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Blunders were made in large matters and in small, but, under the circumstances, blunders were not to be avoided and the chief purpose was carried out. A sufficient credit was established, first with the citizens at home and later with investors abroad, to make a market for the millions of bonds in the two great issues, the so-called seven-thirties and five-twenties.
A new arpeggio chord, but rather a faint and broken one, sounds in the five-twenties, or begins then. At Constantinople the thirteen pralayic and recuperative decades since the death of Theodosius and the split with the West have ended. Now an emperor dies; and it becomes a question which of several likely candidates can lay out his money to best advantage and secure the succession.
The various issues authorized by act of Congress were known as "seven-thirties," "ten-forties," "five-twenties," etc., these terms denoting either the rate of interest or the period of years, dating from the first issue, wherein it was optional with the Government to redeem them.
The amount of 4 per cent bonds sold during the present year prior to November 23, 1878, is $100,270,900, and 6 per cent bonds, commonly known as five-twenties, to an equal amount, have been or will be redeemed as calls mature.
Of five-twenties of 1862 10,300.00 Of five-twenties of 1864 7,050.00 Of five-twenties of 1865 9,600.00 Of ten-forties of 1864 133,550.00 Of consols of 1865 40,800.00 Of consols of 1867 235,700.00 Of consols of 1868 154,650.00 Of Oregon War debt 5,450.00 Of refunding certificates 109,150.00 Of old demand, compound-interest and other notes 13,300.00 Total 134,178,756.96
Fractional currency for the sinking fund 109,001.05 Loan of February, 1861 7,418,000.00 Ten-forties of 1864 2,016,150.00 Five-twenties of 1862 18,300.00 Five-twenties of 1864 3,400.00 Five-twenties of 1865 37,300.00 Consols of 1865 143,150.00 Consols of 1867 959,150.00 Consols of 1868 337,400.00 Texan indemnity stock 1,000.00
Of five-twenties of 1862 10,300.00 Of five-twenties of 1864 7,050.00 Of five-twenties of 1865 9,600.00 Of ten-forties of 1864 133,550.00 Of consols of 1865 40,800.00 Of consols of 1867 235,700.00 Of consols of 1868 154,650.00 Of Oregon War debt 5,450.00 Of refunding certificates 109,150.00 Of old demand, compound-interest and other notes 13,300.00 Total 134,178,756.96
The tariffs and internal revenue bills, the legal tender notes, the "five-twenties," the "ten-forties," and the "seven-thirties," all the loans, the national banking system, in short, all the financial schemes of the administration were adopted by Mr. Lincoln upon the recommendation of Mr. Chase, with little apparent study upon his own part.
Of funded loan of 1881 37,194,450.00 Of loan of 1858 303,000.00 Of loan of February, 1861 1,000.00 Of five-twenties of 1862 2,100.00 Of five-twenties of 1864 7,400.00 Of five-twenties of 1865 6,500.00 Of ten-forties of 1864 254,550.00 Of consols of 1865 86,450.00 Of consols of 1867 408,250.00 Of consols of 1868 141,400.00 Of Oregon War debt 675,250.00
This campaign to dispose of the five-twenties was the turning-point in war finance, and later borrowings encountered no such difficulties as those of 1862 and 1863. Better known today than this precarious legislation is the famous Act of 1863, which was amended in the next year and which forms the basis of our present system of national banks. To Chase himself the credit for this seems to be due.
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