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twenties,

or consolidation of other outstanding obligations into these loans gave to them the titles of Consols, as they are called in the Treasury Department; but being redeemable at the Also called five. pleasure of the Government after five years, and payable in twenty years from the date of issue, they are better known in the market as FIVE-TWENTIES of the different years of issue-1865, 1867, and 1868.

Under the provisions of the two acts above mentioned, for the conversion of treasury notes and other obligations, these issues of bonds were made and designated

CONSOLS OF 1865, OR FIVE-TWENTIES OF 1865, which bear Consols of 1865. date July 1, 1865, became redeemable at the pleasure of the Government after July 1, 1870, and will be payable July 1, 1885. The amount issued was $332,998,950.

CONSOLS OF 1867, OR FIVE-TWENTIES OF 1867, which bear –of 1867.
date July 1, 1867, became redeemable at the pleasure of the
Government after July 1, 1872, and will be payable July
1, 1887. The amount issued was $379,602,350.

CONSOLS OF 1868, OR FIVE-TWENTIES OF 1868, which bear –of 1868.
date July 1, 1868, became redeemable at the pleasure of the
Government July 1, 1873, and will be payable July 1, 1888.
The amount issued was $42,539,350.

The bonds of these loans are all designated on their face Bonds, how des with the words: “ CONSOLIDATED DEBT, ISSUED UNDER ACT

ignated. OF CONGRESS APPROVED MARCH 3D, 1865;" “REDEEMABLE AFTER FIVE AND PAYABLE TWENTY YEARS FROM DATE;" and “IN GOD IS OUR TRUST.'

The interest is at the rate of six per cent. per annum, Interest, when payable semi-annually, January 1 and July 1, in each

payable.

year. Denominations: $50, $100, $500, and $1,000 coupon and Denomination. registered bonds, and also $5,000 and $10,000 registered.

5.

FIVE-TWENTIES OF 1865.

1805.

Of the six hundred millions of bonds authorized by the Five-twenties of act of March 3, 1865, chapter 77, and the act of April 12, 1866, chapter 39, (under which the consols were issued by conversion of other obligations,) there were sold for money

Title of loan.

Interest.

and issued, $203,327,250, entitled, from the time after which they might be redeemed-five years—and the time of becoming payable-twenty years—and the date of their issue, “FIVE-TWENTIES OF 1865.” Like the consols they bear inter

est at the rate of six per cent. per annum, and are redeemWhen redeem. able at the pleasure of the Government after five years and able and payable. payable in twenty years from date, but unlike them, bear

date November 1, 1865, and have the interest payable May

1 and November 1, in each year. They are designated on Designated. their face by the words“REDEEMABLE AFTER FIVE, AND PAYABLE

TWENTY YEARS FROM DATE, and "Act OF MARCH 3D, 1865." Denominations: $50, $100, $500, and $1,000 coupon and registered bonds, and also $5,000 and $10,000 registered.

For more full explanations of the provisions of the acts under which this loan was negotiated, see Consols,

page 12

6.

FIVE-TWENTIES OF JUNE, 1864.

Five-twenties of
June, 1864.

Bonds issued.

The act of June 30, 1864, chapter 172, authorized the Secretary of the Treasury to borrow, from time to time, on the credit of the United States, four hundred millions of dollars, and to issue therefor coupon or registered 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 not more than forty years from date, and bearing interest, in coin, at the rate of six per cent. per annum, payable semi-annually.

The amount issued was $125,561,300, in coupon and registered bonds, of $50, $100, $500, and $1,000, and also in registered bonds of $5,000 and $10,000, bearing date November 1, 1864, redeemable at the pleasure of the United States after the 31st day of October, 1869, and payable on the 1st day of November, 1884, with interest from the 1st day of November, 1864, inclusive, payable on the 1st day of May and November in each year.

These bonds are designated on their face, “SIX PER CENT. LOAN, UNDER ACT OF JUNE 30, 1864,” and “REDEEMABLE AFTEK

Redeemable,

Interest.

Designation of bonds.

FIVE, AND PAYABLE TWENTY YEARS FROM DATE. The loan de- Title .cf loar. rives its title from the time after which it might be redeemed-five years—and the time of becoming payabletwenty years—with the month and year of the act of authorization.

7.

tion.

FIVE-TWENTIES OF MARCH, 1864. This small loan, originally of $3,882,500, was issụed Act of authorizaunder the same act as the ten-forty loan, approved March 3, 1864, chapter 17, of that year, for the balance of the two hundred millions not taken up in ten-forty bonds. The act provided that the bonds should bear date March 1, 1864, or any subsequent period; should be 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, and of such denominations as might be found convenient, not less than fifty dollars, bearing interest not exceeding six per cent. a year, payable annually on bonds not over one hundred dollars, and semi-annually on all others, in coin.

The title is derived from the time after which they might Title and desig. be redeemed-five years—and the time of becoming payable-twenty years—with the month and year of the passage of the act of authorization; and the face of the bonds bears the words, “REDEEMABLE AFTER FIVE, AND PAYABLE TWENTY YEARS FROM DATE,” and “ ACT OF MARCH 3, 1864."

There are no coupon bonds of this issue. The registered Bonds all regisbonds are made redeemable at the pleasure of the United States after the 31st day of October, 1869, and payable on payable. the 1st day of November, 1884, with interest at six per cent. Interest. per annum, payable semi-annually, on the 1st days of May and November in each year. Denominations: $100, $500, $1,000, and $5,000.

nation.

tered Redeemable and

8.

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TEN-FORTIES, Issued under the act of March 3, 1864, chapter 17, às Ten-forties. were the "five-twenties of March, 1864.”

Title,

It is the only loan ever issued with the provision that it might be redeemed in ten, and made payable in forty years

from date, and takes its title from that fact. Designation.

The bonds are designated on the face “FIVE PER CENT. LOAN, UNDER ACT OF MARCH 3D, 1864,'' and “REDEEMABLE AFTER TEN,

PAYABLE FORTY YEARS FROM DATE.' Tenomination. They are of the denomination of $50, $100, $500, and

$1,000, registered and coupon, and also $5,000 and $10,000 Redeemable and registered, and are made redeemable at the pleasure of the payable.

United States after the 28th day of February, 1874, and payable on the 1st day of March, 1904, with interest at five per cent. per annum, payable on the 1st day of March and September in each year, except that upon the $50 and $100 bonds it is payable annually on the 1st day of March.

The whole amount issued was $196,117,300.

Interest.

Amount.

9.

LOAN OF 1863;

or

SIXES OF 1881.

Act of authorization.

The act of March 3, 1863, chapter 73, section 1, authorized the Secretary of the Treasury to borrow from time to time, on the credit of the United States, not exceeding nine hundred millions of dollars, and to issue therefor coupon or registered bonds, payable at the pleasure of the Government after such periods as might be fixed by the Secretary, not less than ten nor more than forty years from date, in coin, and at such denominations, not less than fifty dollars, as he might deem expedient, bearing interest, in coin, at the rate of six per cent. per annum, payable on bonds not exceeding $100 annually, and on all others semi-annually. The act of June 30, 1864, chapter 172, limited the amount to be issued to seventy-five millions, then already advertised.

The title of this loan on the books of the Treasury Department is “LOAN OF 1863,” being the only one of that year; but as the bonds bear six per cent. interest, and may be redeemed in 1881, they are commonly called in the mar

Title.

bonds.

ket“SIXES OF 1881." There are, however, two other loans, commonly called, also, for the same reason, “SIXES OF 1881,” but distinguished by the years of their respective issue.

The certificates and bonds bear on the face this designa- Designation of tion: "TREASURY DEPARTMENT, ACT OF MARCH 3D, 1863," by which they may be distinguished from other sixes of 1881.

The whole seventy-five millions were issued in registered Bonds issued. and coupon bonds of $50, $100, $500, and $1,000, and in registered also of $5,000 and $10,000, redeemable after the Redeemable. 30th day of June, 1881, with interest at six per cent. per Interest. annum, payable on the 1st days of January and July in each year, and are still outstanding.

10.

FIVE-TWENTIES OF 1862.

Section 2, chapter 33, of the act of l'ebruary 25, 1862, Acts of authori. authorized the Secretary of the Treasury, in order to fund zation. the treasury notes and floating debt, to issue, on the credit of the United States, coupon or registered bonds, in sums not less than $50, to an amount not exceeding $500,000,000, redeemable at the pleasure of the United States after five years, and payable twenty years from date, and bearing interest at the rate of six per cent. per annum, payable semiannually.

Subscription books were opened to the public for this loan, Over-subscripand upon closing the same, at the time specified in the ad- tion and further

authorization. vertisement, it was found that $511,000,000 had been subscribed for. Congress, by act of March 3, 1864, chapter 17, section 2, authorized the issue of that amount, and by act of January 28, 1865, chapter 22, as construed, increased the amount authorized $4,000,000 more, making in all $515,000,000.

There were actually issued $439,422,000 coupon, and $75,349,600 registered bonds. The title was derived from the time after which the bonds

Title and desig. might be redeemed-five years; the time when payable nation.

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