Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-06-14

lost no tune in making the effort. The day followin.
thai on which the bill wlicl, | have mcntloned W
lost on ITS third reading, that Is Ia say, on Friday, ii'
10Th Of April, introduced my RESOLUTIONS, Tor
lhete were originally three of them, the two first
however. being merely dcclaratory. IN the nature of \
preamble, These two Withdrew. and the tlird
Md main resolution received It's three readings 40
one DAY. passed and WIS sent la the Senate. The sen
ATE acted upon II on Monday, the ooh. amended II,
aud returned It Ia the House. On Tuesday, the
30th. the House concut,cd in the Sena,e's amend
mcni, on the same day the President approved the
resolution, and ON the same day, also, Congress ad-
lourncd.
But now, sir, let mc he n little more PARTICULAR
The resolution, as | introduced II. made no pro
vision for the receipt OF any bank bills whatever
II SAID nothing Of the notes Of specie paying banks.
did not suppose that any provision WAS necessary
ON that subject, AZ such bills had always been re
ccived under The existing law. Nobody had oh.
lccted TO receiving them, and took IT FOR granted
that the collectors would continue 10 90 ON rs they
had gone on that they would receive, as a matter
ol course, the bills of specie paving banks, as being
equivalent 10 specie itself, aud cr,dlt tfeI, amount
10 Government ms cash. Tho honorable member
from South Carolina, however, or rather some
tucnds of hls. suggested ihat there mirht be doubts
about this and dat, unless the reception of the
bills ot specie paving banks be provided lnr, the col
leCtois might perhaps tccl themselves bound to reject
such bills. stated my opinion, that no such thing
WIS likely 10 happen, and that the amendment
'Htlfinit, was ini necessary. lt lnnotlblc ilfiii
Der SAID his own oplnion rather was, that that the
amendment WAS not strictly necessary; that lac had
moved It IN order 10 satisfy the doubt OF friends.
aud, rs others seemed moi to think II necessary, he
would Withdraw II aud lac dad Withdraw II. The
resolution passed the House. therefore, with no
provision whatever respecting The receipt OF bills OF
specie paving banks.
When HE resolution was taken up IN the Senate,
the same doubt was suggested wlicl, had been STA
ted by tie gentleman IN the House and one of The
members from Tennessee Nh. C,MrnfLi) moved an
amendment similar to that winch had been moved IN
The House by the honorable mcmbef tom South
Carolina ; that Is TO say, he moved to insert the
notes aud bulls ol specie paying banks among the
things Which might be received IN payment of debts
and dues To Government. The Senate adopted
tins amendment, sent the resolutions, thus an Guided,
back 10 the House, aud the House concurfed.
Tins, Mr.. President, IL, believe. u tue and
exact history of the resolution OF the 3Oti Of April.
1916. And, sir, the great and mann object of The
resolution cannotb be doubted. 1t must he obvlousto
every body, that its clIiei purpose WIS TO put an end
10 the reception oi paper money in payment OF dcbts
10 the Governments. II meant to reject all banh
notes which were not payable and paid IN specie on
demand. The reception ol such notes, aud The iact
that they constituted the currency ol the country,
we've the great evils then existing aud the co,rec
tlon OF these evils WAS the distinct and paramount
object oi the resolution. The consequence Of such
rejection, il was expected, would be, that the banks
"nulu make Il strenuous rtoit 10 resume payments
by the Goth Of February then next, that being the
day after winch no bills of non specie paying banks
were to be received. For the accomplishment OF
thus great object, much was hoped loi certainly from
the bank, then recently established but, rs have
already SAID, II was impossible, ai that time, 10 iofc-
see how lar any Efforts OF the bank might prove Ell
fectual- Sin, We were not disappointed. The reso-
luton did lis work. Under wise and prudent al
mlnlstratlon OF the Treasury Department, the great
end of resumption was accomplished, the currency
Of the country was restored 10 y sound state, and II
continued in that state, aud no man found Just fea-
son 10 complain of II, on the whole and as Il general
system. until the removal Of the drpositcs IN 1888.
Mr.. President, this recital OF unquestionable t,ets
shows that public officers. with the APPRECIATION of the
Government, have received the notes of specie paying
banks as money that they did tins, habllually, as
well before the passage of the resolution Of 1916
as afterwards in short, That debtors to Government
paid their debts rs individual dcbtois paid then
debts Ia otllei individuals, thu Is To say, by specie,
by checks, on drafts on banks, such as are used by
merchants, or by the notes and bills of sound spe-
cic paying banks, at he pleasure Of tle party. Nor
do remember, sif, that, until the late general sus-
pension, any loss has occurred to Government from
the receipt of such bills. II any losses have happen
ed, they are not within my recollection.
Al, p,osuao,, an Tho 20 -, Co,,,or occ,sio,s
.on,iom,n l..a ,.Co,,oJ T., ,on,,L. al MINI ,,al,,
- ,bo IL, ,r pn,,oun,t,i,os IN ,L, ,.saa
nr ny ,c.nln,ton r'L., .ny ,hose ,.n,,,l. 100.
mo r. b,yo Loon .,nnol, c,oo.I ,o, .onnJ n,r.on
nv 4, had money ,,n i, ,,no,,IIo aud un,on,,n-
missing enemy ,on,pr, NANCY hone. eli, ,h,, an
his s,ruc hnne ma .on,,n,on,s ~ ,hcn dolve,,
cd n,oyc all ,Lio I,1..J lnov ali ,bis -, - 10
tr,,c. |, ;s ,Le cb,,,r,o, wb;,b / Jcs,,, IA .,s,,in
I main,oi, !, Gill ,,d .b,iI 90, su,,e,,lo, !, ,I,I.
retain INV unde,stnn1ing. But ,bouph n friend
IN , souuJ cu,,,n,y ,hnnoh , hand nancy man
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