Piney Woods planter and Amite union literary reflector. [volume] (Liberty, Miss.) 1838-1838, 1838-07-07


a certain period prohibited any currencr
from being taken in payment Of the milky
lands except specie-no authority for ~
issue OF Treasury notes being then in oY
istence. :" 0A'
| TINS circular did not order any difero0,
medium to be taken for duties-yet ho
various reasons contained in il wor, wy
applicable to the revenue from customs
and practice had existed before. and h.,
been continued since, to receive ban%
notes OF certain character in pavmon,
of duties. p"J 'i'ei''
In this condition of things, and witbors
any new legislation, either to extend tLa
PROVISIONS OF that circular to every branch
OF the revenue, or to abolish the practice
OF taking bank notes for any branch Of i
congress directed, by the resolution abovc
quoted, that no difference or discriminat fan
shall be created or continued in force b,,
any general order emanating from nix
department, 1t has been made the i'm
peratlve duty of the Secretary of the Trea.
sury either TO require the collection Of
the whole revenue, in all its branches in
gold, or silver, or Treasury notes, or To
permit, under such restrictions as the ex.
lstlng laws impose, and as the safety Of
the public money may seem to require.
the acceptance of bank notes, for lands
sold as we'll as for other public dues.
However desirable it may be on some
accounts, that the receipts and payments
OF the General Government shall be in the
currency provided by the Constitution.
and however inexpedient it may be to give
undue encouragement to different curren-
cy, which by its fluctuations in QUANTITY
and value often renders the wages of Iabo,
uncertain, gives instability to the value Of
property, and thus enables the artful to
accumulate wealth at the expense of the
unwary, it is not believed that this De.
partment can find sufficient warrant in
tho proceedings of Congress, or in the
public opinion, to justify the sudden and
total exclusion at this time of the notes Of
specie paying banks from reception for
public dues of every description.
Important changes have also taken
place since July, 1886, in the conditionsof
the banks, and Of business generally,whic
have diminished the necessity of unusual
checks OH the excess and over actions,
Influenced by these considerations, and
by desire to accommodate the public
debtors as far as compatible with the re-
strictions of law and the safety of pecuni-
airy interests committed to my care, feel
bound to enforce the uniformity now re.
CURED, by availing myself of the perrpis.
sion given in the resolution of 1916, to re.
coiye the notes ofbanks, and by extending
under suitable limitations, the receipt Of
such notes equally to all branches of the
public revenue.
The limitations as to the character Of
the notes receivable, will be such as are
required by express laws, or by necessary
implication. Some of these limitations
have always, except OF one brief interval
been adopted in practice since the forma
ton of the Constitution, are deemed essen
tia to maintain a sound currency, so in
dispensable to the prosperity Of trade and
and healthy state of public morals. 9th
ers have been introduced more recently to
promote fiscal convenience, the public Sc
curity, and an equal standard of value.
LIST. You will, in conformity to the OBJ
yious intent of the resolution Of lSl6,tak
such bank notes only as are "payable and
paid on demand, in the legal currency of
the United States"
ID. You will receive none Of a less de-
nomination than twenty dollars; the re.
cepton of all smaller denominations being
virtually prohibited by the second section
of the Act of April 18th, 1885, which for
bids their being paid out to any creditor Of
the United States. Though smaller notes
offered for duties could, from the nearness
of banks in most sea ports, be taken, and
easily exchanged before making payments,
yet, from the remoteness of many land Of
fees from banks, this could not be effect
ed there without much delay and expense;
and as uniformity is now required, the
provision must be made general.
Sd. Nor will you accept bank notes of
any denomination, unless the same be
"payable, on demand, in gold or silver
coin, at the place where issued" and "e-
qulvalent to specie at the place where"
received, as is substantially required by
the last mentioned act in respect to pay
ments. These requirements can, in the
opinion of the Department, be enforced
with greater certainty, and unnecessary
risk and loss more surely avoided, by con-
fning the receipt, as has been the usage at
some former periods, to the notes of banks
situated within your State, and in the adj
joining State. The credit of these notes
can usually be best known-counterfeits
of them more easily detected-and specie
obtained for them with less delay when it
is wanted for public purposes.
4th. You will not take the notes Of any
bank which, since the 4th of July, 1886,
has issued "any note or bill of less de-
nomination than five dollars" the notes Of
all such banks being expressly excluded