Southern telegraph. (Rodney, Miss.) 1834-1838, 1838-06-27
Correspondence of he Baltimore Patriot
WASHINGTON, June IL, 1883.
Mr.. WEBSTaR'S SPEECH

CIRCULAR.
In the Senate tn.diy, Mr.. Webster pre-
sanied a petition from certain merchants m
New Haven, 10 which vas appended the
certificate Of tho collector, setting forth TINT
the list of subscribers comprised every i'm
porting House in the city bu' 20.
Also the resolutions Of the commission
ers Of the Associated Banks Of Boston.
Both the petition md the resolutions con-
tain strong remons'rances against The New
Treasury Circular;aud ask for the repeal Of
all laws which prohibit the receipt for debts
10 the Government, Of notes Of banks which
have issued Ave dollars.
Mr. Webster supported this object in
mastery speech, He commenced hy re-
mons;runces against the New Treasury CIR
cular; and asked for the repeal Of all laws
which prohibit the receipt for debts TO the
Government, Of notes Of banks which have
issued notes under FIVE dollars.
Mr. Webster supported this object IN a
mastery speech. He commenced by re-
ferrng TO the singular state Of things now
exist ng-the eff r;s for general resumption
Of specie payments by The Banks which are
being made all over the country, and The
attitude in which the Government; stands to
the Banks which have resumed.
The Secretary proclaims by the new Spc-
Gle Circular, that specie or treasury notes
will be required unless debtors 10 Govern
ment can procure notes of specie-paying
banks, Of The denomination of $50, or up
wards, which bank shall not have issued or
paid out any notes under FIVE dollars since
July, 1885. No postmaster may receive
any notes less than twenty dollars.
This refusing TO receive notes under 20
dollars is doubtless founded on the provision
in the act of April, 1886, that nodsbursing
officer shall offer in payment any note less
than geo.
Mr.. Webster said he saw no necessity
foT this part of the Circular, so long as III
Deposiie system exists. And taking the
state Of the law, and the Circular together,
itsurely could not he said that Government
is encouraging a resumption Of specie pay
ments and facilitating the restoration of
things to state of prosperity. There is
nothing in the spirit Of those regnlafions 10
remind us Of the course Of the Government
under similar circumstances IN the days of
Mr.. Dallas and Mr. Crawford.
In New Enrland, all the banks, with one
or two exceptions. have issued or paid out
small bills since July 1885.
In New York The Legislature felt itself
imperativey bound on TO authorize at least
for time the Issue of small hills The pom
Mar branch Of the Legisl ture was nearly
unanimous for an unqualified repenl-the
Senate preferred a suspension: and sus-
pension was the final result.
Mr.. Webster maintained that that men-
sure WAS called for hv the people: II was
not the result of any Bank management; or
Of the operation Of any private interest
whatever. Ii cannot he charged to party
TO management--or to any thing but uni
versal conviction that the measure would he
useful and necessary. Mr. Webster sup
posed that all the banks in New York, ex-
ceptng perhaps two or three, have av,iled
themselves of this law, and issued small
bills. Their notes, therefore, cannot be re-
ceiyed at the Custom Horses, or Post OFF,
ces, or elsewhere, where Government debts
are to be paid: and this stale Of things ex-
lists in New jersey; and many other States,
both Atlantic and Western.
Mr.. Webster said that The measures pur.
sued hv Government have overthrown. n
Iona for The present, its own policy of dis
containing the use Of small bills. In the
state Of things which has arisen, the people
of the states began TO act on that policy
have compelled their Legislatures TO give
up the attempt for the present. In some
instances, the laws AGAINST small notes have
been repealed; in others modified or sus
pended. The people find hose small notes
useful, if not Indispensable: And there i
no room TO doubt the solvencv Of the hanki
which issued such notes more than others
the question may no asked as it is with sig
nifcancy and effect ty the committee of tbs
Associated Banks in Boston, "Why not pn
the notes of specie-paying banks on the
same ground?"
He maintained it was the duty of Govern
ment. at the present time, to extend a large
and liberal confidence to the Banks, To en-.
tend their efforts, and assist their struggles
for resumption, by all proper means. To
this end the prohibition contained in the 9Th
section of the Deposite law, ought 10 be re-
pealed or suspended for IA considerable
time, until circumstances shall favor re-
newed attempt to sustain the policy hereto
fore pursued. Nothing can give efectual
relief short Of providing that notes of spe-
cie-paving banks, may hereafter be receiv-
cd although those banks do continue to is
sue small bills. The banks cannot without
greatinconvenience, recall again their small
notes. The people will not consent to IT.
Mr.. Webster concluded by expressing
the hope tina, The way on this subject might
be seen somewhat more clearly than il now
is seen. He was for the repeal of the pro-
hibition; hot if that should he objected TO-.