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Taken by the banks, notes bearing 7.30 per cent. interest$100,000,000
Taken by the banks, bonds bearing 6 per cent. interest45,795,478
Debts liquidated with treasury notes14,019,034
Borrowed at par upon notes at sixty days, renewed12,877,750
Notes at sight (fifty millions authorized) issued24,550,325

There remained to be realized out of all the loans already noted about ninety-one millions; if this difficult operation succeeded, the sum thereby obtained would only suffice to meet current expenses for seven or eight weeks. It was, therefore, indispensable to resort once more to borrowing and the issue of paper money. This time, however, it was found impossible to do this with that moderation which had marked the financial measures of the previous session. A large loan could not fail to bear heavily upon the market; and in order to find subscribers, it was necessary at least to ensure the payment of interest by real and tangible guarantees. The extravagant issue of treasury notes was equally, if not more, expensive in a national point of view, because, as they did not bear interest, their inevitable depreciation would involve a proportionate decrease of all the revenues of the State, and, moreover, it would have been equivalent to a tax affecting all transactions with foreign countries. Certain favorable circumstances, indeed, seemed to conspire to avert a monetary crisis. The increase in the tariff of custom-house duties having suddenly stopped importations, as the receipts of that branch of the revenue showed, the balance of trade had been regulated by the importation of specie to the amount of forty million eight hundred and forty-eight thousand one hundred and eighty dollars; moreover, the mines this year, having furnished nothing for exportation, had thrown thirty-four million three hundred and seventy-nine thousand five hundred and forty-seven dollars into circulation, and the coin which was already afloat on the 1st of January, 1861, represented a sum of fifty-two million two hundred and eighty-two thousand four hundred and twenty-one dollars, the total amount of specie on the 31st of December figuring up to one hundred and twenty-seven million five hundred and ten thousand one hundred and forty-eight dollars;1

1 Secretary Chase says there was no way of ascertaining with certainty the amount of specie in circulation, but gives the estimate of the director of the Mint—between two hundred and seventy-five and three hundred millions.—Ed.

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