FIVE, AND PAYABLE TWENTY YEARS FROM DATE. The loan de- Title of loan. 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. FIVE-TWENTIES OF MARCH, 1864. tion. This small loan, originally of $3,882,500, was issued Act of authoriza under 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. nation. The title is derived from the time after which they might Title and desigbe 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 the 1st day of November, 1884, with interest at six per cent. per annum, payable semi-annually, on the 1st days of May and November in each year. Denominations: $100, $500, $1,000, and $5,000. 8. TEN-FORTIES, tered Redeemable and payable. Interest. Issued under the act of March 3, 1864,- chapter 17, as Ten-forties. were the "five-twenties of March, 1864." Title. Designation. Denomination. payable. Interest. 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. 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." 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 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. Amount. Act of authorization. Title. 9. LOAN OF 1863; or SIXES OF 1881. 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 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. bonds. 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. zation. Section 2, chapter 33, of the act of February 25, 1862, Acts of authori authorized the Secretary of the Treasury, in order to fund 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. authorization. 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 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. Title and desig The title was derived from the time after which the bonds might be redeemed-five years; the time when payable- nation. Interest. Series. First. Second. Third. Fourth. Denomination. Redemption. twenty years; and the year of the passage of the first act of authorization-1862. The bonds bear on their face the designation, "REDEEMABLE AFTER FIVE AND PAYABLE TWENTY YEARS FROM DATE," and "LOAN OF FEBRUARY 25, 1862;" and are made redeemable at the pleasure of the United States after the 30th day of April, 1867, and payable on the first day of May, 1882, (except the first series, as hereafter explained,) with interest at six per cent. per annum, payable on the first days of May and November in each year. The coupon bonds were issued in four series. Those of the first, amounting to one hundred millions of dollars, are printed in green tint, and have no designation of series upon them. They are made payable after, instead of on, the 1st day of May, 1882. This was an error in not following the language of the law, and was corrected in the subsequent series. Those of the second, also of one hundred millions of dollars, are printed in yellow tint, with blue numbering, and have the words "SECOND SERIES," or "2D SERIES," stamped upon them, twice on the bond and once on each coupon. Those of the third, also of one hundred millions of dollars, are printed in black, with blue numbering, and have "THIRD SERIES" stamped twice on the bonds and once on each coupon. Those of the fourth, amounting to $139,422,000, are printed in black, with red numbering, and stamped as "FOURTH SERIES," or "4TH," in different styles and forms. The bonds are $50, $100, $500, and $1,000 coupon and registered, and also $5,000 and $10,000 registered. Section 4 of the refunding act of July 14, 1870, (chapter 256,) authorizes the Secretary of the Treasury to pay at par and cancel any five-twenty bonds after becoming redeemable, indicating and specifying, in public notices, by class, date, and number, in the order of their numbers and issues, beginning with the first numbered and issued, and declares that, in three months after the date of such public notice, the interest on the bonds, so selected and advertised to be paid, should cease. By virtue of this law the Secre |