Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-01

their refusal to receive it, he certainly would ~ tue
Indians were ht free to act and then do whs': E"e.
xeurn tae settlement aud sell the notes Tor Tue
re hev ui comma nd in COIN seek out among 'he
States the various banks whose notes he hoids anu
sent lhem at their counters tor pay ',r". :" '
make q second Journey TO the Indian ierr'oiy' IT,,
Tske apain The disbursements TO Inc army. ne
ync;,,l mart of it is always al remote fronuef S'atohs
The funds to paw the troops are ike ali Vfe one ie'e
xues collected in ndiscrminae DanX paper. lue Pay
master is fitted the Indian agent IN Tue sup
ossd cosa and were the soldier TO have really his Tree
hocs wopld be quite as certain to meet with the same
refusal to receive the paper In thot event his course
,yould from necessity, be the same which has been
pointed out for the egenS
Take the disbursements in the naval service, and how
nre portion of them 10 be made, without an actual VIC.
laon Of The spirit of this provision? Al navy yards
upon .be vessels in port and the like the notes might
he offered, paid in the former case but they GER
tsinly could be transported abroad to sus
tain the vessel and upon foreign station ana the
necessity Of the would compel the fiscal othcers 70
presume REFUSAL 10 enable them 10 convert the holes
into current means.
These ore but few Of the vast nuuher OF cases whefe
simae difficulties would be met witb and unoel those
which have been enumerated. how much freedom OF
choice is it likely would be left to Inc PUBIC cfeo''ofs
Take the Indian and who does not know lnat 'he
situated in The supposed case would give nun d: once
To that he take the paper, or wait hs
the agents pleasure for the specie? And who does mol
also know that this to the Indians feelings and wants.
would be equivalent to saying he must take the paper
o, nothing, and would speedily convert him into pub
lie creditor, ,ciiiing to reectce Inc papTF
80 with the soldier upon remote Stallion. Els sma
wares and numerous wants render the periodical rounds
of The puymuser much less frequent than would be de-
srabe 10 him. if there be question about his pay
when those periods arrive but let the Paymas'er oet
him bank notes. and tell him. if he decline to take them
e must wait until it shall be his, the payinasler S, duty
to visit the post again. and how will he choose or rather
what choice will he have? The compuson OF debts and
want must decide the question and he, loo becomes
Him. tai thp
So with the sailor with the laborers at the navy yards
and indeed in all branches of the public service Let
the tree test be applied Let the paying agents be
sent with gold or silver add paper; let them offer
each aud ask for The choice and then these Pnoc Gre
dlors the classes most strongly appealing 10 Congress
for protection, will be free to choose And who doubts
how they will choose under such circumstances The
large creditors the banks the merchants and the prn
cpa contractors, may have the choice unaer such os
bursting regulations because they may have the means
and ability wait until The consequences OF Their re-
usa to take the paper can be ills converson
but 10 them this choice is Of little moment In the com.
paron they are engaged in business and located at
nojpts where paper it really that Of sound specie
paving banks may be converted into coin by themselves
without material delay loss They, too, Judges OF
the aper and gain the required information as to
the souadness Of the banko, and may therefore make
their selections from The paper offered Not so the In
dian in the Wilderness the soldier the frontier post
the sailor in service, the common labners upon the
public works. and hence they can have no choice, in
fact unless the gold silver be presented 10 hem with
the paper and they be permitted 10 make the choice be-
tween tkea, on the spot This provision, as to then
would in the judgment OF the committee, operate TO
make the paper tender in payment OF their dues from
the Government forced tender, il is true, but none
the less tender in practice
If the construction which the committee give TO thus
provision be correct: it must have the following danger
Gus operation upon the Treasury The paper cannot be
con yerted into coin until it has been offered 10 public
creditor and declined IF, then, the receipts into the
Treasury be than required for disbursement 1t
would to be necessary consequence that the eI
cess, whatever IL may be, and by whomsQever kept,
must be kept in the bank notes II cannu; be offered to
public creditor because there is public CREDITOR in
the supposed case, 10 whom to offer it, IL is excess
beyond the amount OF money required for the payment
Of all the public creditors In this respect the provision
will have the effect repeal the second article of the
fourth section Of the deposte law Of 1886 far as Gre
dts 10 the Treasurer Of the United States concerned
in case the banks be again made the repositories
upon which the banks to receive the public money,
the first clause Of the second article is in these words
Secondly. "T0 credit specie alt sums deposited
therein to The credit Of the Treasurer of the u States
&C.. and it would surely be contradiction to require
that to be credited as spccie WHICH the law requires
should be kept and discussed in paper The effect upon
the Treasury and the banks Of requiring the revenues
and especially such s9rpluses may from time to time
exist TO be kept in paper is too pnpabie 10 make IL the
duty of the committee TO comment upon it, The risk
the pubic funds would be that which exists between
laying up for preservation specie and bank notes. and
the necessary effect upon the banks would be to induce
expansion equal to the amount OF their notes known
to be locked up for safe keeping in the repositories Of
the Government
This provision of the resolution, aso, If passed must
repeal the second section of the act entitled an ACT
1nokng appropriations for the payment Of revolutionary
and other pensioners Of the United States for the year
one thousand eight hundred and thirty six passed on
the 18th day Of April, 1886. That section is in the
words following
"SEc 2 find DC further enacted, That, hereafter no
bank note Of less denomination than ten dollars end
that from and after The Sd day Of March, Ammo Domn
eighteen hundred and thirty seven no bank note OF
less denomination than twenty dollars. shall be offered
payment in any case whatsoever IN which money Is
to be paid BY the u. States the Post Office Depart
ment; nor shall any bank note Of any denomination, be
so offered unless the shall be payable aud paid on
demand gold silver coin at the plnce where issued
and which shall not be equivalent TO spece at the place
where offered and convertible into gold or silver upon
the spot at tie will Of the holder and without delay or
loss 10 him Provided, That nothing herein contained
shall be construed to make any thing but gold or silver
legal tender by any individual, or by The u States
II the second aad third clauses Of the resolution be
read together and the connection between them marked,
it will be that The laird must bs understood TO re.
ouire the disbursement Of any bank notes which the Sc
cond permits To DC received The last clause oi Inc ON
of the epnse law of 1886 prohibits the receipt,
in the collection Of the revenue of any bank note OF
less denomination than five dollars. IL may, perhaps,
DO fairly questioned whether the second clause OF the re-
solution should not be construed as TO repeal this pro-
bbj,ion of the deposite law and cons5s the receipt OF
all notes. of any denomination, which any "s"und bank
shall issse aud make payable and pay on demand in
the legal currency Of the United States; but, without
raising that question: that clause undoubtedly authorizes
and compels the receipt of all notes OF denominations
not prohibited by that section of the deposc act and
consequently the rd clause must repeal the first part
Of the section above quoted from the pension act, c"nn
eng the disbursements TO notes of higher denominations
The second provision OF that section cannot stand be:
rd of
ferag of bank notes, at all places, aud in payment OF
oil public creditors, without regard to the Limitations
the imposed and prescribed This covers and repeats
the whole secton except the provso; and besides the
that it falls with the secton if the views
entertained by the committee, before expressed, be
orrect this resolution will operate 10 make bank