The New York herald., 1845-01-13

The object In giving this table is to show the Aucua
tons in the circulation and specie departments These
fluctuations controlled by the demand the bills or
by opportunities which may from time to time spring
up to put the issues into circulation Facilities for
tending the circulation Of banks located Of the city
the bills Of which at discount in this city, sor
ded by those who weekly pay out large to the Ia
boring classes These individuals 60 into Wall street
with their current city money, and pschase all the
current bills they want at the largest discount, every
thing and anything in the shape Of bank BILL that will
for the mo pass il bought up by these persons to pay
out at the value represented the face of the bills in
this way the issues Of the Paiuhed aud other banks Of
poor credit get into circulation. The public should in
the first place. understand that the circulation Of most of
these bills is illegal those who circulate and those who
receive, equally liable The laws this point
perfectly plain, extracts from which annex, which
will be found in tho 10Th volume Of the revised Statutes
pSge 100. passed April 90. 1880.
So shall not be lawful for any person from and after
ceive in payment within this State, any bank note bill
promissory note for the payment OF money issued by
the IL By Of
the laws and statutes of this State under the denomina
Sl Any person offending against any of the provisions
preceding section shall forfeit the nominal amount
DIN cofs O.
person who shall for the same, end prosecute such
suit to judgment in any Court within the s.ate having
Tas act remained in force until March 3st 1885, when
was repealed The extended business operations Of the
country that time, and the demand for money
great that sufficient influence was carried into the Le
gia,ure to obtain repeal CT the act of April $780, in
the following manner
Revised Statute, vol TO- page TO- section ls orginal
hbt the circulation of bills Of banks not chartered by the
laws this State under the denomination OF five dollars
passed April 20 $780, Is inconsistent wh this act s
hereby repealed
This repe Of course. annulled the act of April $780,
and though bills of any bank in the Union could be cicu
lated in this State the act had been passed in
relation to them For nearly three years this privilege
used in 1897 the banks suspended specie PAYMENT and
no. only had the smaller bills Of banks and
those situated in other States but had fractional bills
and all OF shinplaster Ths carried to such
extent that the Legislature the 2sh of February 1885,
passed act repeating the Of March slst, 1885,
follows
VI All the provisions of the act entitled An act TO
prohibit the circulation Of small bills passed March 81
81. Any person who shall purchase or take at dis
count any bill note or other evidence odeb purporting
rate no. by the laws o this or by
bankers individuals associations carrying ON banking
business in any other State country or province and the
circulation OF which is prohibited by ths act, SHALL in
addition to the forfeiture provided by the sixth section OF
this act also forfeit for every such osnce the sum OF
fifty dollars to be recovered with costs, and sny Dcor
porsted company In this State that shall by its oicers
sgents servants take receive in the COURSE Of ills
busin any such BILL note, other evidence Of debt
pnrpotng TO be issued by any corporation not chartered
by the laws this State private bankers individuals
associations carrying banking business in any other
state country, province SHALL on conviction thereof
forfeit Its charter.
There s Misunderstanding these penalties All are
liable These laws were passed to protect the public and
protect the local banking institutions The crcula
tion Of our city banks is very much restricted by the
operations Of the agents of these foreign institutions and
ba emf Thc pub II hnv kean co
were sufferers Through the movements Of those fnan'
ciers engaged in issuing shin plaster paper. We
saw an individual few days since who had on hand
five hundred dollars Of the Jacksonville Bank which he
held when the bank exploded There were many simi.
lsry situated The explosion Of that and other banks of
like calbre should put people their guard against
similar institutions. There good banks enough in
this vicinity whose issues perfectly saie refuse all
others and there will be no danger.