The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1865-09-29
a REMEDY FOR I1.IEaAL 1ssUR OF
- - n fea BANK BILLS. saaAi9 sisiir


q "A REMEDY FOR ILLEGAL ISSUE OF
asss l5ea q foa BANK BILLS, asAi9 ssal
Gus I have read the several articles which have
appeared In the ess Y IN relation to Banks;
ssloaning more money than they have to lend,'
and the comments Of "Bumpuso with much
interest It is a source 81 no little satisfac
ton tKas'pdblie attention has been directed to
this subject, asst must tend TO relieve the com
munitg on one hand, while it serves to expose
the aeion sf chose deserving of condemnation
on the other.
go An the banks in the city, and many of those
in the State, have been organized under the
law Of the United States entitled san Act to
provide for a National Currency &C." This
N authorizes them to receive Of the Secretary Of
9 the Treasury ninety per cent. in bank bills Of
the par or market value of the u. S. bond,
.Elessedsto theaG government tertheir redemp-
ton. Upon this basis bank with the capita
Of $500, 1000 in bonds would receive S540OOO
in bills, and these would constitute the onlu
bills which the "Act" gives them any authori-.
ityto iFVe. itndeedsit isgexEresslV provided in
Sec. 2Sd, that "no association (bahky shan Is
sue post notes pr qpg other notes toSeirculate
as money than such as, are authorized by the
re II sroT.s oas Of this actsh q r9z 1 !,
Tniseaus is RFohibitory. .Andwhen Ma
.itlgnal Bank issues the bills of a state bank
that has surrendered its charter and has no
corporate existenee for the purpo Of issuinc
bills, fnen il j. violating, and every officer cog
nizaat OF the fact IS violating the direct ana
express provisions Of he.Aet upon which the
Dark Is estabiibhed.E n Daslossh gas silll sss
S Z. et officers know very. ven the law
aaa d5s,r dpsy, but il $780, 900 can be loaned
.1goa'is n1aiaaaIaof 100000 by flooding the
with Illegal issues Of paper, and thu.
q assss saa twenty-five per cant. made oinsteae
81 ssvet g esg end the connmurity look on
u Z ga 40 nothing to stob the
'eis''s1 e tie iaw ths temptation Is sc
'ssESna ahc. she returns so large that they NAV
persist Ia doing it -.s ssSeiai'iss
FhS ft4lorsieal cafes nothing for +t,oggio,r
it's MT eni5tcsa. The br6f e aec syJ
aai ~ Ne tas9TgF lpsSitS his tsafe aor4 sa4aas
But II the State banks haveonly three wears
tene9es9h their 9iisa and during tinat,.tirae
Their oils are constantly re-igsued bv the No.
tona Banks, under their sanction and antbor
a tpeTe.Rot he q vast snappnt of thess
deSd bank bills in the country, when the three
xsYgso Of Resumption expire? Who will be the
-loeas, ss,,la bank whose time for redeeming la.
expiEH or the persons WAC bave them on hand
at that tiTnel2AG solsassaaao sAaf
&C, How tksn eanthe cyl be stopped? nIthe
same way that ana. violation Of Jaw may be. =
None are beyond the, reach5ofl this power, and
whether the offence is the illegal issuing OF
5countereitng, the sjudicial tribunals s open
Tor prosecution, sssesz9sa
Il IN eeAa2sSls Of the public laws of this State
pTSy5S Esss 9intet relating to banks cbeeosniae
-.ai-s associations under the laws of the
oni'ea SS.ates # is provided in Sec shat al
DIS OF said bank, issued before ~ ~ &C., u
- coming such association and ACTUALLY !, ,,,.I,
iatipp, shall pc fully and .prornntlv radddaTr
on demand bysuch ASSOCIATE s = i'.9eliYu
redeemad snail not be re-ssued or ar .S.'e'' =
into circu " but shall be destrouedn - :
Andih Sec It IS provided that Liy2Es.
preme Judicial court shall have jurisdieiio /,
geT4ity, to sTstgqiap and. enjQin any. person I,
corporation from circulating the bills Of ~,
bans which has closed its business, ors6econat
"a 5aaling association slssder the aEa,cs of the
U'i'ed States, contrary to the provisions Of
tnis act or of the laws of this StaaeRI
TliheretoFe il bank officers Violate, the plain
precepts Of thelaw, and persist Ii circulating
- paper which they are expressly required ID
% uY'N0y' they can be coerced by the strong
aeffr e la9oF a. siasis9ffr
49, fes1f a4f4n.tf a. =