Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1858-11-05
81 FFGLik BANI<,
.Ees0s. Edtars;
We were glad to find the following
in the Times Of Thursday morning

Nsf0s Edtscsi
We were glad to find the following
in the Times Of Thursday morning
"Dut we desire to ,epcot that the system repre-
sentcd and carried out SO long by the suffolk Bank
is in our judgment, the true systoin and simply
because it has secured the par currency Of Country
Bank bills. lhi, is tho great end OF the system
and for this applaud it.
We expressly stated that would not relax Il jot
IN respect Of the sIingoucy Of regulations
~ to maintain the par value of country bills
Every man. WOMAN or child that has, or expects
to have dollar bill, is interested in keeping up
sound currency. They arc more interested, in
reality. than the suffolk Bank is or any rich man
or rich corporation. The measures Of that Bank
may have been, by the popularity of particular
agents, or the irritating character Of temporary
circumstances, VeNatious and disturbing to
certain person, certain banks, but every man
in New England, is interested, and deeply in pro-
portion to his being poor man, in keeping up
s'"t."' "hieh h's made every dollar
bill IN his pocket, as good as l.old
or silver. 1t is not merely the "sVst,m' of
the Suffolk Bank which has done this; but the
in1eNibc hrtuucss and decision with which that
system has boon carried out Firnncss and decis-
ion, however unpleasant, essential to the COM
mcrcial credit Of all banking operations; and these
qualities always more or less idisa-rccable to
thoughtless and Facilitating persons. That, it is
supposed i, the real objection to the suffolk Bank
system, executed by the Suffolk Bank itself
that which constitutes its worting ,Tc,i,,c, is the
only real ground against it. It, ,tringeucy is its
safety.
Any Bank, with like capital and like intcli-
gent Grmness, can do ior u what the Suffolk has
done; but then it must be some Bonk--and
not several. The Suffolk for substance, says.
" Redeem your bills at my counter and then |
know your ability to redeem; if you do not, then
it s impossible for me to say that you redeem
The Country Banks say: "No we Will have Mr.
A., B. or c., broker, to redeem for u.s. he will do
it on better terms, or, we will have A., b. or
c. Banks, or the Bank Of Mutual Redemption"
The Suffolk Bank replies: " If you wish us to GER
tify to your soundness by taking your bills, you
must give Us the highest evidence of your sound
ness, by redeeming at our counter However this
may look like rigid severity it really is only rug
ged security;-it makes the poor bill holders all
the more safe throughout New England
The Bank OF Mutual Redemption has no Capital,
except such as is taken from the very Banks of
whose soundness it certifes. If they are weak,
she Is weak so far as they distressed she is
distressed She cannot go outside of them to help
herself in emergencies. 1t is not so with tho Suf-
folk, nor would it he with any other Bank Of
large capital, which should undertake to carry out
the "System of the Suffolk Bank" A Bank with
out large Independent Capital cannot carry out
the Suffolk System" 1t only modify the
system, and trust luck that, in the day Of trial, it
may not be found wanting. OBSERVER.