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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 37

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it is hard to stop and return to the onerous methods of selling bonds and taxation. 
On the last day of the 37th Congress both Houses passed and the President signed a bill making postage stamp exchangeable for United States notes, and providing that they should be received in payment of all dues to the United States for sums of less than five dollars. The act provided for the deposit at places designated by the Secretary of the Treasury of both postage stamps and other stamps of the United States, for the purpose of exchanging them for United States notes. The use of postage stamps as currency was soon largely discontinued, but the "other stamps" designated by the act were issued to the amount of over $20,00,000 and constituted the so called "postal currency." Previous to this act a considerable quantity of what were popularly known as "shin plasters" had been issued by individuals and corporations for their private con-

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35 it is hard to stop and return to the onerous methods of selling bonds and taxation. On the last day of the 37th Congress both Houses passed and the President signed a bill making postage stamp exchangeable for United States notes, and providing that they should be received in payment of all dues to the United States for sums of less than five dollars. The act provided for the deposit at places designated by the Secretary of the Treasury of both postage stamps and other stamps of the United States, for the purpose of exchanging them for United States notes. The use of postage stamps as currency was soon largely discontinued, but the "other stamps" designated by the act were issued to the amount of over $20,00,000 and constituted the so called "postal currency." Previous to this act a considerable quantity of what were popularly known as "shin plasters" had been issued by individuals and corporations for their private con-