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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 12

10. The act was a legitimate effort to forestall the revenues to be derived from the duties on imports and from other sources. 
The act of Dec. 17, 1860 providing for the issue of $10,000,000 in treasury notes was a loan bearing interest at the rate of 6 per centum. These notes when signed by the person to whose order they were made payable were assignable by delivery There was considerable discussion in Congress as to whether the money accruing from the sales of public lands should not be specificly pledged for the redemption of these notes. In all former bills for the issue of notes their redemption had been provided for by a pledge of the general faith of the government. The argument that the pledging of a specific fund would have a tendency to throw suspicion on the credit of the government finally prevailed, and the clause providing

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10. The act was a legitimate effort to forestall the revenues to be derived from the duties on imports and from other sources. The act of Dec. 17, 1860 providing for the issue of $10,000,000 in treasury notes was a loan bearing interest at the rate of 6 per centum. These notes when signed by the person to whose order they were made payable were assignable by delivery There was considerable discussion in Congress as to whether the money accruing from the sales of public lands should not be specificly pledged for the redemption of these notes. In all former bills for the issue of notes their redemption had been provided for by a pledge of the general faith of the government. The argument that the pledging of a specific fund would have a tendency to throw suspicion on the credit of the government finally prevailed, and the clause providing