New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-12-10
other side of the questio, fren an answer prepared
by Rochester banker

other side OF the Questioy, frcm an ans Ne' f''
by Rochester banker
Hon. J.. s CHArs1ELD, a'.of ne, ,acs,ysd md
Your circular OF DE 25tn nit Is just received Anu
II; ,I, bave TO- cav that this Bank has no agent IN
NeuYork to buy in,' " purchase, o. take up
directly indirectly ls notes ~ This
h.nt rom yes customers IN precisely the inc way
,bat II reSeives the notes OF all other banks OF 1s
state. We haze no. gwen that Oaos any dfecuons
whatey or on the subject and nothing 70 do IN
fxipg the rate or terms upon which they receive
our own or the notes OF any other oanss. u IS q
matter entirely between that bank ana ~ c1sSohefs
Notwithstanding We are not guilty. OF the alleged
yberalty we mus. beg leave 10 dissent rom your
construction of the act IN question AZ the TINE OF
the passage OF the law, Country oans notes we're
selling in New-IOrk and Albany at discount OF 10
ID cent and the whole OBJECT AMI intent OF tie act
was 10 reduce the rate OF discount Banks Sere
therefore required to appoint an agent III New-fOrk
or Albany to redeem their circulating NOES al dis
count not exceeding T. cent At the last session
of the Legislature the act was so amended as TO re-
duce the rate TO d cent.
saws that "nothng in tins act contained shall he
so constructed as 10 authorize any incorporated
bank banking association, or individual banker, to
purchase buy in, take up, directly or Indirectly
their circulating notes al an amount less than what
purpors to be due thereon, AT any other place or 10
any other manner than is directed IN ana by THIS
act
Before the passage Of this act there was no Law
Applicable to this bank. prohibiting Il from par
chasing its own notes and all this 9th section
amounts to is that the act of May 4 ls40 shall not
be so constructed to authorize OF itself, Banks
10 purchase their notes otherwise than therein pro-
yided II we had the right before the passage OF
this act, we OF course still have it But admit, II
YOU please that banks prohibited from purchAs-
ing their notes otherwise than is provided by the act
in question: still | cannot think 1t would be VIOLA
ton of the law for Banks TO appoint their legal agent
in Albany, and also redeem their notes AZ the legal
rate In New-YOrk II being one OF the places men,
toned, and the very point where the loudest co IL
plant was made at the great discount people were
compelled 70 pay on country bank notes
Notes of banks redeemed In Albany Only-Wlth
the exception OF those received by the Metropolitan
Bank from its depostOrs-are nov selling In New
York at y cent discount, and at the same time are
required by law to be redeemed In Albany or New
York at ~ cent. Now, submit # II would
not be carrying fully the object and intent
of the law if banks should redeem their notes at the
legal rate at the two places mentioned IL the act,
and commendable for them TO DO so, rather than a
warrant for you to threaten proceedings against
them. Who, | would ask are injured, or have
ground OF complaint The people who you repre-
sent certainly have no reason to complain. aud no
one is injured, unless it is few brokers in Ne -
York, who otherwise could purchase more notes
at D cent discount and send them up to Albany
daIiy, for redemption at ID cent The brokers are
the gamers Of the p cent and the public the suffer
ers 10 precisely that extent