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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 22

20.
we are to say that the right to have them exchanged for six-twenty bonds gave them the characteristics of demand notes. had the people generally been willing to accept and circulate as money the Treasury notes which had been previously issued, there would probably have been no necessity for adding a legal tender clause to this bill; but as many people refused to accept them in payment of debts, it was argued that a hardship was being worked upon those who were patriotic enough to so receive them.
Three different substitutes were offered for the bill in the House, the authors of each claiming that his substitute would provide for the needs of the government without the obvious legal tender provision. The first of these was introduced by Mr. Morrill of Vermont and represented the report of the manority of the Committee on Ways and Means. The main features of Mr. Morrill's substitute bill were as follows. The $50,000,000 of treasury

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20. we are to say that the right to have them exchanged for six-twenty bonds gave them the characteristics of demand notes. had the people generally been willing to accept and circulate as money the Treasury notes which had been previously issued, there would probably have been no necessity for adding a legal tender clause to this bill; but as many people refused to accept them in payment of debts, it was argued that a hardship was being worked upon those who were patriotic enough to so receive them. Three different substitutes were offered for the bill in the House, the authors of each claiming that his substitute would provide for the needs of the government without the obvious legal tender provision. The first of these was introduced by Mr. Morrill of Vermont and represented the report of the manority of the Committee on Ways and Means. The main features of Mr. Morrill's substitute bill were as follows. The $50,000,000 of treasury