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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 9

7.
minor transactions of trade had ever since remained undisturbed, except during the period of the Civil War.
The next act of importance in the history of the currency is that of Dec. 23, 1857, and was an attempt to remedy the financial conditions which brought about the panic of that year. The causes of the panic may be found in the large speculations in lands and in rail-roads which had been carried on either with borrowed money, or open credits, or by accommodation notes back of which there was no second party. The bill which by providing an increased circulation was to furnish relief for the strained conditions in financial circles, was similar in its main features to all the bills for the issue of paper currency passed since 1837 except in two respects. These were first, in striking.

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7. minor transactions of trade had ever since remained undisturbed, except during the period of the Civil War. The next act of importance in the history of the currency is that of Dec. 23, 1857, and was an attempt to remedy the financial conditions which brought about the panic of that year. The causes of the panic may be found in the large speculations in lands and in rail-roads which had been carried on either with borrowed money, or open credits, or by accommodation notes back of which there was no second party. The bill which by providing an increased circulation was to furnish relief for the strained conditions in financial circles, was similar in its main features to all the bills for the issue of paper currency passed since 1837 except in two respects. These were first, in striking.