Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-12

eastern States. In the southern and wes-
tern States the payments in coin had been
suspended; aud in most of them the notes
of the local banks constituted the gene
IA. circulating medium for the Treasury
Note medium circulated, almost exclu-
sNeiy IN the commercial cities. The OBJ
Nlous difference between the situation of
the eastern section 4, oftte other sections |
OF the Union, naturally produced a differ |
ence of interests and OF dispositions upon |
the question OF resumins payments III |
com. The eastern section urged the me;t-
sure al all hazards Tie other sections,
and particularly the middle section, OBJ
iecied toit; each bank protesting, never
theloss, il Willingness TO adopt 1t, upon a
simultaneous aud general movement Cfthe
banks, directed 30 that object. With res
pcct TO the eastern section, "A peremp:Ory
requisitOn ioraretl'rnt TO payments i'll com,
would have left the circulating. medium
for the ordinary uses of the people. much
the same in quantity and kind, whether
the distant banks conform to it or not
But with respect 10 the other sections,
such requisition, If the local banks did
not conform 10 if, must have deprived
the people OF their only means of paving
the public taxes, and of traIlSacting the
pecuniary business of life. 1t was not,
then, an insensibility to the pernicious
course ofbanking which had of late been
pursued, nor a disposition to relinquish
the cardinal policy ofrestoring the lawful
national currency, that induced this de-
| partment, during the year 1915, to acqui-
esce i'll the state of the currency, such as
| 1T was found when the present Secretary
| was appointed. and such as If had been
| left by Congress, after the deliberations of
ii six months session; but the acq,lies-
cence, painful as it was, proceeded entire
ly from asense of duty to the government
and Ofjustice TO the community from
a solicitude to preserve the public re-
venue, as well as toprevent private dis
tress and from d conviction that the e-
| gis'atlve wisdom and authority were alone
competent TO provide the means of reno
wing the great evil that existed, without
mourning the danger of Introducing
| greater evil.
The result of the proceedings of the
last session OF Congress, has justified the
opinion, and realized the hopes, which
| were formed. The establishment of the
bank OF the us. will openthe sources ofan
uniform currency, independent of the
| State Banks; and, as the people will be
| thus supplied with medium which can
| be used for every public and private pur-
| pose, the peremptory requisiton OF the
resolution OF Congress, for the COLI
| lection OF the revenue in the lawful money
OF the U, States, after the Goth of Februa-
ry, 1917, becomes, at once jus, polite, and
| practicable.
The steps which were taken to orga-
| nize the Bank OF the United States; The
early and satisfactory completion of the
| subscriptions TO Its capital, and the adj
veriisement appointing the 2Sth of the
| ensuing October, for the election of di
rectors ny the stockholders, have been
| heretofore communicated TO the presi.
dent, together with the letter which was
| addressed TO the Bank Commissioners al
| Phliadelphia, recommending that thev
should provide place, and the materials
proper and requisite for commencing the
| operations Of the institution, as soon as
the directors shall be chosen. The gene
raj solidlty OF the subscribers, as capita
lists, and The extensive distribution of the
stock throughout the Union, have con-
| ilrnied the public hope and confidence in
the competency of the Bank TO accom-
pllsh the great objects for which it is es-
| tablishcd.
As soon as it appeared, upon a rcaso-
nabiecalculaiion, that the subscription to
! The capital OF the Bank of the United
States would be filled, proposition was
| offered to the consideration of tie State
Banks, Tor commencing the payments OF
small sums In coin on the first Of October
next, upon the principles, which, with
the appreciation OF all the members of the
| Administration, were stated in the report
made to the President on the 24th of
June, 1916. The terms of the resolution
| of Congress seemed indeed to require
from the Treasury Department, an effort
| 10 facilitate the restoration of tie lawful
| currency, even before the 10Th of Febru-
| airy, 1917; and short Ola general return
to that currency, nothing was thought
more likely 10 be acceptable and useful.
IMAM the proposition IN question. But
the effort has failed. The State Banks.
with few exceptions, have deemed "A par
tiai resumption ofcoin payments ineXpe-
dent; and the Banks ofthe middle States
(New- York, Pennsylvania, and MarylancD
| have animated that the first of July, 1917.
VIII be the proper period, for resuming the
banking operations, OIL the basis of me-
taiiic capital.
The rejection of the Treasury PROPOSE
ton IS regretted. Upon principle there
is no good reason why debtor should
not pay part of his debts, although he
cannot pay the whole; nor why he should
refuse 10 pay his small debts, because
lie cannot pay the large. Upon expert
eGce, Banks (for instance, at this epoch
the Bank OF England) have been in the
practice OF paying coin, for their notes
ofa low denomination, while they refused
that kind of payment for notes of higb
denomination. And upon policy, it is