History of Finances, Loans, Bonds, Legal Tender Notes of the U. S., etc., from 1841 to the Present Time.
Reading edition
Acts Authorizing Loans, and Synopsis of same.
Acts of July 21, 1841, and April 15, 1842. Authorized a loan of $12,000,000, bearing interest at a
rate not exceeding 6 per cent. per annum, and
reimbursable at the will of the Secretary, after six
months’ notice, or atany time after three years from
Jan. 1, 1842. The act of April 15, 1842, authorized
the loan of an additional sum of $5,000,000, and made
the amount obtained on the loan, after the passage of
this act, reimbursable after six months’ notice, or at
any time not exceeding twenty years from Jan, 1, 1843.
This loan was made for the purpose of redeeming
outstanding Treasury notes, and to defray any of the
public expenses.
Act of Jan. 28, 1847. Authorized the issue of $23,000,000 in Treasury notes,
bearing interest at a rate not exceeding 6 per cent.
per annum, with authority to borrow any portion of the
amount, and issue bonds therefor, bearing interest at
a rate not exceeding 6 per cent. and redeemable after
Dec. 31, 1867. The 13th section authorized the funding
of these notes into bonds of the same description. The
act limited the amount to be borrowed or issued in
Treasury notes, and funded as aforesaid, to $23,000,000,
but authorized the funding of Treasury notes issued
under former acts beyond that amount. The excess of
the $23,000,000 is made up of Treasury notes funded
under the 14th section.
Act of March 31, 1848. Authorized a loan of $16,000,000, bearing interest at a
rate not exceeding 6 per cent. per annum, and
reimbursable at any time after twenty years from July 1,
1848. Authority was given to the Secretary to purchase
the stock at any time.
Act of Sept. 9, 1850. Authorized the issue of $10,000,000 in bonds, bearing
5 per cent. interest, and redeemable at the end of
fourteen years, to indemnify the State of Texas for
her relinquishment of all claims upon the United States
for liability of the debts of Texas, and for compensation
for the surrender to the United States of her ships, forts,
arsenals, custom-houses, &c., which became the property
of the United States at the time of annexation.
Old funded Consisting of unclaimed dividends upon stocks issued
and before the year 1800, and those issued during the war
unfunded debts. of 1812.
Acts prior Different issues of Treasury notes.
to 1857.
Act of Dec. 23, 1857. Authorized an issue of $20,000,000 in Treasury notes,
bearing interest at a rate not exceeding 6 per cent.
per annum, and receivable in payment of all public
dues, and to be redeemed after the expiration of one
year from the date of said notes.
Act of June 14, 1858. Authorized a loan of $20,000,000, bearing interest at a
rate not exceeding 5 per cent. per annum, and
reimbursable, at the option of the Government, at any
time after the expiration of fifteen years from
Jan. 1, 1859.
Act of June 22, 1860. Authorized a loan of $21,000,000, bearing interest at
a rate not exceeding 6 per cent. per annum, and
reimbursable within a period not beyond twenty years,
and not less than ten years, for the redemption of
outstanding Treasury notes, and for no other purpose.
Act of Dec. 17, 1860. Authorized an issue of $10,000,000 in Treasury notes to
be redeemed after the expiration of one year from the
date of issue, and bearing such a rate of interest as
may be offered by the lowest bidders. Authority was
given to issue these notes in payment of warrants in
favor of public creditors at their par value, bearing
six per cent. per annum.
(A) = Rate of interest.
(B) = Price of emission.
Title. Length of Loan. When redeemable. (A) (B) Amount authorized. Amount issued. Amount outstanding.
Acts of July 21, 1841, and April 15, 1842. Loan of 1842 20 years After Dec. 31, 1862. 6 % per annum. Par. $17,000,000 $8,000,000 $64,768 68
Act of Jan. 28, 1847. Loan of 1847 20 years After Dec. 31, 1867. 6 % per annum. Par. 23,000,000 28,207,000 7,160,200 00
Act of March 31, Loan of 1848 20 years After July 1, 1868. 6 % per annum. Par. 16,000,000 16,000,000 8,020,941 80
Act of Sept. 9, 1859. Texas indemnity 15 years After Dec. 31, 1864 5 % per annum. Par. 10,000,000 5,000,000 263,000 00
Old funded and unfunded debts. Old funded debt Demand On demand 5 & 6%. Par. —— —— 113,915 48
Acts prior to 1857. Treas. notes —— On demand 1 m. to 6 % Par. —— —— 104,511 64
Act of Dec. 23, 1857. Treas. notes 1 year 1 year after date. 5 to 5½% Par. 20,000,000 —— 2,600 00
Act of June 14, 1858. Loan of 1858 15 years Dec. 31, ’73 5 % per annum. Par. 20,000,000 20,000,000 20,000,000 00
Act of June 14, 1860. Loan of 1860 18 years After Dec. 31, 1870. 5 % per annum. Par. 21,000,000 7,022,000 7,022,000 00
Act of Dec. 17, 1860. Treas. notes 1 year 1 year afteer date. 6 and 12 % per annum. Par. 10,000,000 10,000,000 600 00
Acts Authorizing Loans, and Synopsis of same.
Acts of Feb. 8, 1861. Authorized a loan of $25,000,000, bearing interest at
a rate not exceeding 6 per cent. per annum, and
reimbursable within a period not beyond twenty years,
nor less than ten years. This loan was made for the
payment of the current expenses, and was to be
awarded to the most favorable bidders.
Act of March 2, 1861. Authorized a loan of $10,000,000, bearing interest at
a rate not exceeding 6 per cent. per annum, and
reimbursable after the expiration of ten years from
July 1, 1861. In case proposals for the loan were
not acceptable, authority was given to issue the
whole amount in Treasury notes, bearing interest at
a rate not exceeding 6 per cent. per annum.
Authority was also given to substitute Treasury
notes for the whole or any part of the loans for which
the Secretary was by law authorized to contract and
issue bonds at the time of the passage of this act,
and such Treasury notes were to be made receivable
in payment of all public dues, and redeemable at
any time within two years from March 2, 1861.
Act of March 2, 1861. Authorized an issue, should the Secretary of the
Treasury deem it expedient, of $2,800,000, in coupon
bonds, bearing interest at the rate of 6 per cent.
per annum, and redeemable in twenty years, for the
payment of expenses incurred by the Territories of
Washington and Oregon in the suppression of Indian
hostilities during the years 1855 and 1856.
Acts of July 17, 1861, and August 5, 1861. Authorized a loan of $250,000,000, for which could be
issued bonds bearing interest at a rate not
exceeding 7 per cent. per annum, irredeemable for
twenty years, and after that redeemable at the
pleasure of the United States; Treasury notes
bearing interest at the rate of 7.30 per cent. per
annum, payable three years after date, and U. S.
notes,without interest, payable on demand, to the
extent of $50,000,000 (increased by act of Feb. 12,
1862, to $60,000,000), to bonds and Treasury notes,
to be issued in such proportions of each as the
Secretary may deem advisable. The supplementary act
of Aug. 5, 1861, authorized an issue of bonds,
bearing 6 per cent. interest per annum, and payable
at the pleasure of the United States after twenty
years from date, which may be issued in exchange
for 7.30 Treasury notes, but no such bonds to be
issued for a less sum than $500; and the whole
amount of such bonds not to exceed the whole amount
of 7.30 Treasury notes issued.
Act of Feb. 25, 1862. Authorized the issue of $500,000,000, in 6 per cent.
bonds, redeemable after five years, and payable
twenty years from date, which may be exchanged for
United States notes. Also on
March 3, 1864. Authorized the issue of not over $11,000,000
additional of similar bonds, to meet subscriptions
already made and paid for.
June 30, 1864. On hand, unsold in the United States or Europe.
January 28, 1865.
Act of Feb. 25, 1862. Authorized the issue of $150,000,000, in legal-tender
U. S. notes; $50,000,000 of which to be in lieu of
demand notes, issued under act of July 17, 1861.
Act of July 11, 1862. Authorized an additional issue of $150,000,000, in
legal-tender notes; $35,000,000 of which might be
in denominations less than five dollars: $50,000,000
of this issue to be reserved to pay temporary loans
promptly in case of emergency.
Resolution of Congress, January 17, 1863. Authorized the issue of $100,000,000, in United States
notes, for the immediate payment of the army and
navy, such notes to be a part of the amount
provided for in any bill that may hereafter be
passed by this Congress. (The amount in this
resolution is included in the act of March 3, 1863.)
(Continued on p. 322.)
(A) = Rate of interest.
(B) = Price of emission.
Title. Length of Loan. When redeemable. (A) (B) Amount authorized. Amount issued. Amount outstanding.
Act of Feb. 8, 1861. Loan of Feb. 8, 1861. 20 years After June 1, 1881. 6 % per annum. Par. $25,000,000 $18,415,000 $18,415,000 00
Act of March 2, 1861. Treas’y notes. 2 years 2 yrs. after 6 % p. an’m Par. 3,600 00
date. 22,468,100 22,468,100
60 days. 60 days
12,896,350 12,896,350
Act of March 2, 1861. Oregon war 20 years After July 1, 1881. 6 % per annum. Par. 2,800,000 1,090,850 1,016,000 00
Acts of July 17, 1861, and August 5, 1861. 20-year sixes. 20 years After June 30, 1881. 6 % per annum. — —— 50,000,000 50,000,000 00
7-30 notes. (two issues) 3 years After Aug. 18, 1864. 7-30% per annum. —— 139,999,750 139,315,350 00
After Sept. 30, 1864.
Demand notes. Pay’ble on demand. Demand None. — —— 60,000,000 208,432 00
20-year sixes. 20 years. After June 30, 1881. 6 % per annum. Par. Exch’ngeble for 7-30 Tr’y notes. —— 59,700 00
Act of Feb. 25, 1862.
March 3, 1864 Five- twenties. 5 or 20 years. After Ap’l 30, 1867. 6 % per annum Par. 515,000,000 514,780,500 514,780,500 00
June 30, 1864. January 28, 1865.
Act of Feb. 25, 1862.
Act of July 11, 1862. U. States notes, new issue. —— ——. None. Par. 450,000,000 —— 371,783,597 00
Resolution of Congress, January 17, 1863.
Acts Authorizing Loans, and Synopsis of same.
Act of March 3, 1863. A further issue of $150,000,000, in United States notes,
for the purpose of converting the Treasury notes which
may be issued under this act, and for no other purpose.
And a further issue, if necessary, for the payment of
the army and navy, and other creditors of the Government,
of $150,000,000, in United States notes, which amount
includes the $100,000,000 authorized by the joint
resolution of Congress, Jan. 17, 1863.
Act of April 12, 1866. Provided, That of United States notes not more than ten
millions of dollars may be retired and canceled within
six months from the passage of this act, and thereafter
not more than four millions of dollars in any one month:
And provided further, That the act to which this is an
amendment shall continue in full force in all its
provisions, except as modified by this act.
Act of Feb. 25, 1862. Authorized a temporary loan of $25,000,000, in United
States notes, for not less than thirty days, payable
after ten days’ notice, at 5 per cent. interest per
annum. (This was increased to $100,000,000 by the
following acts.)
Act of March 17, 1862. Authorized an increase of temporary loans of $25,000,000,
bearing interest at a rate not exceeding 5 per cent. per
annum.
Act of July 11, 1862. Authorized a further increase of temporary loans of
$50,000,000 making the whole amount authorized
$100,000,000.
Act of June 30, 1864. Authorized the increase of temporary loans to not
exceeding $150,000,000, at a rate not exceeding 6 per
cent. per annum.
Act of March 3, 1863. Authorized a loan of $300,000,000 for this and $600,000,000
for the next fiscal year, for which could be issued
bonds running not less than ten, nor more than forty
years, principal and interest payable in coin, bearing
interest at a rate not exceeding 6 per cent. per annum,
payable in bonds not exceeding $100 annually, and on
all others semi-annually, the whole amount of bonds,
Treasury notes, and United States notes issued under
Act of June 30, 1864. this act not to exceed the sum of 900,000,000. And so
much of this act as limits the to the current fiscal
year is repealed by act of June 30, 1864, which also
repeals the authority to borrow money conferred by
section 1, except so far as it may affect$75,000,000 of
bonds already advertised.
Act of March 3, 1863. And Treasury notes to the amount of $400,000,000, not
exceeding three years to run, with interest at not over
6 per cent. per annum, principal and interest payable
in lawful money, which may be made a legal-tender for
their face value, excluding interest, or convertible into
United States notes. Secretary may receive gold on
deposit, and issue certificates therefor, in sums not less
than twenty dollars.
Act of March 3, 1864. Authorizes the issue of bonds not exceeding $200,000,000,
bearing date March 1, 1864, or any subsequent period,
redeemable at the pleasure of the Government after any
period not less than five years, and payable at any
period not more than forty years from date, in coin,
bearing interest not exceeding 6 per cent. yearly,
payable on bonds not over $100 annually, and on all
other bonds semi-annually, in coin.
Act of March 1, 1862. Act of March 3, 1863. Authorized an issue of certificates of indebtedness,
payable one year from date, in settlement of audited
claims against the Government. Interest 6 per cent. per
annum, payable in gold; and by
Payable in lawful currency on those issued after that date.
Amount of issue not specified.
Act of July 17, 1862. Authorized an issue of notes of the fractional parts of
one dollar, receivable in payment of all dues, except
customs, less than five dollars, and exchangeable for
United States notes in sums not less than five dollars.
Amount of issue not specified.
(A) = Rate of interest.
(B) = Price of emission.
Title. Length of Loan. When redeemable. (A) (B) Amount authorized. Amount issued. Amount outstanding.
Act of March 3, 1863. Act of April 12, 1866.
Act of Feb. 25, 1862. March 17, 1862. July 11, 1862. Act of June 30, 1864. Tempor’y Loan. Not less than 30 days. After ten days’ notice. 4, 5, & 6 % per annum. Par. $150,000,000 —— $20,225,070 00
Act of March 3, 1863. Act of June 30 1864. Loan of 1863. —— Af’r June 30, 1881. 6 % per annum. Prem’m 4.13 per cent. 75,000,000 $75,000,000 75,000,000 00
Act of March 3, 1863. Treasury notes. 2 years 2 years after date. 5 % per annum. Par. —— 211,000,000 1,123,830 00
1 year. 1 year after date. 5 % per annum. Par. 400,000,000
Gold certificates —— On dem’d. —— Par. Not specified. —— 19,207,520 00
Act of March 3, 1864. Ten- forties. 10 or 40 years. Af’r Feb. 28, 1874. 5 % per annum. Par. 200,000,000 172,770,100 171,409,350 00
Five- twenties. 5 or 20 lyears. Aft’r Oct. 31, 1869. 6 % per annum. Par. —— —— 3,882,500 00
Act of March 3, 1863. Certifica’s of indebtedness. 1 year. 1 year after date. 6 % per annum. Par. Not specified. —— 36,000 00
Act of July 17, 1862.
Postal currency. —— —— —— Par. Not specified. —— 5,497,534 93
Acts Authorizing Loans, and Synopsis of same.
Act of March 3, 1863. Authorized an issue not exceeding $50,000,000, in
fractional currency (in lieu of postage or other stamps),
exchangeable for United States notes in sums not less
than three dollars, and receivable for any dues to the
United States less than five dollars, except duties on
imports. The whole amount issued, including postage
and other stamps issued as currency, not to exceed
$50,000,000. Authority was given to prepare it in the
Treasury Department, under the supervision of the
Secretary.
Act of June 30, 1864. Authorized an issue in lieu of the issue under acts of
July 17, 1862, and March 3, 1863, the whole amount
outstanding under all these acts not to exceed
$50,000,000.
Act of June 30, 1864. Authorized an issue of $400,000,000 of bonds, redeemable
at the pleasure of the Government, after any period not
less than five nor more than thirty years, or, if deemed
expedient, made payable at any period nor more than
forty years from date. And said bonds shall bear an
annual interest not exceeding 6 per centum, payable
semi-annually in coin. And the Secretary of the Treasury
may dispose of such bonds, or any part thereof, and of
any bonds commonly known as five-twenties, remaining
unsold, on such terms as he may deem most advisable, for
lawful money of the United States, or, at his discretion,
for Treasury notes, certificates of indebtedness, or
certificates of deposit, issued under any act of Congress.
Act of March 3, 1863. Act of June 30, 1864. Authorizes an issue of Treasury notes, not exceeding three
years to run, interest at not over 6 per cent. per annum,
principal and interest payable in lawful money. Also,
authorizes the issue of, and in lieu of, an equal amount
of bonds authorized by the first section, and as a part
of said loan, not exceeding $200,000,000, in Treasury
notes of any denomination not less than ten dollars,
payable at any time not exceeding three years from date,
or, if thought more expedient, redeemable at any time
after three years from date, and bearing interest not
exceeding the rate of 7 3-10 per centum, payable in
lawful money at maturity, or at the discretion of the
Secretary, semi-annually; and such of them as shall be
made payable, principal and interest, at maturity, shall
be a legal-tender to the same extent as United States
notes, for their face value excluding interest, and may
be paid to any creditor of the United States, at their
face value, excluding interest, or to any creditor
willing to receive them at par, including interest; and
any Treasury notes issued under the authority of this
act, may be made convertible, at the discretion of the
Secretary of the Treasury, into any bonds issued under
the authority of this act, and the Secretary may redeem,
and cause to be canceled and destroyed any Treasury
notes or United States notes heretofore issued under
authority of previous acts of Congress, and substitute
in lieu thereof an equal amount of Treasury notes, such
as are authorized by this act, or of other United States
notes; nor shall any Treasury note bearing interest,
issued under this act, be a legal-tender, in payment or
redemption of any notes issued by any bank, banking
association, or banker, calculatedor intended to
circulate as money.
Act of Jan. 28, 1865. Whole amount may be issued in bonds or Treasury notes, at
the discretion of the Secretary.
Act of March 3, 1865. Authorized an issue of $600,000,000 in bonds or Treasury
notes; bonds may be made payable at any period not
more than forty years from the date of issue, or may be
made redeemable at the pleasure of the Government, at
or after any period not less than five years nor more
than forty years from date, or may be made redeemable
and payable as aforesaid, as may be expressed upon their
face, and so much thereof as may be issued in Treasury
(A) = Rate of interest.
(B) = Price of emission.
Title. Length of Loan. When redeemable. (A) (B) Amount authorized. Amount issued. Amount outstanding.
Act of March 3, 1863. June 30, 1864. Fractional currency. —— —— —— Par. $50,000,000 —— $22,809,988 59
Act of June 30, 1864. Five- twenties. 5 or 20 years. After Oct. 31, 1869. 6 % per annum. — —— —— 125,561,300 00
Act of March 3, 1863. Act of June 30, 1864. Treasury notes. 3 years. 3 years after date. 6 % comp’d int’est. Par. $17,250,000
Treasury notes. 3 years. 3 years after date. 6 % comp’d int’est. — Substit’te redeemed 5 % notes 177,045,770 122,394,480 00
Treasury notes. 3 years. 3 years after date. 6 % comp’d int’est. — 22,728,390
—— —— —— —— — 400,000,000
7.30 Treas. notes. 3 years. 3 years after August. 15, 1864. 7.30 % p. annum. Par. —— 234,400,000
Act of Jan. 28, 1865.
Act of March 3, 1865. See p. 327
Acts Authorizing Loans, and Synopsis of same.
Act of March 3, 1863. (Cont’d.) notes may be made convertible into any bonds authorized
by this act, and be of such denominations, not less than
fifty dollars, and bear such dates, and be made
redeemable or payable at such periods as the Secretary
of the Treasury may deem expedient. The interest on the
bonds payable semi-annually; on Treasury notes
semi-annually, or annually, or at maturity thereof; and
the principal or interest, or both, be made payable in
coin or other lawful money; if in coin, not to exceed 6
per cent. per annum; when not payable in coin, not to
exceed 7 3-10 per cent. per annum. Rate and character
to be expressed on bonds or Treasury notes.
Acts of April 12, 1866. amendment to act March 3, 1865. Authorizes the Secretary of the Treasury, at his
discretion, to receive any Treasury notes or other
obligations issued under any act of Congress, whether
bearing interest or not, in exchange for any description
of bonds authorized by the act to which this is an
amendment; and also to dispose of any description of
bonds authorized by said act, either in the United
States or elsewhere, to such an amount, in such manner,
States or elsewhere, to such an amount, in such manner,
and at such rates as he may think advisable, for lawful
money of the United States, or for any Treasury notes,
certificates of indebtedness, or certificates of deposit,
or other representatives of value, which have been or
which maybe issued under any act of Congress, the
proceeds thereof to be used only for retiring Treasury
notes or other obligations issued under any act of
Congress: but nothing herein contained shall be
construed to authorize any increase of the public debt.
Acts of July 1, 1862, and July 2, 1864. Bonds issued to the Union Pacific Railroad Company, in accordance with these acts.
Act of March 2, 1867. For the purpose of redeeming and retiring any compound
interest notes outstanding, the Secretary of the
Treasury is authorized to issue temporary loan
certificates in the manner prescribed by section four
of the act entitled “An act to authorize the issue of
United States notes and for the redemption or funding
thereof, and for funding the floating debt of the United
States,” approved February twenty-fifth, eighteen
hundred and sixty-two, bearing interest at a rate not
exceeding three per centum per annum, principal and
interest payable in lawful money on demand; and said
certificates of temporary loan may constitute and be
held by any national bank holding or owning the same,
as a part of the reserve provided for in sections
thirty-one and thirty-two of the act entitled “An act
to provide a national currency secured by a pledge of
United States bonds, and to provide for the circulation
and redemption thereof,” approved June three, eighteen
hundred and sixty-four: Provided, That not less
than two-fifths of the entire reserve of such bank shall
consist of lawful money of the United States: And
provided further, That the amount of such temporary
certificates at any time outstanding shall not exceed
fifty millions of dollars.
(A) = Rate of interest.
(B) = Price of emission.
Title. Length of Loan. When redeemable. (A) (B) Amount authorized. Amount issued. Amount outstanding.
Act of March 3, 1865. (Cont’d)
Af’r Aug. 14, 1867. $488,647,425 00
7.30 Treas. notes, 3 issues. 3 years. Af’r June 14, 1868. 7.3-10 per cent. Par.
Af’r July 14, 1868. $600,000,000 ——
Five- twenties. 5 or 20 years. Aft’r Oct. 31, 1870. 6 % per annum. Par. —— —— 181,427,250 00
Acts of April 12, 1866. amendment to act March 3, 1865. —— —— Af’r June 30, 1870. 6 % per annum. Par. —— —— 301,880,250 00
Acts of July 1, 1862. and to act July 2, 1864. Un. Pacific R. R. Co. bonds. 30 y’rs. Aft’r Jan. 15, 1895. 6 % per annum. Par. —— —— 14,762,000 00
Act of March 2, 1867. —— —— $2,692,199,215 12