from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. United States Treasury notes, made during the Civil War, in denominations of $50 and above, bearing interest at the rate of seven and three tenths (thirty hundredths) percent annually. Within a few years they were all redeemed or funded.
from the GNU version of the Collaborative International Dictionary of English
- n.pl. A name given to three several issues of United States Treasury notes, made during the Civil War, in denominations of $50 and over, bearing interest at the rate of seven and three tenths (thirty hundredths) per cent annually. Within a few years they were all redeemed or funded.
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Everywhere, at home, in the theatres and public resorts not less than on the Exchange, were heard animated discussions about "seven-thirties" and "ten-forties."
The various issues authorized by act of Congress were known as "seven-thirties," "ten-forties,"
Branch, he had better keep away until he could come down with some of his pet seven-thirties in hand.
Let him have power at once to go to the fountain-head for the small balance we may require from the Old World; let him have the authority to raise funds to meet the floating debt and temporary loan, and to replace the seven-thirties and compound-interest notes as they mature, and we may confidently anticipate both an early resumption of specie payments and reduced rates of interest, and consequent diminution of debt.
The first of these ingenious qualifications was adopted by Mr. Chase in his issue of the seven-thirties.
He may think it to his interest to retire the whole of the seven-thirties or the ten-forties; but is it wise for us to give him that power now, at the heel of the war and before things have settled down?
A sufficient credit was established, first with the citizens at home and later with investors abroad, to make a market for the millions of bonds in the two great issues, the so-called seven-thirties and five-twenties.
The bonds were to run at least twenty years; the seven-thirties three years; and the three-sixty-fives were payable in one year, and exchangeable into seven-thirties at the pleasure of the holder.
“five-twenties,” the “ten-forties,” and the “seven-thirties,” all the loans, the national banking system, in short, all the financial schemes of the administration were adopted by Mr. Lincoln upon the recommendation of Mr. Chase, with little apparent study upon his own part.
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