The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1850-09-26
1CoUNTY,PA, THURSDAY. SEPTEMBER &c, 1850

did in 1928. She has now sanctioned the
issue Of ttreliei notes,n and when the re.
ceipt Of one species of small notes is au-
thorized by law, it may be difficult 10 drive
other species of small notes ont of circula-
tion. Still the difficulty is not insuperable,
and if newspaper editors, and others who
write for the newspapers, will only do their
duty in showing the people the true charac-
ter of the law, it will produce as beneficial
effects as did the law of 1928.
Some Of the working men Of Philadelphi-
a, Gin which city Ithen resided,) estimated
the advantages they gainedby the passage
of the law Of 1928, as equal TO ten per cent.
on their incomes. Before that law was pas
ssd, sssy were paid their wages IN the small
notes of the banks of other States, and could
make their purchases al the stores only at
which such notes were received. After the
law was passed they were paid their wages
in silver, could go to all the stores, and pur-
chase wherever they found goods the cheap.
est. eg
Before that law was passed, some of those
who employed working men, used to take
the money they received in current bust.
ness, and exchange it at the brokers' for de-
preciated paper, wherewith they paid their
journeymen and their laborers.
The poor working man ought not to be
paid in medium which, though now at par
with silver and gold, may, if he keeps it a
week or month, lose one half of its value.
Bank notes may be very convenient in a
large commercial transactions, but THE
WAGES OF LABOR, IN EVERY: COIN
TRY, OUGHT TO BE PAID IN GOLD -
SILVER.
Between bank notes of small and
denominations, there are distinctions whi66
ought to be generally known. Bank notes
of the denomination of less than five dol
lars take the place of silver. Bank notes Of
the denomination of from FIVE 10 twenty dol.
lars take the place of gold. Bank notes Of
the denomination of fifty dollars and up.
wards, take the place of private bills of ex-
change. The higher you raise the denolni.
nation of bank notes, the less objectionable
they become. Bank notes of large denomi.
nations seldom pass into the hands of any
except those who are qualified TO Judge Of
the ability Of the banks that issue them
Bank notes Of large denominations, moreo'
yer. perform but a small circuit, before they
return TO the banks that issue them, and thu.
have their value tested. While bank notes
of small denominations may remain out for
months and years, and the insolvency of the
bank that issues them fail to be made known
only because the notes are never presented
for payment
1t will be chiefly the working men d
Pennsylvania that will be benefited by eau
sing silver to take the place of small notes
But the benefit will not be confined to them
The bank themselves will derive no small
advantage from the measure. Let a panic
occur, when the smaller channels of circula.
tion are filed with paper, and a demand fol
specie will arise, which may drain the banks
of much of their treasure. But fill now the
smaller channels of circulation with specie,
and the banks will be placed in relatively
safe position.
1t is an excellent sign 10 see considera-
BILE current Of gold and silver flowing daily
into the vaults of tho banks, and another
current of equal amount flowing out. II
shows that the due relations between the
mediums of wholesale and retail trade are
properly maintained. Such current and a
countet-cutrent shall we have in Pennsylva.
mia if the law for suppressing small notes is
rightly enforced.
Washington City, August 2sth, 1850.