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‘  finally agreed with them to take fifteen millions instead of twenty-five millions which they offered.’ The 7 per cent. bonds of the government were taken at 77. The Secretary said the government took the money really because Mr. Slidell advised the step to assist the negotiations for recognition of France. At that very time, when the government wanted no money, the Ordnance Department was drawing the copper to make percussion caps from old distillery outfits in North Carolina and the commanding generals stood aghast at the long line of shoeless, ragged men in their ranks. The Erlanger loan was placed in London with immediate and astonishing success. March 3, 1863, Mr. Erlanger had returned and the first offering of $5,000,00 appeared on Lombard street. Before the day closed $10,000,000 had been subscribed and the premium was 5 per cent. When the aggregate of bids for the entire loan of $15,000,000 was summed up $75,000,000 had been subscribed.
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