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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 27

25.
petent to manage the treasury department, the banks would have co-operated with him and new loans would have been negotiated. But it was hopeless to attempt to work with Mr. Chase."(2) Mr. Bolles work, however, seems to savor somewhat of an attempt to vindicate the action of the banks, and there may be some question as to whether he is altogether an important judge. As has been previously remarked, there is some doubt as to whether depreciated and irredeemable bank currency has any advantages over the same kind of currency when issue by the government, though of course either kid is bad enough. It is true that while ostensibly the purpose of the bill was to furnish the country with an increased circulating medium, it was in reality a forced loan from the people. But the treasury notes provided by previous bills were likewise a forced loan, though they were not made a legal tender, for the creditors of the govern-
(2) Financial History of the United States 1861-1885. page 69.

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25. petent to manage the treasury department, the banks would have co-operated with him and new loans would have been negotiated. But it was hopeless to attempt to work with Mr. Chase."(2) Mr. Bolles work, however, seems to savor somewhat of an attempt to vindicate the action of the banks, and there may be some question as to whether he is altogether an important judge. As has been previously remarked, there is some doubt as to whether depreciated and irredeemable bank currency has any advantages over the same kind of currency when issue by the government, though of course either kid is bad enough. It is true that while ostensibly the purpose of the bill was to furnish the country with an increased circulating medium, it was in reality a forced loan from the people. But the treasury notes provided by previous bills were likewise a forced loan, though they were not made a legal tender, for the creditors of the govern- (2) Financial History of the United States 1861-1885. page 69.