The Daily Herald

Connecticut Wisdom—Small Bills.—The anti small bill legislatures are retracing their steps: but Connecticut Loco-Focoism has made itself most eminent ridiculous. It has recently passed a law, which eclipses all the legislation that we have recently witnessed. The Tory legislature of '35 in Connecticut passed a law prohibiting the circulation of bills under three dollars. The Tory legislature of '37 has suspended it for one year—subjecting their own banks, however, to the forfeiture of their charters if they issue any such bills which they shall not redeem in specie on demand. This of course amounts to an absolute prohibition; for it is immaterial to a bank whether its specie is taken by one thousand dollar bills, or a thousand one dollar bills. But as small bills of other States may now lawfully circulate in Connecticut, and as there is a demand for them, the small bill currency of the Massachusetts and Rhode Island Banks will flow in and supply the demand. Thus have these wiseacres been circulating for the advantage of their neighbors, while they have deprived their own citizens of a privilege which they might themselves exercise as wisely, and as safely as others.

Boston Atlas.