Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-08-03
hat preparations were making . resume

that preparations were making . resume
those payments.
The effect of such preparations has not,
however, become visible and an appre
houston has at length been excited in the
public mind, that the temptation of profit,
according to the present irregular course
of banking. is too great. to admit of vol
untary return to the legitimate system of
banking, upon the basis Of metallic Capt.
tai.
The Banks of the New England States,
(which have always paid :heir own notes
in COIN are ready and willing TO co-ope-
rate in the general revival of the metallic
currency. The Banks in the States to the
S nth and to the West of Maryland, are
ready and willing. it is believed, to Coop
crate in the same measure. The objec
ton, or the obsta lie, to the measure, prn-
cipa,ly rests with he banks ofthe Middle
States; but the most iinportan, of these
Banks have converted their unproductiye
capital Of Gold and Silver into the produc-
tive capital of Public Stock. and the res
toration ofthe metallic capital is alone wan-
ting to enable them, also, to resume their
payments in coin.
Under these circumstances , it will not be
doubted by any candid and intelligent CT.
tizen, that a Simultaneous and uniform
movement OF tn State Banks, would, at this
period, be successful, in the revival of the
public confldc nee, and the restoration OF the
| lawful currency Of the United States. An
appc is, therefore, made to these Banks !;
in the hope and the confidence, that they
will adopt policy dictated by their own
real and permanent interests, as well as bv
the justice due to the community.
By resolution of Congress, passed on
the 29th of April, 1916, it is declared, that
from md after tie Goth day of Februa-
~ aext, no duties, AK, s, debts, or sums of
money crning, o" becoming payable to
the U. States cught to he collected or re-
ceive'i, otherwise than in The legal curren-
cy ottne U. States, or Treasury Notes, or
Notes of ne B'nk Of the y. States. or in
Notes of Banks which are payable and
| paid on demand, in the said legal curren-
| cy OF the u. Stltes''
But, III addition to this positive limitation,
| the Resolution requires and directs the
Secretary of the Treasury to adopt such
measures as he may dean necessary. TO
| cause, as Sooa as may be, all such duties
tsxes, debts, or sums of moncy, to be col
,ected and paid in the legal currency of the
y. states, or Treasury Notes, or Notes of
the bank OF the u. States. as by i7w pro .
v'ded and declsred, or in Notes of Banks,
which are payable. and paid, on demand,
IN the legal currency of the II. States -
Alter the goth of February, 1917, therefore,
the Revenue must be COLI cted in the mode
prescribed bat, even previously, the S. d.
cresary Of the Treasury is required and di
rected to pursue the Droner measures. for
an @rrler establishment If that mode efcol-
lie ton.
1t is the sincere desire Of this depart
ment TO execute the duty thus assigned TO
1t, IN manner the most convenient and
acceptab { to the State Banks. and, indeed,
rather to invite the Banks to a spontane
Gus adoption OF the measures, which ap-
pear to be necessary upon the occasion,
than to proceed by the mere force of Off
cIal reSu' tions. In the draft of a Treasury
Notice, which accompanies this communi-
calon, and which you will Consider in the
light = an amicabie proposition, the views
OF the Department are conveyed, as to the
lHc'pi Mt and prepar tory steps, that NAV.
| think, be safely taken, with reference to
a gener resumption of payments in coin,
on the 20th of February next IF the State
Banks concur III the opinion. 81 far as their
lnterests and operations are ffected. their
voluntary assent to the arrangement will
undoub edly produce the most bene6-
cial consequences, and shall proceed to
announce it in official form. Permit me,
therefore, to request an early communion
ton OF the decision of your bank upon the
subject.
The present opportunity is embraced to
repeat the assurances. which have been n
n'tormly given and maintained, that this
department deems the fiscal interests of
the Government, and the successful opera
tons Of the Bank of the II. States, to be
intimately connected with the credit and
prosperity of the State Banks. Upon lust
aui efhcent principles of co-operation, it is
h7ped, that the institutions, Federal and
state, will be mutually serviceable. From
the State Banks, a sincere and efTectuaI
eXertion. IN the common cause of restorirp-
the legal currency. is certainly expected
and required; but. in return, they will
merit and receive the confidence of the
Treasury and of the National Bank the
transfer of the Public Funds, from the
state Banks to the National Bank and its
branches. will be gradual and the Notes
OF the Stite Banks will be freely circulated
by the Treasury and the National Bank.
am, very respectfully.
Sir.
Your most cb't. Servant,
A. j. DALLAS,
Sec'y. ofthe Treasury.