The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1852-11-10
LOCAL MATT6R6.

,erday's issue. The repor, of the Committee
with respect to the issue of small notes by the
Council, will interest our citizens generally.
The Committee of Finance to whom was
referred the petition of a large number of cit-
zens. praying the Council to issue corporation
scrip in sums Of one, two and three dollars to
supply circulating medium, report:
That the Council has no power to pass any
ordinance or bylaw on this subject inconsis-
tent with the laws of the Stale; that under
those laws no association or company other than
bank or banking company authorised 10 carry
on business as bank OF circ ulatioD, can law tut
~ issue any note, bill : other paper, or thing
with nee, that the same b crcula ed as
currency, tcode p. 3l4, chap. 6O, sec. III and
that not even bank of circulation can issue
any bill, note, check, order or other paper
which is Tor less sum than FIVE dollars, tcode
%. 3OS. chan. IS, sec. 81 The provision OF the
State law is broad and general, that every
free person who with the intent to create a cir
culating medium, shall issue, without authorl-
| ty of law, any note or other security, purport-
| ing that money or other thing of value is paya-
BILE by or on behalf of such person, and every
officer and agent of such person known, shall
be confined in jail not more than six months,
and fined not less than one hundred nor more
than FIVE hundred doliars'-Code p. 745, Sec
ton IL.
And under the State law the word person
| may extend and be applied TO bodies polite and
corporate as well az individual" -COde, p.
10l, section IL, clause ID. If then with intent
to create a circulating medium the Council
shall order, and its officers issue notes or other
securities purporting that money, or any other
thing Of value, is payable by or on behalf OF
the city, every such issue, it is clear, would be
in violation of law.
A grand jury for this city, sworn diligently
10 enquire and true presenlment make of all
such matters as should come to their know
| ledge, and TO leave no person unpresented
through fear or favor, could not, without dis
regard of their oaths, fail to notice and present
any officer or agent of the city instrumental
in such issue. A jury impanelled for the trial
OF any such officer or agent would, by their
oaths, be bound, on proof of the facts, to find
verdict of conviction. And on such convic-
ton, judg ment of fine and imprisonment would
be the legal consequence.
Even if the members of the Council have no
no objection to exposing themselves TO such
consequences, we do not think they should ex-
pose thereto other officers and agents of the
city.
1t may, perhaps, he urged, that however
stringent the provisions of the law are, yet If
the corporate authorities give their ton to
such issues, none would be found to execute
the laws against their officers or agents. We
are not satisfied there would be none. But
whether there would or not, being the advocates
of law and order in fact, as we'll as in person,
we cannot think it becomes the council to do
what is asked.
If we desire to live under republican 90
vernment, nnder government iof laws as dis
tinguished from one of arbitrary power, let no,
the example OF trampllng upon the laws be
set by the authorities of the city. Let it not be
set by that Council, every member of which
has taken an oath faithfully to execute his Of
fee. Let not that Council employ one set Of
officers to commit offences, width it employs
another set to detect and arrest the offenders
So long as the Council has police to prevent
the commission of offences in the city, so
long as it imposes upon that police the duty of
striving to enforce all acts of assembly relating
to offences IN the city, and means them faith
fally to perform their duties, the council should
itself, at least, abstain from directing the com
mission Of offences.
Not only respect for the laws of the land but
due consideration for the interests of the
community would seem TO dictate that the
Council should not attempt 10 put into circu-
latlon paper destitute of any legal validity,
which their successors mig ht regard as invalid
and which would be incapable of being en-
forced against the city.
We are told in the petition that Fredericks-
burg and Norfolk have authorized the issues
of small notes; and that example is urged in
Richmond. Let it be followed here, and we
may expect it to be followed in other cities and
towns, and even in the villages of the State
Thus we may have in our State large amount
of paper issue irredeemable in gold or silver:
the effect of which, if it should not be allowed
extensively 10 circulate, might be telt-and five
remember what occurred in 1916, We may well
conclude would be apt 10 be felt-in raising
here The price OF provisions and other articles,
when paid tor IN such paper; result partcu-
larly injurious TO those dependent on small sa-
laries or limited incomes if those salaries or
incomes are received by them in like paper
aad a result which would embarrass CONNER
cial operations more and more, Just as the diff.
ference between the value of such paper cir
culation, and the value of gold should become
greater and greater-an embarrassment differ
ent from that of 1916, because then an ire
deemable paper circulation prevailed also in
the other States with which we had most deal
ings; whereas it is otherwise now, and mer-
chant bringing articles mere for which he pays
in an irredeemable paper circulation, and sell
ling them in another State where he valves
payment in currency of gold and silver, or its
equivalent, will have to make his sales there
nominally for less than he pays here. ANY in.
flaticn OF prices here, from such circulation,
would, of course, be followed by fall when
sounder currency shall be restored among
US. And as il was in 1918 and 1919, Injury to
many might be the consequence.
Our State Banks can now issue notes ofthe
denomination of g., 8 and 9 dollars, mea-
cure which might, perhaps, diminish the diff
culties arising from the smaIlness ofthe spece
circulation. And ifthe legislation OF the State
see fit, they can repeal or suspend, for time,
the law prohibiting any Bank of the State from
issuing any note for less sum than FIVE dol
lars. But whether they shall or shall mot I'VE
do not think the Council should take upon
itself to create circulating medium. Far bet
ter, 1t seems to U.S. it will be, to strive TO have
among us as good currency of gold and Sill
more, Philadelphia and New York. II either
here or there, Inconvenience is felt from there
being no gold coin, under five dollars. of o,bar
denominations than 81 so and 81, the author.
;les Oh the the, United States may be applied to to
issue gold coin OF the denomination of 3 3anJ
"a; And If silver has become scarce. beeanse
as between gold and silver, since the g,ss1s,