Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-15
VOLUME III.
From our Evening Edition of yesterday
The Small Eofc System.

We have always held that it was the issue Of
notes below five dollars that rendered banks unsafe.
1t is the power issue pieces of paper, bearing prom
ises pay $1,000 that enables banking Institutions to
go hey ond their DEPTH and violate the provisions OF
their charters During the early portion OF the exist
ence Of the late United States Bank proposition was
submitted to Congress 50 to modify the charter as to
authorize the Presidents and Cashiers OF the branches
to sign FIVE dollar bills. e demand was 50 great for
them that the officers Of the mother bank could not sign
fas. enough. The application rejected and very
properly too as f granted, the of the bank
TO food The country with FIVE dollar bills, would have
been increased in a dsproportionae aud injurious ratio
The directors, however, 10 be outdone and the
system OF orders was adopted. These five dollar or
ders proved be the beneficial issue TO the pub
lie that The bank made Ifany evil ever resulted
from the overpus Of the United States Bank will not
be found in the quantity Of small bills but in those OF
large denomination. This is true Of any state bank
No reason can be showr that if it be convenient to
have FIVE dollar bills anoat in community that one dol
lar bills not equally convenient On the score OF
convenience, there lie but one opinion. But you
are met with the doctrine o-don Danish the metals
from circulation. The Of government for The
past nine years founded upon this said doctrine
swer enough those who still pers, in advancing it,
The truth is,-no fg for The metals If he
can get them when he wishes. And he will not want
them IL their Representatives equalto them in every
point OF view.
The community want a convertible currency III We
can have such money let consult our convenience
To have bills Of less denomination than dollar is
not convenient. This will be conceded by all Why
then persist in restraining banks from issuing ones
twos threes and tours, they please There no
reason but such would be maintained for poiti-
cal purposes by the c.arlaan demagogues of the day
But render wholesome the circulation of these banks,
prevent them FROM issuing bills Of higher denomination
than $780, do this if you really acuated by desire tie
get a sound wholesome currency for the people We
know that few banks will be found give up their prvi
lege ofssuing bills ofatge amounts for the purpose oen-
joying the immunity of putting out notes below five dol
lars Tender them however the privilege, and if they
refuse the people will known who their enemies.
The great Of our currency present formed OF
New England bank bills. We will pay that section OF
the country heavy for the enjoyment of aprvilege
that we foolishly deny state Is il the part of
wisdom so TO do The next Legislature, repeat,
has an arduous task before it, 1t can do good and
can do evil Under the effects Of bad government
have suffered long enough. Will the Wings do any
better Our state banking system wants thorough re-
vision. Imust be probed TO the bottom the knife must
be used and if enjoy wholesome paper cur
rency, great state institution must be brought into
existence around which the banks may revolve.
Among the good things that can be done, none il
be desired than the repeal of the prohibition to
issue bills under five dollars