Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1856-04-18
From the Raleigh Standard:

Judge Saunders charge 10 the Si".A Ss@As
We are indebted to friend in Wayne for the SUB,
stance as follows, of the recent onarge TO the oaho
Jury of that county by bis Honor Judge Saunders.
The opinions of Judge Saunders are entitled 20 g1ea
spreading his opinions this subject before our
readers
Judge Saunders called the attention of the Jury
to the subject of counterfeting He said the puDilc
as well as the banks were interested In having
sound currency, and of detecting all counterfeit
notes. and partic larly to the bills recently lost
in the sad disaster on the Portsmouth road lie IN
structed the Jury that any one who should sign OF
receive and pass these bills Knowingly. was liable to
be indicted. fe said he felt it to be his duty 70
charge them on the subject of our currency. He
said it had been the settled policy of the Legislature
for the last thirty years, TO give the pubic SOUND
bank currency founded on gold and silver. 10 this
end the Legislature had in 1916. passed what has
been termed the duebl act, prohibiting the clrcula.
ton of small due bills In 1880 they passed the act
forbiddng the circulation of foreign bank bills OF
less denomination than five dollars In 1857, by
the Revised Statutes, this prohibition was made
general, except in cases where special authority had
been given to issue notes of less denomination In
the charter of the old State Bank and the renewal OF
the Cape Fear Bank, this special authority had been
given to these banks to issue low three dollars
| but nothing less. The Merchants Bank OF Newbern
was chartered and restricted 10 five dollars. The
other hanks that had been chartered were limited to
of Fayetteville charged with the general power
of banking, emitting by oversight the restrictive
clause of three dollars and, as the bank thought
giving them the power of issuing any note ut then
option-but, others thought, leaving them under
the general five dollar act In 1850 the Legislature
amended the charter by authorizing the bank to Is
sue notes as the other banks This amendment the
stockholders refused to accept, and they continue
issue one and two dollar bills At the last session
the Legislature endeavored to restore the five dollar
law as far as they had the power. in all new char
lers they restored the five dollar restrictions and il
the general law forbid the issuing of any bank bill
of less denomination than five dollars, except il
where the special power TO issue less had beer
given. No such special power had been given to tn,
Bank of Fayetteville and for every note that banl
has issued since the first Of January last the Presi
dent and Directors liable 10 Indictment and may
be indicted in any County TO which they may sent
their notes. This opinion the Judge said he express
ell on the authority of of the highest judicial tri
bunals of sister State He said he particular
because ii was important that the question should b.
settled by the Supreme Court. If the bank had tn
power to issue these small notes, they had the powe
10 issue five and ten cent notes. the act of the las
session the Revised Code repeats the due-bill act
If the Legislature intended to substitute these small
bills for gold and silver, let them say SO, and tax
off the restriction from the other banks and let then
all stand on the same footing. The Judge conclude
by saying, that if he in to the law ther
was higher tribunal which stood ready to correc
the error''