The New York herald., 1844-10-24


new board Of directors for this road win at once take the
matter In hand.and carry itthrough.
is not generally known by the citizens OF this State
that the Revised Statutes contain act prohibiting the
circulation in this State OF the notes of foreign banks
meaning those out ofthe State under fvedolars under
penalty Of forfeiture Of the nominal amount Of eacl
bank notsor notes. with costs of suit We find in the lO
volume Of the Revised Statues page 709 section 10 and
H. the following in relation to this business passed April
20th, 1885,
$40 shall not be lawful for any per,on from and after
the frs day of september next pass circulate or r.
ceve in pay ment, within this State any bank noe bill
promissory note tor the pay ment of money issued by
any State or Sovereignty or by any body polite o,
corporate not authorized issue the same in and by any
and statutes Of this State under the denomi
l Any person offending against any Of the provisions
OF the preceding section, shall forfeit the amount
OIL such Dank note, bill, or promssory note with costs
suit to be recovered in the and for the use OF an,
person who sAo for the same and prosecute such
sur % Judgment in any Court within the State, having
cognizance thereof
Ihis act remained in force until March 3lst 1885, when
was repealed The extended business operations Of the
country at that tme and the demand for money so
great that sufficient influence carried into the Legs
laure 10 obtain repeal ofthe Of April 90 1880 in ths
following manner-
.I.vn Rsv,sea !, ,ssa.ss vol 10 rsg. no. section ie os
10 prohibit the circulation Of bills Of banks not
by the laws OF this state, under the Of i've
scf, s hereby repealed"
This repeal OF course snnulleL the act OF April 1890
and bills Of any bank in the Union could be circulated in
this State, the same though had hsen passed in
relation to hem For nesry three years this privilege
was used in 1887 ae banks suspended specie
and not only had the smaller bills Of our ow banks
and those situated in other States we had fractional
bills aad all sorts of shppiasars This was carried to
such extent that the Legislature the 2eth Of Feb
linz
az follows:-
Sl All the provisions of tho act entitled "An act to
prohibit the circulation Of small bills passed March a.
1885, are hereby repealed"
81 Any person who shall purchase or take ct a dis.
count any BILL note. other evidence OF debt purportng
to be issued by anv banking corporation body corpo
rate not chartered by the laws Of this State pri
yase bankers, individuals associations carrying on
business in any other state country or province
and the circulation Of which is proh,b by this act
shall in addition to the forfeiture provided by the sixth
section Of this act also forfeit for every osnce the
sum OF Atty dollars to be recovered with costs and any
incorp rated company in this State that shall by its off,
GERS agents or servants take recave in the
its business, any snch bill note, other evidence Of
debt pnrporting to be issued by any corporation not
chartered by the laws Of this Sate private banke
or associations carrying banking business
IN any other state country province, SHALL convc.
tion thereof forfeit its charter.
The enforcement of this law would bring up with
short turn many who are engaged in circulating this
State the bills Of foreign banks The bills of the Plain.
field Ban Of New Jersey, put into circulation and
redeemed by the principal stocKhoder in this city,
we have doubt but in short time bills of the Lehgh
County Bank PENN will be just plenty those issued
blythe Painfed Bank. The laws ia 0urrevsed statutes
extracts from which have.given above subject the
parties engaged in this business to penalty 1t
is time that this law should be enforced. The Messrs
Beach have, for sometime past, been actively engaged
in extending the circulatan Of the Planeld Bank OF
which Mr.. A. Beach is cashier in this city, and at the
rt TINA tkn fo
hundred thousand dollars.
This Mr.. A. Beach is ono Of our modern hnanciers
very moral man, without doubt but quite genius in
the way Of banking, with peculiar talent FOL the bust
capable OF conducting several institutions at the
same time He il the principal manager Of all bank
ing operations Of the family and his brother NJ Y Beach
takes the responsibility He formerly engaged in
business in Canada then in operations the lakes and
sttery the Ohio ne and in the town OF Belleville
Richland county, Ohio from whence he came to favor
this vicinity with his financial abilities and has finally
settled down in Allentown, Pa, the cashier OF the Ls
high County Bank, Of which the Arm own stock to the
amount of 900 out Of $OOOOo and appointed John
Wagner. Esq, president. We should like to know the
Of the holders of the balance of the stock This
bank is doubt brought into existence the strength
the Painfed and its capitals without doubt made up Of
Plainfed funds. becomes necessary, un,er these
cumsances to know what section Of the country be
favored with the circulation Of these bills our laws pro
hbting their circulation here and any agent doing
subject to penalty Of fifty dollars for each offence We
have doubt the law will be braved /. has been here
ofore by the parties, and circulation obtained for
their issues but the grand field Of operation will be the
west, and the samelsgens lsssrs Jackson Beach Of
Belleville, Ohio, who have succeeded so well in
giving circulation to the Painheld will, no doubt
meet for time with good success in this affair
Thelaws of Ohio do not place such restrictions
on the issues OF banks out of the State The banks
that State are SO restricted in their operations that the
people glad to get hold Of any kind of paper money
for their business transactions and the opportunity
used to put ahoat all kinds Of paper money. We have
heret, fore repeatedly warned the public against the
sues of certain banks and again give warning AID
tell all to be careful of what bills they take as many
in circulation are not SIZE to keep over night