The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-27

THE FORMER RESUMPTION OF SPECIE
PAYMENTS,
AND BANK CONVENTIONS, &c.

| AND BANK CONVENTIONS, SC
| five are compelled to go back to other times for
forms and ceremonies, we may certainly be excused
fol recurring to the past for rules and examples
In former number four paper, we showed what
the preliminary treaty with the Federal and State
Banks previous to the resumption Of specie pay
ment; and the superior (present condition of the
latter, compared with lsl6-l7. We now propose to
show what the opinion of the Secretary of the Trea-
suary was in December 1915, touching the gratitude
and aid due from the Government 10 the Banks and
its still continued hopes and reliance upon them.
"Of the services rendered to the Government
(says Mr. Dallas BY some of the State Banks dur
ing the last war, and of the berality by which some
of them actuated in their intercourse with the
Treasury, justice requires an explicit acknowledge
ment." .a.. ..#
As to the reliance on the banks, and the duty both
Of the Executive and Congress, he says
at is nevertheless, with the State Banks that tho
far restoring the national currency Of gold
and situer must originate; for, until their issues of
paper be reduced their specie capitals be reinsated
and their specie operations be commenced there will
be neither room, nor employment safety for the
introduction of the precious metals. The policy and
interest of the State Banks must, therefore, be
gagged in the great fiscal work, by all The means rhich
The Treasury can employ, or e Legislative ictsdom can
proride"
zeal may be little dampened relative to their pro-
posed observation-disclosures certain Philadelphia
banks do not see fit to follow when it is too late to
lead 1--WE would remind them, that neither all
the States joined the compact of the confederacy
during the revolution, neither would all the banks
in lSl6--I7 go into convention, agree upon the
time and manner of resuming specie payments
The patriotic and public spirited institutions took
the lead then, they will now; and the others will
follow now as they did then. To show, that neither
the public the patriotic banks have any thing to
apprehend from the tardy dhesion of few recusan
insiuions,-Now we give 4 passage from com
munication made by the Secretary of the Treasury
on the 2Oh February 1877 to the Hon. G. W.
Campbell, chairman Of the Committee of Finance
which will BE- good authority, at least to all who
were once Crawford men.
The communication is in reply to one requesting
information (upon passage in the Presidents Mes
sage, relative to the national currency whether in
the opinion of the Secretary further legal measures
were necessary TO aid the Treasury in restoring
uniformity to the circulating currency in the differ
ent sections of the Union, and the enature of the
provision proper to effect that object if any should
be necessary"
| " In reply to these several inquiries (says Mr..
Crawford, have the honor to state that the banks
| OF the cities of New York, Philadelphia and Ba-
more, Of the District of Columbia of the States of
| Virginia, the bank of Muskingum, and the Miami
Exporting Company of Ohio, have notified this De-
parmen that they will on this day, [20th February
| lSlIl resume and continue specie payments. The
banks of the Southern and Western States have
stated their capacity and disposition to discharge
their notes in gold silver as soon as specie pay
mcntS should be resumed by the banks Of the middle
States The banks in the interior of the latter States
have made the same declaration and several of them
have already pledged themselves to resume specie
I payments on this day."
We wish all concerned to notice with care the
next period, which is continuance of the foregoing
sentence
-" Official notice of the resumption of specie
payments by the principal banks in the middle States
has been given to all those banks whose resumption
of specie payment was made TO depend upon that
event and no doubt is entertained that a majority
of the banks in every section of the Union will dis
charge their notes on demand as soon as the notice
referred to shall be renewed. - H.
And now note the conclusion of this same para
graph-the most important of all.
-" There is therefore in the opinion of the
Secretary necessity for any further cgai proriaoa
10 rcorc uniformity 10 The circulating currency IN the
digcrcm sections Of The Uaioa Instructions have
been given 10 the collectors of the public revenue
and to the receivers OF the public money arising from
inc sales of public lands to conform 10 The resolution
q me 5oh April 1916 for the more efectual collec-
uon oil the public revenue"