The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-31

treasury bill shall have passed; If il ever
shall
MR.. CLAWS RESOLUTION-REPEAL OF
THE SPECIE CIRCULAR
The joint resolution offered by Mr.. Clay,
after having undergone various notifications.
finally resolved itself into repeal of the Spc-
Gle Circular In that shape it passed the
Senate by large majority, and was sent to
the House, in which body it was taken up, and
by suspending the rule, carried directly through
yesterday morning, by an overwhelming maio-
rity, and returned to the Senate 1t only wants
the signature Of the President to become
law.
Whether It is to operate for good or for
evil, depends entirely on the manner the reso-
luton Of the 3oth Of April, 1916, shall be ex-
ecuted by the Executive. In the Senate it
was stated by Messrs. Webster and Clay, and
confirmed by Mr.. Calhoun, that, when it was
adopted, it was considered as imperative, so
far as related to the notes of specie paying
banks being received in payment ofthe public
revenue. Mr.. King, Of Alabama. expressed
an opposite opinion. He contended that it
was intended, so far, 10 be merely pernlissiue.
Hoose, at tho time it was adapted by Congress.
General jackson looked upon the resolution
as merely permissive, and accordingly directed
that nothing but specie should be received in
payment Of public lands. .
No discrimination can now be made. The
revenue accruing from all branches must be
collected in the same currency or media. If
the notes specie-paying banks shall be re-
reived as formerly, we do not doubt, that the
banks generally with some few exceptons,)
will resume specie payments Immediately after
such determination shall be promulgated. II,
however, it shall be resolved to demand specie
for the entire revenues of the country from all
branches, it cannot fail to lead to additional
difficulties and cause renewed embarrassments
to the banks and commerce Of the country.
There can, in our opinion, be little, if any
doubt, that Mr.. Crawford construed it as be-
ing of mandatory character. The resolu-
ton was passed subsequently to the passage
Of the bill chartering the Bank of the United
States. That institution for sometime there
after collected the revenues from. lands in the
Western States; or was the principal agent in
doing it. After the revulsion of 1919 it APP
pears that Mr.. Crawford appointed other
agents Under date Of the 18th March 1919,
he wrote to the Bank Of Chillicothe thus
Being dcsrous 10 remope far as may lie in my
poacer consistently NTH The public interest," The
nicnce 10 rhich he public debtors Ohio are subjected
By The dsordcred state Of The currency is my ,osh 10
make an ARRANGEMENT lrh some IF the principal banks
IN that STATE By eAich the paper Of such bauks as pay
their notes Specie demand, and otherwise IN
rood credit, may be receiped in payment Of dues in The
United States"
At the same time he said
Wuh further rie,c Of enabling Tie Western banks
10 continue The ayment Of specie have entrusted The
Superintendent Of The Cumberland road 10 make propo-
sails for paying the contracts for that ,rork NOTES
OF WESTERN BANKS WHICH ARE IN GOOD CREDIT AND
DISCHARGE THEIR NOTES IN SPECIE"
In circular addressed by Mr.. Crawford,
1920, 10 the Receivers in Ono, ILLINOIS,
INDIANA, Missouri and MICHIGAN, he said
Villa vicac to increase and enlarge The facilities
Of making payment FIR public lands in The @rerat
land districts Of The United States hare determined
10 authorize Tie receivers Of public moneys 10 take, an
addition 10 specie and s BaM Of the United
States, The notes Of The Joortng incorporated banks,
zig. +..~" '...
Those in The cities of Boston, Ncar York, Phitadel-
phia, Baltimore Rieamgad and The District Of Co.
iumbia, Except the City Bank of Baltimore, and the
Merchants and Franklin banks Of Alexandria, All
those specie paying banks in the State an Teh The land
0tfce is situated.
THIS instruction supcrccdes those that hare heretofore
been giren on the saje crcePt 50 far as they pro-
bbit The receipt Of The paper Of aHybank 'rhteh does not
discharge It's notes in specie demand and nat proht-
billion must, in crery case, be rightly adhered TO-
He then continues, by describing the mode
of procedure to be observed by the Receivers,
&c. ....
Under date Of February, 1921, Mr.. Craw-
ford wrote to the Bank of Chillicothe, as fol-
lows:
"ASHc o6fcc Of discount and dcposite Of NE Bank
of ne Uaited States at Chiitickott NOW TeceirCS, on
6ehaf Of The Treasurer Of he Uaitcd States, tm SAME
BANK BlLLS hat are receirabh BIZ The Bank Of Chuh-
eots there appears 10 be no sufficient reason 10 justify
The employment Of that bankaS depository Of The pub