If nothing is siezed, I would put my money on the tension being insufficient. The squealing supports this. After replacing the belts you have to run them for about 15 minutes to 1/2 hour, and then retighten them. Check it again after a couple of hours. If they are loose, they will jump the pulley and as soon as one lets go it can tangle the other one and they both go. Another indicator of a loose belt is when a belt will flip over in it's groove.
You actually got a chevy up to 50 mph? I thought only the Ford's could go that fast.
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