Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-19


The of small bills 4 state Of things hu, arisen in
which the people OF States which had bepun 10 act on
that policy have compelled their Legislatures TO give up
the attempt for the present In instances the laws
against small notes have been repea.ed n Others raod
itd suspended All this, repeat has been the work
OF the people themselves, acting directly on their own
Legislatures Under existing circumstances, they find
small bills useful, II not indispensable And as there is
no reason 10 dusbt the s"veBcy of the banks which is.
sue such Notes, than th Of Others, the question
may De asked as ii asked with signhcancy and effect
by the committee Of the sssocia;ed banks in Boston,
why not put the notes Of specie paying banks on the
same ground:'
think Sir it is duty of Government, II, the present
important moment, TO extend large and liberal conf.
dence 10 the banks, and To encourage their efforts and
assist their struggles ol resumption by all proper means
To this end think the prohibition contained IN the Nth
section of The Opposite Law Ought TO be repealed
pended for considerable time, and until crcuInstan-
shall favor wed alt Npt sustain the poll.
cy heretofore pursued J of opinion, that II Is not
enough merely abolish the pacy arising from what
has done contrary TO the provision OF the statute
think necessary to provide that bank notes OF specie
paying banks may hereafter be received al hast for
;.inp, although the banks issuing them continue
10 issue small Us Nothing short OF this give ef
ecuat relief. The banks cannot now, without great
public Inconvenience, again REGAL! their small notes
The people will not consent that they should This IS
point, believe, which there is but difference
Of opinion in those States in which small notes is
sued
done, under all circumstances 10 to repeal the prohibit
lon and to wait for favorable opportunity TO es
tabsh The policy which il was intended TO sustain.
hope we may see way this subject some hat
clearer time hence than we now IT. II arepeal,
however, be objected 10, suspension Id ndisPensaby
necessary and lhS suspension should be for such
length Of time will enable the banks and The public 10
adjust their to The stale Of things which will
then he before them But il suspension uuy be agreed
TO- and day fixed when it shall expire and especially
~ H1vh "a u.nr no hank vii be coz
Immediately begin 10 cali in their bills and the relief
afforded If ii be any relief al ALL will be crippled and IN
efectual Another pressure will commence, and re-.
newa Of past troubles ensue My opinion 10, therefore,
that taking all circumstances into consideration, 1t Is
BE- st TO repeal the prohblon and retain, OF course the
power Of renewing when state Of things shall here
after arise to Justify such renewal.
For the same rrasons think tie second section Of
the act of A ar should be repealed.
Mr. Hubbard remarked that The honorable Senator
from Miss Uni (Mr. Ben"n) in speech which he made
upon the biz winch Ut wUs sa'd IN ehect Tepehed me
lae Specie Circular observed that the Secretary oi The
Treasury could not issue any ne" treasury oIoer, wil'
out mourning censue. No matter what was It's charac.
ter or what were It's PROVISIONS future Treasury cr'
cuar would bring down upon It's author the severest AMI.
madversons How truly has the prophecy OF The Senator
matter Of history The necessary, the proper
action Of the Secretary the Treasury upon the snUece
of the currency the kind OF paper money which could
be receivable Tor the public dues calls forth the most &C.
termnrd opposition lie vas utterly at a loss 10 KNOW
how the Secretary had made himself obnoxious 10 any
mrrited censnre by reason of TINS new circular She
Secretary had done his duty: he had done nothlng
more. After the bill passed, Going away WIN all dis'
elimination the and of money receivable LOT ro'
vernuenl dues, il certainly VAS part oil Inc Puoc Gu
ty OF the head OF the Treasury department 10 issue IL
once circular to correspond will, the existing state OF
thiogs The Specie Circular OF July. 1885, was done
.-aS and The Secretary 90 make no order III rela
tion 10 This subject: Would he exclusive collection
Of specie under tie act of 1e9 for customs as well
ior the sales OF The public lands, been tolerated: And
II the JOINT resolution of 1910 was 10 be carried into
prccIce could the Secretary have been SILENT Would
he have answered the expectations 81 Tie business
community, II Eo had not ssued new circular
which would, in eject secure 10 that oonmuni'y the
he nef OF The joint resolution of lsio: was not that
called Tor after the recent ra'fuon of Congress,
peolIng the Specie Cirruar OF july lc3o:
md what the provisions {" this new circular. about
which much has been said here and esew here? He
had carefully examined it; and when he rs read it he
pared with the existing laws OF the land and ke
could not well conceive how The Secretary of the Tres
sury could have issued different order unless he had
wholly dlsrrgsrded thu provisions of the acts of Con-
ges unless he had intended TO withhold from the
comnun y alt0geiey the benefit o the resolution
of 1916 The Opposite act Of 1886 provides in express
terms that the bills of no bank which shall have issued
notes of less denomination than five dollars, shall be
for the dues OF the GDvenoent for lands
for customs This is the law. And what is the crcu-/
Lar, Is any thing less Than this: Not al ".
If the Secretary, his order 10 the collectors app re-
cpvers had snid that the GiHs (whout any di";r'm-
ualion of all banks shall he receivable for ppitc cues
would he have not been charged, and most 1ns''y
charged, with having violated the etrf OF t'e |an .,
Congress? Could such order hare oeen 1isuhfo
Ioon any principle; 1t could pc The secretary,
ben ia this part Of the circular nad kept hImsr" WIN
the express OF the -6ep"s''e ac' o' July, 300
iIs purpose most clearly was a'er thr recent 'egs
alton to secure to the business community the PRACTICAL
,ru. fits of The ioin. resolution Of 1916 For this pur.
nose aud NTH ,,s vie" he had issued this new cIre1.
ar but in pomuang this new order he could no, have
h, sc >ss 10 his public duty 10 have ds-eaard-
ri enc casting laws Of the land. Hr therefore, in this
rrsuec, hadmads and most properly made this circu-
h. c,'"'', me acts of Congress He had done no.
Tor 'hat part 81 ne. hax~ done nothing less So much
of less denomination than Ice dollars
The other par, of the eircunt ~.ch probibs the re-
ceipt of any bank notes ct less a,youio alton than
wrn,y dollars he thought was equally 1efensb,e II
had hp.n admitted, if not ii would not be t,ned that
no notes of lsss denomination than twenty dollars
could now be offered in payment by the Govtrn"sntto
its creditors And not even that denomination OF Pc
nor unless il equivalent 20 specie at 'ae place
Laro GsburspG and could be then converted into spe.
s q, the will of the holder This was the law Of Tie
land IL was continuance OF Inc secretary OF the
treasury but distinct and explicit statutory Iequ"l
,on RE remarked thai the dePoslte act OF 1880 was
dead letter 80 lar as II 'e'a'eo W -'''' " ' ' -
the country =,
sen,ed there was not single bank winch could be Sc
ectrd as public depository consistently WIN the pro-
If m. deposlte act Of July, 1886 They had in.
n,c;,,,ed Themselves from being employed as places
If denosire of the public money There was not one OF
them but wha, had paid out bills of less denom'na
ton than FIVE dollars the suspension OF specie pay
w., Tbey had done this he was free to admit, FROM
necessity ana with regard the public convenience
But in doing ,his could no, be denied that they could
not thereafter be selected as repositories Of the public
money The drpos,r act, therefore mns. Ma We Teen re,
g,rded by the Secretary the time Of issuing TINS new
;mI.. "a prea, extent, inoperatve-certsInIy IN
S,,n. "a well as in every other State Of Eng
if j, had never passed so far q. 1t rease
to the of The local o s'"s' Ss PaSs
n'eo I.. .sk what was the Secretary TO do 10 pre-
s oaper to be taken Of than
veh' pam p,to,;zed 10 be dsbursrd' Would he have
hss justified in directing the collectors and rece'Versto