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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 40

38.
coupon or registered bonds payable at the pleasure of the government in not less than ten years nor more than fourty. In lieu of an equal amount of bonds the Secretary might issue $400,000,000 of Treasury notes bearing interest at 6 per cent., and $150,000,000 of Untied States legal tender notes. Again on June 30, 1864 the Secretary of the Treasury was authorized to borrow $400,000,000 and issue bonds or treasury notes for it; and a like measure for $600,000,000 was passed on Mar. 3, 1865. None of these acts, however, introduced any new features into the policy which had been adopted for raising the means to carry on the war. Before the funds obtained by this last loan were exhausted, Lee had surrendered to Grant at Appamatox and the war was at an end. These loans had been obtained at great sacrifices, but when we think of the results which were accomplished with their proceeds we hesitate to speak any word of criticism of those, who though possessing unbounded patriotism, may

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38. coupon or registered bonds payable at the pleasure of the government in not less than ten years nor more than fourty. In lieu of an equal amount of bonds the Secretary might issue $400,000,000 of Treasury notes bearing interest at 6 per cent., and $150,000,000 of Untied States legal tender notes. Again on June 30, 1864 the Secretary of the Treasury was authorized to borrow $400,000,000 and issue bonds or treasury notes for it; and a like measure for $600,000,000 was passed on Mar. 3, 1865. None of these acts, however, introduced any new features into the policy which had been adopted for raising the means to carry on the war. Before the funds obtained by this last loan were exhausted, Lee had surrendered to Grant at Appamatox and the war was at an end. These loans had been obtained at great sacrifices, but when we think of the results which were accomplished with their proceeds we hesitate to speak any word of criticism of those, who though possessing unbounded patriotism, may