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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 15

13.
of the Treasury to negotiate if possible $100,000,000 of the loan in Europe. There was very little debate upon this measure in Congress, thus indicating that the paramount needs of the hour had around that body to a point where it was in not mood to quibble over details. In this respect it suggest the recent unanimity of Congress in placing $50,000,000 at the disposal of President McKinley for the purpose of strengthening the navy and the coast defenses. 
On the fifth of the following month Congress passed an act supplementary to the preceding one of July 17, 1861 making the solvent specie paying banks of the country depositories of the moneys obtained by the loan for which that act provided. This was done in order to conciliate and aid the banks, from which the loan was expected to be negotiated, and necessitated the re-

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13. of the Treasury to negotiate if possible $100,000,000 of the loan in Europe. There was very little debate upon this measure in Congress, thus indicating that the paramount needs of the hour had around that body to a point where it was in not mood to quibble over details. In this respect it suggest the recent unanimity of Congress in placing $50,000,000 at the disposal of President McKinley for the purpose of strengthening the navy and the coast defenses. On the fifth of the following month Congress passed an act supplementary to the preceding one of July 17, 1861 making the solvent specie paying banks of the country depositories of the moneys obtained by the loan for which that act provided. This was done in order to conciliate and aid the banks, from which the loan was expected to be negotiated, and necessitated the re-