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Updated: May 24, 2025
When the Act was reported to the Senate, Mr. Thurman offered an amendment declaring that "nothing in this Act shall apply to the obligations commonly called Five-twenty bonds." This would reserve three-fourths of the bonded debt from the operation of the law, and would effectively defeat its object. Every Democrat in the Senate who voted on the question, voted in favor of Mr. Thurman's amendment.
When Cooke & Co. had completed their undertaking, the deposits in the Bank of England exceeded fifteen million dollars, and for three months they were for the most part unavailable, as the five-twenty bonds which had not matured under the calls that had been made were above par in the market.
We knew that a few moments after the whistle of the five-twenty had sounded at the grade-crossing down in the valley, certain neighbours who commuted to New York would infallibly rise into view on this path. There was Eckhardt, who lived at five hundred and nine, and spent the day on the fourteenth floor of the Flatiron Building.
Early on the morning of the first Monday in December, I received the information that the bonds were taken as soon as the offices were open. I may mention in passing that Cooke & Co. paid for the bonds as they were delivered, either in coin or in five-twenty bonds. As bonds were taken, and as payments were made, a difficulty appeared which had been anticipated, but not in its fullness.
What train is Nick coming home by?" "I don't know. The five-twenty probably." He glanced at the clock. "Half an hour from now. And where is the fair Violet?" "I don't know. He said she had gone in. I suppose I ought to go and see." "Sit still!" said Max, frowning over his darning. "She is probably reading some obscene novel, and won't be wanting you." "Max!" "I apologize," said Max.
"Well, I'll put you down in Wharton before the trolley gets there. That's where I'm going. Jump in." Amy looked eagerly at Clint. "Want to?" he asked. "Got to," replied Clint gloomily. "There goes the car, you silly chump!" "All right," said Amy. "We don't have to get there until five-twenty, anyway. Come on, Clint."
It is very obvious that they might have been greatly aggravated by slight changes; but it is not easy to see how they could have been more skilfully met and parried than by the measures which have actually yielded such brilliant results. The most signal triumph of Mr. Chase's whole system of finance is to be found in the truly marvellous success of his favorite five-twenty bonds.
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?
Half an hour later he removed his coat and vest, and strapped a peculiarly constructed pistol holster across his shoulders, leaving the receptacle close under his left armpit. Into the holster he shoved a short-barrelled .44 calibre revolver. Putting on his clothes again, he strolled to the station and caught the five-twenty afternoon train for San Antonio.
"Come into the café, and while we lunch I will explain to you why I must have it, old fellow," said Kendale, always ready with some plausible story on his glib tongue. "Haven't time now," declared Armstrong. "I must catch the five-twenty train from the Grand Central Depot; haven't a moment to lose. I will be back on the nine o'clock train.
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