Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-07-02

deviation fICm Nbich ~ acknow lodges.
The Committee trust that they have
Sufficiently explained the grounds on
Witch they recommend that with "a view
TO The establishment OF metallic sianc-
sr,i at value Int the earliest period, the
Bank should be required TO deliver stand
AID gol'l IN exchange for their notes.
They do not express any preference for
The system OF bullion payments over thai
III Say ment IN specie abstractedl, nor
| are hey prepared to recommend them as
IA permanent substitute but they conSi.
der them the best means at iacilitaiin"
aud ensurimg the resumption oil pa, nieuis
III specie with the least public inconyrni-
cncr. They are Of opinion that when
once the ancient standard OF value in this
country, has been re. established, the
great impedimentS Ii "a return TO our for
mer sy stem will be overcome and il will
be III The power Oft the Bank, or Of indi-
vidnals, by taking the advantage OF u IA
vourablc state of exchange. To increase
the supply Oithe precious metals in this
| country, 10 any eAtrnfso which they are
likely to be repaired.
Your Committee arc aw are that il NAV
be objected Ia the plan of bullion paw
menis "bicli iiiSy have recommended
first. tina, by necessarily continuing the
notes below five pounds IN circulation, it
| continues The present inducements to the
crime of forgery and secondly that by
requiring the presentation OF ID large a.
mount OF notes I'm demand for gold, il
gives TO the possesSor OF notes 10 that "a
mount an accommodation which the
holder OF smaller quantity will not
possess. On the first Of these objections,
your Commilteeobserve,t that il is scarcely
,I.r IN, ..,I. ,l.,,.
specie payments, accompanied with the
period much, fiat all, earlier than that at
winch II may take place, ifihe recommen,
dation of The Committee be adopted.
When the Legislature has at former pc
RODS, contemplated the removal of ilIe
restriction, the necessity of continuing
the circulation OF the small notes for some
time subsequently has been forcseen, and
Is al present provided for by law. II Is
true Thai, alter the resumption of cash
payments, the amount OF small Bank uotes
III circulation would probably he, dmin-
ished, but there seems no reason for con-
Guiding that the temptation to forgery,
which must depend on consideration
oil risks and profit, would be diminished
IN proportion to the decrease of those
notes, provided they were not altogether
excluded. The force of this objection
will also be lessemed proportionafrv to
The degree Of success which NAV attend
me attempts that are at present making
TO Ierlse means of rendering the limiia-
Il u of Bank notes more difficult Your
Committee have been informed, that the
plan recommended by the Commissioners
appointed for inquirlng into the mode of
preventing forgery of Bank notes NAV be
expected Ia be in full operation in about
three months, and they have received
from two scientific members ofthai Com
mission (SIr Joseph Bankes and DIR. VOL
laSton( The satisfactory assurance, that
Their confidence III the increased security
which The new form of note will afford.
as well by creating fresh obstacles 10 a
successful imitation, and by giving a
more obvious facility TO the public in de-
leciing any attempt 10 give currency 10
forged notes, has been confirmed by the
progress oil their inquiry aud experiments
since the date of their Report communi-
Gated TO Parliament.
with respect 10 the secon:l objection,
v"ur Committee remark, thai the object
oil The plan which they recommend is, by
securing a control over The quantity of
H'S circulating medium, 10 regulate Ihe
vain" OF The whole, andto maintain paper
on par with gold. While this object is
effected, the holder ofmofes, 10 whatever
amount, has security for their value,
which without this plan he would not
possess, during the interval which must
precede The resumption of cash paw
mems.
Should the House determine TO act no.
ontlie recommendation of the Committee,
II viii he expedient TO continue the Act
which passed in the present Session, re-
sfrictlng the further issue of gold coin
from The Bank. They propose no inter
ference with the laws which regulate the
MINT, concelvIng it desirable To retain, as
check upon any undue contraction of
lhe issues OF the Bank, the power which
individuals at present possess, of recciv.
ing com from the mint III exchange for
bullion, without loss or deduction, al the
rate OF + lis. i0bd. per ounce.
ihey recommend not aS all appendage
to The plan which ey have suggested. |
but az polite measure under any system
OF currency, the total repeal of The laws
which prohibit the melting orexporiaiion
OF the coin OF the realm. The Committee
conceive n TO have been clearly demon.
Slrdied by long experience, that they are
wholly Intellectual for the object for which
they were designed that they offer
temptations io perjury aud fraud, and
give those who violate HE law an unfair
over those who respect it,.
Your Committee have received all in |
from the Directors of The Bank
OF Ireland. that they shall be prepared TO |
resume cash payments six months after
their resumption by the Bank Of England. |
In making This communication, the Di- |
rcctors contemplated return 10 pay
ments III specie but the COMMITTEE liza, e |
the satisfaction Of stating 10 tie House, |
on The authority of the Governor of thr |
Bank of Ireland, wllom TIL had an op.
pOriunliy OF personally examining, that
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