ALEXANDER JAMES DALLAS

The Treasury was suffering under every kind of embarrassment. The demands upon it were great in amount, while the means for satisfying them were comparatively small, precarious in collection and difficult in their application.

The government was unable to avert or to control the course of events.

Treasury notes are a precarious substitute either for coin or for bank notes, charges as they are with a growing interest, productive of no countervailing profit or emolument, and exposed to every breadth of popular prejudice or alarm.

Whether the issuance of paper currency proceed from the national Treasury or from a national Bank, the acceptance of the paper in a course of payments and receipts must be forever optional with the citizens.

The government was unable to avert or to control the course of events.

The Treasury was suffering under every kind of embarrassment. The demands upon it were great in amount, while the means for satisfying them were comparatively small, precarious in collection and difficult in their application.

Treasury notes are a precarious substitute either for coin or for bank notes, charges as they are with a growing interest, productive of no countervailing profit or emolument, and exposed to every breadth of popular prejudice or alarm.

Whether the issuance of paper currency proceed from the national Treasury or from a national Bank, the acceptance of the paper in a course of payments and receipts must be forever optional with the citizens.