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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 20

18.
Thru methods had been proposed in Congress for raising funds to carry on the war. The first was to increase taxation. The second contemplated a national banking act which should provide a currency secured by deposit of United States bonds, thus furnishing a uniform currency and at the same time a market for the government stock. The third method proposed was that of a further issue of treasury notes. The levying and collection of a tax, and the establishment of a new banking system, however, of necessity would consume considerable time, but as the government was nearly out of funds there was need for dispatch. A fourth method was also been open to Congress for raising the much needed funds, namely, that of selling bonds for what they would bring upon the market, but as it was thought that a loan could not be negotiated in this manner except at ruinous rates the plan was not considered a feasible one.

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18. Thru methods had been proposed in Congress for raising funds to carry on the war. The first was to increase taxation. The second contemplated a national banking act which should provide a currency secured by deposit of United States bonds, thus furnishing a uniform currency and at the same time a market for the government stock. The third method proposed was that of a further issue of treasury notes. The levying and collection of a tax, and the establishment of a new banking system, however, of necessity would consume considerable time, but as the government was nearly out of funds there was need for dispatch. A fourth method was also been open to Congress for raising the much needed funds, namely, that of selling bonds for what they would bring upon the market, but as it was thought that a loan could not be negotiated in this manner except at ruinous rates the plan was not considered a feasible one.