THE FEDERAL CURRENCY, &c.
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Il


In the contest concerning the specie cir
cular, we have not seen the following Sec
ton of an Act, passed in 1886, quoted in JUS
tifcation of that measure; if indeed the
most plain and palpable policy did moi. demand
it, and render any defence Unnecessary
The result has shown that neglect of this
precaution, would have been attended with
great pecuniary loss to the government, as
it would have had in exchange for lands,
bills of banks that are not worth moiety of
the amount represented on the face of them.
When the Executive officers of government
are bound to receive specie or its equivalent,
they are the sole judges Of what that equiv
alent is, as they are alone responsible. 1t is
not a matter of wonder; that the paper money
manufacturers raise elamor, when their
bills are refused; but it will certainly be no
small matter of surprise, if the people sus-
tain the rag-barons in their attempt to pill
lage the public treasury.


SEC. g. And be it further enacted, That
hereafter, no bank notes of less denomination
than ten dollars, and that from and after the
third day of March, ammo Domini, eighteen
hundred and thirty-seven, no bank note of
less denomination than twenty dollars shall
be offered in payment in any case whatsoever
in which money is to be paid by the United
States or the Post Office Department, nor
shall any bank note, of any denomination
be so offered, unless the same shall be payable
and paid on demand, in gold or silver coin
at the place where issued, and which shall
not be equivalent to specie, at the place
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silver upon the spot, at the will of the holder
and without delay or loss to him Provided
That nothing herein contained shall be con
strued to make any thing but gold or silver
legal tender by any individual, or by the
United States.


APPROVED April 14th, 1886.


1t will be recollected that the whig press
complained that the number of the deposite
banks were, from time to time, increased
An act of Congress provides that they shall
be increased, under the following regula-
tons:-


"The Secretary of the Treasury shall not
suffer to remain in any deposite bank, on &C.
count of the public moneys more than equa
to three-fourths of the amount of it's capital
stock actually paid in, for a larger time than
be necessary to enable him to make the
transfer required by the 18th section of this
act"


This act was approved on the 23d ofJune
and both the acts from, which the above ex-
tracts are made, were passed by Congress
with great unanimity. So the whole ten.
dency of The opposition policy is, to require
the Executive to act in opposition to the
laws of Congress and TO desecrate the Fed
eral Constitution. But it is not their wish
that the President or the Heads of Depart
1nent shall do right. The leading nullifiers
of South Carolina, express their fears tha
MIR. Van Buren will perform his duties will
patriotic faithfulness and openly avow, il
their political conversations, the hope ant
the wish, that he may do something that viii
furnish plea for the dissolution of the U
Mon.


SENATOR WALKER, OF MISSISSIPPI.
we have seen in the whig presses, seve
raj accounts of pretended changes in the o.