Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-08-03
ID d NJ Is S CiG.

,Ige"'F t;"arrSFee pn me secretary uf the
Jrecsp;g ~ the State Hankrs. in ortici. 20
tacititoie IKE cascg'im If nc Resolution
q C9nsfeSS, passed the 29ih II .iprii,
1876.
rse'sur! Department, July %. 1916
Sin,
BY The Constitution and Laws Of the
United states, Guid, silver. aud Copper
coins are made the only lawful money of
the United States, current as 4 legal ten
der IN all cases whatsoever.
By particular acis OF Congress. Trcasu.
ry Notes issued 10y the government and
notes issued by the Ba,S Of The United
States, are made receivable in all payments
to the United States.
| but, IN consequences Of the suspension
OF payments IN CONS ut nanv OF the.rnci-
pal State Banks, the lawful money of the o.
hited States suddenly ceased to be Cir
culating medium, and the Treasury Notes
issued By the government, having suffered
an undue tepreciation, the government, as
! well as private citizens, yielded! to the ne
ccssIty oflecciving and paying tie notes
of the State Banks, as "a nationa! rurren-
cy.
The States Banks have hitherto excus-
ed the suspension oi their payments in
cqin, upon the alledged necessity of tho
act aAd assurances have been gwen. re-
pea'ediy, that preparations were making
to resume those payments.
he effect OF such preparations has not.
however, become visible ard an appre-
henSlon has al length been excited in the
ipublic mind, that the temptation &c proat,
aecortlihg to the present irregular course
OF banking, is too great, to admit OF Il yc-
luhta:y return to the legitimate system of
hankihg, upon the basis oil metallic CAPT
| tai.
The Banks of the New-Ensland States.
(Nhica have always paid their own notes
II coth) are ready and willing to co-ope-
rate III the general revival of the metallic
currency. The Banks in the States to
The South. and to the West of MARYLAND.
arc ready and willing, it is believed, to CO.
| operate in the same measure. The obiec-
ton. or the obstacle, to the measure, pria-
cipally rests with the Banks OF the middle
States; but the most important of these
banks have converted their unproductive
ciI ital OF Gold and Silver, into the pro
ductiye capital of Public Stock, &; resto-
ration OF the metallic capital is alone want
Ing to enable them, also, to resume their
payments in coin.
Under these circumstances, it will not
be doubted by any candid and Intelligent
citizen, that simultaneous and uniform
movement OF the State Banks, would. NJ
THIS periud, be successful, in the revival of
the pubic confidence, and the restoration
oi thelawIul currency Of the United States.
an appeal IS, therefore, made to these
Banks ; in.(he hope and the confidence.
nat they will adopt policy dictated by
their own real and permanent Interests, as
well as by the justice due 20 the communi-
".
by resolution Of Congress, passed on
The goth of April, 1916, it is declared. that
: from and after the Goth day of February
next, 10 duties, taxes, debts, or sums Of
money accruing, or becoming payable, to.
The United States, ought to be collected,
or received; otherwise than in the legal
currency of the Uuited States, or Treasury
Notes, or Notes Of the Bank of the United
States, or in Mites of Banks, which are
payable anu paid on demand, in the said
legal currency of the United States.''
| But in addition to this positive imitati
on, the Resolution ''reguireS and directs
the Secretary Of the Treasury to atloDt
| such mcasuers, as he may deem necesso-
| ry, to cause, as soon as may be, all such du-
ties. taxes, debts, or sums of money, to be
collected and paid in The legal currency of
the United States, Or Treasury Notes, or
Notes of the Bank of the United States. as
by law provided and declared, or in Notes
tot Banks, which are payable. and paid, on
demand III the legal currency of the Uni
tied States" After the Goth of February.
1917, therefore, the Revenue must be col
lected in the mode prescribed; but, even
previously, the Secretary of the Treasury
is required and directed to pursue the pro-
per measures, for an earlier establishment
of that mode Of collection.
! 1t is the sincere desire of this denart
ment, TO execute the duty thus assigned to
lit, in a manner the most convenient and
acceptable to the State Banks, and. indeed.
rather to invite the Banks to spontane-
Ious adoption of the measures, which an
pear to he necessary upon the OCCASION,
than TO proceed by The mere force of ofici
al regulations. In the draft Of Treasury
Notice, which accompanies this commune
cation, and which you will consider in the
light Ofan amicable proposition, the views
OF the Department are conveyed, as to the
Iincirient and preparatory steps, that may,
| think, be safely be taken, with reference
to general resumption of payments in
coin, on the Goth of February next. Ifthe
State Banks concur in the opinion, 40 far
as their interests and operations are affect
cd, their voluntary assent to the arrange
ment will undoubtedly produce the most
beneficial consequences. and ] shall pro-
coed to announce it 10 official form. Per-
nit nc, therefore, TO request an early com
muIicatiou Of the decision of your Bank