300 



FINANCES OF THE UNITED STATES. 



$24,500,000 up to the llth December. There 

 then remained to him for resources the re- 

 mainder of the demand notes, $25,500,000, to 

 be issued ; also, the instalments due from the 

 banks on the $50,000,000 of stock, taken De- 

 cember 1st ; and also, $50,000,000 balance of 

 the $250,000,000 loan. These resources, he 

 said, would carry him to the 15th January, 

 when new legislation would become necessary. 



The suspension of the banks involved the 

 suspension of the Government on its demand 

 notes, and, notwithstanding the circular of the 

 Secretary and the law of Congress, no one of 

 them was paid in coin. The last instalments of 

 coin due from the banks on the loan was ap- 

 plied to the interest on the public debt, which, 

 at the close of the year, as compared with the 

 previous year, was as follows : 



UNITED STATES DEBT CLOSE OF 1860 &, 1861. 



There were subsequently authorized the fol- 

 lowing amounts : 



Stock, six per cent., payable afterten years. . . $500,000,000 

 Notes on demand, legal tender, may be funded 150,000,000 

 Certificates of indebtedness, six per cent., one 



year unlimited. 



Deposit certificates, five per cent., ten days' 



notice 50,000,000 



Of the demand notes, $50,000,000 in lieu of 

 the $50,000,000 issued in August, which ar*e to 



be called in, may be funded in the six per cent, 

 stock ; but, if they are not, the whole may be 

 issued, which would make the debt $1,002,- 

 989,710, besides the certificates of indebtedness, 

 about $100,000,000, but not limited in amount. 

 Most of the Northern States had also advanced 

 considerable sums to the Federal Government, 

 of which 40 per cent, had been returned by the 

 close of the year. 



