The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-28

republican members Of New York, to their consliu-
enls after The close OF the Isl session. oihe 23dCon
gress, signed among others, BY the honorable sias
Wright and y. r. Tallmadge, OF the Senate, and
the honorable Chairman OF the Ways and Means,
containing an avowal OF these identical principles
Il reads thus
II the people only true to themselves,
doub. that the business OF the Treasury be
nienily and safely managed, by the sgency.of State
banks The restoration Of gold coins to The specie cir
cuation OF the country, which may be expected TO
follow the act recently passed, will not only strengthen
those institutions, but operate valuable limitation
OF their issues and proper caution is only exercised
by the State Governments. in the incorporation and
management Of banks and gradual but timely measures
taken for the adoption Of small notes, we may
fdcn,y anticipate, and that at distant day. SAFER
and more USEFUL currency than has ever yet been
joyed by the people Of this country
SILas WRicHT, q G. CAMBRELESG,
n. p. TALLnApGE, VIM TAYLOR,
ABJAH MANN. Jr, and others.
In addition TO these evidences OF the favor with
which the principles of the Currency bilp was re-
garded BY the late Administration and most OF its
leading friends might refer to the reports Of MIR.
fancy, while Secretary Of the Treasury, and two
speeches delivered al public meetings in Maryland,
afler bis retirement; to the report ofihe Committee
Of Ways and Means, Ia 1884, at the head OF which
was the present Speaker of the House Of Represen-
atives and 10 the letter of the President Of the u.
s 10 the Hon. Sherrod Williams previous to the last
erring two circulars issued by the present Secre-
tary of the Treasury with the sanction OF the late
President ofthe United States, who not awaiting the
Legislative sanction, was aemptingto carry out this
identical system BY Executive regulations. They
are as follows
On the 9th Of April, 1885, the following issued:
TrsasvRr DErARraESr. April o. 1885
II is understood that the instructions from hia De-
pamen to receive for the public dues only such State
bank notes the depos,e banks willing TO credit at
par have been construed TO authorize the receipt Of such
notes Of any denomination The undersigned considers
i highly bencffiatfo The currency Of The country and
the safety Of the banking agents employed in keeping
the public revenue that the general Of specie
for The small and ordinary Of society should
be encouraged; and the disuse Of bank notes Of
low denomination is believed be the method
effect that object, and the acts of Congress do
expressly require the receipt Of any such notes if less
~ amount than fire dollars, hereby directed
after the 30ih day of September next, receive
payment Of any public dues bank Of any denomi-
nation Tess than fre dollars.
You also apprised that il is in contemplation by
this Department, after the Sd Of March, 1885, [shond
Congress in the moan time make new provision on
the subject to exercise the discretionary powers which
II is supposed will then belong it, over the receipt Of
paper money Of ai,J denomination for the public
nue. and to extend the restriction the receipt of bank
notes, for it, to all Of less denomination than ten dol
lars For the greater security Of the banking institutions
employed by the Treasury, and for the Improvement Of
he currency the fuller restoration Of thai specie cir
culaon for common purposes eh,eh 10 hare been
contemplated 6y The Consultation il is intended then to
make arrangements if practicable, discontinue the
use OF any bank fiscal agent which shall thereafter
continue TO issue notes of less denomination than five
dollars, and which shall after subsequent period,
70 be then designated continue to issue notes Of less
denomination Man ten dollars
The course proposed to be pursued hereafter on this
subject by the Treasury, is Indicated with view
to ensure suitable notice Of the changes contemplated
On the ed February, 1886, the following was ssu-
cd -
To Rsceirers Of Public Moneys, Collectors Disturbing
OBteers and The Opposite Banks of The " States
TREAsURY DEPARrMENr. 22d Feb 1886.
The established policy Of the Treasury Department,
so far may be practicable under its present powers
over the collection, keeping, and disbursement OF the
public money, is 10 diminish The circulation of small
hank notes, and 10 substitute specie, aud especially gold
for such notes. Nth the pe,r Of rendering he currency
Of me country, through nhich US fiscal operations are
performed, more SAFE sound and uniform In pursu-
,aiss pron,sea s,.er INC SON september, 1885, The
receipt, on account OF the Government OF any hank
notes OF less denomination than five dollars aud
which animated that other steps to promote the desira
Bile objects before named. would, due iime be taken
Consequently, in further pursuance Of the same policy
you are hereby required after the first OF May next
TO pay the demands Of any public officer creditor in
any bank notes OF LESS denomination than FIVE dollars,
w,
after the 4h Of July next not to receive or pay on ac-
count Of the Government any bank notes Of less de-
nomina' ion than ten dollars
All the deposc banks are requested to supply them
selves with such quantity Of American gold coin as
to be able to pay, and when public officer or creditor
prefers it. and his demand does not exceed five kiudred
dollars to pay at least one-h OF such demand in that
CON- Ii Is also requested that the deposte banks will
not, after the 4th Of July next issue any notes of less
denomination than five dollars and that, after the Sd Of
fhax Al
wise regulated by Congress- issue any notes Of less
denomination than ten dollars II is believed that the
amount OF gold, which by that time shall be coined at
the mint will be sufficient admit Of the convenient
substitution OF It for small notes in much greater eY-
tent than at present and IL deemed reasonable that
nehh The deposiie banks haze The sse ,otoui interest
o. unusually large sums Of The public money, hry
shoald make some further temporary sacrifices 10 o.
tam and circulate god and other respects 10 en-.
large me specie basis Of our circulating medium
From these considerations, and from the liberal spirit
evinced by Of the public repositories in late cor
| respondence with them on this subject it is confidently
expected that In this state Of things they will cheerfuy
comply with the above requests, and with all others
which have been made by the Department, with view
OF Improving The CURRENCY nor will it, trust be con-
sldered unjust or impolc, while the deposite banks
shall continue to enjoy great privileges from the Trea-
sufy, to regard neglect refusal by any Of them 10
comply with those requests sufficient for dis
continuing the employment Of such banks fiscal
agents.
AT proper time il will be decided under what cir
cims'ances and at wha, periods these restrictions on
the agents and officers Of the Treasury shall be extend
ed to notes OF any denomination under twenty dollars
THIS communication IS made ruth The sanction of
the President of the United States, and il is hoped
That, TIL otherwise prescribed by Congress, by this
Department, these requirements and requests will be
faithfully complied with by all the fiscal agents Of this
Department, and all the collecting and discussing off,
GERS of the Government.
LEVI WOODBURY.,
Secretary Of lie Treasury.