Monongalia mirror. [volume] (Morgantown, Va. [W. Va.]) 1849-1855, 1854-10-14
0uR CINCINNATI coRREsPONpENCE.
CIycINNArl, Oc!. I, IS54.

ters, notwithstanding the absorbing pa
lilical topics of the day aud the near up
proach of our election. The law agalns
the passage Of notes of other States 0
less denomination than $40, went int
operation on the first Of this month, am
although one.half OF the fine imposed b,
the law upon those who either pass o
receive small foreign notes goes TO tn
informer, the citizens of this State hav
agreed, by common consent, 10 disre
gard the law altogether, You will nov
see the small notes Of other States pass
ing us freely as at any time, and til
man who would institute proceedings t
force any one, would be hisssd into III
fanny. In word, the law is a failure
The necessities of the commerce Of lhi
great State are more pressing than tn
obligations of this law. While this
the action of the people, Banks an
Bankers are complying with the Law
aud treat all the Small Note Of Bank
I in other States as Yncurrent, that is, vii
not receive them on deposit, or ut al
except for purposes of redemptio
which by the law they may do, and the
ut discount of from one to two pc
cent; but they have gone step farlhe
and have agreed to refuse all the circ
latiop ofthe Indiana Stock Banks exc't
the issues of some two or three of thu
that have made arrangements to redm
in this city. They throw discredi. pom
all the issues OF these Indiana PiEs'
and as their issues were aboutf the
currency we have had for the lastyelSo
months, this policy leaves the co,nerGe
of this city withou, an adequatfupp'y
of currency; and the result sInat our
Banks and Brokers curtail the accom-
moda,ions, and thus bear hehy upon
the business of this city. Mey com
mands now upon the street. =
3 and even and S per ce' u month";
for good business paper, money can
he had at all. The circation OF the
Ohio Bank is wholly inaauate 10 sup
ply the wants of the cemunity. AS
for instance the Mechfes " itaders
Bank of this city, brch oil the State
Bank of Ohio, with a:rse capital mas
not circulation of ssoo! and so with
the Branches all o. the otate; ahd
tile reason is, that ID ana silver ana
exchange command premium OF some
branches put outheir bills, they are
sent back for rednption in gold, silver
or Exchange, arso is not profitable to
them to issue b at all. Some of our
Brokers. indee all of them more or
less, have pursd this course, and the
Ohio money Ion deposit,o-day, would
be hurried d for redemption and to-
morrow tbeylhe brokers' be ready to
sell The roIisilver or exchange at | ]
10 9 ner eel to their customers, thus
reapipo enormous profit. So with
,he ;ssnes the Indiana Bank. After
purchasii thet', since Tue ISL SeP'e"''
her. at In to2 per cent. discount
tho samlay they would be sen, home
for redplion and then the gold, silver
or Exenge sold as before. The Bro
J kers lie been getting rich, as is evil
dent But the Indiana Banks, being
own out of the State, many of them,
! coulkeep their circulation out long
enoh to make it profitable; and SO
ma of them being in inaccessible pla-
ce,vas decided advantageous in this
rect. However they are now being
lied up. A gentleman connected
d prominent Banking house here,
u me that he had been to town in
,l|liana with three houses, fifteen miles
II from Railroad with no public con-
teyance to it, to Bank located there
With $4,000 in bills, and they gave
i'm I" the dust" in redemption.
Cincinnati is the great Commercial
entire Of the West, TO which money nat
rally tends, and the present condition
# things enables those who deal in MO.
icy to realize large profits in short
ime; and though currency be scarce
md business is not as brisk as usual, the
purchase of discredited bank bills aud
ealing in the precious metals, affords u
handsome business.
The Legislature of the State has been
or long lime hostile to the interests of
his city, a jealousy of the prosperity of
which seems to haunt the minds of the
,eople in all directions. The late tax
aw drives money away, by the enor-
nous levy upon capital employed in the
commercial transactions of a great EN-
,orium, and this small note law, taken
dvantuge Of by those who deal in mo-
icy, operates anfavorably upon every
interest here. No wonder that none
airy distress and bankruptcy appear all
round US. 1t is true that general caus.
S, such as over.trading, aud tho like,
ave operated to some extent to produce
his result, but these laws have aggra.
ated commercial distress and precipi-
ated its consequences. Cincinnati, even
n tho easiest times, never has had e.
ough money to carry on its business, as
evidenced by the fact that there is no
ime when money cannot be loaned on
aforementioned real estate worth dnnble