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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 25

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government was pledged. Conklin's substitute also provided for the issue of $200,000,000 in United States notes redeemable in one year in coin. But no one supposed that the notes could be redeemed in coin when due, and thus dishonor by the government would have place it in a much worse position than it was already in. 
The third substitute for the bill recomended by the majority of the Committee was offered by Mr. Vallandingham of Ohio. It proposed to issue the same kind of notes as those provided in the bill for which it was to be substituted, except that they were not to be a legal tender. Mr. Vallandigham's bill, however, did not propose to make the notes payable on demand in coin. Its author claimed that the notes provided in his bill would be worth more in the market than the legal tender notes, but it is a little hard to see how notes which no one was obliged to take would be worth more

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23 government was pledged. Conklin's substitute also provided for the issue of $200,000,000 in United States notes redeemable in one year in coin. But no one supposed that the notes could be redeemed in coin when due, and thus dishonor by the government would have place it in a much worse position than it was already in. The third substitute for the bill recomended by the majority of the Committee was offered by Mr. Vallandingham of Ohio. It proposed to issue the same kind of notes as those provided in the bill for which it was to be substituted, except that they were not to be a legal tender. Mr. Vallandigham's bill, however, did not propose to make the notes payable on demand in coin. Its author claimed that the notes provided in his bill would be worth more in the market than the legal tender notes, but it is a little hard to see how notes which no one was obliged to take would be worth more