Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-07-15

wNhou, charglng commissions or claiming allowance
account OF difference OF exchange.
o H. That no Bank selected a depDory OF the pub
lie money shall, after the 81 OF March, 1886 use
any note or bill Of less denomination than five dollars
These several conditions and terms Of employment are
nj once self evident and will require should add
word two. by way of explanation The general scopc
and tenor is, make the public money wherever deposit.
cd equal TO specie, aud 10 transmission OF funds
IRON place to place, where NOISY may be required 10 be
usonfsed Tree oil expense TO the Government; and by
making the interest OF the de- osiie Banks in consdera
on Of Tue use OF the deposies when not called Tor the
pubiic service TO induce them after given future day.
cease issuing small notes. thereby gradually Introduce
IN their stead metallic circulation AT still more dis
n day may be proper to extend the latter condition
TO banks issuing notes bills OF less denomination than
tens or ftcefes but IL de emed necessary 10 en-
brace such provision 10 this bill IL it be deemed expe-
client Congress may hereafter the law (shoud the
bill pass in this respect.
With ayiewto attain the end, the bill contains
further provision that after the 81 of March, 1886 the
notes or bills OF bank shall be received in payment Of
debts due to the United States which shall, after that dale
issue any noe or bill OF less denomination than FIVE dol
lars lnregard 10 che banks OF deposte il is imposed
condition upon which they shall be employed that they
SNAIL alter given future day. cease or small
notes ana III regard to all paying banks the depo
sue banks Included, tits made condition upon which
oeu states WI, agree TO receive their notes bills in
payment oil public dues The latter provision is hut
nouhcauon OF the joint resolution OF Congress Of the 3Oh
oil April, 1916 under which the notes OF solvent
paying banks are now received payment the United
STATES That resolution prohibits the collectors of the
venue from receiving thing but the legal currency
Sgod or silver con the OF the Bank OF the United
states, or the notes OF such other banks may redeem
their notes In specie This resolution Of 1916 by pro-
noi'iog the receipt of the notes Of any bank which
does not redeem its bills in specie make, 1, the
interest Of all banks which wish to obtain general
credit aud circulation Tor their notes, by having them
received In the payment OF the revenue, to continue
Tue payment oil specie for their on demand and
SO ths provision In this bill is designed make il the
ineres, OF all banks which desire their notes
IKE general circulation and credit by wing them re-
cell ed by the United States in payment BITS 10 cease
TO issue small notes This provision cannot be
as an attempt the part OF Congress- regulate the pa
per currency oi The Stale banks,tor the constitutional
power to do this has already been denied as decia
ration on the part OF Congress OF what kind of money shall
De received IN payment Of public dues. This powe err
congress have clear right TO exercises; and IT, con-
sequence flowing from such dcclaraon the State banks
shall voluntarily cooperate, and. for example resume
specie payment most of them did shorty after the
luton oil 1876 as they may should this bill he come
law, issue notes after March 1896 in order
mat their other notes, OF other denominations may be re-
ceived by the United Staies-such a consequence would
be Legitimate one; and yet, in another case would Con-
which they issue If all the State banks after the
ton OF 1916 had spended specie pay they mig
the revenue would have been collected ~ coin. They
ehose however, Voluntarily TO pay specie Tor their notes.
and as they did So the United States permitted the notes
oil many OF them to be received And SO il this bill shall
pass and the State banks SHALL after the Sd March, 1885,
voluntarily continue TO issue small notes. their notes Of
other DENOMINATIONS will not be permitted be received
by the United Sates but they choose the
suing oil sucnoes, then their other may eceiv-
ed in payment Its wholly voluntary on the part of the
State banks. They may may not continue TO nav spe
Gle; they may or may not O issue small notes
There is no attempt to check the m by Congress
If they voluntarily cease 10 issue small notes aGae III
day mentioned in the BILL aud is believed most of them
aud especially those OF large capitals WILL is moi dou bed
that the currency they circulate will be in sounder state
and The country gradually furnished with increased
metallic circulation, fill the asioned by the
withdrawal from circulation OF the small notes at pre-
sent issued by them.
An amendment OF the existing laws rep MIA inc the re-
lave value OF the gold and silver coins of the United
states, anu the value OF foreign COINS constitutes
portant part OF the scheme of Secretary
the Treasury as communicated in his letter 10 the Commit
tee oil Ways aud Meansand which panies their
port with this bill But the subject OF the value
embraced atI
viii reserve any thing further which may have lo-say
upon subject the currency III indeed shall saw
any thing until these bills up for consideration
The bhl contains another provisions that the Secretary
shall annually report TO Congress the Banks ia the
made by him. the Banks present holding the demo-
sites shall continue TO be tho repositories IL will be at
oil times in the power Of Congress- by calls made upon
the Secretary TO know the amount Of public money in
each, and The state and condition of EACH egards its
safety | have now gone through with the substantial
details OF this bill Should pass, believe provisions
such fully guard and the public money depo
sited. and to be deposited in the State Banks.
must ask the indulgence OF the House before con-
cude, to be permitted very briefly notice what have
heretofore been preciuded the opportunity OF noticing
When the report Of the Committee of WAYS and Means
upon the subject oil the the deposites and the
employment OF the Stale Banks, concluding with the
luton which IL is the object Of this bill carry into eff.
feet, before the House, reluctantly yielded the very
strong desire which then felt 10 in argument and
reiue, IL could much Of what then urged against
the principle, and doctrines of that Report The length
10 which the discussions had extended aving occupied
almost exclusive attention Tor three monthsA The inn
patience oil the puohc mind 10 have the question which
much agtaed the country settled, compelled me- from
OF the paramount importance OF having speedy de-
con by this House, orego reply TO any thing which
was then said ain not now about 10 go ino The argt-
ment OF that repornor do propose to notice much
of what at that time, had opportunity been afforded
desired 10 notice. The time has passed, IL unneces-
ssry because the report has since been sustained by the
deliberate judgment of the House Bot though do moi
propose and will this late period Of the session per-
NIT myself 10 be drawn into the general argument do
ask the indulgence of the House whilst notice the char
which marked the discussion of the part of those op
posed 10 the principles Of the Report well one or tyy
most extraordinary grounds, upon which il sought TO
them.
The report discussed emperateiy the various questions
connected with the removal OF the depostes How the
views which presented by those in opposition
IL becomes my duty now TO notice. Were they met, and
attempted to be Teuied by bold and manly argument?
Were the positions laid down by your COMMITTEES encoun-
tered and attempted 10 be overturned by reason? No
stead argument had ebuions OF feeling and Of pas
sion Instead Of reasoning, heard denun
Citations and bitter nvectives against the Chel Executive
Magistrate Instead OF calm discussions we heard
here, all the violence Of party se cleaned from partisan
newspapers; and upon grounds like these the House we're
called upon TO reverse the report OF your committee
The minority Of the committee OF avs aud Means in
the couaer report which hay presented, by affirm
ing that "ie removal oil The public depostes from the
Bank Of the United States upon which the muir
ment OF the country has iFfevocaby passed." What
this public judgment is, they have not stated but left TO
he inferred In the same paragraph they assume that
ihe act Of removal wholly indefensibe without CO.
Tor OF probable cause, violation OF the Bank charter an
iDroad upon the property and security the citizens and
upon the rights OF the legislative department." These
bold assumptions aken for granted; no adj
Iu~oI IN ftrct I'm ftta..