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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 36

34.
Part IV.
History of the Acts Relating to the Currency between the Act of Feb. 25, 1862 and Feb. 12, 1873. 
Six month after the passage of the act Feb. 25, 1862 a second act was passed providing for the issue of $150,000,000 more of United States notes similar to those provided in the earlier law. Already these notes were depreciated six or seven per cent below par. Mr. Wicliffe of New York made a strong plea in the House against issuing any more of the notes, the issuing of which he characterized as borrowing from the left hand to pay for the right. Their great danger he said lay in the fact that they constituted a floating indebtedness. A man with a capitol of $10,000 can carry a funded debt of $50,000, but one with $50,000 capital can not carry a floating debt of $10,000 without great danger. But running printing presses is a comparatively easy task, and once the issuing of paper money has been entered upon,

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34. Part IV. History of the Acts Relating to the Currency between the Act of Feb. 25, 1862 and Feb. 12, 1873. Six month after the passage of the act Feb. 25, 1862 a second act was passed providing for the issue of $150,000,000 more of United States notes similar to those provided in the earlier law. Already these notes were depreciated six or seven per cent below par. Mr. Wicliffe of New York made a strong plea in the House against issuing any more of the notes, the issuing of which he characterized as borrowing from the left hand to pay for the right. Their great danger he said lay in the fact that they constituted a floating indebtedness. A man with a capitol of $10,000 can carry a funded debt of $50,000, but one with $50,000 capital can not carry a floating debt of $10,000 without great danger. But running printing presses is a comparatively easy task, and once the issuing of paper money has been entered upon,