In the acts of several
of the States prohibiting the circulation of small notes, and the
auxiliary enactments of Congress at the last session forbidding their
reception or payment on public account, the true policy of the country
has been advanced and a larger portion of the precious metals infused
into our circulating medium. These measures will probably be followed
up in due time by the enactment of State laws banishing from
circulation bank notes of still higher denominations, and the object
may be materially promoted by further acts of Congress forbidding the
employment as fiscal agents of such banks as continue to issue notes of
low denominations and throw impediments in the way of the circulation
of gold and silver.
The effects of an extension of bank credits and overissues of bank
paper have been strikingly illustrated in the sales of the public lands.
From the returns made by the various registers and receivers in the
early part of last summer it was perceived that the receipts arising
from the sales of the public lands were increasing to an unprecedented
amount. In effect, however, these receipts amounted to nothing more
than credits in bank.
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