Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-02-27
OFFICIAL.

Circular 10 rcccirtrS Of Public .NOntys Coectors Dis
bursting Officers and The Depositc Bunks Of the L. Stus.
The established policy Of the Treasury Department,
far may be practicable, under its present powers
the collection, keeping, and disbursement of the Public
Money, is lo diminish the circulation of small Bank
notes, and 10 substitute specie, and especially gold for
such notes, with the view of rendering the currency Of
the country through which its fiscal operations per-
formed, safe, sound, and uniform. In pursuance
Of that policy, Circular issued last pril which pro
hbited after the Both September, lSJ the receipt,
count oI the Government, Of any Bank Ola less de-
nomination than five dollars; and hch inllnatcd thut
ether steps to promote the desirable ob Gets before named
would, in due time, be taken.
Consequently, in further pursuance OF the same poll
cy, you hereby required, after the LIST OF May next
not TO pay the demands of any public officer or creditor
in any bank notes Of less denomination than five dol
lars and, except when it may be otherwise prescribed
by law; after the h Of July next not 10 receive or pay
OIL of the Government any bank notes Of less
denomination than ten dollars
All the dcpusite banks requested 10 supply them.
selves with such quantity Of American gold coin as 10
be able to pay and when public officer Or creditor pre-
fers it, and his demand does not exceed five hundred dol
lars pay least unetlh Of such demand IN that coin
1t asu requested that the deposi!e banks will not after
the 9TH Of July next issue any notes OF less denoin
nation than five dollars; and that at;:r the 81 OF March,
1887 they will not unless the sub be otherwise regu
lated by Congress, issue any notes OF less denom
nation Than ten dollars. 1t is believed that the amount
| of gold which by that time shall be coined at the
Mint will he sufficient TO admit Of the convenient
substitution of il for small notes, in much greater
| extent than at present; and it is deemed reasona
Bile, that while the dcpcsite banks have the use,
without interest," of unusually large sums OF the public
| money they should make some further temporary sacr
fees 10 obtain and circulate goL and i'll other respects
10 enlarge the specie basis OF our circulating medium
From these considerations and from the liberal spirit
evnced by of the public repositories i'll late cor
rcspondence with them this subject it is confidently
expected that in this state Of things, they will cheeriuly
comply with The above requests, and with all others
which have been made by the Department, with view
of improving the currency; will it, trust, be con.
sdcrcd unjust impotc, while the depose hunks shall
continue enjoy great privileges from the Treasury TO
regard Il neglect refusal by any Of them to comply
with those requests as sufficient for disseminating
the employment of such banks fiscal agent.
| Alta proper time it will be decided, under what cir
cunsances und at what periods these restrictions on
the agents and officers Of the Treasury shall be extended
10 noies of any denomination under twenty dollars.
This communication is made with the sanction OF the
President of the United States and it is hoped that, till
otherwise prescribed by Congress- by this DrPa! tnent
these requirements and requests will be faithfully COM
piled with BY all the fiscal agents Of this Department
and all the collecting and discussing officers OF the TO-
ycrumcnl LEVI WOODBURY.,
Secretary Of the Treasury
TREASURY DEPARTMENT.,