The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-10-04


notes Is not abating. The Baltimore Sun of Satur
day thus refers to the operation of the new law o.
Maryland on the subject:
easy glove. and everybody seemed disposed Il
act strictly up to it's provisions. We heard OF nc
caviling in any quarter. In the markets., the
butchers presented firm but respectful front, and
an influence was thus communicated from an i'm
posing quarter, whose effect was felt at once in the
households Of the people. There were no doubt
many instances in which prohibited paper was Of
fered, but do not learn that 1t was received in
any. We have not heard, in fact, of single tran
saction in violation Of the law. But one foreign
note within the prescription was offered at the
counter of the Sun Office, somewhat favorable in.
dication of the prevailing sentiment. Everybody
seems pleased with the result, and have only to
prove the efficacy of such restriction, and its sal
utary relief to the trading community, to lead to
the adoption of q similar measure in the neighbor
ing States"
The Washington correspondent of the New York
Journal Of Commerce speaks of the currency of our
city as follows:
"The Corporation of Washington have taken
some steps to suppress the email note circulation in
this city. They have appointed a committee to
ASCERTAIN and report whether the Corporation have
the power, under their charter, to prevent the s.
sue and circulation of such notes, and all notes Of
banks not authorized by law to issue notes, and
what means can be taken for this purpose, by pros
ecution,, taxation, or otherwise. Whatever the
city authorities do in regard to this matter, must
be dome without any Partially. They must treat
all the bogus banks alike, and some OF them may
be temporarily in good odor.
'"The number OF institutions issuing notes dated
at this city is now twenty four. besides two more
in Georgetown. Ten of these have banking .houses
in this city, and it will be difficult to reach them
The circulation of these notes in this city cannot
be prevented by law as long as the market people
and tradesmen continue to take them. But they
aIre becoming weary of them here, and in Balti.
m,,re also.
{" This city, of all Others has the least apology
hecanse the Government makes all its immense
pavments here in gold and silver coin-keeping up
q Constant .>uppiy Of legal currency.
ssThere are but three banks in Washington that
ara authorized 10 issue notes.-the Bank OF the Nc
tropols, the Patriotic Bank, and the Bank Of
Waehington. Even these banks have no charters,
but the law for winding them up has been CON.
strued by legal men into a perpetual charter, az
banks Of issue, discount, &C.; and, besides, the
convenience of the public rendered their continued
existence necessary. Neither OF these banks issue
notes of q less denomination than five dollars.
ssCop gress passed law some time ago, called
the Benton act for the prevention of the issue and
circulation of notes of less than five dollars in this
District.
1.-THE law is as stringent as it can be made, and
il never enforced. The city is flooded with email
notes from all the Northern States. Many Of the
notes of the Commercial Bank of New Jersey fell
upon the hands Of our citizens. have one which
took here at par year or two ago, and will
exchange il for your note Of the same denomlna.
tion purporting to be Issued by the metropolitan
Bank' or this city"