U. S. LOANS IN 1860.
Minonk, Ill.
Did this government borrow money during James Buchanan’s administration? If so, at what interest? What interest did the government pay for money borrowed to carry on the Mexican war?
Answer.—In June, 1860, Congress authorized the loan of $20,000,000, and in October, $1,000,000, at 5 per cent, was put upon the market; but, owing to the Presidential election of that year and the consequent change in the aspect of politics, the final amount issued was but $7,022,000. On Dec. 17 a law was passed permitting the issue of $10,000,000; $5,000,000 was offered, and but $500,000 was bid, at 12 per cent. Other offers at 24 to 36 per cent were rejected. By the 31st of December most of the remainder had been taken by banks and bankers upon certain conditions securing the interest. In January, 1861, the remaining $5,000,000, under the act of December, was awarded as follows: $10,000 at 8¾ per cent, $30,000 at 9 per cent, $10,000 at 9¼ per cent, $140,000 at 9½ per cent, $67,000 at 9¾ per cent, $721,000 at 10 per cent, $265,000 at 10¼ per cent, $543,000 at 10½ per cent, $1,267,000 at 10¾ per cent, and $1,947,000 at 11 per cent. Feb. 8 Congress passed another bill, authorizing a loan of $25,000,000, at 6 per cent interest, to run not less than ten nor more than twenty years, the stock to be sold to the highest bidder. The amount offered was $14,355,000, of which all below 90 per cent were rejected, and the stock as awarded ranged from 90½ to 96 per cent. The tariff bill, which was passed March 2, authorized a loan of $10,000,000, and restored the highest protective character to the tariff. During the Mexican war, in 1847, the government made loans to the amount of $9,415,250 at 6 per cent interest.
VAUXHALL GARDENS.
Marshalltown, Iowa.
I remember reading, when a boy, in a Baltimore paper, an account of the destruction by fire of the art gallery of Vauxhall Garden, London, and I think it stated also “with a loss of all the valuable paintings.” Please state in what year that conflagration occurred, Any information regarding this garden would be of interest to many, I am sure.
Joseph Rogers.
Answer.—Vauxhall Garden, named from its site in “La Salle Faukes,” was first opened to the public in 1660, and was for nearly two centuries the favorite resort for a large class of London pleasure-seekers. It was laid out with beautiful walks, fountains, booths, and buildings, and was nightly thronged by a gay and brilliant company, eating and drinking, while they gossiped or made love to the sound of constant music. But toward the latter part of the eighteenth century the garden fell into disrepute, through the increasing laxity of many of its patrons, and on July 25, 1859, the garden was forever closed, its site being soon covered with streets and buildings. We cannot find the date of the fire you mention. It is consoling, however, to know that few, if any, of the paintings had great merit. A vivid description of Vauxhall is given in Thackeray’s “Vanity Fair.”