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Updated: May 7, 2025
A Committee of Conference reported a modification of the Senate's substitute, which finally became a law, providing that, for the purpose of redeeming and retiring compound-interest notes, the Secretary of the Treasury should issue temporary loan certificates, to the amount of $50,000,000, at a rate of interest not exceeding three per cent. per annum.
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
Of old demand, compound-interest, and other notes 18,350.00 State of the Union Address Chester A. Arthur December 4, 1883 To the Congress of the United States: At the threshold of your deliberations I congratulate you upon the favorable aspect of the domestic and foreign affairs of this Government. Our relations with other countries continue to be upon a friendly footing.
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
A large amount of compound-interest notes, weighed down with accrued interest, had ceased to float as currency, and lay in the vaults of the banks and the coffers of capitalists, awaiting redemption. The question arose as to how they should be redeemed, and the nation saved the payment of the immense amounts of interest which must accumulate in course of time.
Old demand, compound-interest, and other notes 18,330.00 And to the increase of cash in the Treasury 14,637,023.93 State of the Union Address Chester A. Arthur December 4, 1882
The compound-interest notes served the National banks as a part of their reserve, and as rapidly as they were cancelled, legal-tender notes were to be held in their stead. Their withdrawal from circulation for this purpose led therefore to a direct and forcible contraction of the actual currency of the country.
Of old demand, compound-interest, and other notes 18,350.00 State of the Union Address Chester A. Arthur December 4, 1883 To the Congress of the United States: At the threshold of your deliberations I congratulate you upon the favorable aspect of the domestic and foreign affairs of this Government. Our relations with other countries continue to be upon a friendly footing.
During the last four years the currency has been contracted, directly, by the withdrawal of 3 per cent certificates, compound-interest notes, and "seven-thirty" bonds outstanding on the 4th of March, 1869, all of which took the place of legal-tenders in the bank reserves to the extent of $63,000,000. During the same period there has been a much larger comparative contraction of the currency.
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