The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1858-10-02
Tho sunoul ana Tho Country nanks,

The boston papers for several days pact
have devoted much space 20 the controversy
nov EXISTING between the Suffolk Bank Of
Boston and the country Banks. The Suffolk
has been for many years tho leading banking
institution Of New England FOR the rcdemp-
lion Of country notes, aud Il hos made a good
deal Of money by the operation. The Bank
Of Mutual Redemption was chartered % al-
ford the banks Of New England means Of
doing the business which tic suIIoIE N16
done, They very properly thought that II
money was to be made by the operation, that
It could as well be made by them as by the
Suffolk. Accordingly large number Of the
New England banks have subscribed 10 the
capital stock Of the Bank Of Mutual lledemp-
ton, and have withdrawn their deposits from
the Suffolk, II is these banks against which
the Suffolk has declared war, aud h using ils
capital aud energies to embarrnss and break
down,
The Lowell Ners Of the 25th says
"'lhe Suffolk Bank clerks had hard time
Yesterday The Merchants lunk produced
1900 gold dollars aud $4,000 iO other
coins for the Suffolk, who came there, to
count. The latter refused 10 count, us his
.-,t.Isla -l.lIg a-iAkr dc gold ON the bank s
count, IN bags scaled by the bank, and % DO
verified after reaching tho Suffolk. The
Merchants declined 10 conform 10 this plan
refusing 10 assume any responsibility for the
contents Of the bags unless counted then aud
there. The Suffolk expressed great disgust
md lolt without either the gold or the bills
he brought Finally, thinking better OF IT,
he returned and took his bills back, and re-
turned with them to lluston.
la the afternoon pompous young gentle
man marched into The Lowell Bank, and
throwing package Of some 10000 Of their
bills on the counter, demanded the specie for
them. The cashier inquired who he was and
how hc had obtained 80 much Of their mon
cy. The young man very independently re-
fused 10 give any Information on thcso points,
The cashier then told him that II was quite
suspicious 20 see a strange youth with so
much muncy on siug.c bank, refusing 10
give any account of himself, and that il would
be his duty 10 call in q police officer TO look
into the case. llcrcupon starch wiltcd, and
the stranger announced himself a clerk from
the Suffolk establishments The cashier then
offered him check f the amount on the
Bank Of Mutual Redemption, but the clerks
instructions were 90 get specie and nothing
else. Tie cashier declined giving him this,
as the bank had three times gouc with wit
ucsscs and specie to the Suffolk bank and
demanded to redeem their bills with the spe-
Gle, which the Suffolk had refused TO allow
them 10 do. The Gnfcd clerk being unable
to get gold, aud not daring to carry back the
check To his masters, took the bills in the
original package and went back to Boston,
It seems unjust aud very urwisc in this IN
stilulion to adopt such a course, and it is re-
eci,ing much ceusurc by bushes. men aud
by the press generally. The Boston .lAa4
aad Ice was first TO dcnouncc this monopoly
Of the Suffolk, and in an article in Monday
paper closes with The following, We think,
just rcmarksi
"Can ANYTHING be moro suicidal than the
course pursued 10y this mammoth mouicd iu.
sttuion in Boston, and can any one doubt
what the end will be il this policy il coutiu-
ucd.' What would hr thought Of wealthy
merchant who would usc the power which
his money gave him, TO break down and ruin
less wealthy merchant, because he bought
his goods Of arrival, and not Of him. lie
would become the ,curn of every honorable
man. And why should a bank which acts IN
just that way, escape from the oGium which
SO justly attaches 60 such conduct ?"