Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-14
Il Citizen cfc4e Republic.
Restoration of Specie Payments.


III re is no necessity TO dwell upop fha
general evils arising from the pyesentstat.
OF the circulating medium Solony aswa
have medium, not convertible al will in
To metal, these Inconvenience must
come home 10 the business and boson,S
of almost every citizen The variatio,
III the worth of the medium at the sa,na
place, and the rates OF exchange between
different places, with discounts prem;
ums, speculaiions, and usurous frauIs
when follow IN their train, are evils 10
winch almost every one is subject, and a.
gainst which we ought all 10 make a com
mon cause.-the only question is, is this
the time TO do it? Are the banks really
ready topay metal for their paper?
We were all aware. that these income
uiences, which affected the citizen mrst
have also extended to the government
Proofs ofthis fact have been from time 70
time disclosed by the Treasury Depart,
ment; but never perhaps with so much
emphasis oreiiect, as N the last Report of
Mr.. Dallas, recently published. He
dwelS at some length upon "thc iniiIri-
Gus effects OF the suspension of payments
III com, upon the administration OF the
finances, ofwhict the first is. that ..rTbs
Treasury has been compelled TO accent
the payment of duties and taxes in the
local currency of the respective places of
payment whether these notes had he
come scarce, by the banks calling them in
thus making il more difficult for the nrh,
nc debtor topay his taxes, or were more
appreciated, thus operating against the re-
III revenue OF the government. 81 That
the Treasury has been cnmpelled to ang-
ment the amount ofthe national debt bofb
fundedand floating, by issues of Treasury
notes, TO meet the public engagements
at places where if could not command
the local currency 3d. ''The Treasury
has been lnvolvedin the difficult and deli
cate task of designating the medium. in
winch the warrants drawn by the heads of
Department should be respectively maid "
and 4th. 1t g has been compelled 10 in
crease the number, and extend the rance
OF Banks employed as hedepositories Of
the pubic revenue with consequences nm
avoldabiy inconvenipnt and iniurious'--
Tor, as one bank would not always re-
celVe The paperof another, the Treasury
was Obliged TO employ different banks
whose notes 1t had collected, as the pia-
ces OF deposit, rather than let its revenues
accumulate IN the hands ofits collectors.
30 lar has tins been carried, that the num-
Der ofbanks thus necessarily employed bv
the Treasury, from Maine TO Louisiana.
has been stated at 'nnety-Jo,o..
These are some of the evils TO which
the administration Oft the iinancesis liable.
WHICH all mustacknowledge besides 9th
ers, not brought into view; such as the
entering OF goods in districts where the
paper IS much below rar, in which case.
the Treasury sufiers-or, where they are
really entered at The port TO Which thev
are destined, the merchant there NAV paw
more duty ON his goods, Than in Others,
where The bond is paid off in an inferior
cuIrency:-ltIs no wonder, therefore. that
MIR. Dallas should have been so anxious
10 bring back the coin IS soon az posi-
Die-lie thinks. NJ my and ought to be
done by The Goth of February, when by
'He resolution OF Congress the public
dues are TO be received in treasury notes.
IN coin or in the paper convertible intoit'
but the only question still is, is TINT the
ilmeto do If VIII the banks be ready
by that time TO pay metal for their paper;
Or, is II material that they should do so?
IN other words, can the dues be collected
without them?
1T is on this last, and very important
point, MIR. d. seems somewhat al war with
himself. One is at loss 10 know whether
he can do without The State Banks ornof.
FIRST, he seems 20 hint, he asks no favors of
The Siate-Banks, now he has Bank of
inc United States TO supply an uniform
currency-but, as YOU go along, YOU find
nm dwelling upon the absolute necessity
1.-THE, STATE Banks paying specie. Let us
take ihese passages as they occur:
:. Until, therefore, a substitute was pro-
yided Tor the paper Of the banks. it would
have been measure Of useless and i'm
poliilc Scve'7ty towards the community, 10
INSIST that all contributions to the expen-
SEES OF The government should be paidin
medium, which, il is repeated, The COM
munity did moi possess, and could not
procure"
tuarihercn, we find What this substitute
IS; The establishment Of The Beib Of
The 4. States will open the sources of an
on9o1ni currency, iRdependen Of 'the Sfafs-
Ba"hsj and, as the people will be thus
supplied with medium which can be
used for every public and private purpose,
TIC perempiOry requisition ofthe resolution
OF Congress, for the collection 0fthe reve-
nue IN the lawful money Of the II. States,
| after the goth Of February, 1877. becomes,
at once, Just, polite, and practicable"
We shall see what sort Of indcpendence
tbs IS OF the State Banks when soon af
ter. he tells us, that referring TO the pc
rod Tor general resumption ofpayfnents.
IN com, t0a day so distant as The Isl "a
July, 1917, IS measure of the most scfi-
Gus character, &c" Its effects ifuure-
sisted, orii iostered by temporary dis
position on the part Of The government,
| must DC 10 cns0JTass he Ije,tk If the 4.
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