This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1886 edition. Excerpt: ...In December, 1869, the funded debt stood as follows: "Of the loan of Jan. 1, 1861, the sum of $7,022,000 is outstanding, and payable on Jan. 1, 1871. The loan of 1858, of $20,000,000, is payable in 1873. The bonds known as 10-40's, amounting to $194,567,800, are not payable until 1874. The 6 per cent, bonds, payable in 1881, amount to $283,677,600. The 5-20 bonds, amounting in the aggregate to $1,602,671,100, are either redeemable or will soon become redeemable," and must there fore be provided for. This led up to the refunding act of July 14, 1870. It authorized the secretary to issue not more than $200,000,000 5 per cent, bonds, redeemable after ten years; also not over $300,000,000 4$ per cent, bonds, redeemable after fifteen years; also not over $1,000,000,000 4 percent, bonds, redeemable after thirty years--all to be exempt from United States or state taxes. As the bonded debt was not to be increased, these different classes of securities were to be floated at par. In January, 1871, an amending act was passed, which increased the amount of 5 per cent, bonds authorized to $500,000.000, but the total amount of bonds to be issued under the act of 1870 was not thus increased. As was customary, the whole financial policy of the government, past and present, was reviewed in the debates on this measure, which extended over six months. As this is the most important act relating to the funded debt that had been passed up to the year 1870, it will be interesting to examine in detail the condition of the bonded debt. The following is a statement of the amount of the coin-interest-bearing debt outstanding March 1, 1871, the nearest date prior to the opening of subscriptions under the refunding act: The 10-40's of 1864, which bore 5 per...