Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-04-13

her last is stiIl however entertained, that the
rency in CON cannot at once be restored; The, .
can only De restored through gradual reduct;on -
the amount, attended by an amelioratiou OF H., u
Tue OF the existing paper medium, anu thu, =, "a
measure oil reform must originate with tho ~" 90
banks. 1t has been sani, indeed that those ,ste
tons have already begun the ss,utary wort . ,I'u.
Tue amount OF their discounts has been redn..i'
that the issues of their paper have been rnst,;c,S
and that preparations are made for conver,;, ~
capital of public stock into the more iey;tima,s 60.
tai OF gold and silver. Pebble confidence NM, p-
turaily follow these lust and judcious
-nu' the in'erposton OF the government will ,,1,
be required, TO secure p successful result ~"i
1t must at all times be delicate tssl, r., a..
the payment OF duties and taxes in gold and sill
before The treasury is prepared, independent as
hy contingency, to give an assurance that the -
Tic creditors shall be paid in the same or an Co,
lent medium. II, however, national bank ~
e''"o'sneu, uiiis assurance may be confidently 49,;
en- and 1t is believed that the apprehsns;o, So,
prove untounded, which suggests thst the iss,o VII"
bank paper viii be increased, and conseouo,,, y.
w'i dePrecate by the operation of such an ins,;,,
non, h"mand Tor the paper of the nationa,
nsnk may timiiilsh the demand for the pane, IS :, ".
state banks, but, after the restoration Of tbe u'e
ey IN com, the whole issue OF bank paDer vii, ~,
regulated by tbs whole demand and ,he r,,,o,I,
ons OF The issue to be enjoyed by the national h.n
sr4 sne state banks, respectively, will be the snbec.
M nj L.
,erests or convenience. It. therefore, the s,',ss
banks have resumed the payment of their no,es ~
com, before the national bank shall b.. orran;,J
there VIII be no hazard OF disappointment in
sung similar payment to the public creditors bnt
even II that be not the case the hazari ,,;,I ~
Slight considering all the legislative preoA,,;ou.
winch 1t IS proposed To adopt Added tn tho ,ra,,'
tic capital OF the national bank, the deposte Of H.
revenue, collected in gold and silver, must he :
snsent basis for circulation of coin as the uses
MT ho,.I-
nsuoh, VIII be constant well as Uniform
Under these general impressions have the bo.
or 10 submit the specific answers to YOU, inour;es
IN the 10. lowing form
l. mat be made by law the duty ofthe Secrs.
tary ~ the Treasury to give public notice tb.t g.
and after the 3st day IF December newt Il ,,, @
Dc lawful to receive IN payment to the u tied Sta,e
any thing but gold, silver and copper coins cons,;1
tuhng the lawful natio al currency provided ,ha,
.ne secretary OF the Treasury NAV, as hereto(ore
suenor'1e ana allow the receipt of the notes of sncb
oanks, as shall pay their notes on demand. in ,ha
lawful money Of the U. States.
nat from and alter the same dav il shall no.
oe awful Tor the Secretary of the Treasury to an
tnoize or allow deposites ofhe revenue to he made
or to be continued, in any bank which shall mt 49,,
the U. States e' Vi
s.. That from and after the same tiay, it shall he
t'e nuty OF the Secretary of the Treasury 70 t,ka
legal measures for obtaining payment in the lawnI
n'nes OF the u States ct all notes or sums on de-
poste, belonging to the Uniied States issped Inv mr.
deposited in any bank which shall not then nav n.
notes anu depostes, on demand, in the lawful money
of the u. S. 'e'
4. That from and after the same d,y. the note,
OF banks and bankers shall be charged with a
graduated stamp duty, advanced at least 200 per
cent. upon tie present duty, without the privilege
oil communication saving in that respect all existi9q
contracts: Prorfded, that ifany banks or bankers
shaii, on ar before the LIST day of November next
not"y tne Secretary OF the Treasury, that their
notes will he paid in COIN upon demand affer fLs
Sist of December and if it be proved TO his salts
faction, that after that dsy payment was so made
then, with respect to such bank or bankers tn. rata
OF duty and the privileges of communication shall re-
main as now established BY law.
Although the success Of these measures Is mot in
any degree doubted, IL may be proper to add that
u II ever STALL become necessary To increase their
force, provision might be made, under the conytu.
tionai power Of Congress, to subject all banks and
bankers, failing to pay their notes according to the
terms ct the contract. TO seizure of their estates
enect' Tor the benefit of their creditors as in case
eflegal bankruptcy
cannot conclude this letter, wthent an expressi.
on OF some solicitude the present situation cf the
Treasury. The State banks have ceased to afr,rd
any accommodation tor the transfer ofi;sfunds The
revenue is paid as already stated in trea ury notes.
where treasury notes are below par and the public
engagements can only be satisfactorily discharged in
treasury notes, which are immediately funded at7
per cent. Where treasury notes are above par,
the local accumulation Of bank credits IS bevopd
the local demands, and the excess cannot be used
elsewhere. Discomfort and speculation are abroad;
and all the estimates Of the amount of the funded
debt, created since the commencement of the late
war, will probably fail, unes, the wisdom of Con-
gress shall eectuay provide for the early restora-
ton OF AN uniform national currency.
have the honor to be, sir, very respectfully, you
most ob't. serv't.
Al DALLAS,
TIE Hon. 7. c. CALHOUN,
Chairman efhe Committee on tie