Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1847-12-31
SMALL BANK NOTES.

10 tie General Assembly OF Virginia.
The small bank notes of other States filling our
circulation driving the specie OUT and levying upon
us a heavy tax exclusively for the benefit Of foreign
banks. Let our own banks issue notes for one and
Two dollars, and they will keep OF the foreign small
notes"
So say the merchants, The commercial news
paper editors, ard all supporters OF The paper sys
TEN, and all The tools OF the Banks; and Tor once
they say the truth, but nOt The arhOie huM. The
case, fully stated, siants thus:
Papcr-issuing Banks, which redeem their bills
in specie, Tor make The prclence Of redemplion,)
derive profit from The issue and circulation 10 the
exlen, only that the redemption or payment oither
bills is osponed or evaded-aId every Bank
BILL while remaining in circulation, taxes he
successive holders 10 The precise amount OF The
interest of 50 much principal. This interest is
The unjust gain OF the Bank issuing The bill, and
keeping il in circulation. II the bill is worn ou',
destroyed, or is mol paid finally, then the amount
OF SO much principal, as well os its previous in
,eres, is gained by the Bank, and lost b. the cir
culators.
Hence, every Bark note circulating in State
different from that OF It's origin, is indeed levYing
a tax on The labor Of one country for The gain Of
The Bank of another This tax-imposng opera
lion OF Bank paper has 6cen both clearly seen
and loudly denouNced, ~ regard 10 fcTeleA Banks,
by all who have sought 10 establish paper Banks
al home, or TO extend their issues Tor the purpose
Gas ihey say Of expeiiin. these foreign takers and
piiiaScIs, ~ s"b-'"-';"s -;n''iar issues OF nome
Banks as beneticeni. BIZ. the Up ration Of6oih rs
prcciSig he sane. The notes, Icts'her 0f foreign
or home is5c, arc alike ro5jers Of ia50r and honestly
carmel capital The proper remedy Tor the evil
complained OF so loudly and justly, OF being tax
ed By foreign paper currency, is not to sarve
out the foreign robbers by authorizing enough
others al home 10 absorb all The plase, but 10 re
strain or prevent the lax gathering operations OF
both cass,s.
The annually renewed effort 10 obtain for the
banks The privilege 10 issue small notes is gain
before the Legislature. II The objects sought,
were truly these which TIC advocates profess, viz
the expeiins foreign SINAI notes and supplying
neednl small change Tor trade, both could be bet
Ter effected by o.ber means, which would be en-
lirely beneficial. II the Legislature will correct
in The banks their established usage Of issuing
for home circulation only notes Of other than
their own issue, and which they will not give
specie for, (Which mos. discredabe procedure
has twice been recommended by The Governor 10
the attention Of the Legslalure)- there would be
no scarcity Of dollars, in circulation, and OF
course no need for dollar bills. AS il is, the pay
ment OF specie by the banks is but an empty pre-.
iepce.
II the banks were compelled truly 10 pay spe.
Gle, the nuisance OF foreign small bill, would
nearly cease, because no longer required Tor me
| convenience of trade But their desired e1Pui.
sion would certainly be effected in month, oy
merely making operative (by ceclaratory ac',)
the existing law prohibiting their cifcuIaI!on.-
The refined constructions OF the courts have rem
dered convictions under this law next 10 impossi.
BILE; and therefore, like most ether restrictions on
banks in our statute books, this law has become
nudity GALA.