Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1853-02-14


Fhe Legislature of Maryland, as we'll our
D. has had the subject of small notes before it
BONE time past. BY law of the last session.
circulation of Maryland bank notes of less
omiuation than five dollars is prohibited after
first of next March. Petitions numerousy
he'd have been presented to the Legislature,
ing the repeal of this statute. The majority
he committee to whom the subject was re-
red, have reported against the prayer of the
itiouers. The minority have also made a coun-
report, the arguments of which, &C cording to
! Baltimore American, are much more forci-
and pertinent than those of the majority re-
It.
In reply to tho argument for the exclusion of
all notes, the minority report says:
s'Fhere is 40 reason that would obtain to the
clusion OF notes OF one, two or three collars,
at would not equally apply to those of five, ten
twenty dollars. or even those of larger denom-
4 tious. As to the argument that the absence of
ball notes will cause greater amount of specie
circulate through the channels of business, the
Iinority of the committee believe it to be in
eat measure iallacious. The same dearth of
becie that is experienced at the present time
Europe in times gone by, when small notes could
bt have contributed to such a result; indeed, in
be great panic which followed the war of 1912,
he Banks of New England, 1.-THE only banks in
be country Issuing small notes at that time, con-
|nued to redeem their issues whilst all the other
anks were compelled to suspend specie payne nts.
ia England at the present time, great scarcity
Il silver is felt the banks pay it out in limited
Quantities, and. as with US, it commands pre-
mum with the business community. The pre-
ence of small notes cannot, in this instance, be
he operating cause. No-to other, deeper and
more general influences, having their foundation
II the great laws of trade, must the difficulties
lnder which, in this respect, the community la
,ours, be attributed.
But apart from any argument on the ques-
ou, the minority of the committee disposed
10 yield, al this time, to the wishes, as they con-
seive, ola very large majority of their constitu-
rnts. Private opinions aud speculations when
not so firmly fixed as to become matters of con-
science, should, in their judgment, give way to
an overwhelming sense of public will. Enter
flaming these views, they ask from the House a
fair and dspassionate examination of the bill now
The last paragraph quoted, (says the Ameri-
can,) goes to the pith of the matter. A vast ma.
jority of the people do not want the change
which the law contemplates. They are satisfied
with the currency of cur State as it exists, and
only desire that it may be let alone. This is q
matter which the majority of the committee have
totally overlooked. The gold dollar which mus
take the place of our small notes is obviously ar
unpopular coin, and the note of a solvent, specie
paying bank is preferred by the great majority
This susceptible ofeasy proof The very facts
which the majority report adduces, that out Of
the fifty millions of gold coined last year. but five
million was in coin of less denomination than FIVE
dollars, and but two mil lions in dollar pieces,
proves it. The coinage of the last month shows
the same discrepancy for of the total of four mil
lions, but little over two hundred thousand dol
lars are in the small coin. The officers of the
mint have also stated that they find difficulty ir
disposing of this coin, depositors in nearly every
instance preferring those Of larger denominations
We have proof of the same fact daily exhibte,
in ordinary business transactions. Every on
takes these so much decried small notes willing
ly, preferring them for purposes of change, an
keeping them on hand when they could prompt
and conveniently have them exc hanged for gol
And this unpopularity the gold dollar is not
caprice experience has proved it to be undes
rable coin. 1t is easy to be counterfeited an
hardto be detected, and liable from its minut
size TO be lost or confounded with other coin.-
These are substantial objections, and will Away
prevent the circulation of this coin where goo
small notes can DE obtained.
California does not lack for natural wonders Il
snb ance the romance which seems to hang owe
the whole State. A correspondent of the Sa
Joaquin Republican thus describes one of thes
wonders in Calsvsras county: