Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1854-03-15
small Notes.

We published last week communication upon
the subject of Small Note Laws, and promised to
recur to the subject at future time. The follow
ing excellent article we find in an exchange, cop
led from the Philadelphia Ledger, paper indie
pendent in politics, and commend it to the peru
sal of our reeders:
"The Legislature OF the State, for good and
sufficient reasons, some years ago, passed law
prohibiting the circulation in this State of bank
bills of less denomination than FIVE dollars. 9th
er States followed the example, and everywhere,
where the law has been enforced, coin has come
freely into circulation. There is now no search
ty of either gold silver; the channels of the re-
tail trade are filled up with it to the utter excu-
sion of small paper, with the trifing exception OF
Ia few hundred thousand dollars Of "stinking re-
lief'' issues, which we hope to see the present
| Legislature brush out Of existence. When we
compare our present sound currency for all our
hand to hand trade with what it was n few years
ago, we cannot but wonder ut the patience fthe
public in tolerating the old system of fraud aud
plunder SO long. Much, however, as we have
gained in this respect there is yet much to do be-
fore the currency is properly purged. The spec
ulators in paper money are all the time busy.
We were few days ago shown most impudent
device to drive out coin, that paper may more eff
fectualy take its place. 1t was bill Of the
"Weybosse Bank" at Providence, r. l., for one
dollar and half! In Rhode Island, we believe,
bills of less denomination than one dollar are
prohibited but in order to save their half dollars,
the banks have hit on the expedent ofthe nonde-
script issue named, SO that the only currency in
that State now is paper, pennies and the small
est silver coins. II is "A well demonstrated fact
that two descriptions of currency of equal value
will. not circulate together. The man who has
both paper and coin in his pocket, will not pay
cut the latter, as matter of business, until the
former is gone; he will pay away that which is
most doubtful and of less value. Thus the coin
| is locked up, while the paper substitute at the
rate of three to one and sometimes much more,
is performing almt st entirely the office of curren-
cy. Having no small paper in Pennsylvania the
coin comes freely forth and Governor Bigler in
his late message, we are glad to see, calls the at
tenton of the legislature to the propriety of prog
ress with the reform by prohibiting oil bills uE:
! der ten dollars.
7 The country is full Of coin and the step may be
taxed easily and with profit to the community
Whatever may be done in the future, it is mpor
tant that individuals should countenance no retro
gresson. We know tits common thing fol
persons in business to wink at violations of the
law when small nj ties are remitted to them by
mail or otherwise. They do not care to incu
trouble and risk of returning them and SO retail
and trade them off the best way they can. Th
is double wrong; it violates the spirit if not thu
letter of the law, by bringing illegal money int
the State, and encouraging most pernciou
system of banking. Let the practice be reform
ed that the evil may not grow into a great abuse.