, 1861-04-09

Specie Wanted--A tsHInt,s to the
k9anAa the Confederate States.
.The following 81 circular has been addressed
to tho presidants: :ana directors o.. each Of the
banks in The Confederats states which have
euspsaded Payments: - ::
ILL, QoKTxDEnArn STATES or AMEn1oA. j: ::
;:5: : TKnAauHY DKPAHrMEAr.,, -
-, " L. < 1oHEsoxrRr Ala, March II, 1851
q ~ ffsstd,st and Dtrseserse to !;
= GaHT1rMRn: It is wall known :thattS the :sus:
pension Of tBpecte payments by the banks pf
the Confederate Staten, during th1 past win
ter, was the result: neither OF specnIstion,no
q desira Of gain, but ;that it was: 2 political
elnments, and that urgent public necessity
Justified the action Of the public authorities
and Of the banks:--- Thr-pbtect -ttQteuded nv
both vas for the public good Permit me, IN
1urtherSpronotdepp pf r9sf fsame good,s to re-
quest You now. tonodify such suspeHsiofl::' !
Congress has authorized loan Of fifteen
part OF which is to be offered on the 17th Of
april In the 8tated. tof Ldai5lana, MisAis3s
!. sippt. Texas, and In the ioWef part Of Alaba-
ma, the currency Is either coin, Or bank notes.
redeemab1e in coin, while in Georgia. South
Caroiina, Florida, and IN the upper part Of
.Alaba1an, the currency ID In bank notes, which
arc from two to three per cent. below the
value Of coin It ID Obvious, therefore, that
under existing circumstance, The subscription
to the loan cannot be p1id Ia bank notes in all;
the Confederate States, without producing in
: equality and confusiont The only means Of
paYment l9 coin, Or in currency at its value in
coin. And as the former would be IN itnprac.
tlcable condition, the Department has been
compelled to adopt the other. alternative,
You viii readily perceive, hgReyer, that in ali
t9e States oecupied by your currencya serious
yUf1 vii ~
from: the idea that Che two or three per cent,
'olterence between the yalue Of bank notes ,
and coin, is premium paid, On the lean. I
Fpuld earnestly recommend td you a measure
which Will remove; this obstacle. Il is the i'm
mediate adoption by you Of a resolution that
yen Tlll redeem IN specie such Of your notes
as may be paid in upon this subscription. 1T
Is true that this amounts to . virtual return
In part to specie payment, but it is done to
advance . great public interest, and the cost :,
OF providing specie for the entire loan would
amount to less than $15D, coo, to be distributed
amongst al he banks OF the Southern Con
tederacy- But it will be far less than that 10
you, inasmuch as more than half the loan will
probably come from the paying States. and
the real burden would not amount totnore |
than eight y Thousand dollsrs. equivalent to ID
gar s4f On yoaT annual dividends
The differences will be further diminished
to you BY the fact that the notes will be ii tie
hands: Ct. the goyernment,t and will Of course
Of, used II such a Way :as, to produce the /
smallest possible Inconvenience To the banks t
which had thus come forward to the aid OF ftheo
government Coin will, IN fact, be wanted to i
q very small extent. At home, the bank-saote t
currency will pay, current demands; !; and tex-
change, foreign and domestic, can be substi- I
nient means Of remittance to pay demands !
upon the government. Besides these; another !
IMPORTANT relief to the demand for eofiI win |
arise from the issue Of treasury notes, which is
to t{ be made AZ foon as they can be prepared by
>. Ana lastly, 1t may be urged that q prepara F
lion for general resumption Of speeIe pay
nent is Arrays desirable, and; that season Of |
the year, when crops have all neen sold and |
calls for money are less urgent, is the most
period for such Preparation ):
would, therefore, respectfully ask your i'm.
mediate attention: to this subject, and the
adoption, at your earliest convenience, Of such |
RESOLUTION as that above recommended. :. I
With mneh respect, your obedleht servant,
lslgnedl :" c. G. MEMM1saER, -.
Secretary Of the Treasury. +