AMERICAN NATIONAL DEBT. The public debt of the United States was first reported, 1701, two years after the organization of the Government, as $75,463,476.52. In 1812. at the commence ment of the second war with England, it had fallen to $45,209.737.90. That war brought it up to a total of $127.334.933.74. After peace the reduction was from $3.000.000 to $10,000.000 per year until in 1836 it reached its lowest point, being only $37,515.05. Thenceforward it in creased one year and decreased the next, until in 1800—the year before the Civil War—it was $64,842.287.88. and the annual interest was $3.443.637. This was a rate per capita on the whole population of $1.91 debt and 11 cents in terest. The outbreak of the Civil War made the raising of enormous sums of money an impera tive necessity. Two small loans had been made just. before—in 185's', in 5 per cents., and in 1860. S21,000,000 in 6 per cents.—the first to run 15 and the last 20 years. Of the last loan, only $7.022.000 was issued. Of the loans made necessary by the Civil War. the first was February S. 1861, 825.000.000 at 6 per cent.. to run 20 years, of which 818,415.000 was reissued. 2. 1861, 6 per cent. Treasury notes were authorized and S35.364.450 issued. Same date, $1,095,850 reissued to pay the Oregon war debt.
July 17, 1861, $250,000,000, at 7 per cent., to run 20 years, with authority to issue any part in the form of Treasury notes running three years at per cent. interest, or on notes not bearing: interest, but payable on demand, or in Treasury certificates for one year bearing 3 per cent. interest: the whole amount of notes not to exeeed 850.000,000. Au aet of August 5, 1861, authorized the issue of 6 per cent. bonds. numing 20 years, to exchange for the one and three year notes just mentioned. with accumulated interest, at any time before their maturity; and the mand notes were made receivable for all dues to the Government. Before the close of the year the demand notes. at first rejected by the banks, were at a premimn. and the interest-bearing notes were readily convertible into permanent 6 per-cent bonds. On February 12. 1562. $10.000,- 000 more of demand notes were issued. In the same month a great war loan was authorized. —$500,000,000 of 0 per cent. bonds, redeemable after 5 and payable after 20 years. The loan was readily taken, and the full amount was issued. In 1864-65, $15.000.000 more was authorized of the same loan. In February, 18;62. i,s:150.000.000 of legal-tender notes thorized, of which 850,000,000 were to take the place of mand notes. In July, 1862. 8150.000,000 more were ized, and an equal amount in addition in March, 1863, ing $450,000.000 in all. These issues formed the currency known as 'greenbacks.' from the color of the paper. An act in February. 1862. ized the acceptance of $25,000,- 000 of deposits. increased in :March to 8100,000,000, on which 5 per cent. interest was paid. In Jnne,
1864, $50,000,000 more was authorized at 6 per cent. This was a temporary loan. to be repaid on ten days' notice, and was all deemed before the close of 1500. In :March. 1802, Congress authorized the issue of certificates of indebtedness to public creditors in the ment of claims, running 1 year at t; per cent. 1 here were $561.753,241 issued, all redeemed fore 1866. In July, 1862, postage stamps were issued for currency, and made a legal tender for sums less than 85. In :\ larch, 1863. fractional currency was authorized in place of postage stamps, the amount limited to $50.000.000. In -March, 1863, a loan of $900.000.000 was ized, principal and interest payable in coin; but only 875.000.000 was issued. The same net thorized S400.000,000. in one, two. and three year Treasury notes, interest not over 6 per cent., able in ordinary money. and to he a legal tender for their face vahie. The actual issues were: Of one-year notes. at 5 per cent., 844.520.000; two-year notes. at 5 per cent., $166,480.000: three-year notes. at 6 per eent.. $.266.595,440: making the whole issue $477.595.400; all celed or exchanged before 15. 1$68. In March, 1864, a loan of 8'200.000,000 was ized at 5 or 6 per cent., principal and interest payable in coin; $196,117,300 were issued at 5 per cent., to run 40 years (the 10-40s of 1864) ; and $3.882,500 at 6 per cent. _Most of the 5 per vents, brought premiums from I to 7 per cent. In June, 1864, a loan of $400,000.000 was author ized at 6 per cent. (the 5-20s of 1864), of which 8121,561,300 was issued. In dune, 1864, Con gress authorized the issue of $200,000,000 in 7-30 Treasury notes, and in .1\ larch, 1865, the sum was increased by $600,000,000 more. The %%hole issue was $829,992,500 of 7-30 interest bearing notes, and the whole loan was redeemed by the middle of ,Inly, 1868. In March, 1865, a loan was authorized of $600,000,000 in 6 per cent. 5-20 bonds, to be used only for the payment of Treasury notes or other obligations of the na tion. Two issues were made: July 1, $322,988, 950 and $379.616.050, and in July, 1868, $42, 539.350, all to redeem Treasury notes and other obligations: but in no case to increase the pub lic debt. In .)larch, 1867, and July, 1868, there were issued $85,150,000 of temporary loan cer tificates of deposit, bearing interest at 3 per cent., to redeem compound-interest notes. In July, 1870. the great refunding act was passed. The Secretary of the Treasury was authorized to issue $200.000,000 at 5 per cent.. $300,000,000 at per cent., and $1,000,000,000 at 4 per cent. of thirty-year bonds, principal and intmest pay able in coin, to be used only to redeem the 6 per cent. or other early bonds. Besides these issues, there were guarantee bonds issued to the Pacific and other railroads, secured by mortgage on the roads. In January, 1871, the o per cent. bonds were increased to t.:-'500,000.000.