The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-01-16
THE cURRENcy--sMALL NOTES.

The Revised Code Of the Laws Of North Carolina,
its appearance. In it we find the following enactment
under the head Of" Currency"
Section 1st, Makes the currency of the
United States the currency OF this State.
SEC. I'd. Ii any Bank shall issue any bill,
note, check or draft, redeemble or payable in
any other manner than By payment III specie.
the same shall be. deemed to be due aud
demandabIe in specie at the place where il
was issued; and, on demand and refusal to
pay the same, the money therein expressed
shall draw interest, till paid, at the rate Of
IL per cent. per annum.
Sd. No Bank, unless plainly and expressly
allowed By its charter, shall make or issue
any mute, bill, check. draft, order. acknow-
ledgncnt Of Indebtedness, or certificate Of
deposlte, for less sum than three dollars, on
pam Of being deemed to have violated its
charter; and moreover, Of loririting and paw
ing for each offence the sum Of fifty dollars.
4th. No corporation whatever, which is
allowed To receive muney ON deposie, shall
make, issue, or deliver any certificate ur
acknowledgement Of dcposite, for less sum
than three dollars; nor shall make, issue or
deliver any such certificate or Acknowledge
ment of Indebtedness for any SUN whatever,
with The intent that the same shall be circu-
lated as money, on pain Of bring deemed in
either case to have violated Its charter; and
moreover, 81 forieiting and paying for each
offence the sim Of FIFTY dollars.
9TH. No person or corporation, unless the
same be expressly allowed BY law, shall issue
any bill, due bill, order, ticket, certificate
OF depositc, promissory note, or obligation,
or any other kind ol security, Whatever may
be il, form Or name, with the intent that the
same shall circulate or pass as the represen-
tatiye Of, or as a substitute for, money. on
pain 81 iorieiting and paying for each offence
the sum 81 fifty dollars; aud If the PARTY Of
Tending be corporation. of also being deemed
to have violated its charter : and every per-
son Offending against this section, or aiding
or assisting therein, shall likewise be deemed
guilty Of misdemeanor.
9th. No person or corporation shall pass
or receive, rs the representative %, or as the
substitute for Nancy, any such bill. check,
certificate, pron,iss0ry note, OF other securi.
" 81 The kind mentioned 10 this chapter,
whether the same were issued within or with
out the State. And any person or corpora
ton, and the officers or agents Of such cor.
pOratiOn aiding therein, who shall offend
against this section, shall for every such Of
fence forfeit and pay five dollais, aud shall
moreover be deemed guilty ola misdemeanor.
1th. The Public Treasurer j. hereby direct.
ed not TO receive in payment Of public taxes,
the notes Of any Banks in the State that Is
sues bills 0i denomination less than three
dollars
This act went into operation on the fn, day Of the
present month, and foJs the circulation Of any note
whether issued within Or out Of Tie State, under the
denomination Of three dollars-cxcept, perhaps the
notes Of the Bank of Fayetteville. And any person Of.
Tending against this provision. is made subject TO
dne Of eve dollars, and TO be deemed guilty q mis-
dcmeanor.
We have been unable % perceive the wisdom o. pro-
hibiting our Banks fsm issuing ono and two dollar
bills. They convenient in many cases and in the
ai,.eDee Of small notes Of our own Banks, Il appears
difficult 70 keepout n circulation those d nerhborinz
States. There has been law on our ststutc.ook for
many years sgaind passing, circulating or receiving
the notes d any Bank out Of the State Of les demo.
ininallon than Eve dolIafs bot Il has remained l.on
the outset dead letter viii the law nav meet with
more respect Will not the necessity d The case ope.
fatiag now a. i did them prevent compliance with
The law
The Legisla,ufe,.in creating Bank, unqueslionsly
has power % place Whist restrictions 4 PIesses upon
the issue d is notes; but does MOI appear 20 clear
20 that The Legislature has right 10 restrict an 10.
disdua 10 regard 70 what sort II money, OF fsprescn