Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-08-01

lie currency. The banks in the states toll
he South, and to the West of Maryland |
ire ready and willing, it is believed, to
cooperate in the same measure. IheI
objection. or the obstacle, to the measure,
principally rests with the banks OF theI
middle States but the most Important
at these banks have converted their un-
productive capital of Gold and Silver, intoI
the productive capital OF Public Stock, &
IA restoration of the metallic capital is al
lone wanting 70 enable them, also, to re-
sumo 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, at
this period. be successful, in the revival
of the public confidence, and the resto-
ration of the lawful currency of the U.
States. Anappeal is, therefore. made to
these banks, in the hope and the conf.
dence, that they will adopt policy die
tated by their ewn real 4 permanent in
terests, as well as by the justice due to
the community.
BY resolution of Congress, passed on
the 29th of April, 1916, it is declared,
that g from and after the Goth day of
February next, no duties, taxes. debts, or
sums of moneg accruing. or becoming
payable in the United States, ought TO be
collected, OF received, otherwise, than in
| the legal currenc OF the United States
or 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 H. addition to this positive limita-
tim, TIE Resolution requires and di-
reefs the secretary Of the treasury to a
dopt such mea sures, as he may deem ne
cessary. to cause. as soon as may be. all
such duties, taxes, debts, or sums Of mo-
ney, to be collected and paid in the legal
currency Of the United States, or treasu-
nv notes. or notes of the Bank of the u.
States, as by law provided and declared.
or in notes of banks, which are payable,
and paid, on demand in the legal curren-
cy OF the United States" Alter the 2Gth
February 1917, therefore, the Revenue,
mus be collected in the mode prescribed:
but even previously, the secretary OF the
treasury is required and directed 10 pur-
sue the proper measures, for an earlier
establishment of that mode of collection.
! 1t is the sincere desire Of this depart
ment, to execute the duty thus assigned
: to it, in manner the most convenient
and acceptable to the State Banks, and
indeed, rather to invite the Banks to a
spontaneous adoption OF the measures,
which appear to be necess'ry 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
considerin the light of an aHicable pro-
position. the views of the Department
are conveyed, as to the incipient and pre-
paratory steps. that may, ! think. be safe.
lily taken. with reference to general re
sumption Of payments in coin. on the goth
of February next. If the State Banks
concur in he opinion, so far as their in
terests and operations are affected, their
voluntary assent to the arrangement viii
undoubtedly produce The most beneficial
consequences, and | shall proceed to an
nouoce It in official form. Permit me.
therefore. to requestan early communica-
ton OF the decision of your Bank upon the
subject
The present opportunity is embraced
to repeat the assurances, which have been
uniformly given and maintained, that
this department. deems the fiscal interests
OF the Government and the successful
operations of the Bal k of the U. States,
TO be intimately connected with the
credit and prosperity of the Safe Banks.
Upon just and efficient principles of CO.
operation it is hoped that the institutions
Federal and State, viii be mutually SER
ricable. From the STATE Bank. a sin.
cere and eRectral excrtion, in the COM
mon cause of restoring the legal currency
is certainly expected and required but,
in return, they will merit and eceive the
confidence of the Treasury and of the Ma
tional Bank the transfer of the Public
Funds, from the State Banks to the Ma
tional Bank and its Branches, will be
gradual and the Notes of the State
Banks will be freely circulated by the
Treasury and the National Bank.
! am. very respectfully, Sir,
Your most obedieHt servant,
a. ]. DALLAS,
Secretary Of the Treasury