The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1816-08-02

nc 'DdnkS OF tuC NcW EnHtuuu
states, (Which have always paid theii
pwn notes in coin) are ready and will
ing to CO operate in the general revival
of The metallic currency, The banks
n the states to the south, and 10 the
vest of Maryland. are ready and will /
rg, il is believed, to CO oi crate in the
same measure The objection OF the
obstacle, 10 the measure, principally
"es,s with the banks OF the middle
'ates; but the-most important Of these
.anks have converted their anproduc-
'ive capital of gold and silver, into the
I productive capital of public stock and
a restoration of the metallic capital is
slope wanting to enable them, also, to
eesume their payments in coin.
\ Under these circumstances, ii will
aot be doubted by any candid audintel-
/ igent citizen, that a Simultaneous end
uniform movemement of the state
banks would, at this Yeriod, be success
Jul, in revival of tle public confidence
and the restoration of the lawful cur
sency OF the United States. An APP
pealis therefore, made TO these anks |;
IN the hope and the confidence; that
they will adopt policy dictated by
heir own real & permanent interests as
well as by the justice due to the com
tnunity
by resolution of congress, passed
On the 2sth oil April, 1916 it is deciar
I'd, that "from and after the goth day
81 February ney., no duties, taxes
debts, or sums of money sccruing, or
becoming payable, TO the United States
ought to be collected, or received,
otherwise fian in the legal currency OF
the United States, "r Treasury notes,
or notes Of the bank of the United
States, or in notes of banks, which are
payable and paid On demand, IN the
said legal currency of the United
States"
But in addition to this positive limi.
tatloD, the resolution /" rc9uf-es and 1i
yecis The secretary OF the treasury 10
adopt such measures, as he may deem
necessary, 10 cause, as soon as may De.
all such duties, 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 tie bank of
the United States, as by law provided
and declared, or in notes of banks,
which are payable, and paid, on demand
IN the legal currency of the United
States Alter the 2oih OF February
1917. therefore, the revenue must be
collected in the mode prescribed; but
even previously, the secretary of the
treasury is required and directed to
pursue the proper measures, for an
earEer establishment of that mode OF.
collection.
1t is the sincere desire of this de-
par,ment, to execute the duty thus as
signed to il, in manner the most con
venient and acceptable TO the stale
banks and, indeed, rather to invite the
banks to spontaneous adoption of the
measures, which appear to be neces
sary upon the occasion, than TO proceed
by the mere force Of Official regulations
In the draft Of treasury notice. which
accompanies this communication and
which you will consider in the light of
an amicable propositions, tie views of
the department are conveyed, as to the
incipient aud preparatory Steps, that
may, / think, be safely taken with re-
ference TO general resumption of pay.
mcnts in coin, on the goth Of February
next. If the stste banks concur in the
opinion, SO far as their interests ami
ope rations are affected, their voluntary
assent to the arrangement will undoubt
eddy produce the most beneficial con-
sequences, and shall proceed to ans,
noupce it in Official form. Permit me
therefore. to request an early conmu
Dication CT the decision OF your bank.
upon The subject.
The present opportunity is embrac-:
ed to repeat the assurances, which
have been uniformly given and main.
tanned, that this department. deems the
fiscal Interests Of the government, and
the successful operations OF the bank
Of the United States, to be intimatel,
connected with the creaif and prospe
Ji'y of the state banks Upon Just anu
eff .ienl principles of CO operation, it is
hoped that the institutions, federal anu
state, will be mutually SerVtceable:--.I
From Tho state banks, a sincere aud.I
effectusl ,exertion, In the common
cause OF restoring the leg al currency,
is certainly expected and required but
In return, they wllrDerit and receive
the confidence OF the treasury and Of
the national bank; Ihe transfer Of the !