Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-05-10
CONGRESS-.
MONDAY, April 80, 1888.
IN SENATE.
RECEPTION OF BANK NOTES

AION VI DAMN NJ Els.
Mr.. Ola 7 said, while he was up, he
wsheo TO make an enquiry OF the chairman
OF Inc Committee on Finance. Mr.. G.. said
ne hau no uoubt ot tho concurrence Of the
honorable Chairman of that committee thai,
we had now arrived nj a very important mo-
tnent IN the monetary affairs Of the country.
Some OF the Banks in Boston and New York
hau resumed specie payments, and others
would probably iollew this good example in
The course of few days; and Mr.. C. hoped
that il would be generally done. al least ns
lar as the banks were able; tho he was aware
that some Of them were not prepared M,
Z. wished therefore 10 ascertain of the chair.
man OF the Committee on Finance whether
there was before that committee. or whether
The Executive had any intention 10 BRING
forward any measure of any description OH.
or Than that which now lay on the table in
| lie other House with view TO aid s,enythcn
and encourage the banks in the resumption
ana continuance Of specie payments. If
mere was no intention in the committee or
Tie Executive branch of The Government ia
do any thing on this subject, thus leaving
The banks 10 go on unaided in this operation.
might be The duty of others TO suggest
some measure for this desirable purpose.
Mr.. w RIGHT said there was nothing on
the subject before the committee which had
not been referred TO them by the Senate, and
oi that there was nothing on which they Ind
not already reported. AS 20 what the Ex-
ecutive was doing, or intended 10 do. AIR
w. was az ignorant as the Senator from X en-.
lucky. and he had nothing to say on tina,
subject.
MIR. CLAY said, that being the state of
The case, that, as far as the honorable chair
man knew on the subject, neither the Com
mittee on Finance Dur the Executive de-
signed TO bring forward any measure, he
would now offer the following joint resolu-
lion:
"ResolUed by the Senate and House of
Representations OF The United States in
Congress assembled, That no discrimination
shall be made as 10 the currency or medium
'oi payment in the several branches of the
Public Revenue, or in debts or dues ts the
Government; & that until otherwise ordered
by Congress, the notes of sound banks
which are payable and paid ON demand in
'the legal currency of the United States I'm.
der suitable restrictions 20 be forthwith pre-.
'scrlbed and promulgated by The Secretary
'"f The Treasury, shall be received in paw
'Eent oil the revenue and Of debts and dues
TO The Government, and shall be subse
'quenliy discussed, in course of public ex-
'pendIIure, 10 all public creditors who are
willing To receive them"
MIR. GRUNDY said he wished 10 draw
the attention OF the Senator from Kentucky
10 single point, namely, whether the reso-
luton ought mol TO be restricted in its opera,
tion 10 banks in the vicinity OF The places
where The revenue was 10 be received
Mr.. CLAY said he did not enter rn,ode-
tails IN drawing the resolution; this poin,
would come up when they should consider
IT. But if The Senator had more fully alien.
ded TO the reading Of The resolution, he
would have seen that il provided that the
notes were mol required by Il TO be received
without limitation, but under such suitable
regulations as should be published and pros
muigaied by the Secretary of the Treasury.
This discretion in the Secretary of the
Treasury would be amply sufficient TO meet
all Cases; bui this subject would of course
come up uhen they should consider the res,
oluiion.
Mr.. GRUMPY was understood to say
that he bad merely desired to call the alien
ton Of the Senator 10 this point, that he
might consider whether the resolution should
no, he so worded as 10 give the Secretary
OF the Treasury express power oH this
point.
The resolution was ootg read, and orJesed
10 second reading.