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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 6

4.
Part I
Currency Legislation in the Decade Immediately Preceding the War of the Rebellion.
The most serious difficulty arising from the disappearance of silver was the lock of fractional coins for making change. That the lack of such fractional currency was sufficient to be felt an inconvenience is indicated by the fact that Congress was memorialized by a large number of the members of the state legislature of New Jersey to pass the bill regulating the subsidiary coinage, as the merchants of that state found it difficult to carry on their business for the want of a suitable medium of exchange. That the value of gold and silver like the value of all other commodities is effected by an increase in their supply, and that the cheaper money tends to drive out the dearer, while facts that have long been appreciated

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4. Part I Currency Legislation in the Decade Immediately Preceding the War of the Rebellion. The most serious difficulty arising from the disappearance of silver was the lock of fractional coins for making change. That the lack of such fractional currency was sufficient to be felt an inconvenience is indicated by the fact that Congress was memorialized by a large number of the members of the state legislature of New Jersey to pass the bill regulating the subsidiary coinage, as the merchants of that state found it difficult to carry on their business for the want of a suitable medium of exchange. That the value of gold and silver like the value of all other commodities is effected by an increase in their supply, and that the cheaper money tends to drive out the dearer, while facts that have long been appreciated