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Everywhere, at home, in the theatres and public resorts not less than on the Exchange, were heard animated discussions about "seven-thirties" and "ten-forties." The business of the express companies of the United States took a new phase, and for the first time in their history they began to be the carriers of vast sums from city to city.
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.
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.
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.
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