The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-05
THE SPECIE ORDER REsCINDED-A
NEW ONEPROMULGATE


On the 3lst day Of May, the specie order,
issued by the Treasury Department on the
lllh day of July, 1886, was repealed by act
OF Congress, and on the succeeding day, (the
lst Of Junc) new specie order was issued
by The same department.
| The delusiye sound of alFs well, ais well
Peace, peace, is echoed and re-eehoed through
out the country now, by the subservient fol-
lowers Of power. But, to our mind, airs not
| rel nor can there be any peace, so long as
insidious war continues TO be waged.
The Treasury circular of the lst inst. adj
dressed to all Collectors and Receivers Of pub
lic money, is the most extraordinary document
we ever read, considering the subject which
called it forth What will the people think
Nay, what will they say, when we tell them
that it is specie circular to all intenis and pur-
poses, as much so, as the one just repealed
| Such is The fact, The latter accomplished
its Office in direct manner the former ac-
complishcs the same thing, in an indirect man
ncr.
The Secretary in this circular assumes
the high Office of CENSOR by pointing out
what he deems " essential" 10 "MAlNTA1N
A HEALTHY STATE OF PUBLIC MO
RAILS" From this high station, he descends
far below the dignity of Statesman and
fnancier, TO the catch-phrase slang, of the in
crpeditncy of giving "undue encouragement
TO currency, which, by its fluctuations in
quantity and value, often renders the wages
of labor uncertain, gives instability TO the va
lue of property, and thus ENABLES THE ART
Full TO ACCUMULATE WEALTH AT THE EXPENSE
OF THE uNwARY." After variety Of other
wanderings and meanderings, the Secretary
comes at length to the object for which he is
sued the circular
That is contained in the following extracts
from it.
lst. II says "You will in conformity 10 the obvi-
Gus intent OF the resolution of 1916, take such bank
notes only as as are payable, and paid on demand
10 the legal currency of the United States"
I'd. You will receive none of less denomina-
ton than twenty dollars"
3d. " You will not accept bank notes of any de-
nomination, unless the same be payable on demand
in gold and silver coin at the place 1rhere issued"
and "equiralcnt 10 specie at the place rAerc' re-
ceived" ..-
| 4th. You will not take the notes of any bank
which, since the 4,h of July, 1886, has issued any
note or bill of less denomination than FIVE dol
| lars"
The emphatic instructions are followed by
an expression Of opinion of the Secretary, as
to the best and most proper manner Of exc
cutting them, (avoiding,as usual taking re-
sponsibility" of giving definite instruc,ions)
He says,
" These requirements can, in the opinion of te De-
partatcat beentorced wih greater certainty and I'M
necessary risk and loss surely arodcd, By eonfn
ing the receipt to the notes atlantis situated tcihm your
o,rn STATE, andttc adjoining STATE"
This opinion of the Secretary will be look
ed TO by all prudent and discreet officers, to
whom it is addressed, as much in the light Of
Instructions to them, and be SO regarded, as
any other part of the circular If any one
should not so regard it, and by SO doing, loss
should ensue, we do not hesitate to say, that
a court and jury cannot be found in the Unit
ed States, which could not, by their verdict
and judgment, hold any such officer, or his
surety, liable for any loss or losses so occur
ring, and condemn them to make the same
good to the United States.
Then this new circular, operates precisely
in the same manner the one just repealed by
Congress did, in all the States, excepting
those in which there are land offices esta-
blished and single State adjoining, which
in many cases, will be one of those same
States. Thus, Receivers of public land sales
in the State Of Missouri, may receive the
notes Of the State Bank of Missouri and Of
the State Bank Of Illinois and SO uice versa.
1t works total prohibition to the receipt OF
the notes of the banks in all those States, in
which there are not land offices, or do not adj
join such States, TO the extent Of one for
each.
How is it 10 operate on the banks whose
notes are not permitted TO be received under
it How operate on the people Of those States
We will show. The farmer or laborcr, who
from the sales of his produce, or from his
monthly wages, has accumulated a sum suffi-
cient to enable him TO enter quarter section
Of land and has carefully laid it away as he
acquired it, in five or ten dollar notes, must
first go TO the banks and exchange them for
notes of twenty dollars and upwards, which
he then goes and pays into the hands Of the
Receiver for the land he enters.
What is the Receiver 10 do with those