Low interest rates driven by Federal Reserve policy has encouraged companies to borrow - leading to a record $51.5 billion of junk bonds issued in June.
At 3.75 percent, the interest rate was high, but the main provision was that the government not make a public bond issue again and deal with Morgan alone.
The difficulties of bringing through the blockade any supplies purchased by foreign bond issues, however, nullified the effect of foreign credit and forced the Confederacy back upon the device of paper money.