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

t;,reasur, nutes have not. hlthef,o,
been regarded by the law as a sun
,,i,n,e f., the national currency, and
she authority 10 issue them IS only
Granted. auxiliary for supplying the
occasional Deficiencies ofthe revenue.
/. the New England states alone'
The banks still pfoiessed 10 pay
their notes upon demand, in gold and
silver ; but, in fact, the issues OF
hank notes, in that quarter. have
proved inadequate to meet the wants
Of the community; and The revenue
is ALMOST entirely collected in trea
sury notes, which have been pur-
chased at a considerable discount.
4, is certain, therefore. that neither
treasury notes. nor circulating CON-
nor the notes of banks paying IN conn
could furnish in 1916, a sufficient
medium, to satisfy the amount OF the
duties. taxes and loans, for the year.
But it is important here to add. that
while the interior Of the country
was as destitute of currency IL
coin, as the cities and towns upon
the Atlantic. The treasury note me-
dunn was. in effect. moaopolized b.
the commercial cities and the local
hanks furnished ali the means which
the planter. or the farmer, could
collect for the payment OF his rest
or his tax.
During The year 1917, the effects
Of ,he late war npon public and pri
ya;e credit, were still felt and the
extraordinary event. which involved
europe in new conflict. threntened
a continuance Of the drain upon our
gold and silver TO be augmented.
accordng.o general apprehension,
nv the force Of an unfayorabie la
lance oftrade. Under such cirsum
stances, the restoration OF the ma
.ional currency of coin, could not
cease to be desirable, hut it must
become more difficult in the accom-
p,ishment. The alternative issue OF
the measure deserved, therefore, the
most serious consideration /; and il
was to be determined, not only up
on views of fiscal interest and
accom- mediation. but upon principles
of national policy and justice. The
consequences Of rejecting bank notes
which were not paid on demand in
coin, (if such payments were not
thereby rendered general must have
been to put at hazard the collection
of the revenue. in point oftime, and
in point Of product; to deteriorate,
if not to destroy. the only adequate
medium ofe1change. adopted by the
common consent Of the Notion, in a
ease Of extreme necessity, and, in
short. 20 shake the very foundations
Of private property, the powers OF
the treasury department were grant
ed. for purposes contemplated b.!
the legislature in making the grant /;
bu, j, is not believed, that ease at
tended with circumstances so ex
,ra9rdinary embracing interests SO
extensive, and involving come
0utucps so important, was, at
any ,ime. anticipated by the lesisEa
tu7c; orthat it could be properly
subjected TO any ether than the he
si-Ia,iye agency. Having. there :
fore. made several Intellectual at.
,emp,s TO relieve the public emhar-
rassmen,s, il was deemed the duty
OF the department 20 repose, with
confidence, upon the wisdom and au.
lhority of Congress, fer the appli-
cation Of remedy suited to the ma
had, of the times.
TIE period has arrived, when such
"a Femed, may be safely Il snaely ap
piled. The opinion expressed in the
treasury report of the 9Th OF Dec.
last. is still however entertained, that
the currency in coin cannot at once
be restored that il can only be re
stored through a gradual reduction
of the amount, attended by an a
melioration Of the value Of the exist
ing paper Medium, and that the mea
sure of reform must originate With
the State banks. 1t has been said,
indeed, that those institutions have
already begun the saiutary work i
that the amount OF their discounts
bias been reduced; that the issues of