The life of Rutherford Birchard Hayes, nineteenth president of the United States . onds all the outstanding five-twenty six percent bonds, and, likewise, under a new act of Congress all theten-forty sixes. In one day in April he had offers for $159,000,-000 of the new bonds. ^ Thus, in slightly more than two years, * Bonds in small denominations were offered for popular subscription and forthese there was a great demand. May 24, 1879, Mr. Hayes writes in his diary: A novel spectacle in this city for some days past. The same thing doubtlessin all of the large cities. The postmasters, collectors
The life of Rutherford Birchard Hayes, nineteenth president of the United States . onds all the outstanding five-twenty six percent bonds, and, likewise, under a new act of Congress all theten-forty sixes. In one day in April he had offers for $159,000,-000 of the new bonds. ^ Thus, in slightly more than two years, * Bonds in small denominations were offered for popular subscription and forthese there was a great demand. May 24, 1879, Mr. Hayes writes in his diary: A novel spectacle in this city for some days past. The same thing doubtlessin all of the large cities. The postmasters, collectors, and subtreasurers have hadauthority to sell small four per cent bonds — not more than one hundred dollarsto the same person, so as widely to distribute them among small investors,among the people of small means. These bonds are now at a premium of twoto four per cent. Speculators employ parties to buy for them. Two dollars ismade every time one hundred dollars is bought. The poor themselves also rushto get them. The consequence is great crowds of negroes, women, boys, MRS. LUCY WEBB HAYESFrom a ])hotograph by Sarony in 1877 RESUMPTION OF SPECIE PAYMENTS 133 the Administration had accomplished the impracticable taskof resumption and had placed the credit of the country on thefirmest foundations on which it had ever rested. In his mes-sage of December 1, 1879, the President, with pardonable pride,could present this narrative of the Governments financialoperations: — The most interesting events which have occurred in our public afiFairssince my last annual message to Congress are connected with the finan-cial operations of the Government, directly affecting the business inter-ests of the country. I congratulate Congress on the successful executionof the Resumption Act. At the time fixed, and in the manner contem-plated by law, United States notes began to be redeemed in coin. Sincethe 1st of January last they have been promptly redeemed on presenta-tion, and in all bu
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