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History of the Currency, 1848 - 1873 by Walter G. Watt, 1898

History of the Currency, 1848 - 1873 by Walter G. Watt, 1898, Page 24

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than the notes provided in the majority report, but it seems as though the effect must have been just the opposite, for the difficulty of keeping track of the interest on a note for the short time it would be in the possession of a holder would handicap it as a circulating medium. In the language of Senator Sherman, the notes without the legal tender feature would fall dead upon the market. 
Roscoe Conklin's substitute for the bill provided that $250,000,000 of bonds should be sold or exchanged for the currency of the banks of Boston, New York, and Philadelphia. But the banks of those cities had suspended specie payments. To exchange bonds payable at maturity in coin for depreciated bank currency and then pay the government contractors, soldiers, and other creditors in this depreciated money would have been a poor substitute for paying them in legal tender notes, for the redemption of which the faith of the

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22 than the notes provided in the majority report, but it seems as though the effect must have been just the opposite, for the difficulty of keeping track of the interest on a note for the short time it would be in the possession of a holder would handicap it as a circulating medium. In the language of Senator Sherman, the notes without the legal tender feature would fall dead upon the market. Roscoe Conklin's substitute for the bill provided that $250,000,000 of bonds should be sold or exchanged for the currency of the banks of Boston, New York, and Philadelphia. But the banks of those cities had suspended specie payments. To exchange bonds payable at maturity in coin for depreciated bank currency and then pay the government contractors, soldiers, and other creditors in this depreciated money would have been a poor substitute for paying them in legal tender notes, for the redemption of which the faith of the