The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1858-10-16

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they belong"
Tho Suffolk Bank Monopoly.--Im-
portant Decision,
Two weeks ago We gave our readers q
condensed account OF the manner in which
lhe Suffolk Hank of lnllnu NAs attempting TO
eoercc the country banks 10 redeem their
bills at their institution as heretofore We
need not go into history Of the origin Of
the trouble again, but will simply state that
many Of the country banks, thinking hsy
had a right TO choose bank for rcdeeming
their paper, chose 20 do their business with
the bank Of Mutual Redcmpiioni aud for
this reason, and this only, the country banks
have been subjected TO the most annoying
and provoking trials ~ the Suffolk folks
securing large amounts Of their paper, and
then presenting clerk at their several coun-
trs and demanding the specie on the same.
The general voice Of the press ia against
Ihc' compulsory measures that have been
adopted by the Suffolk Bank and their con
duct has been aptly compared to that Of
truuhlc-uu1r friiuvv7 who refuses tu-tuiyc-uuy-
mcnt for debt in good current bills, but
eompcls his debtor to tender the gold aud vi.
yer.
by the Boston papers Of Monday, we see
that Mcssrs. Il. H. Curtis, {. Cushing aud
Is. L. Butlor, have given an opinion, "as TO
the legal character Of the acts Of the Presi.
I,pt aud nnord ~ n;roc,,.. 80 a.. CIR ~
Bank, and the legal consequences to them or
the Bank, and the legal remedy to be- taken
in view Of the laws OF the Commonwealth
respecting the existing banking corporations
thereof, because Of the action of the SuG.ll
Bank in causing great dizturbaaea-to tho
business of the country banks OF New Eng
land by boarding their bills, and running
them home for specie, thus dcrangng the
currency 10y taking them out Of the ordinary
channels of trade and circulation to the great
annoyance and injury of their customers aud
the community"
The opinion is very lengthy, and reviews
all the points in the case. They say the
question is "whcther a confedcracy Of the
managers of thu Suffolk flank, to use The
capital Of that bank and the control which It
now possesses over the bills Of the country
banks, to compel them to elect not to en-
ploy this agency, using the bills Of the rccus-
ant banks not merely to obtain payment
thereof, but to disorder aud cmbariass their
affairs, and then force them into subordina-
hon to the will Of the managers Of the Suffolk |
IL "a rs,,t,, ,l
In the opinion of these men, at is.r And F.
they furthcr state that "ths managers Of the T.
Suffolk Bank confederate together to use the /.
bills Of country banks, of which, under the |
present course Of business they have the con- |
troll, not merely in good faith to obtain pay
mcnt of those bills, but to nocdlessly cmbar- /
rasS the business and disorder the affairs and !
discrcdit the circulation Of the country banks |
and by such means, to force the country
banks TO employ the Suffolk Bank, and CON /
not to employ the Bank of Mutual |
Redemption, to redeem their bills in Boston, |
this is n confcdcracy which is criminal, and !
subjects those engaged in il to an Indictment
which may be found in any county, and
there is reason to believe, in any state,
where an overt net is dorc in pursuance of
the confcderacy."
The above are some Of the points in the
opinion of these eminent lawyers, and jurists
and II this opinion be correct, it is one OF
great weight, and important in its conse-
luences. If there is a legal remedy for such
oppression as the Suffolk Bank has INDUCED
N for the past few weeks, we shall soon see
what We shall Sec"
Since the above article was prepared, the
suffolk Bank has issued circular stating
hat the institution has determined to sur
cndcr its agency in the foreign money sys-
en-, as heretofore conducted" 1t says, how
yer, that it will continue to receive coun-
ry money from the banks, as heretofore, sub
jet to conditions that it may perhaps DO
uund necessary hereafter to mike"
There also appears in the Adre,tiscr of
tuesday a counter illegal opinion" signed by
iutus Choate, S. Bartlett and some others,
ustaining the course which the Suffolk Bank !
as pursued. So il seems that lawyers disa-
rec. But az the Suffolk surrcndcrs its (
gcncy, the storm is over, and we may now /
lok for a calm.
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