The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-06-30
From the Ne,c York Journal Of Commerce. June "a
Spurious Currency.

From the Ne,o York Journal Of Commerce. June "a
Spurious Currency.
The following advertisement from the State of
Maine was published once in our paper by direc.
ton of the Secretary of State. We repeat ii to-
day, that We may acoo mpany it with a few words
of comment:
NoTIcs -Secrstarys Office, Augustu Maine
june H. 1S53.-Whereas, there is reason to believe
that certain persons out of the limits of the State of
Maine, but under pretence of authority granted
by the Legislature thereof about to issue and
put into circulation bank bills or notes or notes in
imitation OF bank notes, purporting to be issued bv
The LitAe Androscoggin Company at Danvills in
the State OF Maine, whereby the community ma v
be greatly injured and defrauded notice is here
given that there is no corporation company with
the above named title in THE State authorized
to exercise banking powers, or to issue bills or
notes as a currency, and that any such proceed
ing VIII be In violation of the laws of the State
The corporation authorized by the act of the lie
glslature, under the before named title is man :
iJactTins corporation solely and, if organized,
would have no power to issue bank notes or any
notes a currency.
Ii cannot however, be ascertained though in
quiries have been made, that any company has
been organized under said title, or that il has any
known place OF business, or that any ptal stock
whatever has been subscribed or paid
The illegal proceedings contemplated are about
to take place without the State, and beyond the
reach of its laws. JOHN G. SAWYER
Secretary of State
The spirit which has dictated this notice iron,
the constituted authorities of Maine cannot be 700
highly commended. That State is noted for in
dustry and thrift, and is managed with wisdom
and integrity. The issuers of a spurious currency
cannot obtain a foothold within her jurisdiction
They are treated more ceremoniously in those
States which so overloaded with debt that thev
cannot pay the annual interest upon it, chr.
rancy liable TO much tiuctuation does harm not
only TO the immediate losers from its depreciation
but to the rest of the community The nrice Of
products is raised by the abundance of money and
s lowered by its diminuon. 1t is the labor of the
community which is thus affected by a redun ant
or incomplete supply. If the currency consist o.
the precious metals labor is employed In {, tho
price of labor, and there ia then all necessary
tainty in the determination of prices well req
ulated paper currency, convertible at all times
and conveniently, into the precious metals. has
become necessity of commerce. and ia in nj her
respects desirable. On the theory on which II is
based, 1t Is not supposed to interfere with the
great law by which labor in one shape (that of
money! Is relied upon to determine the value of
Il In another shape; that is to saw the infinite
variety of products contributed BY human in
dustry to the supply of the world But spu.
rlous curreGcy occupies totally different Mace
and under this head may be included all those
issues which not based on sulid foundation
such as VIII stand the tempests of the business
world. Currency issued upon stocks on which the
annual interest is not we'll secured and punctuaIlv
paid, comes within this category In the louo
run they will be placed on footing with uThe
Little Androscoggn Company" Both a re calcu
lated TO affect the interests OF labor iniuriously
That interest concerns every human being The
solid part OF the community ever promote lite sta
bility. They thrive by steadiness aud whom all IA
calm. This IL the interest Of the great majority;
and, except when the public mind has been yitsted
by wrong examples, the laws take their tone and
Impression from this acknowledged public object
There are wreckers, however, on every shore
fresDet which n float the
gathered on the shore, puts IN motion all those who
profit by the labor of others They clutch all that
they can gather as it floats on tie swollen flood
Anpnsound currency thus acts IL suspends the
Industry OF NATION on the wings of pa per money
1.-The Little Androscoggin Compeny'' NAV issue
with a printing press in half an hour what is nomi
nally sufficient to buy up all the lumber in the
State OF Maine; the product Of powerful arms
which have welded their axes to support men
women, and children in honest INDUSTRY
They rely on the State for their protection in the
matter oil currency, duty which the Executive
power, II may be seen, vigiapty performs We
wish that Illinois, Indiana and other States vop,d
follow this wise example. Washington citv has
been the locality of much of this species of rublic
plumber. Each place owes it to every other Mace
that frauds of this character should be exno. cd
and corrected on the spot in which thew have their
local habtation, and from which thew derive their
name. One branch of the Androscog gin rms ct
the foot of the White Noun tans and then passes
into the State of Maine. Ii is a pure and cle,r
themselves. Ii Is said that some persons who late
ly travelled INTO New Jersey, on percelving cop
per head snake Immediately established conner
mining company. 1t may be that the Little Au-
droscoggin furnishes in its Fisheries, an equal
reason for establishing a company authorized to
catch and cure sh the latter to be sold at the Eek
change. "to be delivered" We think that Dur
chasers of stocks too numerous to mention, will
wish by and by, they place their certificates in
the pocket-book which holds old continental or
other discarded notes, that some honest John G
Sawyer had published the caution with respect TO
them which the constituted authorities of Maine
so justly put FORTH All honor to the State of Maine
CoSsecTIcur LEoisLAruRE.-A despatch from
the office of the Hartford Times, dated the 2sth
| instant, says:
The Senate, this afternoon, passed an mpor-
tant bill, providing that in case of attachment tor
debt, there shall be equal distribution of pro-
perty among the creditors.
"The bill authorizing the cities Of New Haven
and Hartford to issue bonds for tt purpose of rails
ing money to supply said cities with pure water
has passed both Houses
"The bill provides that $500 900 shall be raised