BANKS, U. S. 



65 



PHILADELPHIA. 

 19 BANKS CAPITAL, SEPTEMBER, 1861, $11,811,485. 



per \veek. The loan, being offered to the public, 

 went off slowly, and when the time to take the 

 second instalment came round a large portion 

 of the first remained on hand. The second 

 $50,000,000 was, however, placed to the credit 

 of the Government. "When, however, the 1st 

 of December approached, and the Government 

 5 



wanted the third amount of $50,000,000, the 

 banks began to hesitate. The three-year bonds 

 did not sell, and they hoped, by changing the 

 shape to 6 per cent, twenty years' stock at a 

 rate 89 '32 per cent, equal to par for a 7 per 

 cent, stock, to be able to sell some of it in 

 Europe or England. Accordingly they took 



