CSPAN3 July 8, 2012
now, we had suspensions before in this country, most notably in 1837, 1839 and 1857, but this time we had a war to worry about and financial chaos was the last thing we needed. not only was there a halt in the specie outflow from banks but what that meant was there was no market for buying the federal bonds because they had to be purchased with specie. so something else had to give. we couldnt get tax revenue. we couldnt do conventional borrowing. so we printed money. now, when lincoln...
Source: archive.org