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Updated: May 24, 2025
Cooke organized a countrywide agency system, with twenty-five hundred subagents through whom he offered directly to the people bonds in small denominations. By all manner of devices, patriotism and the purchase of bonds were made to appear the same thing, and before the end of the year $400,000,000 in five-twenty bonds had been sold.
The proceeds from the sales of the five per cent bonds were pledged to the redemption of the six per cent five-twenty bonds, reckoned at their par value. It was provided by the statute that whenever five-twenty bonds were called, a notice of ninety days should be given, when interest would cease.
Greeley, nevertheless, only sees the import of $40,000,000 worth of foreign extravagances, and consequently wants the tariff on iron increased in order to make water run up hill. J, had $2,000,000 in five-twenty bonds, which cost him $1,400,000 gold. As the market price in New York was only 70 gold, while it was 72-1/4 in London, he conceived the inhuman idea of selling them in the latter place.
In my annual report for December, 1872, I was able to make this statement: "Since my last annual report the business of negotiating two hundred million of 5 per cent bonds, and the redemption of two hundred million 6 per cent five-twenty bonds has been completed and the accounts have been settled by the accounting officers of the Treasury.
The Government was compelled to give ninety days' notice of its purpose to redeem five-twenty bonds, and as we could not with safety make a call until we had the funds, and as our chief source was the proceeds of new bonds we could not call until a sale was made. As a consequence the Government was a loser of interest on all called bonds for the period of ninety days.
The first attempt to dispose of the five per cent bonds was made by the Treasury Department through an invitation to the public to subscribe for the bonds, payment to be made in the currency of the country, or by an exchange of outstanding five-twenty bonds which bore interest at the rate of six per cent.
While he was speaking, a quiet-looking man approached and listened to the conversation. "Then," said Frank, "you can tell me how many bonds you handed me." "They were two five-twenty government bonds of a hundred dollars each." "Correct, sir." "Then hand me the money and be quick about it, for I have no time to waste! You shall have the dollar I promised you."
Could England, in her wars with Napoleon, bear an income-tax of ten per cent., and must we faint under the burden of an income-tax of three per cent.? Was she content to negotiate a loan at fifty-three for the hundred, and that paid in depreciated paper, and can we talk about financial ruin with our national stocks ranging from one to eight or nine above par, and the "five-twenty" war loan eagerly taken by our own people to the amount of nearly two hundred millions, without any check to the flow of the current pressing inwards against the doors of the Treasury?
When the fact of the disturbed relations between the United States and Great Britain became public there was a panic in the London stock market, and in the brief period of eight and forty hours our deposit of twelve million or more in the Bank of England was converted into five-twenty United States 6 per cent bonds, purchased at par.
This money, and all the money deposited in said bank on the account aforesaid, will be drawn and used only in accordance with the orders of the Secretary of the Treasury to redeem or purchase five-twenty bonds and matured coupons, or such other and further orders as he may make in relation thereto.
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