. Abraham Lincoln; a history . hen the publiccredit, advertised five millions of these treasurynotes. The bids were opened on December 28,1860, when, in addition to the revolutionary reportsfrom the Cotton States, the rumor of a conspiracyby the rebels to seize Washington and the publicarchives was prevalent. The desperate straits ofthe Grovernment are shown in the first response bythe capitalists. Less than half the amount adver-tised was bid for at all. Only $121,100 was bid forat rates under ten per cent.; $39,000 at ten andunder twelve; $1,787,000 at twelve; and from twelvethe remaining bi
. Abraham Lincoln; a history . hen the publiccredit, advertised five millions of these treasurynotes. The bids were opened on December 28,1860, when, in addition to the revolutionary reportsfrom the Cotton States, the rumor of a conspiracyby the rebels to seize Washington and the publicarchives was prevalent. The desperate straits ofthe Grovernment are shown in the first response bythe capitalists. Less than half the amount adver-tised was bid for at all. Only $121,100 was bid forat rates under ten per cent.; $39,000 at ten andunder twelve; $1,787,000 at twelve; and from twelvethe remaining bids ran up to thirty-six per whole offer would have proven a substantialfailure had not a few patriotic gCDtlemen in NewYork (not losing sight of their financial advantage)used personal solicitation to make up a combina-tion bid for a million and a half at twelve per cent.,on the condition, however, that the sum should beused four days later to pay the January interest onthe public debt, which would otherwise have suf-. EUHU B. WASHBUKNK, THE CONSTITUTIONAL AMENDMENT 241 fered default. This half-financial, half-patriotic chap. of a few leading banking firms saved Financialthe national credit from dishonor; and the news- ^n^^y!papers once more sharply contrasted from what Decyiiluo,height to what depth it had sunk by recalling thefact that at the beginning of Buchanans Adminis-tration, Secretary Cobb bought up the six percents of 1868 at sixteen per cent, premium, inorder to get rid of the surplus in the the resolute action of these bankers in thecrisis, other capitalists so far recovered from theirpanic that they now came forward and by privateagreement upon twelve per cent, interest took thebalance of the five millions for which, a few days Jan. i , they had been too timid to bid at all. In the new Cabinet complications at this junc-ture Secretary Thomas in turn resigned, and onJanuary 11, 1861, President Buchanan, upon finan-cial
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