The enquirer. [volume] (Richmond, Va.) 1804-1815, 1815-03-11
iMP0RTAN@r REPORT
FROlI TIE TREASURY DEPART.
6TGW2.

FRONI TIE TREASURY DEPART.
6EGW2.
Letter from the Secretary of'the Treasury 10
| rte co7irsilfcs u Hays and blsans.
| Treasury Department, Feb. 20, 1915.
SIR,
| have the honor to acknowledge
the receipt Of your letter, dated the 18th IN
| slant. which, in consequence # the te,rn,pa-
ton of the war. requests, in behalf OF che
committee oeN'ays ard Means, a. view Of
the probable receipts from imports and ton
mage, during the year 1878, and any other
information that may enable the Committee
to decide on the measures necessary to meet
the unexpected and Fortunate change, which
peace rast produce, in the res, urces of the
United States" IL has hitherto been nv ar
cuous and painful employment, to suggest TO
yodc consideration measures for relieving the
embarra ssrnents OF the treasury, with vie W
to the expenditures of protraoted war
And you viii readily believe, that. on every
account, personal IS well as public, ioin Won
most sincerely, in rejoicing at an event,
which brings with It an immediate alienation
OF che pressure upon iris deraytmeGj, as wei as
general assurance CT national honor * pros
pt risv.
The objects which claimed the attention
Cations, were, lst, re state of the public Gre
dit ; 2nd. the state NJ the circulating me-
dinm ; aud. Sd. the ways and means 70 de-
ray the varioas expenses of the govern
meHt
/. The public credit was depressed during
me w'r, owing 90 several causes, that rust
now cease 10 operate. All the cilcums;an-
, ces internal and external, which were ca,c,l-
lated to excite douot as tn the duration. or as
to thp 81 he
the cautious SI the tirGi;, have passed away
and N their place, the proofs os confidence
pegin already t" appear with practical adj
vantage. While it was dou5tfu, to What cx-
tent tte pubic ex'gencies would require the
a'd OF loans, those persons who retained the
means Of lending. either feared, or affected to
rear, the eventual security cf the govern
neat and even The exemplary display oe
| me ratl0nal resources, which has been inside
during the present session Of Congress- for
the oeneht OF the public creditors, was cur
tailed OF its natural effect, in the resuscta-
tlon or public credit, by the cou. erva;l;ne-
influence OF causes which u IS unnecessary
70 sperny Bat when the whole amount oe
the public debt incurred during the war. is
tXed and ascert4ined when it is known.
that ample provisi n is made for the punc-
tnai payment Ct the interest, and for the cra
dual extinsuShmert of the principal Of the
NiiA "hNtI GOONC ali, II IS seen. that
| CONGRESS- is iuiicXible in its adherence 20 tn
ilith and policy CT the legislative pledres ::
the public credit of the T. States will stand
upon basis the most durable and The. n,nsr
! honorable
2. The difficulties Of the national circuIa
| ting medium remain, however, to be encrun.
tered under circumstances which the govern
ment cannot control. The effects of the
peace will ceitainiy restore a metallic me-
Cutn itIt ,,rt tl.k
| orly resource f,r Ill the neciInja,,. trans4c-
| CONS ~ the treasury, s we'll as OF mtliV'du-
ais, viii be the 'SsI-s Gf treasury notes & the
notes OF the state banks u, indeed, ihe STATE
! canks were soon 10 resume their payments in
! spcc'e cr If thev werc again I give credit
ana circulation 10 the notes OF each other,
throughout the u. States! and if they were
moreover, able ap.i wiling TO accommodate
The tiscat views Of the government, (Which [
90 not permit myself for moment to doubt
total dependence upun thnse institutions,
| howevsr iupoiitic in the distract. wcuG be
practically sale and beneficial But if, on the
! other hanG, the uDtes ~ tue state banks cball
continue limited, in circziation and use. to
| the city, the town, or the state, in which
| they are issued, it must be obvious. that toev
nnot answer tle purposes of national me.
| diun !; and that the receipt Of such notes, IN
| payments for duties ofiGpoTt or internal du-
! lies, viii convert the public revenue, whjc
estned for geuerf.t,,s-s abroad. as well q : 1T
home, into local fund that may not be wapte,I
! where u Exists, & Cannot be applied where il
is wanted. 1t IS. neVei tleiess, in the power Of
| Congress to obviate in a considerable decree
this difficulty, by authorship the payment cf
! a reasonable rate OF exchange, upon the trans
| fer OF its revenue, from TIE places Of cc,leo-
/ ton and deposit, to the places IF demand and
| employment and ] respectfully recommend
/ the eHpedeGt 90 the consideration Of the
| committee % Ways E: Means
! The alternative, or concurrent resource of
treasury notes, for national circulating me
diun,. has. Oh Other occasions. been consider
, cd. HE security Of tue government must al.
{ ways, upon eyery reasonable aud candid es-
/ innate Oe deemed superior TO Tie securiiy a
| any private Corporation +; and so far as tr,a.
| s1fy notes beaf en iAteres St and are recejva-
bic ~ the r.ymens of duties and taxes. tiev
are eyldeatiT rcore vaiuabie than 5auk notes.
/ WAich 90 nos posses tdose CLaracteristics
Bdt tic U1acAmefY 81 a bark is Calculated "a
give an impulse and direction 70 It's issues Of
! paper, which cannot te impaired by the forms
OK tie treasury, or 5ny Te-c!y official ipstitu-
ton, 20 the paper Of tie government. In tie
| operations ri bank, TOO, the facilities a
bank credits supply the place. IN = very 10
! poEtant degree, Of the issues &c notes so ;iof
g bank Loan OF 30 millions of dollars, for IN
stance, "ouid, probably, require no greate,
isSns, than SIX millions Of dollars in notes. On
The Contrary, the whoie amount Of whatever
! Sum IS TO be raised bv All issue Of treasury
notes fatttgf no e~t,..4lt.- .r,4 90. 81.