This provision was found to be so comprehensive that it not only provided a strong instrumentality for meeting the immense demands incident to the disbanding of the armies and the final settlement of claims connected with that momentous change in our affairs, but also laid the foundation for the policy of funding the debt at a reduced rate of interest.
These results testify to the magnificent proportions of the financial legislation during the period of hostilities.
When the Thirty-ninth Congress met in December, 1865, gold stood at 147-7/8 @ 148-1/2.

A month later, on the 1st of January, 1866, the legal-tender notes and fractional currency amounted to $452,231,810; notes bearing 7-3/10 per cent interest, to $830,549,041; compound-interest notes payable three years from date (a considerable proportion of which time had elapsed), to $188,549,041; certificates of indebtedness, payable at various dates within the current year, to $50,667,000; and the temporary loan, practically payable on demand, had reached the large sum of $97,257,194.

These might all be called floating and pressing obligations, and their grand aggregate was $1,618,705,045.

At the same time the amount represented by bonds (6's of 1861, 5-20's, and 10-40's) was $1,120,786,700,--showing a total National debt on New-Year's Day, 1866, of $2,739,491,745.

If the National credit was to be maintained these sixteen hundred millions of floating obligations must be promptly placed on a basis that would give time to the Government to provide means for their ultimate redemption.