Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-06-22

Ter 10 the form of rcsoIu,; same
Board of Commissioner :, ie
Banks of Boston and its yiciD Ss A,s
tons. p's'e''lng lhs.
Mr. Webster said; The
things is truly singular p'e'enl ~
general resumption Of specie s O snor
the banks is making, and sb"n,p ay9@
all over the country. "'Ou' Hhl
Some of the Banks have
now, sir, what is the altitude 'v !,
Government, stands u sAA
ny the new specie circular H.; /
ed that specie or Treasury Oo," !" = pIsA!
quired, unless debtors 10 .SO,.s WIN
procure notes Of a specie.psvi"'ss' %
denomination Of twenty doIIss, ss a'tA
which bank shall not have ;s'. ~ 'PNs
out, any note under five dolIsn j., y
1896. No postmaster may res.i, 'as
less than twenty dollars '"saTs|
This refusing to receive ro,..
ty dollars is doubtless founded on u', Y
VISION in the act of April, 1886 ,b,' ~
bursting officer shall offer in p,v r~
note less than twenty dollars f''~S
| cannot say | think this nan of,l.
larabsolutely necessary so lone :, v ''S'i =
tie system exists but at the saI0. '$ ~,
provision Of the act Of April so,' ~
this regulation in some degree i U NV
But taking this state Of law and -
cular together, can it be said ,b,, ~ y.
menl is encouraging resunp,ion :, ~
payments, or facilitating reyo,.i'
Prosperity2 Isthere, in The spiri, ~
resolutions, any thing to remind NJ
course of Government, under simil',
stances. in the days Of Mr. Dall,, ~
Crawford7
In New England, as | beIi.r. Il n
banks, with one or two excep,ioD, ~ ~
sued OF paid out small bills sin,,L, ~
lfthere be more than ore or Two .: rS
| have not heard of them.
In New York, the Legislature y !.
imperatively called upon to alter h, !,
the State, and authorize, at least e, II
the issue Of small bills. The pOpusrIs,
ofthe Legislature was nearly uD,,s-|
for an unqualified repeal. The S.un ,
ferred a suspension, and SUSPENSE, 1
the final result.
1t is admitted, | belieye. on all h,I,
this measure was called for BY ihe Oo,.I|
Ii was not the result Of any bank u,,,,|
ment. or ofthe operation Of any uiu.
teres,s whatever. 1t was the result d,tn|
loud, and irresistible demand Of u. NJ
will. Ii canno, be charged 10 pary,s u
agement. or 10 any thing but uuiI,uls
viction that the measure would k uzs|
and was necessary. lis beneficial essan|
not doubted, | believe, by any bOdy d
ing the banks in the great work 81 rulg|
ton. Now, | suppose that all lhs hhh |
New York. with, perhaps, Two OF the l
ceptions in the city, have awaited lbsux'
ofthis suspension law, and havesOSEI
bills Their notes, therefore, canuak \
ceiyed at The custoni-house, o; he psi
fee, or elsewhere. where deks 10 ID; @
eminent are to be paid. | NPm
same state of,hings exists in n lsrsl
many other States, both Atlantic ,ad VI
tern.
have said on former occasion al
still think, that the measures pur'S
Government have overthrow, at las
the present, its own policy Of discounts
the use of small bills A state ciihnF
arisen in which the people Of States d
had begun TO act on that policy have
PEELED their Legislatures 10 giveup
+ tempt for the present 10 some lnSiEs
laws against small notes have been ltn
in others modified or suspended. Az
1 repeat, has been the work oil Toe ri
themselves, acting directly 90 lhsl
Legislatures, Under existing tlI'''I|
ces, they find small bills useful Il 90
r pensable. And as there is no reasonSa
. The solvency OF the banks which lan !
notes more than that Of others I@qa
may be asked, as it is asked win 'l9'. !.
CIV and effect by the committee oil N y
ciated banks in Boston, "why D" u
notes of all specie paying banks 0n'H'l
ground7"
think, sir. i, is the duty Of Go'n']
, at the presen, important momenN w n
, large and liberal confidence TO 'H
: and TO encourage their efforts a1
their struggles for Resumption o!% Y
means. TO this end, ! think 'h' M
|, ton contained in the fifth section o. ".
r posite law ought to be repealed, o. y m
5 ded TO- a considerable time anJ ' W.
cumstances shall favor renewed III
sustain the policy heretofore PuIsaSS !,
, not of opinion that it is not euOV G,'n A
( TO abolish the incapaci'y' arising . "'
r has been done, contrary TO 'ne P'v N
the statute. Think il necessa'! 1~.,bsI
that bank notes of specie paying ' %D
hereafter be received, at least , ~ ND "a
! although the banks issuing = ln .soa d
to issue small bills. Nothing in ; s.oE,s
can give effectuaI relief y, IN; ;o V+
now, without great pubic 'D ThrI
again recall their small nO Saan tn
will not consent that lhey S .ss;, is lib |
) point, | believe. on when ' n,.' IN y