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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 14

12
Part II. 
The First Currency Legislation of the War.
Seven month after the bill of Dec. 17, 1860 had become a law, Congress passed and the President signed a bill authorizing a loan of $250,000,000 to consist of coupon or registered bonds or treasury notes in such proportions as the Secretary of the Treasure should deem advisable. The bonds were to payable at the pleasure of the government after twenty years, with interest at 7 per centum, while the treasury notes were to be payable after three years and to bear interest at 7.3 per centum. The bill also provided for the issue of now - interest bearing treasury notes of denominations less than $50 which could be exchanged for coin or be used in paying salaries or other claims due by the United States to individuals. Authority was given to the Secretary

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12 Part II. The First Currency Legislation of the War. Seven month after the bill of Dec. 17, 1860 had become a law, Congress passed and the President signed a bill authorizing a loan of $250,000,000 to consist of coupon or registered bonds or treasury notes in such proportions as the Secretary of the Treasure should deem advisable. The bonds were to payable at the pleasure of the government after twenty years, with interest at 7 per centum, while the treasury notes were to be payable after three years and to bear interest at 7.3 per centum. The bill also provided for the issue of now - interest bearing treasury notes of denominations less than $50 which could be exchanged for coin or be used in paying salaries or other claims due by the United States to individuals. Authority was given to the Secretary