Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-01-04
(CIRCULAR.)
SIR,
Treasury Department, !
December 2cM, 1916. 'S

rlR,
have received notice from the
President md Directors of the Rank of
the United States, that the Bank will com
mence IFS operations in nhiladelphia, on
the first day of the next year, and that
they will be ready on tina, day 10 receive
the public monies deposited in the State
Banks, and hold them subject to the Or
ders of The Treasury. Like notices are
cXpcctedupOnth the estabiislimentofB Branch
Banks Ill the principal commercial Cities
Before any definite decision is made upon
tins proposition, i; is deemed cXpedient
to ascertain the course which the State
Banks i'll those Cities viii pursue III relati-
on TO the resumption Of specie payments.
1.-THE determination OF The banks TO re-
sumo specie payments on the ist of July,
1917, which has been communicated 70
this Department, is pcrsevered in, there
witt be no hesitation III orderugth the trans
fer 10 he made with as little delay as the
interest Ofthe community vii! admit IS
an iuducement TO change that oeternina-
ton, II IS proposed on the part of the 'Irea-
sury, that if the State Banks will resume
specie payments on the goth day ofFebru-
airy next, that the public money now in
their vaults shall not be transferred TO
those of the Bank of the United States.
and that between that dav and the LIST of
July next as small portion Of that sum
shall he drawn as the demands upon the
Treasury will admit As the receipts in
TO the Treasury during the year will pro
baby exceed the current demands upon
the Treasury, it is proposed to Discharge
those demands principally from the cur
rent receipts, untilaiter The lst day of Ju-
~, 1877; subsequent TO that day, the mo-
neY will be drawn for as the demands up
on the Treasury may require; but, in no
case shall If be drawn for the purpose of
being deposited i'll the Bank of the United
States, except to- sustain it against any
pressure which may be attempted TO be
made upon ii or lis Branches. The means
Of the Treasury 10 aid the operations of
Banks i'll eilecting II revolution in the state
OF the currency, so imperiousiy necessary
% the public interest. are considered am
pie, and the strongest disposition lists TO
| applv them so as ia produce the most be-
neic'al results. The power of transfer
ring such portion Of the deposits, with a
view to equalize the benefits resulting
from them among the banking COMMUNE
ty, as the situation OF the several banks
may require, is expressly reserved.
In making this proposition TO the State
Banks, the strongest reliance is placed in
their disposition TO join III the effort ne
cSSS3Ev 10 reiIcVe Tie community from the
evils TO which it has been subjected. by
the disorslered state Of The circuIating Cur
rcncy. tits confidently believed, thatthe
Interests Of the banks and Of the conmu-
nity are not IN opposition 10 each other,
and that any sacrifice which the effort
may cost them will be COMPENSATED nv
| ihe advantages and facilities which il is
/ IN the power Of the Treasury TO afford
them. In deciding upon the question
submitted TO their consideration. the
| friendly character and disposition of the
! Sank ofthe u. States towards them ought
not TO be overlooked.
The deep interest which the Treasury
has in the support of bank credit. and The
connection which it has with the Bank OF
the United States, would, independent Of
the known disposition of that Institution
to conci!iate the State Banks, be sutii i
emf to protect them gainst anilliberaI 90
icy on lis part.
In closing this communication, CANTOR
compe's me 10 state, that there exists no
reason to expect that the resolution Of
the last session of Congress, relative TO
tile collection OF the revenue after the
20th OF February next, will be rescind-
ed.
An early communication Of the decision
OF the institution over which you preside
Is respectfully requested.
have the honor 10 he,
Your most CHI. servant.
WM. II. CRAWFORD,
Secref0YV Of6he Iyeasnlyi