bonds, and the continued undiminished demands of the war, made it necessary for Mr. Chase to resort to the other authorities conferred upon him by Congress. He somewhat increased the outstanding aggregate of legal-tender notes; he made a large use of one and two years' five per cent. legal-tender Treasury notes, and emitted $17,250,000 three years' six per cent. compound-interest-bearing legal-tender Treasury notes. He sold also, under the loan act of March 3, 1863, $42,672,000 six per cent. bonds payable after June 30, 1881, at an average premium of 4.13 per cent. Most of these several descriptions of securities were issued between the 1st of January and the 30th of June, 1864. They carried the Government successfully through to the latter date, being the end of the then current fiscal year, and the last day of Mr. Chase's service as head of the Treasury. The use of the five and six per cent. Treasury notes (of which he had issued altogether $211,000,000) had the effect of a large inflation, but the demands of the war were inexorable, and the failure of the "ten-forties" made a temporary resort to them unavoidable. He had begun retiring them, however, some time before his resignation, and expected to continue their withdrawal at the rate of about $10,000,000 a month; so that, with the aid of such legislation as he expected from Congress, and activity and energy in the prosecution of the war, he would speedily have restored the finances to order and soundness. NOTE TO CHAPTER XXXV. The following tables exhibit a summary of the loan operations of the Treasury during the three fiscal years of Mr. Chase's service as its head, together with a statement of the public debt on the 30th of June, 1864: For two years' Treasury notes, under act of June 22, 1860, and March 2, 1861 For twenty years' bonds, six per cent. at par for $50,000,000 7 per cents 46,808,129 17 14,019,034 66 LOAN OPERATIONS, 1862 AND 1868. 353 For sixty days' Treasury notes, under act of March 2, 1861 For Treasury notes under acts of February 8 and March 2, 1861 Under loan act of February 8, 1861 For United States notes under the acts of July 17 and 1862 Total. 12,896,350 00 8,500 00 55,257 50 158,650,000 00 66,479,824 10 49,881,979 78 44,875,000 00 But from this total should be deducted repayments on account of matured public debt,1. Actual receipts, exclusive of repayments For three years' seven-thirty bonds. From temporary loan, under act of February 25, 1862. For twenty years' six per cent, bonds, under act of July 17, 1861 From United States fractional currency. Total But from this total sum should be deducted repayments on account of public debt' Actual receipts, exclusive of repayments $17,263,450 00 175,037,259 44 291,260,000 00 1,622 00 145,050 00 115,226,762 21 157,479,261 92 76,500 00 20,192,456 00 $776,682,361 57 181,086,635 07 $595,595,726 50 1 These repayments were on account of the following items: Old funded debt, $8.06; redemption of purloined Treasury notes, act of April 10, 1846, $51.50; redemption of Treasury notes under acts prior to July 22, 1846, $50; redemption of Treasury notes under acts of December, 1857, December, 1860, and March 2, 1861, $48,110,000; repayment of temporary loan from banks in anticipation of popular subscription, $44,875,000; repayments on account of temporary loans under the acts of February 25 and March 17, 1862, $8,553,207.53; United States notes retired by substitution, $58,610-aggregate, $96,096,922.09. • The repayments for the fiscal year 1863 are thus stated: For redemption of Treasury notes under act prior to July 22, 1846, $50; for redemption of Treasury notes under act of December 23, 1857, December 16, 1860, and March 2, 1861, $2,211,650; repayments on account of temporary loan, under act of February 25, Receipts for the Fiscal Year ending June 30, 1864. [FROM LOANS :] From fractional currency From six per cent. twenty years' bonds, under act of July 17, 1861 From five-twenty years' six per cent. bonds, act of Feb ruary 25, 1862 From United States notes, act of February 25, 1862 From temporary loans, acts of February 25 and March 17, 1862 $8,169,721 25 30,565,875 45 321,551,283 81 86,420,870 00 From certificates of indebtedness, acts of March 1 and 17, 1862 169,218,044 81 From six per cent. bonds of 1881, act of March 3, 1868 169,179,000 00 42,141,771 05 78,337,600 00 44,520,000 00 166,480,000 00 From one year five per cent. legal-tender Treasury notes, act of March 8, 1863 From two years' five per cent. legal-tender Treasury notes, act of March 3, 1863 From three years' six per cent. compound-interest legaltender Treasury notes, act of March 3, 1863 Total But from this must be deducted on account of reimbursements 17,250,000 00 $1,128,834,245 97 432,822,014 03 $696,012,231 94 and March 17, 1862, $67,516,993.48; redemption of United States stock, loan of 1842, $2,580,743.36; redemption of 7-30 coupon bonds, under act of July 17, 1861, $71,500; redemption of United States stock, Washington and Oregon War debt, $69,550; redemption of United States (demand) notes under act of July 17, 1861, $56,177,390; redemption of United States notes under act of February 25, 1862, $2,099,000; redemption of certificates of indebtedness under acts of March 1 and 17, 1862, $50,359,758.23-aggregate, $181,086,635.07. 'The repayments for the fiscal year 1864 are thus stated: For redemption of loan of 1842, $105,812.30; for redemption of Washington and Oregon War debt, $5,800; for redemption of Texas indemnity stock, $992,000; for redemption of Treasury notes issued under acts prior to December 23, 1857, $50; for redemption of Treasury notes issued under act of December 23, 1857, $2,000; for payment of Treasury notes issued under act of March 2, 1861, $1,863,400; for redemption of postage and other stamps, under act of July 17, 1862, $5,024,900; for redemption of United States notes, under act of July 17, 1861, $2,892,427.50; for redemption of seven-thirty coupon bonds, under act of July 17, 1861, $687,500; for redemption of United States notes under act of February 25, 1862, $42,561,048.54; for reimbursement of temporary loans, $197,299,784.04; for redemption of certificates of indebtedness, $165,080,241.65; for redemption of fractional currency, $442,400; for redemption of two years' five per cent. Treasury notes, $13,615,200; for redemption of three years' six per cent. compound-interest-bearing legal-tender Treasury notes, $2,250,000—aggregate, $432,822,014.08. PUBLIC DEBT, JUNE 30, 1864. 355 From these several statements it will be seen that, in the fiscal years 1862, 1868, and 1864, the receipts from loans in all forms were, exclusive of repayments, $1,715,103,496.85. The outstanding obligations of the Treasury on the 30th of June, 1864, were thus officially stated by Mr. Secretary Fessenden in his report submitted to Congress December 6, 1864: The whole income of the Treasury during Mr. Chase's administration (including the last quarter of the fiscal year ending June 80, 1861, which from loans was $17,585,584.89; from miscellaneous sources, $267,212.67; and from customs, $5,515,552.16) from loans and taxes of all kinds and miscellaneous sources, exclusive of repayments, was $2,144,854,466.36. He served as Secretary 1,210 days, so that the average daily receipts, from March 7, 1861, to June 30, 1864, were $1,772,606.99. CHAPTER XXXVI. ADVANCE IN THE PREMIUM ON GOLD DURING 1862-EXTRAORDINARY FLUCTUATIONS IN 1868 AND 1864-EFFORTS TO CONTROL THE PREMIUMS BY TREASURY SALES-THEIR FAILURE THE "GOLD BILL OF JUNE 17, 1864-ITS DISASTROUS EFFECTS- -REPEAL OF THE GOLD BILL GOVERNMENT SALES OF FOR- MEANTIME, immediately after the suspension of specie payments, December 30, 1861, coin began to command a premium; on Monday, January 13, 1862, it was already at 3 per cent. It steadily advanced, with some comparatively slight fluctuations, until on the last day of the year it stood at 34 per cent. The fluctuations during 1863 and '64 were extraordinary. On the 1st of January, 1863, the premium stood at 33; at 50 on the 24th; 60 on the 31st; on the 12th of February, 54; and on the 28th, 724. It now began a steady decline, and on the 28th of March its highest point was 43; on the 28th of July its lowest was 231; and on the 28th of August it was 221, the lowest figure for 1863. From this point the price again advanced, with comparative steadiness, to the end of the year. It was no unfrequent occurrence for the price to vary two and even five per cent. on the same day, as, for example: January 13th the lowest price was 42 and the highest 44; on the 30th it alternated between 53 and 581; on March 24th between 45 and 53; and on the next day between 39 and 414. On the 3d of |