The North-Carolina standard., 1845-09-24
, SMALL NOTES

1
| fa aUif-a..at -----
| p 4-t. r 90 SMALL NOTES
"A late Newbernian attempts a reply to our b,;oe
article on Small Notes, and the Register endorse,
the answer. We-are satisfied our position on HI.
question is correct. If we are wrong, boworo.
we are sincere in our opinion and we would bo,a
the Newberniah to know, that even the STANDARD
much as it is abused for advocating popular ricbt,
can get along quite as well wiIAout as ,Diih
hobby" ~
10 The Newbernian most triumphantly asks tba
following question If however, there sam.
per-abundance Of coin among u.s. and these small
bills are so mischevous in their tendency, wbv
it that the specie does not force them out of ccu.
lation % Why, Sirs: for the very reason that The
baser currency will always force the better outd
circulation. This is a plain fact, which we 500
verified every day. Who docs not know that
every man will get off his paper money, and hoard
up his specie, provided he has any thing to ayby
for rainy day2 Every body knows that specie,
which is property, is better than bank notes, the
mere representative of property; and hence it's
kept because no changes can affect il, while The
bank notes, and especially the small ones, are per-
petualIy passing from hand to hand
But says the Newbernian, the Banks do no,
compel the circulation of these small notes. and
will redeem them whenever presented Whv
then, do the Banks issue them at al2 Have they
forgotten their own interests in determination 10
4" accommodate" tho public? But the Banks will
plank up the specie for them" if the holders de,
sire it. This is easier to talk about than it ia to
| do When did the Editor of the Register see
50 bill on either of the Banks payable at Raleigh?
He might find them, perhaps, two or three hun
dred miles from the Banking Houses at which
they purport to be payable; but he will find none
here, except by accident, perhaps, which arc pay
able at Raleigh. And so of ali the Banks. How,
then, nre the holders Of these small notes to get
the specie "planked up" for them2 Travel
hundreds of miles to different Banks with these
notes, in order to save themselves from loss
by their wearing out in their bands, and thus
force them out of circulation Q This would bea
fine business, truly. The truth is, the Banks is
sue these small notes because they gain by ii
they issue them, as they do other notes. in sucha
way as to render it inconVenient for the people
generally to present them for the specie and they
get into their vaults and use for their own pur
poses, large amount of the specie which these
same notes drive from circulation. Against
Bank officers and Bank Directors, as men, we
say nothing. We speak only of their official
acts, and we speak thus because it is our duty 10
do so. ,. ,.. ,l..,- 90. IT,.
The experience and example of both England
and France can be brought forward against The
issue of small notes Lord Wellington, at least
bcrnian- and Register, said in 1928, that expert
cnce had proved that "one pound notes and soVP-
reigns could not circulate together" and in 1929
an act was passed by the Parliament to prohibit
the issue of all notes OF a less denomination than
five pounds sterling And the Bank Of France,
we believe, circulates no note OF a less denomna-
ton than FIVE hundred francs. If it is answered
that these small notes, any notes, save the wear
and tear of coin we reply, the saving is too slight
10 be considered in matter Of so much impor
lance to the people, and especially the lnborIng
classes. 1t has been demonstratedby by Mr.. GallatIn
hat the annual amount wanted to repair the loss
by friction in gold and silver con can
1ot exceed, taking the highest computation seven
y thousand dollars a year in coinage Of forty
millions" It is also stated, on good authority
hat halfdolIars and halfeagles will circulate for
one hundred years, and dollars and eagles for two
hundred years, without being SO much worn and
defaced as not TO serve the purposes of circulat
ing Iheun, Ihedlun, O s0oiB sssJoa ri. EEs-E.
le The Newbernian is surprised that small nOe
issues should meet with opposition from men en-
gagged in business transactions. We admit that
small note issues-three dollar notes, particular
ly-rare, of benefit to US in our business but we
try to forget ourself and our own pecu-
liar interests where the interests of the people are
involved. we are writing and labOring for our
country, and for what we humbly conceive to be
is best interests and we trust that no selfish mo-
i've will ever beastrong enough to keep US from
he performance of our duty 9s {'E
.}IA-ea fazz------.. So k--L--
ioiiassasy s,,A LARGE BEET! L.s
J Mr. Hugh McBa1e,' Of this City, has semitic
our Office q beet, measuring two feet four inches