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Title of Loan.

Date of authorization.

Amount issued.

...

Temporary loan, February, 1815...... February 13, 1815..... $225,000 00
Seven per cent. stock of 1815.. February 24, 1815... 9,070,386 00
Treasury notes of 1815.....

February 24, 1815..... 4,909,400 00
Small treasury notes..

3,392,994 00 Treasury note six per cent. stock

1,505,352 18 Temporary loan Narch, 1815.. March 3, 1815...

1,150,000 00 Six per cent. stock of 1815...

12,288.1.17 56 Subscription loan to Bank U. S.. April 10, 1816.

7,000,000 00 Five per cent. stock of 18:0

May 15, 1820....

999.999 13 Six.....

2,000,000 00 Five.....

1821....
March 3, 1821...

4,7:35,296 30 Exchanged five per cent. of 1822. April 20, 1822

56,704 77 Fourandi per cent.stock Alay 24,'24.. May 24, 1824..... 5,000,000 00 Exchanged tour and per cent. stock... May 26, 1824.

4,451,727 95 Fourand. per cent.stock May 26, 21.

5,000,000 00 Exchanged four and } per ct, stock 1825....

March 3, 1825

1825...... 1,539,336 16 Treasury notes of 1837....

October 12, 1837...... 10,000,000 00
1838.....
May 21, 1838....

5,709,810 01
1839...
March 2, 1839.

3,857,270 21
1810...

"......31,
1840...

7,114,251 31
1841

February 15, 1841. 7,529,062 75 Loan of 1841.

July 21, 1841..

5,672,976 88 Treasury notes of January, 1842. January 31, 1842... 7,959,994 83

July 21, 1841, April Loan of 1842..,

15, 1812.

8,000,000 00 Treasury notes of August, 1842.. August 31, 1842. 3,025.554 89 1813... March 3, 1813.

1, S06.950 00 Loan of 1843...

7,004,231 35
Treasury notes of January, 1816. January 28, 1846. 26,122,100 00
July, 1846.
July 22, 1846..

7,687,800 00 Loan of 1846.....

4,999,149 45 Mexican indemnity stock..

August 10, 1846.... 303,573 92 Loan of 1817..

January 28, 1847. 28,207,000 00 Bounty land scrip.

February 11, 1847..... 233,075 00 Loan of 1848.....

March 31, 1848...... 16,000,000 00 Texan indemnity stock.

September 9, 1850..... 5,000,000 00 Treasury notes of 1857.

December 23, 1857... 20,000,000 00 Loan of 1855.

June 14, 1858..... 20,000,000 00 Loan of 1860.

June 22, 1860.

7,022,000 00 Treasury notes of 1860.

December 17, 1860.. 10,010,900 00 Loan of February, 1861, (81's). February 8, 1861...... 18,415,000 00 Treasury notes of 1861..

June 22, 1860.....

March 2, 1861... Sixty days Treasury notes.

35,409,350 00 Oregon war debt.....

1,090,850 00 Old demand notes.

and Feb. 12,

1862 Loan of July and August, 1861, (81's).

189,318,100 00 Seven-thirties of 1861..

140,094,750 00 Subscription loan, Nov. 16, 1861

16,303,129 17 Five-twenties of 1862..

February 25, 1862. 514,771,600 00

Feb. 25. July 11,62 United States notes

Marc! 3, 1863...

432,757,601 00

Feb. 25, Mar. 17, ’62 Temporary loan...

June 30, 1864.....

131,497,853 62

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Title of Loan.

Date of authorization.

Amount issued.

Certificates of indebtedness...

Fractional currency.
Loan of 1863,(81's).
One-year notes of 1863.
Two
Compound interest notes..
Coin certificates...
Ten-forties of 1864..
Five-twenties of March, 1864.

June, 1864.

Mar. 1 and 17, 1862,

00 and March 3, '63. July 17, 62, Mar. 3, '63, June 30, '64.

43,179,650 03 March 3, 1863...

75,000,000 00 44,520.000 OC

166,480,000 OC Mar. 3, 63, June 30,'64 217,024,160 00 (?, 5).

50,392,180 00 1864

196,117,300 00

3,882.500 OC June 30, 1864.

125,561,300 OC June 30, 1864, Mar.

830,000,000 00 3, 1865.

958,467,900 OC March 2, 1867.

65,230,000 OC July 8, 1870..

678.362 41 July 14, 1870.. 200,000,000 OC

Seven-thirties of 1864-1865.....

Five-twenties '65, con rls '65, '7, '8...
Three per cent. certificaies..
Certificates of indebtedness, 1870..
Funded loan of 1881...

In the foregoing list the amount set down to each of those items of indebtedness in which the certificates, notes, or currency were issued and reissued, is the largest amount outstanding at any one time.

PART II.

THE NATIONAL BANKING LAWS OF THE UNITED STATES,

WITH NOTES AND REFERENCES TO THE DECISIONS

OF THE COURTS AND OPINIONS OF THE

ATTORNEYS GENERAL THEREON.

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The necessities of the Government, created by the great Rebellion, brought into operation many powers conferred upon Congress by the Constitution, which until that time had rarely or never been exercised, and new and extraordinary legislation relating to the finances and financial condition of the country was enacted in order to supply the wants of the national Government.

Previously to the year 1863 Congress had never interfered with the banks of issue created by the several States, except in 1813 to levy, temporarily, a small stamp tax on the notes of banks and bankers for the purpose of revenue, and in 1862 to prohibit all corporations and individuais from issuing notes of a fractional part of a dollar.

In 1836 an act was passed providing that State banks conveniently located might be selected as depositories of public money, upon certain conditions therein prescribed: one of which was, that no bank so selected should issue bills of less denomination than five dollars. The independent treasury system,'' established by the acts of July 4, 1840, and August 6, 1846, superseded the employment of State banks as depositories.

At the time of the adoption of the Constitution of the United States four State banks were in existence, one in each of the States of Maryland, Massachusetts, New York, and Pennsylvania, and the number went on increasing, until, in the year 1863, there were more than one thousand five hundred in the different States, each subject to the laws of the State by which it was incorporated, but substautially independent of any legislation of Congress.

Congress twice chartered a bank of the United States, first in 1791 and again in 1816, but when the charter expired in 1836 it was not renewed, and Congress never after

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