Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-08-03
DOMESTIC.

w AsHINGToE, July SO.
THE I'siE.9SiJRyC

THE TREASURY.
1t viii be recoliccted, that, before the
iHst session OF Congress, TIE Secretary of
the treasury submitted To the State Ranks
several propositions, in succession, with a
view 10 enable the Treasury TO transfer It's
funos from places. where thev accumulated
beyond the 10 al demand. to places where
the local demand exc eeded the funds with
view toequaiize the exchange between
the different states; and with an interior
view to restore the lawful national curren-
cy. In State Banks in general. dellin, d
acting upon the propositons, without OFF,
ing, IN any instfnce. an Ell lent substitute,
'or the aocomplishme of objects 50 i'm
portant to them. as we'll as to the Govern
met anp to the People of the u. States.
ne suDJsct, uRder ihese circumstances,
was presented Tor the consideration Of Con-
gress' aud the powers of the Legislature
nave pecn put in motion to reiev, the com
n'oii'y from an indefinite con,inu nre Of
tue eVis which were produced by tn sns,
pension of payments in coin. at the nrinc;.
pal state Banks. The establishment of 4
National Bank, and Resolution, which
provides tor collecting the public revenue
IN the lawful currency Of the II. 6. after
the @Oth OF February, t8l7 are prsparato
ry' out decisive measures. That they will
De enforced and strengthened by Congress
cannot De doubted by any man who IS not
prepared to doubt the wisdom, policy and
energy or the government. 1t must, there
lore, be an error. fatal. probably to many
OF the State Banks, (agalnst which thew
are ahXiously admonished,) to indulge a
nope, that the next Session will retr.ct or
relax the measures of the last. 1t is be-
heVed that not only the National Leeisla
ture. but the Legsl ture Of every State in
uiie Union, mus take stand in opposis.on
% me enormous abuses of the Bank ne
System.
he resolution OF Congress of ar GOTH
OF April, 1916, directs and requires the Sc :
cretaiy OF the I'rr asury to make some at
'ct"pts 20 facilitate the collection of the re-
Venue IN the lawful currency, even before
Tue %oth or February, 1917; and he has,
accordingly, addressed Circular Letter
10 the slate Banks, Of which copy is sub
joined. The proposit ons contained in the
Nircuisr, and the notice ACCOMMODATING it,
are amicab,c, fair and practical and tue
henehtsto be derived from their adoption.
are expected TO be principally these
!. That by requiring the Banks TO nav
the notes OF a low denomination in coin,
the pubic debtors viii be supplied with ?
Current medium to answer the call upon
chem.
2. That by requiring The debtors Of the
L. 5. to pay debts of small amount in
coin, a Channel Of circulation is kept open,
Tor the eventual return If the money to the
Banks rs = deposit.
3. That by an early commencement of
small payments in coin, the public conf
dence in the convertibiity Of notes into
money will gradually revive, and the pub
lie mind be seasonabiy prepared to support
the general resumption OF coin payments
IN February next
IL every view of the course now pursued
by the Treasury, We think The experiment
proper t. be tried. If it succeed, tue adj
vantages are incalcuiabe If 1t fail, be-
Cause the requisite co-npernti0n of the
State Bank is refused, the nation will be
completely awakened 20 sense of ts dan
r. as well as to the necessity of providing
tcrhs relief, by means Independent of those
institutions.
Cirellar addressed By fhe Secretary ofthe
Treasury II the Sfatc 8anks, ia 1roe,- 10
Iaciftatc Me e1ccvtioq qfkhe Resoiltion
Q Congress, faaSed 10Th of Ami, 1916.
TREASURY DEPARTMHNr,
JnIy %, 1916.
DIM
BY the Constitution and Laws ofihe
u. S. Gold, Silver, and Copper Cons are
made the only lawful money Of the u. S.
current as d legal tender in all cases what
soever.
BY particular Acts Of Congress, Treas
ury n ties issued by the government, and
notes ssded by the Bank Of The u $. are
m de receivable in all p yments to the u.
St ties.
Blu, in consequence Of thc suspension Of
in coin, at many of the principal
S.ate Banks. the lawful money Of tie United
States suddenly ceased to be a circulating
medum, and the Treasury Notes issued by
the gpvernme nt having suffered an undue
d probation, the gov rnment, IS well as
private citizens, yielded to the necessity of
receiving and paying the notes of The st .tc
Banks. a a national currency.
The SITE Banks have hitherto excused
the suspension Of their payments IN coin
lpon the slledged necessity Of the act; and
issOrlaces have ben given, repeatedly.