Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-05

notes being then 10 existence.
This circular cid not order any different medium
taken for duliesyet, the various reasons confined
were not auplicabi. 10 the from customs ~
nrnc,ice had existed before, and has becn cen,,r,
since tn receive bank notes Of certain character ~
ment OF duties.
I'm this condition of things and without any no.
gislaion either to extend the provisions q! that c
TO every branch Of the revenue or 10 abolish the ac
of taking bank notes for any branch OF II, Congress
reced, by the resolution above qnoied that no ol!rrr
or discrimination shall he created or co"Ian"t n
by any general order emauating from THIS Depa!,n..
Il has thus been made the imperative duty q! TIE Ser.
tary Of the Treasury, either TO require the collection
the whole revenue, III all It's branches IN g >7-
or Treasury notes, or IL permit under such resrr.
as the existing laws impose, and as the safety Of H..
tic money may seem 10 require. the acceptance Of ,
mites for lands sold as well as Tor other pubic due.
However desirable it may be on some account, o.,
the receipts and payments OF the General Goyrrrr..
shall be in the currency provided IN the ConSu,,
and however inexpedIent II may be to give undue %
enlargement to different currency, which Dy is
tualuns in quantity and value often renders the =.
OF labor uncertain, gives instability TO the value u;
perty and thus enables the arttui 10 accpmua.9 wr.
at the expense OF The unwary, il is not believed
this Department find sufficient warrant in tie q.
ceeGngs Of Congress, or in the public opinion, 10 "a.
fy the sudden and total exclusion u Tins time VI
notes of specie paying banks from reception for -.
dues OF every description
Imporran, changes have also taken place since J.
1876. in the condition Of the banks and OF bushes,
neraly which have diminished The necessity ivr g..-
al checks on excuses and over actions
Influenced BY these considerations, and by dos..p
accommodate the public debtors far as ygt,gic
the restrictions Of law and the safety OF the pecan.
interests committed TO my care, feel bound 10 rn.
the uniformity now required by avsl!lng myself o.
permission given ~ the resolution OF 1915, 10 Ter.
If han nIrr f.
mutations the receipt OF such notes equally to al yar
OF the public revenue
The limitations TO th7 character OF the notes rere
able. will be such are required by express laws @:
nece .sary implication Some OF these limitations b.
always except at one bret interval, been aloptr
ptaciice since the formation OF the Constitution, ana
deemed essential to maintain sound currency 50 in
nensabe to the prosperity OF trade and healthy s:.r
nubIic morals Others have been introduced more
Gently to promote fiscal convenience the pubic sccy
and an equal standard OF value.
Ia, You will in conformity TO the obvious intent
the resolution of 1916, take such bank notes only
"payabIe and paid on demand, IN The legal currency
the u. S.
% You will receive none of less denomination 4,
twenty dollars the reception Of all smaller drnom,
,ons being virtually prohibited by the second syc,
the act of April 18th, 1886, which iotbds their icing pa
out to any creditor OF the U. S. Though smaller no.
offered for duties could from the nearness Of brD5,
most seaports, be taken, and easily exchanged bel
making payments, yet, from the IemoIeEess Of ma
land Offices from banks, lh's could no, be effected To-
without much delay and expense; and as uniformity
now required the provision must be made general
3D. Nor will YOU pit bank notes o.! any tenonIna'
unless the same he payable, on demand, IN gold ois
coin, attic place nhere issued and eqgyaeH to sp
NJ the place where received, as Is substantially eQU
by the last mentioned act IN respect to payments Tie
requirements can, IN the opinion OF the Department.
iii,
aud loss more surely avoided, by confnng the iCce'
as has been the usage at some former PERIODS 10 tn"
| of banks situated within your State, and IN the al.
| inc States Tho credit of these notes can usga.y
| hes, known-counteriaits of them more saS. Gse.
| and specie obtained for them with less delay aIea
! is wanted for public purposes.
4,h You will not take the notes Of any bank wi.
since the 4th of July, 1896, has issued ANY note
| of 4 less denomination than five dollars; tie rg'r,
| all such banks being expressly eXcindrd by TIE =
section OF the act OF the 23d June, 1885.
| Great care will be expected from you IN carrying
effect this. and all former circulars stu IN iuce
particularly is il enolned that Receivers be vIg..n
furnish every facility to the Registers FOX makrar
monthly examinations, recently required, OF the -
and vouchers on hand, and 10 guard against tie Tsp
ton upon the land Offices o! bank notes not sal" q
| vaent to specie, and not well known 10 BE- rce.'-
according to the spirit Of these instructions. aGi %.
nlfest intentions of the acls Of Congress, which t
- e"'0'''' levi WO0DEtpy
S,r,,tor,, of n, T,,...
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/r,oo, H., pLv,de,pLia Na,iouoL GG-,re IF T.....
We have urea, satisfaction in prcscniiug To- ocr..
o-s the following letter from Mr. B.Gt!a 10 Mr. -.
I, shows hoy promptlv the Banks avail thcrs, 81,
,he Grst movement who h indicates favorable CO
in the dIsposition Of The Government. and j, fur,
the first in,ima,on upon which the country NAV.
an approaching RESUMPTION Of spccie payment.
Il D,ves us Great pleasure 10 add thai in cousgr-r
of Tie repeal Of the Specie Circular. the Bank %
T. S has determined 10 accede to the reGucs
Board OF Trade of the city Of New York, con;a.6r.
the following resolution oflhat highly respectable
"Resolcsd, That our recollection Of that I.5c;a,
Z" TEN pursued by the former Eank Of tie L : zen.
" us peculiarly soicitous that large banking ~. 2.
should be established here. under the G,ncf. b.
" ing law, which shall be managed with the a1n
larped views, and the same enlirhtened and Id
" poicy."
pnnADrlYnlA. Nav y. l. F,
My DEAR S,R-In my letter of the 7tli ait =.
nv belief tina, there could be no safe nor aprmaa,.
sumption of specie payments by the Banss, ua
onlcv or the Gnvernneot ,ovnIds ,he,u IA, e..
The repeal Of the Specie Cmcula, by Corsrr,.
that change. see now. what until nos h,ss