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Benson J. Lossing, Pictorial Field Book of the Civil War. Volume 3., Chapter 8: Civil affairs in 1863.--military operations between the Mountains and the Mississippi River. (search)
The Secretary proposed a moderate tax on the State bank circulation; that no issue of Government notes beyond the limits authorized should be made, unless a clear public exigency should demand it; the organization of banking associations for the improvement of the public credit, and to supply the public with a safe and uniform currency; and the repeal of restrictions concerning the conversion of certain Government bonds. To these propositions Congress responded, first by authorizing January 17, 1864. an additional issue of $100,000,000 of Government notes; then by an act, approved on the 25th of February, to provide a National currency through a National banking system; then by another, approved on the last day of the session, March 3. authorizing the Secretary to issue $300,000,000 for the current fiscal year, and $600,000,000 for the next fiscal year, ending June 30, 1864. These amounts were to be issued in 10-40 bonds, at six per cent. interest, both principal and interest to