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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 21

19.
Congress having, therefore, decided that the only possible plan immediately available was that a further issue of treasury notes, the question on which it divided was as to whether the notes should be made a legal tender, or not. During the discussion of the measure it seemed to be conceded that the tax bill and the provision for a national bank system were to be passed as supplementary acts to that providing for the issue of treasury notes. The House bill as reported from the Committee on Ways and Means, contained a legal tender clause, and it was apparent from the first that this feature as not to be retained in the bill without a great struggle. In the discussions in Congress these notes were often spoken of as demand notes, but they did not have any of the characteristics of demand notes, as they were not payable upon the demand of the holder, but at the pleasure of the government, unless

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19. Congress having, therefore, decided that the only possible plan immediately available was that a further issue of treasury notes, the question on which it divided was as to whether the notes should be made a legal tender, or not. During the discussion of the measure it seemed to be conceded that the tax bill and the provision for a national bank system were to be passed as supplementary acts to that providing for the issue of treasury notes. The House bill as reported from the Committee on Ways and Means, contained a legal tender clause, and it was apparent from the first that this feature as not to be retained in the bill without a great struggle. In the discussions in Congress these notes were often spoken of as demand notes, but they did not have any of the characteristics of demand notes, as they were not payable upon the demand of the holder, but at the pleasure of the government, unless