number of envelopes. To insure safety and jiromptness in forwarding, the express company was furnished with lists showing the number, address, and amount of each package. Over half a million (551,566) coupon and registered bonds were prepared, put up, and forwarded. * * * The largest number of packages delivered to the express company in one day was on September 17, when 6,298 packages, inclosing bonds on account of 6,546 ditt'eront subscriptions, and amounting to $5,271,560, were delivered to the express company in less than twehc hours. All packages inclosing coupon bonds were sealed with five large wax seals; those inclosing registered bonds with a less number. As it was necessary to put on over 30,000 seals per day, a portion of the force was assigned to this work. * * * Thirty thousand seven hundred large folio pages of journal, involving a large mass of detail, were written ; ledger accounts to the number of 47,341 were opened, of which 13,000 have since been closed; the interest upon 230,011 separate deposits made prior to August 1, 1898, was calculated, proved, footed, and a detailed schedule for drawing checks therefor furnished the Treasurer of the United .States. To add to the difficulty of the situation, at a time while the work was very urgent, it was necessary to prepare a schedule containing the details necessary for drawing 45,120 checks for the first dividend, dne November 1, 1898. Mean-while card indexes Of the names of all subscribers were also prepared. The following, from the Annual Eepbrt of the Treasurer of the United States for the fiscal year 1899, can not but prove interesting: The i-eceipts for the war loan of 1898 began in June of that year and were closed in April, 1899. They were distributed among tlie Treasury offices in a. way which shows how widely scattered the subscriptions were and how fairly every part of the country was represented in thfm. Many payments from distant places were made at the Washington office, and also at the New York office, while at the subtreasuries in other cities the transactions were more of a local character. The rapidity with which the money came into the Treasury is exhibited in the subjoined statement, by months: Month . Washington, Baltimore. New York. Philadelphia. Boston. Cincinnati. $12, 289, 210. 00 09, 782, 118. 31 19, 102, 769. 18 22, 496. 998. 38 2, 787, 580. 58 1, 420, 534. 56 501, 870. 64 172, 640, 78 43, 121. 80 28, 271. 13 5,161,43 $955,140.00 700, 620. 00 1,349,696.29 266, 012. 37 104, 785. 72 25,429.21 4, 974. 28 6, 911. 80 1, 957. 40 $2, 756, 470. 00 1, 550, 744. 00 27, 461, 978. 29 4, 223, 762. 95 3, 649, 451. 59 738, 032. 32 344, 649. 13 54,871.24 13, 329. 57 3,432.12 5, 576. 93 .$1, 152 470 00 i *i Qflfi onn nn $1,755,860.00 569, 288. 00 757, 342. 13 143, 616. 41 200, 464. 39 July 770, 258. 00 2, 256, 333. 59 255, 632. 86 114,858.16 :)9, 556. 29 22, 361. 50 3, 511. 85 274. 87 655, 300. 00 2, 845, 000. 75 128, 410. 22 474, 627. 10 38, 509. 98 20, 140. 14 7,816.20 • 5, 230. 42 1,306.77 .80 Ofitober 4, 310. 93 1, 337. 93 p Total 128, 636, 282. 79 2, 586. 58 3,475,427.07 40, 802, 193. 14 4, 615, 247. 11 6,063,332.38 Refunded Not 128, 633, 696. 21 3, 475, 427. 07 40, 802, 198. 14 4, 615, 247. 11 6, 063, 332. 38 3, 520, 506. 44 APPENDIX. 247 Month. Chicago. St. Louis. New Orlean.s. San Francisco. Total. .$3,812,246.80 $985, 540. 00 306, 668. 00 096, 052. 65 95,723.79 112, 969. 44 3,239.71 2, 68b. 97 365. 08 $97, 480. 00 31, 120. 00 72, 367. 20 7, 489. 93 4, 258. 14 3, 633. 16 1,116.96 $723, 520. 00 601, 060. 00 478, 530. 03 31, 074. 31 15, 267. 67 6, 163. 78 3, 366. 87 1,278.70 $26,514,836.80 74, 870, 076. 31 67, 623, 110. 13 27, 956, 017. 52 8, 704, 897. 41 2,470,283.47 959, 262. 88 250, 093. 04 65, 825. 42 34, 099. 98 13, 788. 41 July 2, 603, 140. 02 307, 296. 30 1, 180, 628. 63 101, 898. 69 53, 895. 47 1, 359. 46 183. 08 1, 728 28 999. 08 2, 077. 85 April 971.40 8,060,648.45 2, 203, 145. 64 223,166.06 1,862,338.29 199.462,291.37 2,686.58 Net 8, 060, 648. 45 2, 203, 145. 64 223, 165. 06 1, 362, 338. 29 , 199, 459, 704. 79 Of the receipts, $125,212,339.21 came in the form of checlis, $28,736,491 in gold coin, $25,339,712 in United States notes, and tlie rest in other kinds of money, as recited in the table given below: Kind. Gold coin Standard silver dollars Fractional silver coin United States notes Treasury notes of 1890 National banlt notes Gold certificates Silver certificates Minor coin Checks collected through banks. Total . "Washington. $214, 626. 00 4.00 148. 00 1, 562, 960. 00 2, 000. 00 1,641,697.00 23. 00 125, 212, 339. 21 128, 633, 696. 21 Biiltimore. 922, 27, 970, 5, , 167, 434. 00 8.00 190. 00 471. 00 570. 00 100.00 140.00 452. 00 12.07 3, 475, 427. 07 Xow York. $24,138,809.00 1,591.00 11,966,466.00 243, 422. 00 949.163.00 75, OUO. 00 3,437,631.00 136. 14 40,802,198.14 Philadelphia. $166, 703. 00 6,198.00 243 00 2. 188, 172. 00 43, 357. 00 847, 405. 00 3, 700. 00 1, 359, 354. 00 25. 11 4,616,247.11 Kind. Boston. Cincinnati. Chicago. St. Lonis. $1,741,843.00 1, 079. 00 128. 00 1, 793, 361. 00 83. 236. 00 844, 270. 00 6, 670. 00 1, 592, 833. 00 12.38 $80, 000. 00 $137, 330. 00 $28, 835. 00 20 00 Fractional silver coin 40.00 1, 323, 620. 00 40. 500. 00 521, 000. 00 7, 000. 00 1, 648, 346. 00 .44 53.00 4, 703, 434. 00 664, 89-1. 00 457, 485. 00 7, 640. 00 2, 089, 74:1. 00 70.45 1 00 824, 078. 00 Treasury notes of 1890 161, 176. 00 National bank notes GoUl certificates 268, 600. 00 3, 660. 00 916, 936. 00 Minor '^"•n ...... 40.64 Total 6, 063, 332. 33 3, 520, 500. 44 S. 060, 04S. 45 2, 203, 145. 64 Kind. New Orleans. San Francisco. Total. $25. 00 165.00 226. 00 67, 340. 00 6, 696. 00 13, 520. 00 $1, 845, 836. 00 244. 00 116.00 7,8511.00 476. 00 1, 725. 00 200. 00 5, 882. 00 9.29 $28,736,491.00 7,718.00 2, 736. 00 25, 339, 742. OU 1,273,325.00 4, 872, 158. 00 108, 900. 00 116, 171. 00 22.06 13,905,945.00 350. 58 125, 212, 339. 21 Total 223, 165. 06 1, 862, 338. 29 199,459,704.79 ■* * » All of the operations, so far as completed, relating to the new 3 per cent loan, Avere taken into the accounts of the year,' although part of the subscriptions were paid into the Treasury during the month of June, 1898. The total amount of these bonds paid for and prepared for issue was $199,194,960,- but, on revision, applications amounting to $516,240 were found to be irregular and the bonds were withheld and the money refunded. The amount of these bonds actually issued up to the close of the year was $198,678,720. ' Fiscal year 1899. - To June 30, 1899. This was increased by $113,920 during the fiscal year 1900. 248 APPENDIX. In his report (1898) the Secretary further expressed himself as follows: That the popular loan method so successfully used on this occasion gave general satisfaction to the people is beyond dispute. Led to believe — whether justly or unjustly — that on former occasions advantage has been taken of public necessities by intermediaries who made unfair profit between the Government and the people, they bailed with satisfaction this attempt to deal directly with the citizen. CONSOLS OF 1930. (ACT OP MARCH 14, 1900.) Length of loan, indefinite; payable in gold, at the pleasure of the United States, after thirty years ; amount authorized, indefiuite; amount issued, $307,125,350; sold (exchanged) at par; interest, 2 per cent, payable quarterly, in gold; first issue, April 1, 1900; outstanding June 30, 1900, $307,125,350. COPY OF OBLIGATION. Two per cent. | JjfX'idge' | Consols of 1930. 10,000 Thb United States 10,000 Act of March 14, 1900. OF America (Number.) 1900 1930 Are indebted to or assigns in the sum of Ten Thousand Dollars. This bond is issued in accordance with the provisions of an Act of Congress entitled " An Act to define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes", approved March fourteenth, Nineteen hundred, and is redeemable at the pleasure of the United States after the first day of April, , . , 1930, in gold coin of the standard value of the United States [Allegorical vignette.] ■■,->> u r i. j.i -vt- 4. i_ n j -^i • j. j. lAlIegorical vignette.] Oil said March lourteenth, Nineteen hundred, with interest in such coin from the day of the date hereof, at the rate of two per centum per annum, and payable quarterly on the first day of January, April, .July and October in each year. The principal and interest are exempt from the payment of all taxes and duties of the United States, as well as from taxation in any form by or under, state, municipal or local anthority. (Se.nl.) The bonds of this loan are numbered consecutively in the order of their issue, and, when payment is made, the last number issued and outstanding will be first paid. 10,000 10,000 Dollars Dollars (.Number.) Date of issue. Entered Recorded Eegister jf the Treasury. 10 Transferable on the Books of this Office. thousand Washington, D. C, April 1, 1900. BACK OF BOND. 1900 (Eagle.) 19C: TWO PER CENT. CONSOLS OF 1930. 10,000 ' Dollars " For value received assign to the within registered bond of the United States, and hereby authorize the transfer thereof on the books of the Treasury Department. Dated 19 State of W'ownof County of ) APPENDIX. 249 Personally appeared before me the above named assignor, known or proven to me to bo the payee of the within bond, and signed the above transfer, acknowledging the same to be his free act or deed. Witness my hand, official designation and Seal. [SEAL.] Note. — The execution and acknowledgment of the above assignment, when not made at the Treasury Department, must be before a U. S. Jndge, U. S. District Attorney, Clerk of a U. S. Court, Collector of Customs, Collector or Assessor of Internal Revenue, U. S. Treasurer or Assistant Treasurer or the President or Cashier of a National Bank, or, if in a foreign country, before a U. S. Minister or Consul. In all cases the officer must add his official designation, residence, and seal, if he has one. When the assignment is made by a Corporation, it must be named as the assignor; when by a guardian trustee, executor, administrator, an officer of a corporation, or any one in .t representative capacity proof of his authority to act must be produced to the officer before whom the assignment is made and must accompany the bond. Assignors must be identified as known and responsible persons to the satisfaction of the officer. TEN TIIOU.'iAND DOLLARS. [Vignette of Waaliington.] Jet of March 14, 1900.' The following is tlie section of the act named authorizing this loan : Sec. 11. That the Secretary of the Treasury is hereby authorized to receive at the Treasury any of the outstanding bonds of the United Statos bearing interest at live per centum per annum, pavable February first, nineteen hundred and four, and any bonds of the United States bearing interest at four per centum per annnm, payable July first, nineteen hundred and seven, and any bonds of the United States bearing' interest at throe, per centum per annnm, payable August first, nineteen hun- dred and eight, and to issue in exchange therefor an equal amount of coupon or registered bonds of the United States in such form as he may prescrilio, in denominations of fifty dollars or any nmltiple thereof, bearing interest at the rate of two per centum per annum, payable quarterly, such bonds to be payable at the pleasure of the United States after thirty years from the date of their issue, and said bonds to be payable, principal and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or locnl authority: Proinded, That such outstanding bonds may be received in exchange at a valuation not greater than their present worth to yield an income of two and one-quarter per centum per annum; and in consideration of the reduction of interest effected, the Secretary of the Treasury is authorized to p.ay to the holders of the outstanding bouds surrendered for exchange, out of any money in the Treasury not otherwise appropriated, a sum not greater than the difference between their present worth, computed as aforesaid, and their par value, and the payments to be made hereunder shall be held to be payments on account of the sinking fund created by section thirty-six hundred and ninety-four of the Revised Statues: And provided fnrlher, That the two per centum bonds to be issued under the provisions of this Act shall be issued at not less than par, and they sliall be numbered consecutively in the order of their issue, and when pay- ment is made the last numbers issued shall be first paid, and this order shall be followed until all the bonds are paid, and whenever any of the outstanding bonds are called for payment interest thereon shall cease three months after such call; and there is hereby appropriated out of any money, in the Treasury not otherwise appropriated, to effect the exchanges of bonds provided for in this Act, a sum not exceeding oue-lifteenth of one per centum of the face value of said bonds, to pay the expense of preparing and issuing the same and other expenses incident thereto. 'The border around the back of this bond is formed by representations of the seals of the States of the Union. 250 APPENDIX. In Department Circular No. 20, of date March 14, 1900, prescribing the procedure for exchange, etc., the Secretary of the Treasury said: ^ * * Under the provisions of this law the Department will be prepared to receive on and after this date, until further notice, any of the bonds issued under the acts above mentioned, and as early as practicable thereafter will issue in exchange therefor a like amount of United States regis- tered or coupon bonds bearing interest at the rate of 2 per centum per annum, as provided by the act approved March 14, 1900. « » * Upon acceptance of any bonds for exchange under the conditions of this circular the present worth of the surrendered bonds to yield an income of 2^ per centum per annum will be calculated as of the date of their acceptance, except as provided in the next paragraph, and the sum representing the difference between the present worth of said bonds and their par value will be paid to the owner thereof in due course by a check drawn in his favor by the Treasurer of the United States. Tlie settlement will include payment by the Department of accrued interest on the old bonds to the date of their acceptance for exchange and a charge against the owner for accrued interest on the new bonds from the date of their issue to said date of acceptance. * * * The new bonds will be dated April 1, 1900; therefore all outstanding bonds surrendered for exchange and accepted for that purpose prior to that date will bear interest to April 1, when interest on the new bonds will begin ; and the present worth of such surrendered bonds will be calculated as of the said April 1. The new bonds will be issued in denominations as follows: Coupon, $50, $100, $500, $1,000. Registered, $50, $100, $500, $1,000, $5,000, $10,000, $50,000. » » * In exercise of the discretion given to the Secretary of the Treasury under section 11 of the act, he reserves the right to suspend the exchange of bonds above contemplated whenever, in his opinion, the interests of the Government may be best served thereby. The Secretary of the Treasury also reserves the right to cliange the terms of exchange above set forth, either by requiring a bonus or premium upon the 2 per cent bonds or by requiring the holders of bonds outstanding to surrender the same in exchange for the new bonds at a rate to yield income of more than 2J per cent per annum. The amount issued was in exchange for the bonds of the loans as follows: Loan of 1904, act of January 14, 1875 '. $47,358,500 Funded loan of 1907, acts of July 14, 1870 and January 20, 1871 189,817,450 Loan of 1908-1918, act of June 13, 1898 69,949,400 Total 307,125,350 The saving to the Government through these exchanges to June 30, 1900, was as follows: Title of loan. Saving in in- terest. Premium paid. Net saving. $5, 405, 379 ' 27, 399, 696 5, 810, 669 $4,736,487 22,071,956 3, 965, 109 $668, 892 5, 327. 740 1,845,560 Fundedloan of 1907 Loan of 1908-1918 38, 615, 744 30, 773, 552 7, 842, 192 Note.— The saving in interest is computed on the basis of an average date of redemption, and is furnished by the Actuary of the Treasury. UNITED STATES (LEGAL-TENDER) NOTES. (VIDE PAGE 85.) The total issue of these notes authorized was $450,000,000, but per the act of July 11, 1862, $50,000,000 was to be a temporary issue for the redemption of a debt known as the Temporary loan. The reduction from the original permanent issue of $400,000,000 to $346,681,016 was caused as follows: The act of April 12, 1866, provided that, United States notes might be retired to the extent of $10,000,000 during the ensuing six months, and tliat thereafter they might be retired at the rate of not more than $4,000,000 per month. This authority remained in force until it was suspended APPENDIX. 251 by the act of February i, 1868. The anthorizetT amonnt of reduction during this period was about $70,000,000, but the actual reduction was only about $44,000,000. No change was made in the volume of United States notes outstanding until after the panic of 1873, when, in response to popular demand, the Government reissued $26,000,000 of the canceled notes. This brought tlie amount outstanding to $382,000,000, and it so remained until the resumption act of January 14, 1875, provided for its reduction to $300,000,000. The process was, however, again stopped by the act of May 31, 1878, which required the notes to be reissued when redeemed. At that time the amounl. outstanding was $346,681,016, which is the present amount. The amount of United States notes redeemed from the fund raised for resumption purposes since January 1, 1879, to June 30, 1900, was $564,147,369; but the volume outstanding is undiminished because of the provisions of the act of May 31, 1878, which require the notes so redeemed to be paid out again and kept in cirulation. (Treasury Department Circular No. 113, July 2, 1900.) For the most recent legislation affecting these notes, see sections 2, 6, and 7 of the act of March 14, 1900, given, the iirst two under the head of Gold, and the third, Silver. (Pages 252, 253, and 254, respectively.) FUNDED LOAN OF 1907. (VIDE PAGE 107.) (See also the loan next below.) REFUNDING CERTIFICATES. (VIDE PAGE 110.) Relative to these certificates, and as their redemption affects the foregoing loan, in his annual report for the fiscal year 1897 the Secretary of the Treasury said : There is no provision under tlie law for the redemption of these certificates except by their conversion, in sums of $50 and multiples thereof, into bonds of the 4 per cent loan of 1907; nor is there any provision for the payment of accrued interest except upon the surrender of the certificates for such conversion. The original issue amounted to $-10,012,750, and tlie small remainder is, no doubt, principally held in sums less than $50, the owners of which are debarred from realizing except by sales to dealers in securities at such prices as they may be disposed to pay. To enable these holders to obtain redemption of their certificates and payment of accrued interest thereon direct from the Government, and to put an end to the small annual increase in the amount of the 4 per cent loan of 1907, it is recommended that Congress limit the tinn' within which such certificates may be converted into bonds. * * * It is also reeommeuded that the Secretary of the Treasury be authorized to redeem any of such certificates in cash on presentation, and to pay ttie accrued interest thereou to date of redemption. There was issued of the Funded loan of 1907 for the redemption of Refunding certiiicates to June 30, 1000, $40,082,450, of which amount >'105,107 was on account of accrued interest. TREASURY NOTES OF 1890. (VIDE PAGE 111.) The authority for the purchase of silver bullion under the act of July 14, 1890, was repealed by the act of November 1, 1893, up to which date the Government had purchased 168,674,082.53 fine ounces, at a cost of §155,931,002, for wliich Treasury notes were issued. The amount of silver bullion purchased under said act and now held in the Treasury is 77,454,253.39 fine ounces, which cost 870,079,834.05. When coined into dollars it will produce $100,142,873, of which $30,003,038.95 will be gain, or seigniorage. Of the amount purchased there was consumed in coinage to June 30, 1900, 91,166,858.46 fine ounces, at a cost of $85,788,632.06, producing $117,924,950,' yielding in seigniorage $32,136,318. There was a wastage sold in sweeps of 63,570.37 ounces, and .31 ounce was transferred to subsidiary silver purchase account. The cost of these was $62,535.89.^ ' Of which $2,674,000 was subsidiary coin. ^The above figures relative to coinage, bullion in the Treasury, etc., were obtained from the ofBce of the Director of the Mint. 252 APPENDIX. The amount of Treasury notes redeemed in gold to June 30, 1900, was $106,556,655. The amount redeemed in standard silver dollars was: Under act of July 14, 1890 $70,703,410 ' Underact of March 14, 1900, section 5 7,492,169 Under act of March 14, 1900, sections 1,708,423 Total 79,904,002 There remained of the Treasury notes of 1890 outstanding June 30, 1900, $76,027,000. For the latest legislation applying to these notes, see sections 2, 6, 5, and 8 of the act of March 14, 1900, given, respectively, under the captions Gold and Silver. (Pages 252, 253, and 254.) GOLD. STANDARD ESTABLISHED. AN ACT to define and fix tlie standard of value, to maintain tho parity of .ill forms of money issued or coined by the United States, to refund the public debt, and for other purposes. Be it enacted hy the Senate and House of Bepresentatives of the United States of America in Congress assembled, That the dollar consisting of twenty-five and eight-tenths grains of gold nine-tenths fine, as established hy section thirty-five hundred and eleven of the Revised Statutes of the United States, shall he the standard unit of value, and all forms of money issued or coined by the United States shall he maintained at a parity of value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity. (Act of March 14, 1900.) UNITED STATES NOTES, AND TREASURY NOTES OP 1890 TO BE REDEEMED IN GOLD COIN.— RESERVED FUND INCREASED. Sec. 2. That United States notes, and Treasury notes issued under the Act of July fourteenth, eighteen hundred and ninety, when presented to the Treasury for redemption, shall be redeemed in gold coin of the standard fixed in the first section of this Act, and in order to secure the prompt and certain redemption of such notes as herein provided it shall he the duty of the Secretary of the Treasury to set apart in the Treasury a reserve fund of one hundred and fifty million dollars in gold coin and bullion, which fund shall be used for such redemption purposes only, and whenever and as often as any of said notes shall be redeemed from said fund it shall be the duty of the Secretary of the Treasury to use said notes so redeemed to restore and maintain such reserve fund in the manner following, to wit: First, by exchanging the notes so redeemed for any gold coin in the general fund of the Treasury; second, by accepting deposits of gold coin at the Treasury or at any subtreasury in exchange for the United States notes so redeemed; third, by procuring gold coin hy the use of said notes, in accordance with the provisions of section thirty-seven hundred of the Revised Statutes of the United States. If the Secretary of the Treasury is unable to restore and maintain the gold coin in the reserve fund by the foregoing methods, and the amount of such gold coin ,ind bullion in said fund shall at any time fall below one hundred million dollars, then it shall be his duty to restore the same to the maximum sum of one hundred and fifty million dollars by borrowing money on the credit of the United States, and for the debt thus incurred to issue and sell coupon or registered bonds of the United States, in such form as he may prescribe, in denominations of fifty dollars or any multiple thereof, bearing interest at the rate of not exceeding three per centum per annum, payable quarterly, such bonds to be payable at the pleasure of the United States after one year from the date of their issue, and to be payable, principal and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the gold coin received from the sale of said bonds shall first he covered into the general fund of the Treasury and then exchanged, in the manner hereinbefore provided, for an equal amount of the notes redeemed and held for exchange, and the Secretary of the Treasury may, in his discretion, use said notes in exchange for gold, or to purchase or redeem any bonds of the United States, or for any other lawful purpose the public interests may require, except that they shall not be used to meet deficiencies in the current revenues. That APPENDIX. 253 United States notes when redeemed in accordance with the provisions of this section shall be reissued, but shall be held in the reserve fund until exchanged for gold, as herein jjrovided ; and the gold coin and bullion in the reserve fund, together with the redeemed notes held for use as provided in this section, shall at no time exceed the maximum sum of one hundred and fifty million dollars. GOLD CERTIFICATES. Sec. 6. That the Secretary of the Treasury is hereby authorized and directed to receive deposits of gold coin with the Treasurer or any assistant treasurer of the United States in sums of not less than twenty dollars, and to issue gold certificates therefor in denominations of not less than twenty dollars, and the coins so deposited shall be retained in the Treasury and buld for the payment of such certiti, cates on demand, and used for no other purpose. Such certificates shall be receivable for customs, taxes, and all public dues, and when so received may bo reissued, and when held by any national banking association may be counted as a part of its lawful reserve: Provided, That whenever and so long as the gold coin held in the reserve fund in the Treasury for the redemption of United States notes and Treasury notes shall fall and remain below one hundred million dollars the authority to issue certificates as herein provided shall be suspended : And provided further, That whenever and so long as the aggregate amount of United States notes and silver certificates in the general fund of the Treasury shall exceed sixty million dollars the Secretary of the Treasury may, in liis discretion, suspend the issue of the certificates herein provided for: And provided further, That of the amount of such outstanding certificates one-fourth at least shall be in denominations of fifty dollars or less: Arid provided further. That the Secretary of the Treasury may, in his discretion, issue such certificates in denominations of ton thousand dollars, payable to order. And section fifty-one hundred and ninety-three of the Revised Statutes of the United States is hereby repealed. (Ibid.) The following excerpt from the report of the Secretarj' of the Treasury for the fiscal year 1899 is iutrodaced as being germane to this subject: The receipts of gold at New York from customs amounted for the fiscal year to 7S.5 per cunt of the whole, as compared with 20.4 per cent for WVS. For the first ([uarter of 1900 they rose to sl.ij per cent. In the aggregate operations of the Treasury, the receipts of gold in 1899 amounted to :->7.(! per cent of the whole, and the disbursements to 35.37, as compand with 10.03 and ll.Ki, respectively, in 1898. For the quarter ended September 30, Hie percenlage of gold receipts was 3S.,~) and of the dis- bursements 35.2. While so large a part of the Treasury's business was transacted in gold, and while large additions were made to the coin in outside circulation and are estimated to have reached $702,060,459 on July 1, 1899, the gold holdings of the Treasury have exceeded all previous records, both in the aggregate and in the net amount above outstanding gold certificates. On September 30 the gross amount of gold coin and bullion in the Treasury was $353,002, 3S(), and the net $254,328,821. The maximum net gold was $258,081,565 on October 12. The highest previous records for the end of any month were $332,551,306 and $218,818,253, respectively, the former in September and the latter in March, 1888. The gross on October 31 was $379,817,316. SILVER. COINAGE OF BULLION INTO DOLLARS. Sec. 34. That the Secretary of the Treasury is hereby authorized and directed to coin into standard silver dollars as rapidly as the public interests may require, to an amount, however, of not less tliau one and one half millions of dollars in each month, all of the silver bullion now in the Treasury pur- chased in accordance with the provisions of the Act approved July fourteenth, eighteen hundred and ninety, entitled "An Act directing the purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes," and said dollars, when so coined, shall be used and applied in the manner and for the purposes named in said Act. (Act of June 13, 1898. ) LEGAL-TENDER QUALITY OF SILVER DOLLAR XOT TO BE AFFECTED. Sec. 3. That nothing contained in this Act shall be construed to aifect the legal-tender quality as now provided by law of the silver dollar, or of any other money coined or issued by the United States. (Act of March 14, 1900.) 254 APPENDIX. CANCELLATION OF TEBASURY NOTES OP 1890 AND UNITED STATES NOTES. — ISSUE OF SILVER GBRTIFICATES. Sec. 5. That it shall he the duty of the Secretary of the Treasury, ae fast as standard silver dollars are eoiucd under the provisions of the Acts of July fourteenth, eighteen hundred and ninety, and June thirteenth, eighteen hundred aud ninety-eight, from hullion purchased under the Act of July fourteenth, eighteen hundred and ninety,' to retire and cancel an equal amount of Treasury notes whenever received into the Treasury, either hy exchange in accordance with the provisions of this Act or in the ordinary course of business, and upon the cancellation of Treasury notes silver certificates shall be issued against the silver dollars bo coined. (Ibid.) Sec. 7. That hereafter silver certificates shall be issued only of denominations often dollars and under, except that not exceeding in the aggregate ten per centum of the total volume of said certificates, in the discretion of the Secretary of the Treasury, may be issued in denominations of twenty dollars, fifty dollars, and one hundred dollars; aud silver certificates of higher denomination than ten dollars, except as herein provided, shall, whenever received at the Treasury or redeemed, be retired and canceled, and certificates of denominations of ten dollars or less shall be substituted therefor, and after such substitution, in whole or in part, a like volume of United States notes of less denomination than ten dollars shall from time to time be retired and canceled, and notes of denomi- nations often dollars and upward shall be reissued in substitution therefor, with like qualities and restrictions as those retired and canceled. (Ibid.) COINAGE AND RECOINAGE OF SUBSIDIARY SILVER. Sec. 8. That the Secretary of the Treasury is hereby authorized to use, at his discretion, any silver bullion in the Treasury of the United States purchased under the Act of July fourteenth, eighteen hundred and ninety, for coinage into such denominations of subsidiary silver coin as may be necessary to meet the public requirements for such coin : Provided, That the amount of subsidiary silver coin outstanding shall not at any time exceed in the aggregate one hundred millions of dollars. Whenever any silver bullion purchased under the Act of July foiirteenth, eighteen hundred and ninety, shall be used in the coinage of subsidiary silver coin, an amount of Treasury notes issued under said Act equal to the cost of the bullion contained in such coin shall be canceled and not reissued. Sec. 9. Tliat the Secretary of the Treasury is hereby authorized and directed to cause all worn and uncurrent subsidiary silver coin of the United States now in the Treasury, and hereafter received, to be recoined, and to reimburse the Treasurer of the United States for the difference between the nominal or face value of such coin and the amount the same will produce in new coin from any moneys in the Treasury not otherwise appropriated. (Ibid.) In his annual report for the fiscal year 1899 the Secretary said : la the fiscal year the offices of the Treasury paid out $42,532,296 in standard silver dollars, an increase of $1,700,147 over the previous year. The receipts in the same period were $37,581,040, a decrease of $16,426,894. By September 30 the continued demand for these coins carried the total in circulation to $68,755,243, the highest amount ever reached. Similar activity in the call for subsidiary silver coins, of which the Treasury received $36,593,199 and paid out $40,189,375 during the same period, gradually reduced the Treasury holdings, until at the close of the year only $6,070,497 remained on hand. In the ensuing three months the continuance of the demand decreased the Treasury stock to $2,477,571. The amount estimated to be in circulation on the 30th of September was $74,045,762. * * * SILVER QUOTATIONS. The highest quotation for silver 0.925 fine during the year in the London market was 29 pence, equal to $0.63571 in United States money, per ounce, fine; the lowest quotation was 27 ponce, equiva- lent to $0.59187. The average price for the year was 27.6697 pence, equivalent to $0.60655. The' bullion value of the United States standard silver dollar, at the highest price for the year, was $0.49168, and the lowest, $0.45777, and at the average price, $0.46912. The commercial ratio of gold to silver at the average price was 1 to 34.08. The number of grains of pure silver at the average price that could be purchased with a United States silver dollar was 791.36, equivalent to 1.64 fine ounces. 1 Vide— Treasury Notes of 1890; pp. 251 and 253. APPENDIX. 255 In his report for the fiscal year 1897 he had previously said : It may * * * be noted that the exports of silver again give an increased value over the exports of 1896, in the face of a decline in the market price of that metal. Silver must now he counted among the most important of the articles of export, exceeding the value of the total exports of iron and steel, and heing double the value of the export of copper bars and ingots. The following is from the Circulation Statement issued by the Treasury Department July 1, 1900 : [Population of tlie United States July 1, 1900, estimated at 77,816,000; circulation per capita, $26.50.] ClassHiGation. Gold coin (including bullion in Treasury) Gold certificates " Standard silver dollars Silver certificates ^ Subsidiary silver Treasury notes of 1890 United States notes Currency certificates, act of June 8, 1872 2. . National bank notes Total . General stock of money in the United States July 1, 1900. Money in circu- lation July 1, 1900. $1,036,031,645 490, 618, 052 82, 901, 023 76, 027, 000 346,681,016 309, 640, 444 $614, 918, 991 200, 555, 469 66, 429, 476 408, 499, 347 76, 294, 060 75, 247, 497 316, 614, 114 3,705,000 300, 161, 552 2, 341, 899, 180 2, 062, 425, 496 Held in Treasury as assets of the Government July 1,1900.1 $220, 557, 185 15, 689, 229 6, 606, 973 779, 503 26, 361, 902 1 This statement of money held in the Treasury as assets of the Government does not include deposits of public money in national bank depositories to tbe credit of the Treasurer of the United States, and amounting to $95,882,502.27. For a full statement of assets see public debt statement, p. 264. 2 For redemption of outstanding certificates an exact equivalent in amount of the appropriate kinds of money is held in the Treasury, and is not included in the account of money held as assets of the Government. The following is an extract from a statement prepared by the Bureau of Statistics, Treasury Department : Imports and exports of the United f Cv u C m c o o- t^ lo m o in a c o o -a 1-1 CJOJrt -*QC c ot r c" cc OOCJlP 00 OOOrHO ooo Is Cf iH oTcr IT OC 00 tT ir t> cK-LrTc^i o TtTfrrr-TQc cc " odin CO IT s lO CO CT rH— IC o c tr-ci rnr. w o (D ID •Si X oj 00 t- o M -y c int- o4 r d o o d =■ = c d od <£ c^ dd tn cj >n O T( O CO CD O 00 00 in = in G ino 'i «■ 0)000 L^P- c o — CM C -H CO-fHO O 00 (NCJOO t~- t e cooo- O'-' s oo' >-r c» oo' oT co" ifTco"'*' c -T oTrH'co'-: w^" ■^ ■HIT rH O) lA CO in CO r-H oi c: (M O t-rHCT H (M 00 11 - -H rH C c CD o -t ir d"—"' e- cc c^ lO jr cc M * c o op «cd c c OOS .HS c o d d c o *3 - o CO o ■aS 1ft c^'iS CO i-l 05 d - S t- CO o cc s cc -t if -crTrH 1 ii ."- ooo C3 / ? c C-l - " V ' Cv ' f 'ft =f C 00 i § irt • ir ;-5 ..CD P ■n c (I _>1 1-3 •- 1 '%. ' ^ % 1 o .a S GC 3 « 3 • b 3- -I (M = SI c3 i: CD „ ooo r 1 i 1 r c." CI- SC oc cr 1 i " co' C i c - CI 1,-"" ■xi: I d c ^ ^ oc c 1-3 E-r _r c a c W ^r- O o' • 'c o ^ § 3 o •s s lS§5 ,- 'Ml ! n: 1 ? J ■i ! c t. i i: <; 00 c < t t 1 "c < 1 i J '5 5 ■ . c 1 1 : \ 3 2 c ct- C|. OC P c c 1 c c c c a ;: 1 c3 CO 1-1 p: ri tac 1- ^ c ) 1- c c t- ^ a F H ^ ^i j;. '>'^ 1= ^ ^ P fcHS be ^ O +3 =! C= S OTd o ffi ^-*= ,13 cs-a is: ■-, ■^w-s f^S ,p ft -a D fl t>=-^ a ^H^ O :3 O f= +3 .So ,^ o^ '^t% o ^y '- •"rH a j3 • ^ o 3 ° o „ 00 3 OJ S3S.S ?orDt: J O _ 3 O ^ 9 to o X -M t; .;:; o 2 a jp 5 *- ' i. .•" ;^ ^ • 1^ « : , ^o ? -*.^ ^5.© ft-, t--*SJ^ - ' tjt i: ^ " — '-t-H ^ *j d - o ■^ +i t£) ?^ O CD ? 1 ^ * O !^ —" "1 +a' *i" 5 CD p ^ S 3 £ i; -i 5--'r= ft^ ^ ■H to ^lo ■* .S <-) "^ rs 5 -=> ^00 o d'^, X ;- 3 o o o iri ^ CO ^1 .ii 5d-"_r~-co'--*«l^ 2 262 APPENDIX. I hi O H ft 1-5 o « E-1 « k1 « W H m o (1^ a % ^'P 'So ^ PI OO S X I- o o t- tH eg o CO o o o tn o Tji in til ttiiM CO in in ro' 10.-H ^■^ C 00 CO CD 00 eg 00 (D 0!) r3 .5 CO o o o in o Qoin -*i ■^00 CO lO lo CO "ft>-r f-H o M a» CD A O O CO O O O •^ O « ft H B K| R P < O M hi M <»(M COO 00 ■^ t^co lOJ OC4 St-- o <1 hi P EH M ft <( u w a k/ =s P .M SS a ar, 8 g a o« rj ra 2 a) r, , . ni 2 a) r, , 6 oin PPM 00 3" co- co 000 Q in 00 3 in in if CO i 3S cccg r-l to in c-'t-* ino^ oi"in" g CO CD S 10' g g CON o't-^ s 3 in c £ c 1 K c p: t te 't t! c 1 e 1- t a < d to APPENDIX. 263 D H o M H "od OS rH lO -rjl 00 CO O) o o in o d? CO o'o" iH en cc a> N ■ O) a n S's § rHtwCH ffl O O '^ d Pt g (S ca cj o o ^^h1 la's • 00 m ooin J< of o *^ "-« [J 1 o> o S Hi" o «■ 2 P, n 9 fl n ° a «S 9 a 3 o .2 (M A P- S p ft o '^ 2 ™ o M S og»gg5°£g g»«^a-a3SS 264 APPENDIX. The following is from the public debt statement of Jane 30, 1900: CERTIFICATES A.XD NOTES ISSUED ON DEPOSITS OP COIN AND LEGAL-TENDEE NOTES AND PUE- CHASES OF SILVER BULLION. Claasification. Gold certificates. . Silver certificates. Currency certificates . .. Treasury notes of 1890 . Maroli 3, 1863 ; July 12, 1882 ; Marcll 14, 1900 . . . February 28, 1878; August 4, 1886; Marcli 3, 1887 ; March 14, 1900. Junes, 1872; March 14, 1900 July 14, 1890 Aggregate of certificates and Treasury notes of 1890, offset hy cash in the Treasury ^ In the Treas- ury. 127, 241, 710. 00 7, 516, 653. 00 779, 503. 00 35, 536, 866. 00 In circulation. ^200, 555, 469. 00 408, 499, 347. 00 3, 705, 000. 00 75, 247, 497. 00 088, 007, 313. 00 Amount issued. $227, 797, 179. 00 416,015,000.00 3, 705, 000. 00 76, 027, 000. 00 723, 544, 179. 00 RECAPITULATION. Classiflcition. June 30, 1900. May 31, 1900. Increase. Decrease. $1,023,478,860.00 1, 176, 320. 26 388,761,732.41 $1,026,482,990.00 1,181,880.26 390,727,470.41 $3, 004, 130. 00 5 560 00 Debt on which interest has ceased since maturity.. - l,965i738.00 Aggregate of interest and rioninterest hearing 1, 413, 416, 912. 67 723, 644, 179. 00 1, 418, 392, 340. 67 729, 584, 179. 00 4,975,428.00 6,040,000.00 Certificates and Treasury notes of 1890, offset hy an Aggregate of debt, including certificates and Treasury notes of 1 890 2,136,961,091.67 2,147,976,519.67 11,015,428.00 CASH IN THE TEEASUET. Eeserve fund — 1 $150, 000, 000. 00 Trust funds — $227, 797, 179. 00 416, 015, 000. 00 6, 163, 163. 00 09, 873, 837. 00 3, 705, 000. 00 Silver bullion of 1890 $43, 315. 474. 52 27, 241, 710. 00 7, 515, 653. 00 8, 173, 576. 00 141, 898. 36 26, 361, 902. 00 779,503.00 723,544,179.00 General fund — 130,072,790.83 .101, B79, 520. 40 9, 478, 892. 32 6, 606, 972. 56 194. 20 440, 069. 45 16, 045. 42 Bonds and interest paid, awaiting reimbursement In national bank depositories — 95, 882, 502. 27 6, 997, 018. 13 231,952,311.23 Total 1, 105, 496, 490. 23 $227, 797, 179. 00 416,015,000.00 3, 705, 000. 00 76, 027, 000. 00 $721, 544, 179. 00 70, 2i6, 656. 45 Treasury notes of 1890 .. 11, 891, 561. .56 4, 407, 045. 14 48,466,007.61 8, 147. 2Sa. 3.1 3, 334, 093. 89 $799,790,835.45 150, 000, 000. 00 155, 705, 651. 78 305,705,054.78 Total 1,105,496,490.23 li^DEX TO APPEl^DIX. Paga Act to provide ways and means to meet war expenditures, and for other purposes, approved June 13, 1898: Sec. 33. Authority for the Loan of 1908-1918 244 34. Silver bullion in the Treasury to he coined into standard dollars 253 Act to define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes, approved March 14, 1900 : Sec. 1. Establishment of the gold standard 252 2. Gold reserve fund increased to $150,000,000 2.52 2. United States notes and Treasury notes of 1890 to be redeemed iu gold 252 3. Legal-tender quality of silver dollar, etc., not to be affected 253 4. Provisions for keeping reserve funds accounts 256 5. Cancellation of Treasury notes of 1890 for standard silver dollars coined 254 5. Issue of silver certificates for silver dollars coined 254 6. Issue of gold certificates for gold coin deposited 253 6. The coin so deposited to be held for payment of such certificates 253 7. Silver certificates to be issued only of certain denominations 254 7. When received, an excess of denominations over $10 to be canceled, etc 254 7. A like volume of United States notes less than $10 then to be canceled, etc 251 8. Coinage of subsidiary silver from bullion purchased under act of July 14, 1890. .. 254 8. Treasury notes of 1890 issued under said act to be canceled 254 9, Recoinage of worn and uncurrent subsidiary coin 254 10. Amendment of law relative to organization of national banks 256 11. Authority for the issue, etc., of the Consols of 1930 249 12. Circulating notes to be issued to national banks on deposit of bonds 257 13. Tax to be paid to the Treasurer of the United States by national banks 257 14. Act not intended to preclude the accomplishment of bimetallism 256 Allotment of bonds to subscribers for the Loan of 1908-1918 245 Amendment of law relative to organization of national banks 256 Amount of bonds of loans received in exchange for the Consols of 1930 248,2.50, 261,263 Saved through exchange of bonds for the Consols of 1930 250 An addition of nearly 600 employees was necessary in the issue of the Loan of 1908-1918 245 Authority for the— Issue of the Consols of 1930 .- 249 Loan of 1908-1918 244 Purchase of silver bullion repealed 251 Bank notes, national — • Amount of, in circulation, etc., July 1, 1900 255 Received in subscriptions for the Loan of 1908-1918 247 Banks, national — Amendment of law relative to organization of 256 Bonds to he deposited with the Treasurer of the United States by 257 Circulating notes to be issued to, on deposit of bonds by 257 Section 5193, Revised Statutes, repealed 253 Tax to be paid to the Treasurer of the United States by 2.57 265 266 INDEX TO APPENDIX. Page. Bimetallism, provisions of act of March 14, 1900, not intended to preclude 256 Bonds — Authorized to be issued to maintain the gold reserve fund 252 received in exchange for the Consols of 1930 249 Cancellation of, of the Loan of 1908-1918 243,247,262,263 Exchanged for the Consols of 1930 250,261,263 Largest numher of packages of, of the Loan of 1908-1918, delivered to express company in one day 246 Pacific Railroad, issued in aid of the, redeemed by the United States since June 30, 1896. . 262 redeemed by the United States regarded as outstanding until paid by the companies --- 258 the last of the, matured January 1, 1899 258 Purchase of, of the Funded loan of 1907 and Loan of 1904 261, 262, 263 To be deposited with the Treasurer of the United States by national banks 257 Bullion — Gold, as part of the reserve fund 252 gross amount of, with coin, in the Treasury 253 Silver, all purchased under act of July 14, 1890, to be coined into dollars 253 amount of, purchased under act of July 14, 1890 251 coined of, cost of, gain or seigniorage on, held in the Treasury, to Novem- ber 1, 1893, will produce 251 any purchased under act of July 14, 1890, may be coined into subsidiary coin 254 authority for purchase of, repealed 251 certificates to be issued against dollars coined of 254 Treasury notes of 1890 to be canceled for amount of, coined 254 value of the Porto Rican peso 257 standard dollar, etc 254, 257 Burden of work thrown upon the Department in issuing the Loan of 1908-1918 245 Bureau of Engraving and Printing overtaxed to get out bonds of the Loan of 1908-1918 245 Cancellation of — Bonds of the Loan of 1908-1918 247,263 Treasury notes of 1890 for silver coined 254 United States notes of less denomination than $10 254 Cancellations, purchases, and exchanges 263 Card indexes of names of subscribers for the Loan of 1908-1918 246 Cash in the Treasury June 30, 1900 264 Central Branch, Union Pacific Railroad, debt of the, still unsettled 259, 260 Central Pacific Railroad, agreement for the settlement of the debt of the 259 Certificates — Currency, amount of, in circulation July 1, 1900 255, 261, 264 divisions of issue and redemption established in part for 256 Gold, amount of, in circulation July 1, 1900 255,261,264 divisions of issue and redemption established in part for 256 issue of, for gold coin deposited ^ 253 may be suspended under certain circumstances 253 shall be suspended under certain circumstances 253 may be counted as part of lawful reserve of national banks 253 issued in denomination of $10,000 25$ receivable for customs, public dues, and taxes 253 received in subscriptions for the Loan of 1908-1918 247 to be issued on deposit of gold coin 253 when received may be reissued 253 Refundiug, redeemable only by conversion into the Funded loan of 1907 251 Silver, amount of, in circulation July 1, 1900 255,262,264 divisions of issue and redemption established in part for 256 received in subscriptions for the Loan of 1908-1918 247 INDEX TO APPENDIX. 267 Certificates — Continued. Page. Silver, to be issued on cancellation of Treasury notes of 1890, etc 254 only in certain denominations 254 when received, certain denominations higher than $10 to be canceled 254 they and United States notes in general fund exceed $60,000,000 253 Changes in — Antecedent loans since June 30, 1896 261,262 Pacific Railroad debt since June 30, 1896..., 262 Checks received in subscriptions for the Loan of 1908-1918 collected through banks 247 Circular, Department, No. 29, of March 14, 1900, extracts from, relative to exchanges for the Consols of 1930 250 Circulating notes — national banks — Not to receive amount of, in excess of capital stock paid in 257 To receive, on deposit of bonds 257 C irculation — Standard silver dollars, highest amount of, reached in 254 Statement 255 Subsidiary silver, amount of, estimated to be in 254 Coin — Gold, a part (with bullion) of the $150,000,000 reserve fund 252 bonds of the Consols of 1930, with interest, payable in 248, 249 bonds that may be issued to maintain the reserve fund, payable in 252 deposits of, for issue of gold certificates 253 in exchange for United States notes redeemed on account of the reserve fund 252 exchange for, in general fund, of notes redeemed on account of the reserve fund 252 gross and net amount of, in the Treasury, etc 253, 255 held against outstanding certificates shall be used for no other purpose 253 parity in the value of, with silver coin 256 Porto Rican (silver) currency, as related to 258 procuring of, by use of notes redeemed for reserve fund 252 received from sale of bonds on account of the reserve fund, how to be disposed of. . 252 in subscriptions for the Loan of 1908-1918 247 to be held for redemption of gold certificates 253 United States notes, and Treasury notes of 1890 to bo redeemed in 2.52 Loan of 1908-1918 to be paid in - 243, 21 1 Minor, received in subscriptions for the Loan of 1908-1918 247 Received in subscriptions for the Loan of 1908-1918 247 Silver, received in subscriptions for the Loan of 1908-1918 247 Spanish, same quality of fine silver in peso as in fine peseta 257 .subsidiary, outstanding not to exceed $100,000,000 254 when coined. Treasury notes of 1890 equal in amount, to be caneeled 254 worn and uncurrent, authorized to be recoined 254 Coinage of silver bullion purchased under act of July 14, 1890 — Amount consumed in - 251 Into standard dollars 251 subsidiary coin 251 Commercial ratio of gold to silver 254 Comptroller of the Currency to issue circulating notes to national banks on deposit of bonds. 257 Congress authorized the Secretary of the Treasury to— Borrow $400,000,000 to meet war expenditures (Loan of 1908-1918) 244 Coin into dollars silver bullion purchased 253 subsidiary silver out of bullion purchased - 254 Receive bonds of the Loan of 1904, Funded loan of 1907, and Loan of 1908-1918 in exchange for the Consols of 1930 249 deposits of gold coin an d issue certificates therefor 253 268 INDEX TO APPENDIX. Congress authorized tJie Secretary of the Treasury to — Page. Eecoin worn and unourrent subsidiary silver 254 Suspend, in certain event, the issue of certificates 253 Consols of 1930— Amount of tends of prescribed loans exchanged for the 248, 250, 261, 263 Authority for the issue of the, etc 249 Issue and redemption of the 248,249,262 Loans whose bonds are exchangeable for the 249 Provisions for exchange for the 249,250 Eight reserved by Secretary to change terms of, or suspend exchange for the 250 Saving through exchange of prescribed bonds for the, to June 30, 1900 250 Copper bars and ingots, the exports of silver double the value of the exports of 255 Copy of obligations — Consols of 1930 248 Loan of 1908-1918 243 Cost of silver bullion purchased under act of July 14, 1890 251 Currency — Certificates, amount of, in circulation July 1, 1900 255, 261, 264 divisions of issue and redemption established in part for 256 Comptroller of the, to issue circulating notes to national banks 257 Porto Rican silver, its peculiar features ; relative value to gold, etc 257 Current revenues, notes held on account of reserve fund not to be used to meet deficiencies in the 252 Demand for standard silver dollars and subsidiary silver for circulation 254 Department Circular No. 29, of March 14, 1900, extracts from, relative to exchanges for the Consols of 1930 250 Deposits of gold coin authorized to be received and certificates issued therefor 253 Deficiencies in current revenues, notes held on account of reserve fund not to be used to meet. 252 Divisions of issue and redemption provided for 256 Dollar- Gold, of 25.8 grains, nine-tenths fine, made the standard unit of value 252 Standard silver, bullion value of the Porto Eican peso compared with bullion value of the. 257 bullion value of the ^ 254,257 legal-tender quality of the, not to be affected 253 number of grains of pure silver that could be purchased with a 254 parity of value of, with gold 256 Dollars, standard silver — Amount of, in circulation, etc 254 255 As coined Treasury notes of 1890 to be canceled and silver certificates issued 254 Bullion purchased under act of July 14, 1890, to be coined into 253 Demand for, for circulation : 254 Held for redemption of silver certificates to be used for no other purpose 256 Highest amouut of, reached in circnlation 254 Paid out and received 254 Eeceived in subscriptions for the Loan of 1908-1918 247 Equal power of every dollar at all times 256 Establishment of gold standard 252 Exchange — Authority for, of bonds of the Loan of 1904, Funded loan of 1907, and Loan of 1908-1918 for the Consols of 1930 249 For gold coin in general fund of notes redeemed out of reserve fund 252 On even terms of either form of metallic money for the other 256 Exchanged for the Consols of 1930, bonds of certain loans 248 250 263 Exchanges, cancellations, and purchases 263 Expense of the issue of the Loan of 1.908-1918 243 Exports — And imports of the United States, June, 1900 (gold and silver) 255 Of silver exceed in value that of iron, steel, copper bars, etc 255 INDEX TO APPENUIX. 269 Paga Express company, largest number of packages of bonds of the Loan of 1908-1918 delivered to, in one day 246 Extract from — Circulation statement .• 255 Statement of imports and exports of the United States, June, 1900 (gold and silver) 255 Extracts from — Aqt of June 13, 1898, authority for the Loan of 1908-1918, sec. 33 244 silver bullion in the Treasury to be coined into stan dard dollars, sec. 34 . 253 March 14, 1900, bimetallism, act not intended to preclude, sec. 14 256 Consols of 1930, authority for the issue of the, sec. 11 249 gold certificates, issue of, for gold deposited, sec. 6 253 reserve fund, increase of, sec. 2 252 standard established, sec. 1 252 nationalbanks, amendment of law relative to organization of, sec. 10. 256 circulating notes to be issued to, sec. 12 257 tax to be paid by, sec. 13 257 reserve funds accounts, provisions for keeping, sec. 4 256 silver certificates, denominations of, to be issued, sec. 7 254 to be issued as Treasury notes of 1890 arc can- celed, sec. 5 254 dollar, legal-tender quality of, not to be afi'ected, sec. 3 253 subsidiary coinage of, sec. 8 254 recoinage of, sec. 9 254 Treasury notes of 1890, cancellation of, sec. 5 254 United States notes, and Treasury notes of 1890 to be redeemed in gold coin, sec. 2 252 Department Circular No. 29, of March 14, 1900, relative to exchanges for the Consols of 1930. 250 Public debt statement, June 30, 1900, relative to the— Central Branch, Union Pacific, and the Sioux City and Pacific Railroads 260 financial status 264 Report of the Register of the Treasury, 1899, relative to the Loan of 1908-1918 246 Secretary of the Treasury, 1897, relative to the— export of silver 255 parity in value of gold and silver coins 256 redemption of Refunding certificates 251 sale of the Union Pacific Railroad 258 Secretary of the Treasury, 1898, relative to the— Loan of 1908-1918 245,248 Porto Kioan silver currency 257 Secretary of the Treasury, 1899, relative to the— Central Pacific Railroad debt 259 gold in circulation, etc 253 silver in circulation, etc 254 Treasurer of the United States, 1899, relative to the Loan of 1908-1918 246 Fractional silver coin received in subscriptions for the Loan of 1908-191 8 247 Fund— Goldreserve, increased to $150,000,000 252 Navy pension— (prize money, Spanish war) 260 Funded loan of 1907— Amount of bonds of the, received in exchange for the Consols of 1930 250, 261, 263 As affected by the redemption of Refunding certificates 251 Authority for exchange of bonds of the, for the Consols of 1930 249 Bonds of the, purchased, etc 261,263 Extracts from circular as to exchanges for the Consols of 1930 2o0 Issues and redemptions of the, since June 30, 1896 -. 261,263 Funds held against, or for the redemption of, currency certificates, gold certificates, silver certificates. Treasury notes of 1890, and United States notes ; how to be kept 256 270 INDEX TO APPENDIX. Paire. Gain or seigniorage on the coinage of silver bullion purchased under act of July 14, 1890 251 Gold- Amount of, in circulation, disbursed, received, and in the Treasury 253, 255 And silver, imports and exports of, of the United States, June, 1900 255 Certificates, amount of, in circulation July 1, 1900 255, 261, 264 divisions of issue and redemption established in part for 256 issue of, may be suspended under certain circumscauces 253 shall be suspended under certain circumstances 253 may be counted as part of lawful reserve of national banks .-.. 253 issued in denomination of $10,000 253 receivable for customs, public dues, and taxes 2."i3 received in subscriptions for the Loan of 1908-1918 247 to be issued on deposit of gold coin 253 when received may be reissued 253 Coin, a part (with bullion) of the $150,000,000 reserve fund 252 bonds of the Consols of 1930, with interest, payable in 248, 249 bonds that may be issued to maintain the reserve fund payable in 252 deposits of, for issue of gold certificates 253 in exchange for United States notes redeemed on account of the reserve fund 252 exchange for, in general fund, of notes redeemed on account of the reserve fund. .. 252 gross and net amount of, in the Treasury, etc 253, 255 held against outstanding certificates shall be used for no other purpose 253 parity in the value of, with silver coin 256 Porto Rican (silver). currency as related to 258 procuring of, by use of notes redeemed for reserve fund 252 received from sale of bonds on account of the reserve fund, how to be disposed of.. 252 in subscriptions for the Loan of 1908-1918 247 to be held for redemption of gold certificates '. 253 United States notes, and Treasury notes of 1890 to be redeemed in 252 Commercial ratio of, to silver 254 Highest amount of, in the Treasury 253 Porto Rican silver bears no fixed relation of value to 257 Reserve fund, bonds to b,e issued to restore the 252 increased to $150,000,000 252 Standard established 252 Grains of pure silver, number of, purchasable with a standard silver dollar • 254 Highest — Amount of gold in the Treasury 253 standard silver dollars in circulation ever reached 254 Bullion value of the United States standai d silver dollar 254 Quotation for silver 0.925 fine in the London market 254 History of the loans created since June 30, 1896 : Consols of 1930 248 Loan of 1908-1918 243 Imports and exports of the United States, June, 1900 (gold and silver) 255 Indexes (card) of names of subscribers to the Loan of 1908-1918 246 Ingots and copper bars, the exports of silver double the value of the exports of 255 Interest — Paid on obligations since June 80, 1896 261, 262 Rebate of 260 Saving of, in exchanges 250 Iron and steel, the exports of silver exceed in value the exports of 255 Issue and redemption, divisions of, provided for 256 Kansas Pacific Railway, sale of the 259 Kind of money received in subscriptions for the Loan of 1908-1918 247 INDEX TO APPENDIX. 271 I'agb. Legal-tender quality of any money coined or issued by the United States not to ^>e aii'ected,. ,253 Letter, prefatory _ 241 Loan, funded of 1907 — Amount of bonds of tbe, exchanged for the Consols of 1930 250, 261. 263 As affected by the redemption of Refunding certificates 251 Authority for exchange of bonds of the, for the Consols of 1930 249 Bonds of the, purchased, etc 261 263 Extracts from circular as to exchanges for the Consols of 1930 250 Issues and redemptions of the, since June 30, 1896 261 263 Loan of 1904— Amount of bonds of the, exchanged for the Cdnsols of 1930 250 261 263 Authority for exchange of bonds of the, for the Consols of 1930 249 Bonds of the, purchased, etc 261 263 Extracts from circular as to exchanges for the Consols of 1930 250 Issues and redemptions of the, since June 30, 1896 262 263 Loan of 1908-1918— Allotment of bonds to subscribers for the 245 Amount of bonds of the, exchanged for the Consols of 1930 243 250 262 263 An addition of nearly 600 employees Tvas necessary in the issue of the 245 Authority for exchange of bonds of the, for the Consols of 1930 249 Bonds of the, cancelled, exchanged, etc 243, 247 250 262, 263 Burden of work thrown upon the Department iu the issue of the 245 Bureau of Engraving and Printing overtaxed in printing the bonds of the 245 Extracts from circular as to exchanges for the Consols of 1930 250 report of the Register of the Treasury, 1899, relative to the 246 Secretary of the Treasury, 1898, relative to the 215, 248 Treasurer of the United States, 1899, relative to tlie 246 History of the 243 Issues and redemptions of the 243, 262, 263 Kind of money received iu subscriptions for the 247 Largest number of packages of bonds of tlie, delivered to express company in one day .. 246 Popular character of the 248 Rapidity with which money for subscriptions for the, came in 216 Receipts on account of the, when and where deposited 246 Subscriptions for the, classified as to amounts, etc 245 246 Loans — Antecedent to June 30, 1896, issues aud redemptions of, since that date 261, 262 Created since June 30, 1896 (Loan of 1908-1918 aud Consols of 1930) 243, 24H Minor coin received in subscriptions for the Loan of 1908-1918 247 Money — General stock of, in the United States July 1, 1900 255, 264 Gold and silver, parity in the value of, maintained 256 Held in the Treasury as assets of the Government 255,264 In circulation July 1, 1900 255,264 Kind of, received iu subscriptions for the Loan of 1908-1918 - 247 Legal- tender quality of any, coined or issued, not to be affected : 253 Porto Rican, wavering, uncertain, and variable in character 257 Prize, Spanish war (Navy pension fund) 260 Rapidity of receipts of, for the Loan of 1908-1918 246 Refunded on account of irregular applications for bonds of the Loan of 1908-1918 243 247, 262, 263 National bank notes — Amount of, in circulation, etc., July 1, 1900 255, 262, 264 Received in subscriptions for the Loan of 1908-1918 247 National banks — Amendment of law Relative to organization of 256 272 INDEX TO APPKNDIX. National banks — Continued. Page. Bonds to be deposited witli tlie Treasurer of the United States by 257 Circulating notes to be issued to, on deposit of bonds by 257 Section 5193, Eevised Statutes, repealed 253 Tax to be paid to tbe Treasurer of the United States by 257 Navy pension fund (prize money, Spanish war) , 260 Notes — Circulating, issued to national banks, not to exceed capital stock paid in 257 to be issued to national banks on deposit of bonds 257 National bank, amount of, in circulation, etc., July 1, 1900 255, 262, 264 received in subscriptions for the Loan of 1908-1918 247 Treasury, of 1890, amount of, in circulation, etc 252, 255, 262, 264 redeemed in gold and in standard silver dollars 252 divisions of issue and redemption established in part for 256 funds for the redemption of; accounts relating to, how to be kept 256 Issued and redeemed since June 30, 1896 262 for silver bullion purchased under act of July 14, 1890 251 received in subscriptions for the Loan of 1908-1918 247 reserve fund for the redemption of 256 to be canceled on the coinage of standard silver dollars 254 subsidiary silver coin 254 redeemed in gold coin ; 252 when gold coin held for the redemption of, shall fall below $100,000,000. 253 redeemed to be used to maintain the reserve fund 252 United States, amount of, in circulation, etc 251,255, 261,264 divisions of issue and redemption established in part for 256 funds for the redemption of; accounts relating to, how to be kept 256 issued and redeemed since June 30, 1896 262 of less denomination than $10 to be canceled under certain circumstances, etc . 254 original permanent issue of and reduction from 250 received in subscriptions for the Loan of 1908-1918 247 reserve fund for the redemption of 256 to be redeemed in gold coin 252 when gold coin held for the redemption of, shall fall below $100,000,000. .. 253 redeemed out of reserve fund, shall be reissued, etc 252 to be used to maintain the reserve fund 252 they and silver certificates in general fund exceed $60,000,000 253 Obligations — Copy of 243,248 Interest paid on, since June 30, 1896 261,262 Issued since June 30, 1896 261,262 Outstanding June 30, 1896 261,262 June 30, 1900 , 261,262 Premium paid on, since June 30, 1896 250,261,262,263 Redeemed since June 30, 1896 T 261,262,263 Organization of national banks, amendment of law relative to 256 Outstanding — Obligations June 30, 1896 261,262 June 30, 1900 261,262 United States notes, permanent amount of, prescribed : 250 Pacific Railroads — Bonds issued in aid of the, redeemed by the United States since June 30, 1896 258,262 redeemed by the United States regarded as outstanding till paid by the companies. 258 the last of the, matured January 1, 1899 258 Central Branch, Union Pacific, debt of the, still unsettled 259, 260 Central Pacific, agreement for the settlement of the debt of the 259 Memorandum from the public debt statement of June 30, 1900, relative to "the 260 INDEX TO APPENDIX. 273 Pacific Railroads — Continued. Page. Recapitulation of debt of the, Juue 30, 1900 262 Sioux City and Pacific, debt of the, still unsettled 259,260 Union Pacific, sale of the 258 Western Pacific, agreement for the settlement of the debt of the 259 Pacific Railway, Kansas, sale of the 259 Paid out and received, standard silver dollars 254 Parity in — All forms of money of the United States to he maintained 252 256 The value of gold and silver coins 252 256 Pension fund, navy (prize money, Spanish war) 260 Popular character of the Loan of 1908-1918 248 Porto Rican — Peso, silver bullion value of the 257 Silver hears no fixed relation of value to gold 257 Porto Rico, the money situation in 257 Prefatory letter '. 241 Premium paid on — Exchanges, Funded loan of 1907, Loan of 1904, and Loan of 1908-1918 243, 250, 261, 262 263 Purchases, Funded loan of 1907 and Loan of 1904 261,262 263 Prize money, Spanish war (navy pension fund) 260 Provisions for keeping reserve funds accounts 256 Public debt, recapitulation of the, June 30, 1900 262 Purchase of— Bonds of the Funded loan of 1907 and Loan of 1904 261, 262, 263 Silver bullion under act of July 14, 1890 251 amount of, coined of, cost of, gain or seigniorage on, held in the Treasury, to Novem- ber 1, 1893, will produce 251 Purchases, exchanges, and cancellations 263 Pure silver, number of grains of, that could be purchased with a standard silver dollar 254 Railroads, Pacific — Bonds issued in aid of the, redeemed by the United States since June 30, 1896 258, 262 redeemed by the United States regarded as outstanding till paid by the companius. 258 the last of the, matured January 1, 1899 258 Central Branch, Union Pacific, debt of the, still unsettled 259, 260 Central Pacific, agreement for the settlement of the debt of the 259 Memorandum from the public debt statement of June 30, 1900, relative to the 260 Recapitulation of debt of the, June 30, 1900 262 Sioux City and Pacific, debt of the, still unsettled 259,260 Union Pacific, sale of the 258 Western Pacific, agreement for the settlement of the debt of the 259 Railway, Kansas Pacific, sale of the 259 Rapidity with which money for the Loan of 1908-1918 came into the Treasury 246 Ratio, commercial, of gold to silver 254 Rebate of interest - 260 Recapitulation of the public debt and Pacific Railroad debt, June 30, 1900 262 Receipts — For the Loan of 1908-1918; when and where deposited, etc 246 Of gold from customs and otherwise 253 standard silver dollars 254 Receivable for customs, public dues, and taxes, gold certificates shall be 253 Received — Bonds of the Funded loan of 1907, Loan of 1904, and Loan of 1908-1918, in exchange for the Consols of 1930 250,261,262,263 Kind of money, in subscriptions for the Loan of 1908-1918 247 Recoiuage of worn and uncurrent subsidiary silver authorized 254 5618 18 274 INDEX TO APPENDIX. Redeemed — Page. Obligations since June 30, 1896 261,262 Treasury notes of 1890, in gold and in standard silver dollars 252 Kedemption — Divisions of issue and, provided for 256 Of Pacific Railroad bonds 258,282 Treasury notes of 1890 and United States notes shall be in gold coin 252 Reduction from original permanent issue of United States notes 250 Refunded, money received in irregular subscriptions for tbe Loan of 1908-1938 243,247,262,263 Refunding certificates — How their redemption affects the Funded loan of 1907 251 Issued, and redeemed since June 30, 1896 251,262 Register of the Treasury, extract from the annual report of the, 1899, relative to the Loan of 1908-1918 246 Reissued — Gold certificates when received may be 253 United States notes of $10 and upward shall be, in place of silver certificates canceled. . . 254 Repeal of^ Authority for the purchase of silver bullion under act of July 14, 1890 251 Section 5193, Revised Statutes 253 Reserve fun d, gold — Increased to $150,000,000 252 Provisions for restoring and maintaining the 252 Reserve funds, provisions for keeping accounts of the 256 Resumption act of January 14, 1875, provided for the reduction of United States notes to $300,000,000 251 Revenues, current, notes held on account of reserve fund not to be used to meet deficiencies in the ^ 252 Revised Statutes, section 5138, relative to organization, etc., of national banks amended 256 5193, repealed 253 Saving of interest in exchanges of bonds for the Consols of 1930 250 Secretary of the Treasury — Authorized to borrow $400,000,000 for Spanish war purposes (Loan of 1908-1918) 244 coin silver bullion purchased into standard silver dollars 253 subsidiary silver out of bullion purchased 254 have recoined worn and uncurrent subsidiary silver 254 recei ve deposits of gold coin and issue certificates therefor 253 in exchange bonds of certain loans for the Consols of 1930 249 Duty of the, by borrowing money, etc., to restore the reserve fund 252 to cancel au equal amount of Treasury notes of 1890 for silver coined 254 maintain the parity of value of money of the United States with the standard fixed 252 256 set apart in the Treasury a reserve fund of $150,000,000 in gold coin, etc . 252 use notes redeemed from the reserve fund to maintain the same 252 Extracts from the annual report of the — for 1897, relative to the export of silver 255 parity in value of gold and silver coins 256 redemption of Refunding certificates 251 sale of the Union Pacific Railroad 258 for 1898, relative to the Loan of 1908-1918 245,248 Porto Rican silver currency 257 for 1899, relative to the Central Pacific Railroad debt 259 circulation, etc., of gold 253 circulation, etc., of silver , 254 . May issue gold certificates in denomination of $10,000 253 suspend issue of gold certificates under certain circumstances 253 use notes redeemed otherwise than to meet deficiencies in current revenues 252 INDEX TO APPENDIX. 275 Secretary of the Treasury — Continued. Pugg Prescribes method for exchange of bonds for the Consols of 1930 250 Reserves the right to suspend or change the terms of the exchange of bonds for the Con- sols of 1930 250 Shall suspend issue of gold certificates under certain circumstances 253 Seigniorage or gain on the coinage of silver bullion puroliased under act of July 14, 1890 251 Silver — Amount of, in circulation, disbursed, received, and in the Treasury -. 254 255 And gold, imports and exports of, of the United States, June, 1900 255 Bullion, all purchased under act of July 14, 1890, to be coined into dollars 253 amount of, purchased under act of July 14, 1890 251 coined of, cost of, gain or seigniorage on, held in the Treasury, to November 1, 1893, will produce 251 any purchased under act of July 14, 1890, may he coined into subsidiary coin. . . 254 authority for purchase of, repealed 251 certificates to be issued against dollars coined of 254 Treasury notes of 1890 to be canceled for amount of, coined 254 value of the Porto Eican peso 257 standard dollar, etc 254,257 Certificates, amount of, in circulation July 1, 1900 255, 262 264 divisions of issue and redemption established in part for 256 received in subscriptions for the Loan of 1908-1918 247 to b.e issued on cancellation of Treasury notes of 1890, etc 254 only in certain denominations 25 1 when received, certain denominations higher than $10 to bo canceled 254 they and United States notes in general fund exceed $60,000,000 253 Coin received in subscriptions for the Loan of 1908-1918 247 Coinage, amount consumed in, of bullion purchased under act of July 14, 1890 251 Coined, gain or seigniorage on 251 Commercial ratio of, to gold 254 Dollar, standard— bullion value of the Porto Rican peso compared with bullion value of the 257 bullion value of the 254, 257 legal-tender quality of the, not to be affected 253 number of grains of pure silver that could be purchased with a 254 parity of value of, with gold 256 Dollars, standard — amount of, in circulation, etc 254, 255 as coined Treasury notes of 1890 to be canceled and silver certificates issueil 254 bullion purchased under act of July 14, 1890, to be coined into 253 demand for, for circulation 254 held for redemption of silver certificates to be used for no otlier purpose 256 highest amount of, reached in circulation 254 paid out and received 254 received in subscriptions for the Loan of 1908-1918 247 Exports of, exceed in value the exports of iron and stee}, and are double tliosr of copper bars and ingots - 255 Fractional, received in subscriptions for the Loan of 1908-1918 247 Number of grains of pure, that could be purchased with a standard silver dollar 254 Porto Rican, bears no fixed relation of value to gold 257 Quotations of, at highest, lowest, and average prices . . . ^ 254 Subsidiary, amount of, in circulation, etc 254, 255 outstanding not to exceed $100,000,000 254 authorized to be coined out of bullion purchased, etc 254 bullionpurchasedunderactof July 14, 1890, transferred to purchase account of. 251 demand for, for circulation 254 when coined out of bullion purchased, Treasury notes of 1890 to be canceled. 254 worn and uncurrent, authorized to be recoined 254 276 INDEX TO APPENDIX. Page. Sioux City and Pacific Railroad, debt of the, still unsettled 259,260 Spanish — Five pesetas, the Porto Eican peso of the weight and fineness of the 257 War, prize money (navy pension fund) 260 Standard of value, act to define and fix the, etc 252 Standard silver dollar — Bullion value of the 254,257 Bullion value of the Porto Eican peso compared with bullion value of the 257 Legal-tender quality of the, not to be affected 253 Number of grains of pure silver that could be purchased with a 254 Parity of value of, with gold 256 Standard silver dollars — Amount of, in circulation, etc 254,255 As coined Treasury notes of 1890 to be canceled and silver certi ticates issued 254 Bullion purchased under act of July 14, 1890, to be coined into 253 Demand for, for circulation 254 Held for redemption of silver certificates to be used for no other purpose 256 Highest amount of, reached in circulation 254 Paid out and received _. 254 Eecei ved in subscriptions for the Loan of 1908-1918 247 Statement of — Amount of the Consols of 1930 issued in exchange for certain loans 248, 250, 262 Treasury notes of 1890 redeemed in gold and in standard silver dollars 252 received from rebate of interest 260 Cash in the Treasury June 30, 1900 264 Certificates and notes issued on deposits of coin, etc., to June 30, 1900 264 Changes in the public debt from June 30, 1896 to June 30, 1900 261, 262 Pacific Eailroad debt from June 30, 1896 to June 30, 1900 262 General stock of money in the United States, in circulation, and in the Treasury July 1, 1900 255 Imports and exports of the United States, June, 1900 (gold and silver) 255 Indebtedness settled by the Central Pacific, and the Western Pacific Eailroads 259 Principal and interest due from the Central Branch, Union Pacific, and the Sionx City and Pacific Eailroads 259,260 Purchases, exchanges, cancellations, etc., on account of various loans 263 Eecapitnlation of the public debt, and the Pacific Eailroad debt to June 30, 1900 262 Eeimbursements by the Union Pacific Railroad, and the Kansas Pacific Eailway 259 Saving in interest and premium paid, etc., on account of exchanges of certain loans for the Consols of 1930 250 Steel and iron, the exports of silver exceed in value the exports of 255 Stock of money in the United States July 1, 1900 255, 264 Subscribers for the Loan of l508-1918, allotment of bonds to 245 Subscriptions for the Loan of 1908-1918, classified as to amounts, etc 245, 246 papers in connection with, examined 246 Subsidiary silver — Amount of, in circulation, etc _ 254,255 outstanding not to exceed $100,000,000 254 Authorized to be coined out of bullion purchased, etc 254 Bullion purchased under act of July 14, 1890, transferred to purchase account of 251 Demand for, for circulation 254 When coined out of bullion purchased. Treasury notes of 1890 to be canceled 254 Worn and uncurrent authorized to be reeoined ^ ; 254 Tax to be paid by national banks to the Treasurer of the United States 257 Treasurer of the United States — Extracts from the report of the, 1899, relative to the Loan of 1908-1918 246 Tax to be paid to the, by national banks 257 INDEX TO APPENDIX. 277 Treasury notes of 1890 — p^ Amount of, in circulation, etc 252 255 262 264 redeemed in gold and in standard silver dollars 252 Divisions of issue and redemption established in part for 256 Funds for the redemption of; accounts relating to, how to be kept.. 256 Issued and redeemed since June 30, 1896 262 for silver bullion purchased under act of July 14, 1890 251 Received in subscriptions for the Loan of 1908-1918 247 Reserve fund for the redemption of 256 To be canceled on the coinage of standard silver dollars 254 subsidiary silver coin 254 redeemed in gold coin 252 When gold coin held for the redemption of, shall fall below $100,000,000 253 redeemed to be used to maiutaiji the reserve fund 252 Trust funds, the several designated reserve funds to be held as such 256 United States, general stock of money in the, July 1, 1900 255 264 United States notes — Amount of, in circulation, etc 251 255 261 264 Divisions of issue and redemption established iu part for 256 Funds for the redemption of; accounts relating to, how to be kept 256 Issued and redeemed since June 30, 1896 262 Of less deuomination than $10 to be canceled under certain circumstances, etc 254 Original permanent issue of and reduction from 250 Received in subscriptions for the Loan of 1908-1918 247 Reserve fund for the redemption of 256 To be redeemed in gold coin 252 When gold coin held for the redemption of, shall fall below $100,000,000 253 redeemed out of reserve fund, shall be reissued , etc 252 to be used to maintain the reserve fund 252 they and silver certificates in general fund exceed $60,000,000 253 Union Pacific Railroad, sale of the 258 Unsettled Pacific Railroad debt — Central Branch, Union Pacific 259,260 Sioux City and Pacific 259,260 Valne — Act to define and fix the standard of, of all moneys of the United States 252 Bullion, of the Porto Rioan peso compared with bullion value of the standard silver dollar 257 standard silver dollar 254,257 Of exports of silver exceeds that of exports of irou, steel, etc 255 The Treasury Department has treated gold and silver coins, etc., as of equal dignity and,. 256 Valuation, bonds received in exchange for the Consols of 1930 at a, of their worth 249, 250 War with Spain, Loan of 1908-1918, authorized by Congress to defray expenditures of tlie 244 Western Pacific Railroad, agreement for the settlement of the debt of the 259 Where the money subscribed for bonds of the Loan of 1908-1918 was paid in 246 Work, burden of, thrown upon the Department iu tlie issue of the Loan of 1908-1918 245 o