Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-02-06
SMALL NOTES.

While we are free 10 acknowledge that the present circua-
ton of trashy small great nuisance in view OF the
fact the laws prohibiting them are moi executed we can
not bring ou believe that the proper REMEDY Is 10
allow our State institutions TO issue small n"cs IT Is an
admitted fact that the more valuable currency is superseded
by the less valuable and satisfied that HE s notes
Of our banks would be- kept of circulation. while those
of other STATES and individuals would equally circulate as
now The privilege asked for banks would, therefore,
only seem to multiply the circulation Of shn.pastcs, ard
drive every dollar of specie out OF circulation
We have been opposed u the system OF small notes, ever
since oar eApeenca satisfied Us that in England no
Bank note of lower circulation than s5 and in Fmnce no
Rank note lwcr than 100 lrancs is allowed circulate
and in huse countries there is abundance OF gold and
silver for all purposes. Why should wc not have the same
state Of things in This country where have such in
Aux OF the precious mctasl Satisfied OF the Importance oil
having circulation based upon gold and silver and opposed
to any further expeden whose effect is 10 banlsh all the
specie out of ccron canno: therefore conseh 10 the
of paper circulation asked for without moro Ell
fort al least to apply stringent remedy the evil COM
| planned of.
We have not copy of Mr. Corwlns late Treasury Re-
por but we understand that in order increase the specie
circulation he recommends aduteraton or lowering Of
ths standard of silver COIN We do know how this may
operate intelligent gentlemen who oppose the Issue OF
small notes. look with upon this recommendation OF
has been recently made in the Penns vanu Legislature,
which strikes us as having much force and merit and
worthy of IN. serious consideration of legislators 1t is
| as follows
"Whereas The operation Of the law forbifdirg Tie issue
and circulation Of bank and other notes under the dennm
nation of five duars in this Commonwealth approved the
18th day of Ap 1850 has been INSTRUCTED 10 extent
by the influx of small note currency from other States,
which make 10 AK the concurrence and
all the States adjoining for the purpose %
carving the aforesaid law into full t-therctore,
"Resolvrd BY the Senate and House OF Representatives
OF the wealth of Pennsylvania That the Governor
be and he hereby requested 10 open correspondence win
the Governors Of the several adjoining States and aSceru
so far as practicable the sentiment entertained by the an-
hores Of said States in regard 10 the aforesaid measure
and report 10 the Legislature coon as convenient.
We are strongly inclined to believe, with the SouhsiJe
Democrat thar shove resolution suggests plan for the
ea,rul p:.y.i IN of the circulation OF Small Notes. Let
IN, ,;ov.r 4 Virginia D. sted ~ the Legislature
propo,s 20 "a. Governors psnnsy lvania Maiy land,
Kentucky Tenncssec and North Carolina including, ii
| necessary other States 10 recommend the Legsa-
lures Of these States the enactment Of law pr0hi.
biting their Banks from issuing notes under the de-
nomination of five dollars and proposing further that these
States join Virginia in petition Congress to prohibit
the issue OF no:es under the denomination in the Dis
rict of Columbia. Without doubt these States would
ouiesce In the suggestion and it equally tain that Con-
gress would efec,ualy prohibit the issue OF Small Notes.
In The District IT'S the excessive supply of smaI Notes"
which has driven and is still driving gold and silver from
ts country Congress could therefore at yield TO the
REQUESTS of these States and aid in correcting that scarcity
of specie which felt senbly throughout the country
This plan is practicable, ond it would be thoroughly efec
,ua. II is TO be hoped tina, The Legislature will, a' least
fairly discuss its merits.