Consols. tion. The denominations are $50, $100, $500, $1,000, $5,000, and $10,000 coupon and registered bonds, and $20,000 and $50,000 also of the registered bonds. 2, 3, 4. CONSOLS OF 1865, oF 1867, AND OF 1868; or FIVE-TWENTIES OF 1865, OF 1867, AND OF 1868. The act of Congress of March 3, 1865, (chapter 77,) auActs of authoriza thorized the Secretary of the Treasury to borrow on the credit of the United States any sums not exceeding in the aggregate six hundred millions of dollars, and to issue therefor bonds or treasury notes, the bonds to be in denomination not less than fifty dollars, and made payable at any period not more than forty years from date, or made redeemable and payable, as aforesaid, as might be expressed upon their face, with interest payable semi-annually. The act provided that the principal or interest, or both, of the bonds and treasury notes might be made payable in coin, or in lawful money; that the rate of interest, when payable in coin, should not exceed six per cent., and that the rates and character of interest should be expressed on all such bonds or treasury notes. Origin of the application of the name of CONSOLS, to. The act still further provided, that the treasury notes. should be made convertible into any bonds authorized by the act; that any treasury notes or other obligations bearing interest, issued under any act of Congress, might, at the discretion of the Secretary of the Treasury, and with the consent of the holder, be converted into any description of said bonds; and that the bonds so authorized should not be considered a part of said six hundred millions. This provision for conversion was extended by act of April 12, 1866, (chapter 39,) so that the Secretary was authorized 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 said bonds. The conversion or consolidation of other outstanding obligations into these loans gave to them the titles of CONSOLS, as they are called twenties. in the Treasury Department; but being redeemable at the Also called fivepleasure 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. CONSOLS OF 1868, OR FIVE-TWENTIES OF 1868, which bear of 1868. ignated. The bonds of these loans are all designated on their face Bonds, how deswith the words: "CONSOLIDATED DEBT, ISSUED UNDER ACT OF CONGRESS APPROVED MARCH 3D, 1865;' "REDEEMABLE AFTER FIVE AND PAYABLE TWENTY YEARS FROM DATE;" and "IN GOD IS OUR TRUST." payable. The interest is at the rate of six per cent. per annum, Interest, when payable semi-annually, January 1 and July 1, in each 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. 1865. 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. When redeem 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 interest at the rate of six per cent. per annum, and are redeemable 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 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. Designated. For more full explanations of the provisions of the acts under which this loan was negotiated, see "Consols,” page 12. Five-twenties of Bonds issued. Redeemable. Interest. Designation of bonds. 6. FIVE-TWENTIES OF JUNE, 1864. 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 AFTER 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 payable— twenty 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 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.. nation. 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 tered States after the 31st day of October, 1869, and payable on payable. 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. $1,000, and $5,000. Denominations: $100, $500, 8. Redeemable and Interest. TEN-FORTIES, 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 |