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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 16

14.
peal of past of the sub-treasury of Aug. 6, 1846. The fact that Congress acquiesced in this demand of the banker in spight of the strong opposition of many of its members, is another indication of the necessities of the times and the dependence of the government upon the banks for money with which to carry on the war. Nor did the banks fail to make an effort to relieve the government. On Aug. 15, 1891 the banks of New York, Boston, and Philadelphia associated themselves together for the purpose of sustaining the government by loaning it money on its bonds. The capital of the banks thus associated together was about $120,000,000 and they had $63,155,039 of assets in coin. The association at the time of its organization subscribed for a $150,000,000 loan to the government. Some of the banks apposed such an association, but all opposing arguments were silenced by the question asked by the president

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14. peal of past of the sub-treasury of Aug. 6, 1846. The fact that Congress acquiesced in this demand of the banker in spight of the strong opposition of many of its members, is another indication of the necessities of the times and the dependence of the government upon the banks for money with which to carry on the war. Nor did the banks fail to make an effort to relieve the government. On Aug. 15, 1891 the banks of New York, Boston, and Philadelphia associated themselves together for the purpose of sustaining the government by loaning it money on its bonds. The capital of the banks thus associated together was about $120,000,000 and they had $63,155,039 of assets in coin. The association at the time of its organization subscribed for a $150,000,000 loan to the government. Some of the banks apposed such an association, but all opposing arguments were silenced by the question asked by the president