FINANCES OF THE UNITED STATES. 



405 



ture of the Treasury Department was raised by 

 taxation, and nearly five-sixths of the remain- 

 der was sought by loans. Nevertheless the 

 fluctuation in English stocks was often very 

 great. In 1737 stock was at 107, but during 

 the rebellion of 1745 went down to 76. In 

 1781, at the close of the American revolution, 

 it fell to 54; and in' 1797, on the failure of 

 a treaty with France, and on the occasion of a 

 mutiny in the navy, it fell to 47|. In 1854 

 id 1855, under the pressure of the Crimean 



war upon the exchequer, the average price of 

 consols for two years was 85 to 86J. "When 

 the exchequer borrowed 80 millions to clear up 

 the floating debt of that war consols fell to 90, 

 and the loan was taken at the equivalent of 

 87^ on the hundred, at 3 per cent, interest, cor- 

 responding to 5 in the United States. The 

 loans and conversions of old debts into new in 

 two years and a half made by the Federal Treas- 

 ury amount to 1,800 millions. 

 Thus the operations of the Secretary during 



UNITED STATES FEDERAL DEBT. 



' Part of $250,000,000. t In lieu of postal currency. $ None yet issued. To exchange for interest-bearing legal tender. 



