. Jay Cooke, financier of the Civil War . at any time not exceeding three years fromdate and bore interest not above the rate of sevenand three-tenths per centum, payable in lawful money atmaturity, or at the discretion of the Secretary semi-an-nually. If payable at maturity they were made a legaltender, but practically none were issued in this way, sothat they did not in any material manner unsettle val-ues. They could be given to government creditors indischarge of public debts and might be converted undercertain conditions into United States bonds. The $200,000,000 of bonds which the Secret
. Jay Cooke, financier of the Civil War . at any time not exceeding three years fromdate and bore interest not above the rate of sevenand three-tenths per centum, payable in lawful money atmaturity, or at the discretion of the Secretary semi-an-nually. If payable at maturity they were made a legaltender, but practically none were issued in this way, sothat they did not in any material manner unsettle val-ues. They could be given to government creditors indischarge of public debts and might be converted undercertain conditions into United States bonds. The $200,000,000 of bonds which the Secretary wasauthorized to issue under this law could be paid afterfive years and must be paid at the expiration of fortyyears. They were to bear interest not exceeding sixper cent, in coin. This was Mr. Fessendens outlook and he faced thesituation with courage. On his first visit to New Yorkhe received through Mr. Cisco propositions from agroup of German bankers in that city for fifty millionsof the new 7 3-10 currency notes, the amount to be. WILLIAM PITT FESSENDEN FINANCIER OF THE CIVIL WAR 427 turned into a fund for the Treasury to draw upon as itwas wanted. Mr. Fessendens situation on July nth,and his prospective needs up to September i, 1864, wereas follows: ^ Suspended Requisitions $ 88,000,000 Estimated Expenses, 51 days 102,000,000 $190,000,000 Interest bearing notes withdrawn forwhich a corresponding amount can bere-issued $ 70,000,000 Estimated Internal Revenue Receipts forthe period 33,000,000 $103,000,000Proposed 7 3-10 negotiation 50,000,000 $153,000,000To be provided 37,000,000 $190,000,000 On September ist $50,000,000 more would be due thesoldiers, a sum to be provided and re-provided everysixty days, the various armies comprising at this time1,200,000 men.^ Many invitations to come to Washing-ton were sent to Jay Cooke, and the heads of his Wash-ington house were very anxious to lure him on July 4th there was every assurance thatFessenden feels very k
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