Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1839-01-05
MAUMEE CITY EXPRESS.
SATURDAY, JANUARY s, 1889.

ssuine or ratting in circulation any notes Of a
less denomination than Ave dollars; and ulti-
1nfely, their issues should be restricted to
notes Of ten dollars and upwards. This would
furnish us with an every day currency, to be
used In ordinary transactions, composed OF
gold andsilver; while substantial paper money
would be used in the more extensive business
operations of the country. 1t would have
tslntary check on the issues of the banks, M
crease the specie circulation, and purify the
currency Of the state
Here has the Governor struck key note, in
the crcat tune Of /" Bank Reform" the vibra-
tions Of which are soon to be felt throughout
the state. From present Indications, we should
say. that the measure will be carried through
the Legislature by party vote; and what will
be the consequencea Those institutions with
which we are acquainted and in whose stabl-
tywe have confidence will withdraw their
small notes from us, and the notes Of the banks
ofothcr states, thousands perhaps, Of miles dist
ant, and concerning which we know nothing
win hasten to supply the vacuumin the circula-
tion. We shall have currency in which we
have no confidence, but which will be forced
upon us by the absolute want of small money
"a want whichever all the specie in the state
cannotsupply. This system has been tried,
in this state, and in New York, and failed,
slgnally failed in both. Here, we met our re-
wardAp food Of irresponsible paper from
Michigan; there, ina rush from Rhode Island,
Massachusetts and Connecticut, that would
not pay large debts, but which kept aAoat
from the very necessity of the case.
Will this "purify the currency the statel"
We doubt very much, whether it will increase
the specie circulation, and for this reason.
The continual cry that is raised by the papers
and leading men ofthe party, in favor of a
hard currency, has a tendency to keep the igno-
rant, the fearfuland the avarcious, in con-
tinual state ofexcitement for fear of losses by
bank paper. The consequence is that silver
and gold are soughtafter, Withdrawn from cir
culation, boarded, and become dead to the
community as if they never had existed. 1t is
incredible to what an extent this business of
boarding is carried on even now, and it is be-
coming more and more practice, and taking
deeper and deeper hold upon the floating specie
of the country every day, that these clap traps
of the party are urged in the hearing of those
who hear without reasoning, and believe with
out weighing the truth of what comes to their
ears.
We took occasion to remark, few weeks
since, that the silliest warfare ever carried
onby people protesting to be enlightened is
the present crusade against small bills" Why
our Legislators and executive officers carry it
on, is to us perfectly incomprehensible. There
is no public sentiment against their circulation,
and no considerable segment ofany party that
feels any interest in their suppression. The
newspapers and the Legislators have it all to
Z themselves, and the people--those who think
at all--think they had better let them alone.
There is no moredanger ofloss to the bill hold
crs by the circulation of bank notes under five
dollars, than by those of that sum and upwards,
for they all proceed from the same institutions,
and the bank that cau pay one is good for an
other. There ID even less danger from coun-
terfeits, for on examination, it will be found
that most Of the ecounterfeit notes are of the
Of five dollars and upwards.
There is nothing in the convenience ofa crcu-
ation of silver dollars to recommend it; they
Ire more liable to theft, from the difficulty Of
them about the person; they are
more difficult to indentify when stolen; more
to transport in small quantities,
md more liable to be lost accidentally.
Our legislators must also remember, that if
he forty millions Of specie now in the banks
n the United States, be drawn out, to supply
he vacuum left BY the suppression of small
,otes, thete will remain no basis for credit
currency; and as every dollar in silver furnishes
! basis for the issue Of three dollars in paper,
10 the Withdrawing Of every dollar in silver,
rem thelvaults Of the banks, has the effect to
AXE away two dollars from the circulation Of
he country. If this would be an evil when
ried upon an extended scale, it would be pro-
% upon q smaller scale. The
withdrawal of eighty millions from the aggre-
|sle money Of the United States could not
therviso than prostrate the business Of the
Whole country, and bankrupt a large portion
fita citizens, and yet more than that would be
6lsn ifcAch state should prohibit the circula-
ian III small notes and endeavor 10 sunplv fhe;r