3-65

Updated: April 30, 2025

During the winter of 1866-67 there was a prolonged discussion in Congress over an Act finally passed March 2, 1867, authorizing the Secretary of the Treasury to exchange three per cent certificates of indebtedness for compound-interest notes, and allowing these certificates to be counted as a part of the reserve of National Banks. The first proposition was to allow interest at 3-65/100 per cent.

James Gillespie Blaine - Twenty Years of Congress, Volume 2 : From Lincoln to Garfield, with a Review of the Events Which Led to the Political Revolution of 1860