Lynchburg Virginian

SMALL BILLS.

Recent proceedings in the New York Legislature apprise us of one of the most sudden and decisive revolutions in public opinion, which we recollect ever to have witnessed. We refer to the repeal of the law, enacted some two or three years ago, by which the issue and circulation of 'small bills' were prohibited, under severe penalties, in that State. This prohibitory enactment has been in force long enough to test its utility; and so far from resulting in the benefits promised from its enactment by its friends, then constituting an overwhelming political party, it has so completely disappointed public expectation that even its old friends have abandoned it, and all parties seem disposed to confess its impolicy—a bill for its repeal having passed the Senate, in which there is a majority of friends of the administration, by a vote of 28 to 7, and the other House by a vote of 117 to 61. Thus, one by one, the 'Reforms' of the Jackson era are repudiated and re-reformed by the 'sober second thought' of the people. As this 'small bill humbug' has still some advocates in Virginia, it may not be amiss to invite their attention to this revolution of opinion within so brief a period, in New York, the effect of the practical operation of the attempt to widen the metallic basis, by throwing a larger quantity of the precious metals into the channels of circulation. The people prefer good bank paper to specie, even in the ordinary business transactions of the day. It is more portable, safer, and every way more convenient; and all the reasonings of political economists will never be able to refute the evidence of their own senses, or to satisfy them that theoretical beauties and utility are any compensation for practical and substantial inconvenience.