TEN-FORTIES, gold bonds issued during the Civil War that were redeemable after ten years and payable after forty years. Authorized by Congress on 3 March 1864 to allow greater freedom in financing the Civil War, their low 5 percent interest made them unpopular; less popular, at any rate, than the earlier "five-twenties," bonds with more flexible terms issued by the U.S. Treasury under the direction of financier Jay Cooke. Bond sales declined rapidly and forced the Treasury to rely more heavily on short-term loans, bank notes, greenback issues, and taxes.
Rein, Bert W. An Analysis and Critique of the Union Financing of the Civil War. Amherst, Mass: Amherst College Press, 1962.
Reinfeld, Fred. The Story of Civil War Money. New York: Sterling Publishing, 1959.
Chester M.Destler/a. r.