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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 34

32.
the dangerous and vicious device of an irredeemable paper currency. F.A. Walker and Henry Adams in a joint article in the North American Review for April, 1870 say:-
"The common impression undoubtedly is, that even though there was no actual necessity for a law of legal tender so early as February, 1862, yet at some subsequent time the enactment of such a law would have proved inevitable....Without venturing at present on any absolute denial of the theory,...it is only fair to say that, although the subject is scarcely capable at the present time of positive demonstration, there is absolutely no evidence to prove that the government might not have carried the war to a successful conclusion without the issue of a single dollar of its legal tender paper."
Whether the war could have been conducted to a successful termination without a resort to irredeemable paper currency will probably always be a mooted question; but in behalf of the men who voted for

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32. the dangerous and vicious device of an irredeemable paper currency. F.A. Walker and Henry Adams in a joint article in the North American Review for April, 1870 say:- "The common impression undoubtedly is, that even though there was no actual necessity for a law of legal tender so early as February, 1862, yet at some subsequent time the enactment of such a law would have proved inevitable....Without venturing at present on any absolute denial of the theory,...it is only fair to say that, although the subject is scarcely capable at the present time of positive demonstration, there is absolutely no evidence to prove that the government might not have carried the war to a successful conclusion without the issue of a single dollar of its legal tender paper." Whether the war could have been conducted to a successful termination without a resort to irredeemable paper currency will probably always be a mooted question; but in behalf of the men who voted for