Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-04-13
Treasury Department.
49ih March 1916.

SIS 49lh Marcn io1o.
SIR,
| | have the honor TO acknowledge
the recent Of your letter dated the
A 5th inst. making the following in
eair;es, on behalf of the eommiltee
Iea the national currency
list. !" 1t practicable or expedi
Ient, at present, TO collect the dues II
government in gold. silver and cop
per coins. and the 0oies OF such
banks as pay specie for their bills p
"a, ~ If this act be psactic abie
or exnediens, at present, when ought
Ian act directing the dues of govern
ment to Be SO paid, 10 go into effect,
and what ought so be the provisions
Of such an act -
Sd, IS Would it be expedient at
ter the list Of November next. or at
,aBy other time, to increase the du
ties on stamps on the notes of such
banks as do not pay in specie !
18th. Are there any other mea-
sares that would be eapedient to re
| sort to fer that purpose :"
As brief consideration of the
general object Of your letter will at
ford the best foundation for specific
ANSWERS TO the questions which have
jheen proposed, pray the Indulgence
|of the committee in the adoption of
that course.
| When the banks. daring the sum
!mer of1sI4, suspended the payment
iof their notes in coin. tie treasury
,noies which had been issaed we're
imAaifestiy incompetent. both in n
lmount aDd credit, 20 constitute a
Esu5stitute for the metallic currency.
A deeIsration, therefore. 1T that
thine. that tise government ~oa'd
oni, accept. ia p.ymen, of the re
venue, gold 4 silver, treoyurA notes
or bank notes payable "n demand liz
leoin. would been. equivalent 10 "a de-
lniai of;he means Tor paying the du
tiles and taxes, "a, The very crisis thai
rendered i0dispensabl d strict en
Iforeemeat Of ihe obligation TO pa,
them. Nor could such declaration
|have been properly applied 80 the
'Iloans which the necessities Of the
Treasury required. A Subscription
lin coin was not 20 be expected /; II
lsubscriytion in treasury notes could
Iuot Weld any active aid for general
lpurposes and cans qnenly a su''
lserjption i'm the locyl currences OF
Iehe several states must have been
lcontemaIated as the chief peseurce
for procuring the public supplies.
las we'll as for discharging the pub,
lie engagements. Under a sense.
therefore, of the necessity which
seems, for time. TO have recouciled
the whole natian TO the suspension
of pa meats To coin. the treasury
lcontinuea to receive bank notes, 10
satisfaction Of every public claim <
demand ;and congress. after a session
Of months. adjourned on the Sd of
March, 1915, without iatimatiug any
| objection. or making any provision,
upon the subject.
The same state Of things continu-
ed throughout tile year 1915; in the
lanpual estimates communicated to
|copgress. at the commenceme OF
ltha present session, il was stated
that the aggregate amount which
would probably be realized and re
)ceiyed at ihe treasury during 1915
from revenue and loans. might be
lpiaced at the sum ofahout $4,000, 0OG
dollars. But the gross amount Of
Treasury sotes issued aud uuredeem
led in 1StS, could not be averaged
Higher than $4,000 O0osdoilars and
1.-The amount in actual circulation,
Unjust be taken at much less sum !:
lior. whatever and wherever the trea.
tIsury notes arose TO pary and above
lear. they were. for Obvious reasons.
withheld from the ordinary uses in
Exchange. Nor was il 10 the power
]of the treasury to augmen: the issue