Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-01
TWenty-giith Congress---9d sess.
IN SENATE-.May lG, 1855

{
currency references may not have been made, in all
cases, to The laws prescribing the media of for
The public lands but all such laws believed par
ilculary noticed under the former head None Of the
numerous laws regulating the value of useg coin, and
OF the coins OF the United States have been referred 10
under either head, as the coins of both descriptions,
lar as regulated by law have all times been
Die IN all The branches Of the revenue and for all dues
to The Government, either specifically by the terms of
the laws or under the general designations OF 'money
OF The United Stairs, and illegal currency Of the Uni.
ted States IL may, however, be worthy Of remark,
that considerable changes found in the laws rrguat
ing The value OF ioreign Coln both 10 the drscpt
OF coins cgalized and made 'money Of the u States
and tender in payment Of debts, aud To the vasg
fixed to the coins Of different countries by the different
laws; and that during some periods, no foreign gold
COINS, aud very lew foreign silver coins. If any. have
been cgal;z"d II also appears that by an aci passed
on the q! day of March, 1873 the gold Of Great
Britain Portugal, France and Spain were made receva
BILE Sin all payments account of the public lands al
specified rates. hut for no other public dues,
any foreign gold coins that time rgallzyd and made
tender in the payment of debts.
Such has been the legislation Of Congress the sub
Iect OF The currency or media of payment To be recev
ed for dues To the public Treasury, and from learn
that, with The exception OF the two bank charters and
the resolution Of 1916 il has, in all cases and for all pur
poses required in any payment of the public dues gold
and silver com, or securities issued upon The faith and
credit Of the Government The bank charters present
the only instances where bank have been made
tender payment of debts due the United States and
in those instances, the notes Of the banks themselves
only made being the notes of banks in which
the Government itself was stakeholder to the amount
OF one fifth part Of the whole capital; Of banks created
by Congress- and which Congress held SOVEREIGN
control both ns the creating legislature, and the guar
dian of the property of the people invested in them
The committee do not mean to be understood as speak
ing IN terms of appreciation Of egaliZng the notes of
even these banks as currency compulsory upon the
Treasury but merely dsting the ba INKS which
issued them from the banks chartered by the States
over which Congress has CONTROL in the management,
Of which no branch Of this Government can exercise
any voice, and in which the United States hold no in.
! erest.
! Still the proposition referred 10 the committee and
nov under considerations is that all the notes Of all The
specie paying Stale banks of the country, of all such
banks which the States shall hereafter charter, and of
all such banks which may be hereafter formed under
any general bank laws, systems Of free banking which
any of the States have adopted may hereafter adopt
''sha be received in payment of The revenue, and Of
debts and dues 10 the Government" Such they under.
stand to be the scope and effect Of the proposition EN-.
braced in the resolution referred 10 them. Will the Sc
nate adept il; The committee hope aud believe not
The deliberate expression Of the body against PROPOSE
ton substantially similar during its present session
siren glhens this hope.
The permission to receive the notes Of specie pa wing
State banks, still exists under the resolution Of lSl6
Do the interests Of this Government require more than
this permission? Will the security of the public trea.
sure the money of the people nused 10 the kee ping Of
Congress- be increased by making the receipt Of these
notes compulsory upon the Treasury: The Constitution
has protected the people themselves against being com
PEELED TO take bank notes, of any character payment
Of dues 10 them individual citizens II declares tina,
mo State shall make anything but gold and silver coin
a tender in payment Of debts, aud has and
the committee pf will now, claim for Con.
grcss the power thus denied TO the States. Were the "a
theirs Of the land the trainers of the Constitution of the
United States wise in extending this protection to The
individual clzrns Of the country? Did and do their
private interests require this protection; All vii.
l.,
that their collected interest, their public treasure is to
be rendered more secure by exactly opposite rule;-
is il possible that their private, individual property
only be protected by securing to them the right de.
mand gold and silver in payment of their debts: and that
their treasure is 10 he better protected by taking
this right from their servants, charged with its cuec
lion? The citizens liberty receive bank paper
in payment Of their Debts if they think it safe do So
and the collectors Of their revenue al liberty TO re
ceve bank paper into the public Treasury if they think
! the paper safe 10 that Treasury. The Constitution
guards the former against compuson 10 take tho paper
and should Congress force that cnnpusion upon the lat.
ter, because the Constitution does not nerpose pre-.
vent IL The servants of the people in Congress in
the State Legislatures cannot force bank pa per into the
pockets of their constituents IN satisfaction of their
debts and should they iurce it into their public
RES in satisfaction oil the dues to them' The commit.
lee can see state Of facts, train Of argument
which can reconcile these contradictions and make the
passage Of this part of the resolution public duty
Is this proposition TO be adopted for the bencf, of the
banks, il is lis adoption caunot be urged as
protection 10 the public interests and The public
sure; Do the banks require ask il: The commit.
tee believe they answer for the solvent and we'll
conducted banks, that they have no such need, and
make no such request; that they have no desire
that the currency Of their notes should rest upon any
stronger basis than their known ability and willing.
10 redeem them with gold and silver, demand;
and that they would not if They could have the notes
Of the eight nine hundred banks Of The States
legal tender, for any purpose That there have been
| bar nix he of %
current and valuable recent experience has demonstrated
the absence such law force them upon the pub
lic they have fallen dtd and valurlcss upon the hands
of private holders That there may be other banks in
the country which yet purpor to be sound, and which
still may require the aid of such law Ia here pro.
posed to enable them to pass off their for much
longer period, is very possible hut The committee sin
cerely hope if such there are that their number small
and they that will advocate the passage Of
this resolution for the benefit Of such banks OF one
thing they most happy 10 be assured, and that is.
that there banks in the country which require
no such artificial aid; which have resumed specie pay.
ments, and rising up, under all the embarassmens
of the times TO The full performance of their whole dn
ties themselves and The public and which present.
| those behind them, most worthy example Of what
good cement and good faith accomplish, with
out the aid Of law which shall compel The receipt Of
| their paper.
| Try the proposition under consideration upon the
banks themselves. Would they receive each others
notes al par when they all specie pa wing banks -
| Villa single sound bank among the whole number
consent to The passage of laws which shall compel them
receive each others paper at par, it
at all after they shall have resumed specie payments
Most certainly not Then shall Congress- by lis egs
laon compel credit for the notes OF the banks at the
Treasury, which they will not give npon any terms, to
the notes Of each other; Most assuredIy the banks
will not have the effronery 10 ask Congress do this
1t may be said has been said, that opposition to
this resolution is hostility 10 The State banks The
mttee canno, view it in tina, light. Is it hostility 10
bank to decline make lis notes receivable BY the force
Of law in the payment OF debts Have the rights of prl
vate interpretations become ALREADY far advanced in
our free country? Are we compelled TO pass laws TO
force off their notes. or be varied upon by these nsi
,urons' Have the rights Of corporaos become already