Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-04-13

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Iauently will depreciate by the opera
ION Of such an institution. A DC.
nand for the paper OF the national
hank may diminish the demand for
|the paper OF the State banks, but
| ,fter the restoration ofihe currency
lin coin. the whole issue of bank pa
oer will be regulated BY the whole
iemand; and the proportions OF ths
issue to be enjoyed by the national
bank and The State banks, respee-
lively, will be the subject OF a fair
|competiiion, without affecting 'he
bubble interests or convenience. II,
therefore, the Senate banks have re-
sumed the payment of their notes IN
coin, before the National Bank shall
be organized. there will be no ma
card Of disappointment in promising
ia similar payment to the public ere
|ditors; but even il that be not the
.ase, the hazard will be slight, con-
sidering all the Legislative preesu-
hons which it is proposed to adopt
| added to the metallic capital OF the
National Bank, the desposite OF 'he
evenue, collected in gold aud silver
imust he sufficient basis for cir
Eculation ofcoin as the uses for the
manor Of the bank, extending
Throughout the nation, will be con-
slant as we'll as uniform.
| Under these general Impressions
II have the honour to submit the
Specific answers to your inquiries, 10
the following form:
/ i. That it be made by law The
duty of the secretary Of The trea,
sury to give public notice that from
land after the ist day of December
|nexl. it will not be lawful to receive
lin payments to the United States,
any thing bat gold. silver, and cop
per coins, constituting the lawful ma
Iiioual currency: provided. that the
secretary Of the treasury may, as
heretofore, authorize and allow the
lreceipt Of the notes Of such banks
las shall pay their notes. on demand
tin the lawfal money of the United
Estates.
| g. That from and after the same
Ihay, il shall not be lawful for the Sc
cretary of the treasury to authorize
or allow deposits of the revenue To
be made, or to be continued, in any
bank which shall not pay It's notes,
W ben demanded. in the Lawful money
Of the U. States.
| s. That from and after the same
day it shall be the duty Of the Sc
cretary Of the treasury 10 take ie-
gal measures for obtaining payment
in the lawful money Of the L. States.
OF all notes or Sums on deposit. be-
longing to the U. States, issued by
or deposited in any bauk which shall
not then pay its notes and deposltes,
on demand, in the lawful money OF
the United States.
4. That from and after the same
day, the notes of banks and bankers,
shaii be charged with graduated
stamp duty, advanced at least 200
per cent upon the present duty. with
out the privilege OF Communication !;
saving. in that respect, all existing
contracts Provided, that If an!
banks or bankers shall, on or be-
fore the fst Of November next, no
tify the secretary of the treasury J,
that their notes will be paid in coin,
upon demand. after the s1st of De
cember and if it be proved to his
Is tisfartion, tha, after that day pay
Invent was 50 made, then with re
spect TO such banks or bankers, the
rate Of duty, and the privilege OF
Communication, shall remain, as now
established by law.
Although the success of these
measures is not 10 any degree deabt
ed, it may be proper to add. that III
lie ever shall become necessary to in
crease fheir force, provision might
(be made. under the constitutional
power Of Congress to subject al
banks ard bankers, failing to pay
their notes, according to the terms
of the contract, 10 seizure OF their
estates and effects for the benefit OF
their creditors, as in case OF iessi
bankruptcy. :,
nannaI nanclnde this letter. with