Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1821-01-04

notes of less denomination than five
o3iars-and believed that such issues
had great agenc, in driving specie iros
c'rcnldiioma few years ago. lie was If
opinion Thai excluding The small notes
from circulation would restore spe. ie TO
It's inrmcr general currency.
Nc. L0GACies spoke in reply ia Mr.
We'Ss, drnymg chat the particular object
OF his motion VAS 10 benefit The u. States
Bank. suppose no suci Bark We're in
existence, lac said, and the interest OF
The country required thar its currency
should consist IN part al gold and silver.
ami mol oi paper merely would il not
he well, under such circumstances, al
least 10 enqalre into The policy OF prohi.
bling the circulation ot notes "I a demo
minaiinn nnder Five Dolars-thc effect
OF Which measure would be TO substitute
specie, IN par, Tor notes, Ia HE cirl ulat-
ing mrdinm ot The country The object
OF The resolution was nni 10 institute AN
enquiry an order 20 bcneiii the Bank of
The u States; but, il II were the policy OF
The country 10 encourage the circulai
o' specie, which lie presumed 10 man
w"uld doubt, he ked whether that po
li'y ought 10 be disr, garded, because
resort IN 1t might incideMfahy benefit The
Bank al the u Sia,csi TT were iriie,
that The Bank al The u. States had not
Afforded Il circulating medium of equal
value, &c that itself would he AN arsu
menl uot against, but IN favor Of this ell
lquirv.
M. GieigS resumed The floor. The
grtaI Bank Of the u. 5 'a,es, he contend
Ell, lad not fulfilled The duties winch IL
was expected To have pritJrmcd. Thcrc
were hundred banks in The States. he
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tion HIRE wefe no doubts, whose paper
WAS as current aud IN as itigh cre,im a.
that OF the Bank uf tie u. States, aud
who issued notes of less amI0nni han five
dollars. Aud why shon'd they not Was
HE circulating medium OF The country
intended only tor men who deal in tens
and hundreds OF dollars The object al
Tins resolution. he SAID, was. plai-is nei-
'hrr more mr. less than to restrain the
circulation oil The notes Ot banks issuing
notes of less Than five dellaf~. and OF
course 10 brueii The Bank OF The 4. ). by
making lis n"ies The only curreu' paper.
lie "as, therefore, yet decidedly opposed
TO lhi, proposition.
Mr- 1riniJie SAID he slould vote Tor the
proposed enquiry, and regretted he OPP
position TO II. The people at the United
Siaies, IL said, expected that The ration
|
and ho what appeared, on enquiry, 10 be
. thin the scope OF Ills pDwe,, 10 rrsio,c
TO this country IL sound circulating medi-
um. Al former session, a report had
been made TO this House, Nv which IL
uai been suggested thai 4 circulating
medium might be established, 10 CONSIST
OF small COINS of cUnvecIrnt denomina
hons lie presuHird II vas inlcudra to
take up The subject al the present =, S.i0n,
aud, il possible, 10 ADOPT some measure
10 carry That idea into effect. He obsetv
I'd, bS The wav, thai with regard 10 the
Back oil the u States he VAS not nl,,ci,
disposed III offer TO il any advantages in
addition Ia th1se which ii a!reany cnj,\-
Ell. AdvertiDg 10 what had faticn .iom
other gentlemen respecting snail Banks
and small Bank Notes, Nh. T. sail that
| Congress had set Tic example 10 lie
states IN establishing them: IN this dis
trIci, with population OF some thirty
Thousand, Congress had eslabli>hrr II
Banks, and 1t had a branch ot tn. Bank
OF the II. States besides. MIR L. here
alluded to the miserable sGalI notes IN
circulation III the District, respecting
ahich he made a ludicrons c0mparIsoH
which Tie reporter did ut hear with
SUFFICIENT dIsi'nCtness TO COMMIT 20 paper.
| lie hoped some measure woul., be- adopt
Ell by Congress TO effect Il circulation o;
! coins Tor all transactions undri five So j.
lars. IL was expected from Congress. Ii
was in the power OF Comgrtss alone 30 ell
feet this object, aud Congress had al
ready too long delayed the exercise oil
the power.
Mr.. Sm'h OF Mar, land made few re-
marks on the proposition before ilie
House. The objecl 81 which lie under
stood to be 10 excluJe from circulation
all bank notes under five dollars, with a
view 10 Introduce, III place ui them, d
specie currency. Such measure Mir. ).
believed would have HE effect 10 prevent
the general exporlaii0n of specie when
even there was Armsnd for il abroad,
by dispensing IL over The country iasuch
| manner that II could not readily he
gathered together in large sums. Mr.. ).
shewed by reference TO what had taken
place III different parts of The country,
and more rccenily by voluntary arrange
mers of the Banks IN Baltimore, that
such would be the effect of The exclusion
0t small notes from circulation. Nhe-
lher il was polite TO do, in This respect,
what would have The appearance Of slrIk-
ing at tile State Banks, was another ques
ton there could be 10 doubt, however,
OF ihr authority of Congress in this res
CARO- "l'hin the District OF Columbia, nor
OF the eSpedicncy of excrcising il, sc.
MIR. Sifs6se made a few observations 10
Tie same eject as those eft Mr.. Smith,
He vas III favor of Tie resolution. aud be-
Ileved That The sooner The circulation Of
those small notes VAS stopped the better
II would be Tor the couptTy.
Mr. Mcrccr, in expressing his approba-
lion of the resolution, sald he was sur
prised that the genlIersau from Kentucky
should have reflected so poniediy OF the
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