Interest.

Series.

First.

Second.

Third.

Fourth.

Denomination.

Redemption.

twenty years; and the year of the passage of the first act of authorization-1862.

The bonds bear on their face the designation, "REDEEMABLE AFTER FIVE AND PAYABLE TWENTY YEARS FROM DATE," and "LOAN OF FEBRUARY 25, 1862;" and are made redeemable at the pleasure of the United States after the 30th day of April, 1867, and payable on the first day of May, 1882, (except the first series, as hereafter explained,) with interest at six per cent. per annum, payable on the first days of May and November in each year.

The coupon bonds were issued in four series. Those of the first, amounting to one hundred millions of dollars, are printed in green tint, and have no designation of series upon them. They are made payable after, instead of on, the 1st day of May, 1882. This was an error in not following the language of the law, and was corrected in the subsequent series.

Those of the second, also of one hundred millions of dollars, are printed in yellow tint, with blue numbering, and have the words "SECOND SERIES," or "2D SERIES," stamped upon them, twice on the bond and once on each coupon.

Those of the third, also of one hundred millions of dollars, are printed in black, with blue numbering, and have "THIRD SERIES” stamped twice on the bonds and once on each coupon.

Those of the fourth, amounting to $139,422,000, are printed in black, with red numbering, and stamped as "FOURTH SERIES," or "4TH," in different styles and forms. The bonds are $50, $100, $500, and $1,000 coupon and registered, and also $5,000 and $10,000 registered.

Section 4 of the refunding act of July 14, 1870, (chapter 256,) authorizes the Secretary of the Treasury to pay at par and cancel any five-twenty bonds after becoming redeemable, indicating and specifying, in public notices, by class, date, and number, in the order of their numbers and issues, beginning with the first numbered and issued, and declares that, in three months after the date of such public notice, the interest on the bonds, so selected and advertised to be paid, should cease. By virtue of this law the Secre

tary has called in for payment the following designated Bonds called in bonds, and has given notice thereof:

for payment.

Which ceased to bear interest March 7, 1872.

THIRD CALL.-Notice dated December 20, 1871. Of the second series, all coupon bonds of—

$50 numbered 5,461 to 10,775 inclusive.

$100 $500 $1,000

13,094 to 25,935

Which ceased to bear interest March 20, 1872.

FOURTH CALL.-Notice dated March 1, 1873. Of the second series, all coupon bonds of

$50 numbered 10,776 to 27,798 inclusive.

$100 $500 $1,000

Third call.

Fourth call.

E

Amount paid.

Regulations for paying called bonds and coupons.

Which cease to bear interest June 1, 1873.

Besides the bonds thus called in for redemption, amounting to about $190,000,000, much of this loan has been purchased at the monthly purchases in New York.

For regulations of the Treasury Department as to paying bonds called in for redemption, when coupons have been detached therefrom, and the payment of coupons thus detached, see Chapter V, p. 75.

11.

LOAN OF JULY AND AUGUST, 1861;

Acts of authorization.

or

SIXES OF 1881.

By the act of July 17, 1861, chapter 5, the Secretary of the Treasury was authorized to borrow on the credit of the United States a sum not exceeding $250,000,000, and to issue bonds therefor, or treasury notes, in such proportions as he might deem advisable, the bonds to bear interest not exceeding six per cent. per annum, payable semi-annually, irredeemable for twenty years, and after that period redeemable at the pleasure of the United States.

This law was amended by a supplementary act of August 5, 1861, chapter 46, of which section 1 authorized the Secretary to issue bonds bearing interest at six per cent. per annum, and payable at the pleasure of the United States. after twenty years from date, but no such bond to be issued for a less sum than five hundred dollars, and to exchange the same for treasury notes issued under the former act. Section 7 of the act of August 5 also provided, that the Secretary