BANKS, U. S. 



63 



NEW YORK. 

 54 BANKS CAPITAL, AUGUST, 1861, $69,907,000. 



gress had passed a law authorizing a loan of 

 $250,000,000 in 6 per cent. 20 years' stock, or 

 three-year bonds at 7r 3 5 per cent, per annum 

 interest, or in notes to be issued on demand, to 

 circulate as money to the extent of $50,000,000, 

 of denominations of not less than $5. The 

 banks of the three cities, after various consulta- 



tions, agreed to take $50,000,000 of the three- 

 year 7-p, bonds, not as an absolute purchase but 

 to re-sell to the public ; to have the privilege 

 of taking $50,000,000 more Oct. 15, and a 

 third amount of $50,000,000 Dec. 1 the Sec- 

 retary in the mean time to appeal to the people, 

 and open agencies for the sale of the notes on 



