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The Daily Dispatch: May 3, 1864., [Electronic resource], article 7 (search)
t. The reports of the Departments, herewith submitted, are referred to for full information in relation to the matters appertaining to each. There are two of them on which I deem it necessary to make special remark. The report of the Secretary of the Treasury states facts justifying the conclusion that the law passed at the last session for the purpose of withdrawing from circulation the large excess of Treasury notes heretofore issued, has had the desired effect; and that by the 1st July the amount in circulation will have been reduced to a sum not exceeding $230,000,000. It is believed to be of primary importance that no further issue of notes should take place, and that the use of the credit of the Government should be restricted to the two other modes provided by Congress, viz: the rule of bonds and the issue of certificates bearing interest, for the price of supplies purchased within our limits. The law, as it now stands, authorizes the issue by the Treasury of new not