Daily American telegraph. [volume] (Washington [D.C.]) 1851-1852, 1852-02-16
Communicated.
The Small Note CURRENCY.


MEssRs. EDITORS: In looking over the pro-
ceedings Of the Grand Jury, perceive that they
have presented certain persons for issuing small
notes. Now, We may argue the justice and pub
ilc convenience of such measure without ques-
uonlns the right or jurisdiction of the Grand
Jury in such matters.
Inc question first arises as to what inconye-
iie'ice and loss our community are subject to, or
what advantages are gained?
In the first place, the act of Conrress 10 nIo;,
III this respect that there shall not be orv norer
iSa"o oi less denomination than five dollars in
'his DlStfic' But does that law say that there
shall not be circulated in this District notes Of
less denomination and make it a criminal offanca
to pass or circulate one-dollar bills he,;ava
not.
Now, 1t must be obvious to any rejecting mind
that if we suspend the issue of one-dollar hills n
this District it will not exempt us from being
flooded with small paper from abroad If we are
TO have this kind of money, (for have it we m,lst)
let us have that which is at hand, that which we
can have redeemed at a moments notice. To
what immediate risk or shave are we thereby
subject! Strangers visiting this city often have
goodly quantity of this kind of money with
them, and we must lose our sales by q refusal of
their money, or receive that which may be worth
less, or nearly SO, at the place of its issue.
The small amount presented will scarcely re-
ceive strict examination in the hurry of busi-
ness and consequently will be received for what
it purports to be, the receiver knowing that if
few individuals do not take it, there are others
who will.
But is it not plain, that if this class of money
is issued amongst us, it precludes this flood
of foreign notes, of which we know nothing by
having sufficency of our own. We should look
with more care and suspicion on those from
abroad, knowing well that even the promise of q
redemption is of no avail, from the distance of
the source OF Its issue, and the insignifcance of
the amount. ~.
A word now in reply to "An Observer" He
says that our currency is of the very worst kind,
and Is the cause Of our merchants having to
charge much higher price for their goods; and
that they receive paper based upon paper, and
that at discount in the market. We should like
to know when Virginia money was not receivable
at par for goods in this market, and if it does not
form principal part of our circulation. And
this very odious money is transferable any mo-
ment into legitimate currency at quarter or half
per cent, which would not strike close observer
as being very extravagant advance over other
cities: for we here deny that goods of any kind
are sold higher in this city than elsewhere This
can be proved. And it is also known that Virginia
money is received in New York in payment of
Bills contracted by our dealers at par, less the
usual discount for cash; and ii is acknowledged to
be the best and soundest paper known or issued.
therefore, II we are to have this evil, land
have 1t we will, for it is well known that the
present law in Pennsylvania prohibiting the
| issuing or circulation Of small notes. with heavy
penalties, Is an entire failure Of the two evils
| it might be well to choose the least by having
the power amongst ourselves to redeem paper
redeemable in good and substantial paper money,
in despite Of the banks and brokers maintaining
the ascendancy. Therefore, if we are to have
this paper money, based upon paper, with all the
risks, let us be the victims of our own deeds,
with the loss and gains and not the dupes of
| others. But observer" says that the govern
ment pays in specie, and the merchants elsewhere
| are paid in gold and silver, or their equivalent
About this it is wellknown fact that neither the
government nor the banks have paid in specie for
| a long time-and the latter could not if demanded
| at any time.
| 1t is well for the people to know that the mil
| lemum in monetary affairs has arrived, and that
we are to have just what we want But indiyid-
ua!s, as well as the currency, seem to fall under
| the dlspeasure Of the correspondent of the
| . sun" lie asserts that certain gentlemen are
| accredited agents for disDursing officers of the
government 1t is presumed that they have the
privilege to transact business where they may
| N"cn IL most convenient which no one can DENY:
and that the recipient of government dues has
the privilege to receive not other than gold or
silver; and if the latter it is soon exchanged in
the purchase of necessary articles, receiving in
change this very dotestabie money, knowing that
there never has been silver sufficient for the i'll
creased demands Of trade. Therefore, we should
like to know what charge can be brought against
them OF their agents.
| We will guard our own interests, and, rs u
inw-oyiug people. respect its demands, even at a
sarrifc': bat we will also watch those who pro-
fcss to have 50 much lovingkindness for us and
we shall not be slow in finding their true object
in denouncing and depreciating money which is
| founded on more solid basis 1--WE mean Virginia
| money! than that of the disbursing agents
not of the government, q no!-but of those whose
whereabouts none may know but the initiated
W.
Az ENGLISH Law DEcIsIoN.-The following
| case is reported in late number of the English
d" Law Magazine -
:" At the recent assize at Liverpool, n stabbing
case from Manchester was heard before Baron
Patt, who, in summing up the jury, used these
words :: One of the witnesses tells you that he
said to the prisoner, 1" If you use your knife you
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