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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 26

24.
than those which every man must take when offered in payment of a debt. Certainly the banks would not be willing to take them as evidence of loans advanced to the government when they would not be able to pay them out over their counters; except at the pleasure of the person receiving them. In closing the discussion of the three substitute bills it seems but just to say that if the legal tender bill was a financial blunder there was nothing in the substitutes offered for it which possessed any advantage over it. 
Mr. Bolles in his financial history of the United States strongly condemns Secretary Chase for the part he took in getting the legal tender bill passed and for his financial policy in general. Mr. Bolles says: - "If instead of inventing paper wings for money as soon as the banks had suspended specie payments, the President had selected Mr. Fessenden, or another man equally com-

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24. than those which every man must take when offered in payment of a debt. Certainly the banks would not be willing to take them as evidence of loans advanced to the government when they would not be able to pay them out over their counters; except at the pleasure of the person receiving them. In closing the discussion of the three substitute bills it seems but just to say that if the legal tender bill was a financial blunder there was nothing in the substitutes offered for it which possessed any advantage over it. Mr. Bolles in his financial history of the United States strongly condemns Secretary Chase for the part he took in getting the legal tender bill passed and for his financial policy in general. Mr. Bolles says: - "If instead of inventing paper wings for money as soon as the banks had suspended specie payments, the President had selected Mr. Fessenden, or another man equally com-