The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-28
January l, 1887,
January !, 1888,
$46.I3O.9O7
$l,WSi635

These are the reductions of single year; since
that Tune sx months have elapsed, which, according
to the same ratio, will make the reduction at this
time OF loans and discounts 1871 063, AIS; and cir
culation, 1858 l47, 500.
submit il then to practical men--to men of bust
ness to determine the .parayzing influence which
Such an Immense cGrtailment of debt and reduction
of circulating medium must necessarily exert upon
the business and labor of the country; and what
beneficial effect has resulted from the new financial
policy Of the Administration With the utmost re-
spect for the opinions OF the honorable gentleman
from New York, humbly think he is deceived,
grossly deceived.
The honorable gentleman from New York in the
course OF his remarks yesterday, in vndicatIng the
legality and policy of the late Treasury circular
produced by the rescission Of the circular Of July,
1886, referred, as thought in no very courteous
terms TO the currency bill of the second session of
lastCongreSS and the restriction which il imposed
upon the receipt Of small notes in payment OF public
dues The denunciaions Of that bill, and the blow
.whlchtne gentleman indirectly aimed al its author
VIII strike win ahnihilating force that gentleman
n nse and many who occupy nearer and dearer
had recommended the identical policy of that bill
and in his annual message of the I'd December
1885, thus spoke Of it: fby this policy we can al
ma,ely witness the suppression Of all hank bills be-
viii take their place and become the principal cir
culaiing medium in the common business of The far
mers and mechanics Of the country. The attainment
OF such result WIN form an era in the history Of
our country, which will be dwel upon with delight
by every true friend ofITs LIBERTY and INDEPENDENCE
II Will tighten the great tax which our paper-system
has SO long collected from the earnings of Labor and
do more to rerce and peypetuate those habits of Roo
Monty and SIMPLICITY which are so congenial 10 the
character OF republicans, than all the legislation
which has as yet been attempted" The honorable
Geo M Wolfe, now collector of the port Of Phila-
deiphia, an ardent Sub-reasury man and who would
be receiver and custodian Of the public revenues
under the provisions OF this BILL in message TO the
Legislature of Pennsylvania, In 1884 while The CO.
vernon OF that State, expressed himself thus:
Allow me also to suggest, for Legislative consdera
ton, another measure valuable auxiliary for intro
ducng increased circulation Of the precious metals
mean the propriety Of extending the provisions of tho
act OF Assembly, entitled An act concerning small,
notes for the payment Of money" passed the llh day
OF April, one thousand eight hundred and twenty eight
to oil bank notes Of denomination less than ten dol
hs oy causing bank paper Of description under the
som mentioned 10 be gradually ri,hdratcn from circu
a,on the introduction Of Gold and silver coins in snf
hcient Quantities TO supply the vacuum thus produced,
would immediately follow, stable sound and
permanent circulation, which the public would have
confidence, would be established over would be
prevented The exploration Of gold and silver would in
great measure, cease the working classes of the
community would receive equivalent for their labor
IN which they could confde. Wild and ruipous spec,.
lation would receive wholesome check and nuctus
tons in the value Of property, so detrimens to the
prosperity OF the country would be less frequent"