the credit of the United States, $400,000,000, on bonds redeemable
at the pleasure of the United States after a period of not less
than five, nor more than forty, years from date, bearing an annual
interest of not exceeding six per cent., payable semi-annually in
coin. He was authorized to receive for such bonds lawful money of
the United States, or, at his discretion, treasury notes, certificates
of indebtedness or certificates of deposit, issued under any act
of Congress. These bonds were similar in general description to
the 5-20 bonds already provided for, but bore interest at five per
cent. instead of six.

By these measures the people of the United States had placed in
the power of the government almost unlimited sources of revenue,
and all necessary expedients for borrowing. Strange as it may
appear, under the operation of these laws the country was very
prosperous. All forms of industry hitherto conducted, and many
others, were in healthy operation. Labor was in great demand and
fully occupied. This will account for the passage of several laws
that would not be justified except in an emergency like the one
then existing. Among these was an act to encourage immigration,
approved July 4, 1864. This act grew out of the great demand for
labor caused by the absence of so many men in the army. A commission
of immigration was provided. Immigrants were authorized to pledge
their wages, for a term not exceeding twelve months, to repay the
expense of their immigration. These contracts were declared to be
valid in law and might be enforced in the courts of the United
States or of the several states and territories. It provided that
no immigrant should be compulsorily enrolled for military service
during the existing insurrection, unless such immigrant voluntarily
renounced, under oath, his allegiance to the country of his birth,
and declared his intention to become a citizen of the United States.
This law could only be justified by the condition of affairs then
existing.

Another law, alike indefensible, but considered important at the
time, regulating the sale of gold, was approved June 17, 1864.
It declared unlawful a contract for the purchase or sale and delivery
of any gold coin or bullion, to be delivered on any day subsequent
to the making of the contract. It also forbade the purchase or
sale and delivery of foreign exchange, to be delivered at any time
beyond ten days subsequent to the making of such