Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-08-01
From he National Intelligencer.
THE TREASURY.

asst session OF Congress, the Secretary OF
he Treasury submitted to the STATE
Banks several propositions, in successlo"
With view to enable the Treasury tel
transfer its funds from places, where they
accumulated beyond the local demand
10 places WHARF the local demand
exceeded the funds with a view to e.
qualize the exchange between the dlfteF-
ent states and with all ulterior view 10
the restore lawfuI national currency. The
State Banks, in general, declined act
ing upon the propositions. without Offer
ing. in any instance, an efficient substi-
|eute, for the accomplishment of objects
so important TO them. as we'll as to the
government, and to the people of the Y
Iuited States.
The subject, under these circumstan-
ces, was presented for the consideration
# Congress, and the powers OF the lie
legislature have been put in motion, 10
|releve the community from an linden
Inite continuance of evils, which were pro-
;duced by the suspension OF payments IN
coin atthe principal state Banks The
establishment of national bank. and ii
esolution, which provides for collectins
1.-The public revenue in the la v tui curren-
Ic. Of United States. after the Goth OF Fe-
Ibruary 1917, are trepa Org, sat decisive
treasures. That they will be enforced
Iaad strengthened by Cong s. cannot be
doubted BY any man who is not prepal
ed to doubt the wisdom, policy and e.
mercy of the government. Thrust, there
fore, be an error fatal, probably to ma
my of the State Banks, against which
tthey are anxiously admonished, tointluge
Ia hope, that the next session will retract,
or relax the measures of the last. 1t is
believed flat not only the National Lee
gis!ature. but the Legislature of every
state in the Union must take a stand in
.opposition t the enormous abuses of the
Banking System.
The resolution of Congress of the 29th
(! of April 1916, directs and requires the
l~ecretary of the Treasury to make some
Iat,empt to facilitate the collection of the
revenue IN the lawful currency, even be-
fore the Goth of February 1917 and he
Ihas. accordingly. addressed a circular
letter to the state banks, of which copy
| is suboined. The proposition contained
lin the circular. and the notice accompa-
laying it, are amicabIe, far and practical !;
land the benefits to be derived from their
lad option are expected to be principally
these
l. That By requiring the banks TO pay
Their notes of low denomination in
coin, the public debtors will be supplied
with current mediam to answer the
|cal upon them.
2. I'hatby requiring the debtors of the
limited States to pay debts of small a.
mount in coin, channel of circulation
lis kept open for the eventual return Of
the money to the banks, as deposit.
8. That by an early commencement of
small payments in coin, the public conf
|dence in the couvertibility of notes into
money will gradually revive, and the pub
lie mind be seasOBably prepared to sup
port The general resumption OF coin pay
ments i'll February next.
IL every view of the course now pur.
sued by the Treasury, we think the ex-i
eerimeht proper to be tried. fit sue
c6ed. the advantages are incalcuIabIe.
it fad because the requisite co-opera-
tien Of the State Banks is refused. the
nation will be completely awakened toI
a sense of its danger, as well as to the ne
cessity of providing for its relief, hyl
means independent OF those institutions.
Circular addressed by the Secretary of
the Treasury to the State Banks, inl
order to facilitate the execution OF the
Resolution OF Congress, passed 29lh of
,pril, 1916.
Treasury Department, July %, 1916.
SIR,
BY The constitution and laws of the
tInlte,. States. gold, silver, and copperI
coins are made the only lawful money
81 the United States, current as legal
tender in all cases whatsoever.
By particular acts of Congress, treasu-
ry notes issued by the government and
notes ISSUED by the bank of tue United
states, are made receivable in all pay-l
ments to the United States
Bur, III consequence Of the suspen sion
o payments in coin, at many of the prin-
c,pal STATE banks, The lawful money Of
the inited Statec Su3dauiy caasa5 to no |