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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 11

9.
to get at least a part of the notes into the channels of trade as soon as possible in order to relieve the financial stringency; but the remaining $14,000,000 was to be advertised and sold to the bidder who would agree to take them as specie at the lowest rate of interest. It was said that by adopting this method it would be possible to ascertain precisely what would be the specie par of the notes; in other words, the interest upon the notes was not to be made so high that they would be boarded, nor so low that they would be below their par value as specie, and thus come into the Treasury in payment of dues. The measure was practically a loan to meet the current expenses of the Government, and was made necessary by the falling off of imports as a result of hard times, and the additional fact that the 34th Congress had passed a tariff bill which greatly decreased the customs duties.

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9. to get at least a part of the notes into the channels of trade as soon as possible in order to relieve the financial stringency; but the remaining $14,000,000 was to be advertised and sold to the bidder who would agree to take them as specie at the lowest rate of interest. It was said that by adopting this method it would be possible to ascertain precisely what would be the specie par of the notes; in other words, the interest upon the notes was not to be made so high that they would be boarded, nor so low that they would be below their par value as specie, and thus come into the Treasury in payment of dues. The measure was practically a loan to meet the current expenses of the Government, and was made necessary by the falling off of imports as a result of hard times, and the additional fact that the 34th Congress had passed a tariff bill which greatly decreased the customs duties.