• U.S. Treasury Sells Bonds To Pay For Civil War With Help Of Philadelphia Banker Jay Cooke--A Fine Broadside

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    9 ¾ x 12 Broadside “Interesting Questions And Answers Relative To The 2-30 U.S. Loan” intended to finance the Civil War. 

     

    In 1864, U.S. Sen. William Pitt Fessenden of Maine, a strong abolitionist, became Secretary of the U.S. Treasury. The capacity of the nation to lend seemed exhausted. Currency was inflated and god was at $280 an ounce. When Fessenden was appointed, he stopped issuing currency and put the market on the “Seven-Thirty Loan,” which proved a great success. Bonds were sold bearing an interest rate of 7.30 percent, which were issued in denominations as low as $50 so that people of moderate means could afford them.

     

    The broadside was issued by American banker Jay Cooke, who had been appointed by the government to sell bonds.  The broadside contains a list of questions and answers about the bond program.

     

    In very good condition with minor toning and foxing.  An excellent example of Civil War financing.

     

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