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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 41

39.
not have always chosen the wisest policy for attaining their ends. 
During the dark hours of the war, the legal tender notes depreciated greatly, and on July 1, 1864, gold reached a premium of 185 in New York, this being the highest point to which it rose. But even after the war was over there was still much distrust of the government, people doubting whether or not it was going to redeem the green-backs and bonds in specie. To allay this distrust Congress on Mar 18,1869 passed an act to strengthen the public credit. By this act the faith of the government was pledged to pay in coin or its equivalent all its obligations not bearing interest, and also all its interest beating obligations except those which it had expressly provided by law might be paid in lawful money other than gold and silver. The faith of the government had been previously thus pledged, but grave doubts had existed in the minds of the people as to

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39. not have always chosen the wisest policy for attaining their ends. During the dark hours of the war, the legal tender notes depreciated greatly, and on July 1, 1864, gold reached a premium of 185 in New York, this being the highest point to which it rose. But even after the war was over there was still much distrust of the government, people doubting whether or not it was going to redeem the green-backs and bonds in specie. To allay this distrust Congress on Mar 18,1869 passed an act to strengthen the public credit. By this act the faith of the government was pledged to pay in coin or its equivalent all its obligations not bearing interest, and also all its interest beating obligations except those which it had expressly provided by law might be paid in lawful money other than gold and silver. The faith of the government had been previously thus pledged, but grave doubts had existed in the minds of the people as to