August, 1860.—Treasury notes to the amount of $50,000,000 were authorized by Congress.—The first well ever sunk for oil, and the first petroleum ever obtained by boring. The well was at Titusville, Oil Creek, Pa. It gave 1,000 barrels a day. This was the beginning of the petroleum business.
December, 1860.—The Southern banks suspended specie payment on the 12th.
April, 1861.—The lowest price at which United States bonds sold during the war was 75 for the 5s of 1874, quoted in this month.
December, 1861.—The National Bank system was recommended by Secretary Chase.—A premium for gold was quoted at the New York Stock Exchange for the first time, on the 30th.
April, 1862.—Gold was first quoted at a premium on the 12th, and by October 1 it had advanced to 123.
February, 1864.—Speculation in stocks was “rampant” and “wild.”
March, 1864.—There was a panic in the coal stocks on the 10th.—The month was noted for a rapid rise in gold.
April, 1864.—A semi-panic in Wall Street on the 18th.
June, 1864.—National currency to the amount of $300,000,000 was authorized by Congress. The full amount was issued before the close of 1867.
August, 1864.—Gold touched 261¾, its highest point.