SHORT-TERM INTEREST RATES
The data for short-term interest rates given in Column 4 of Table 9 are discount rates on four to six months commercial paper. The data for the years from 1831 through 1860 are taken from "The Tariff Question," by Erastus B. Bigelow ( Boston 1862). These figures are stated to be those of commercial paper in Boston and New York, but it is probable that they are Boston rates. The source of the figures for the years 1861 through 1865 is "Seventy-three Years' History of the Boston Stock Market," by Joseph G. Martin ( Boston 1871). The data from 1866 through 1913 are those compiled by Professor W. L. Crum and published in the Review of Economic Statistics, January, 1923, and those from 1914 to date are compilations of the Standard Statistics Company.
The best source of information about early records of short-term interest rates is "The Movements of Interest Rates, Bond Yields and Stock Prices in the United States Since 1856," by Frederick R. Macaulay, published in 1938 by the National Bureau of Economic Research. Tables 24 and 25 and Appendix E of that volume should be consulted by students seeking information about sources of data.