Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1823-11-28
BANK REGULATIONS.

Wepubsh the following Circular and sub
joined article from the Utica Sentinel at the
request of a number of subscribers:
.Ntio York, Oct. goth, 1898.
or-Ibe Inconvenience TO which this city,
I'D common with the country in general, is SUBJ
Jecied, by the circulation of the notes Of
multitude Of remote banks, Of various credi,
and value, has induced the banks in New
York to adopt the resolution to receive such
notes at their par value, and to return them
for payment To the respective banks by which
they were issued.
Inc banks both in the city and country
and indeed the community at large, have IA
deep and direct interest in the character of
the currency and II is the peculiar province
OF the banks To maintain the specie value of
that currency. and guard il from depreciation.
To the city of New York. the great CONNER
cIa emporium no, only of the state, bu, Of the
Onion, the sound and uniform value Of the
circulating medium is more especially impor
fant since the character of the currency must
necessarily affect the price of commodities
whether foreign Or domestic, and facilitate o,
embarrass the operations of trade.
Ihat much Inconvenience and embarrass-
ment has arisen, in consequence ofthe depre-
GATED ana iinctuatIDg value Of the circulating
medium, Will not be denied. The evil has, in
deed. been long felt, and loudly complained
OF. We therefore feel il to be our incuiubenl
duty to correct the currency aad 10 raise 20
their par value the notes which are found in
circulation in this city. The notes ofyour IN
st'tiiIon Will therefore be- received BY the Sc
verai city banks; and we beg leave tn suggest
that both your interest, and our con, enience
VIII be found in your providing funds, and APP
plying them to The redemption OF yosr notes
IN New York and any reasonable facilities
NOT inconsistent with our interests, which W.
can afford you for this purpose, will readily
be granted.
In the course of your business, you will re-
ccive drafts On New York ADD the notes of our
Banks to some extent, and probably sufficient
10 redeem all the notes OF your Bank which
we may receive these being SD applied IN
New York, will be mutually convenient. But
snonid you decline TO make such application
OF your funds, and We be thereby subjected TO
the expense, risk aud delay of tr,iismilting
the notes to your banks for payment our in
terest dictates that we should, in that case, re-
cei'e from you nothing but specie, and ut the
rates established by Congress, or such as is
current between the Banks in this city and
this step is rendered in great measure ne
cessary By the increased demand for specie
TO which We shall be subjected ia consequences
OF Tie receipt oi so large an amount OF the
notes OF other Banks.
"euisC"iih auy uhiI'enuly ieeiIhS toNhfus
your Bank or any other institution nor do we
feel disposed 10 exercise any power or in0u-
ence prcludicial to your interests or iocompat
ihle with the interests at tue community. We
trust that our motives will be caudidly and
fairly appreciated, aud that sc shalt cordipllg
unite IN measures alike honourable To the
Banks, and acceptable to the public. We
deem proper To add, that no particular day
mas yet been fixed upon To commence The re-
ceIpt of The notes in question:, deeming ii due
TO the Banks that are Interested in the uea-
sure, TO advise them Of the fact aud TO wait
reasonable time TO hear from them on the
subject have the honor 10 be, respectfully
sir, your obt. 81.
LYNDE CATLlN,
Chairman of Committee of the Banks in