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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 38

36.
venience in making change; but by this act the issuing of any paper money of a denomination less than one dollar by any individual, firm, or corporation was forbidden. These notes were issued in denominations of 5,10,25 and 50 cents and were of inestimable service, the paper currency having driven the fractional silver coin out of circulation, and later even the copper coins disappeared. Numerous cities also issued this postal currency, the act not forbidding municipal corporations to do so. Mr. Phelps of Missouri in the House objected to the clause forbidding corporations to issue paper money of a less denomination than one dollar, as an implication that Congress had the power to forbid state institutions to issue paper money of any denomination whatever, as well as that of less than one dollar. Mr. Phelps considered the act unconstitutional. But the constitutionality of the act was not discussed by Congress to any considerable extent.

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36. venience in making change; but by this act the issuing of any paper money of a denomination less than one dollar by any individual, firm, or corporation was forbidden. These notes were issued in denominations of 5,10,25 and 50 cents and were of inestimable service, the paper currency having driven the fractional silver coin out of circulation, and later even the copper coins disappeared. Numerous cities also issued this postal currency, the act not forbidding municipal corporations to do so. Mr. Phelps of Missouri in the House objected to the clause forbidding corporations to issue paper money of a less denomination than one dollar, as an implication that Congress had the power to forbid state institutions to issue paper money of any denomination whatever, as well as that of less than one dollar. Mr. Phelps considered the act unconstitutional. But the constitutionality of the act was not discussed by Congress to any considerable extent.