The demands for reimbursement at par represented a sum of only 187,588 and the market value of the stock was hardly affected; while the saving to the Treasury was to be 800,000 per annum for the first five years and about double the amount afterwards.
In the same year another series of bonds (hazin g tahvili), bearing 6% interest, and repayable in 1861, was issued; in 1861 the term of reimbursement was prolonged until 1875.
Further, an engagement was entered into that there should be no reimbursement of the loans till 905 for the Preference and Daira, and 1908 for the Domains.
Refusing any salary and asking only the reimbursement of his expenses, he accepted the position, asking "every gentleman in the room," however, to remember his declaration that he did not believe himself to be equal to the command, and that he accepted it only as a duty made imperative by the unanimity of the call.
But the state was authorized by an amendment adopted in 1868 to issue bonds for the reimbursement of the expenses incurred by its cities, towns, and plantations on account of the Civil War, and these bonds, with those issued by the state itself during the Civil War, constituted the largest part of the state's bonded indebtedness.
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