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why Dems don't use power when they have it is one of the great mysteries for sure
why Dems don't use power when they have it is one of the great mysteries for sure
Consol (short for consolidated) bonds were issued by the U.S. Treasury during the 19th and early 20th Centuries. Used to refinance the national debt, the 41st Congress passed an act in 1870 authorizing three separate consol issues with redemption privileges after ten, fifteen, and thirty years. Unlike traditional debt issuances, consols have no definitive redemption dates. It is from this feature that they are occasionally referred to as "perpetual bonds." They are redeemable at the pleasure of the Treasury Department after a specified date. Several nations have issued sovereign consols. The interest rates on these securities are such that governments have often left consols outstanding for decades. In 2014, the British government redeemed 4% consols issued to pay for the costs of WWI. The Acts of July 14th, 1870, and January 20, 1871 provided authorization for the issuance of $1 billion of thirty-year consols, exempted from all local, state, and federal taxation. The Herbstman Collection features the only known examples of registered bonds authorized by the act. These bonds were referred to as the Funded Loan of 1907.
1877 $50 Thirty-year Registered 4% Consol
$740 Million Issued
Like other sovereign-issue consols, this debt security has no definitive payable date. The bond is redeemable at the pleasure of the Treasury Department after July of 1907. This security, known on the government's books as the Funded Loan of 1907, was issued between 1877-1879. The interest on this security was paid quarterly: January, April July, and October. The back of this security features the Treasury's transfer form for registered bonds. Also featured are two parallel blue-colored anti-counterfeiting swaths imbedded within the paper itself.
The only $50 registered consol known to exist from this year, and one of two registered 1877 Consols known
They were too busy raising the minimum wage.
Why did Republicans raise it when they controlled everything?
Joe Manchin
Repugs raised it 40+ times since 1980, "cleanly"
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