The City Councils held an extraordinary session of Monday afternoon, at the instance and call of the Mayor, when the subject of issuing small paper notes or city certificates, was taken up, and an ordinance was passed authorizing the issue of certificates for the purpose of supplying small change in the absence specie. The ordinance appoints six commissioners to issue the certificates to an amount not exceeding $100,000 in the whole, in sums of 5 cents, 10 cents, 25 cents, 50 cents, $1 and $2. It is supposed that the issue will be made as soon as practicable, and the community be thus relieved of the inconvenience which at present attends the want of small change.
The Mayor in his message to the two branches of city government, whilst discoursing on the subject of the banks, holds the following language, which is deemed proper to copy and preserve as a matter of future reference. We have italicized several expressions in the quotation we have made, in consequence of their importance.
“It is known to all that the banks of the city have suspended specie payments, not from any want of means to meet the discharge of their liabilities, but to prevent the removal of their specie to other cities, the prevention of which, in any other way, was impossible in their opinion, and that of most men who think of such subjects.—This suspension will injure no one. It may for a few days (and until well understood) chuck businesses, after which all will go on cheerfully. Men will know that the banks are just as sound as ever they had been, their notes will be taken as heretofore, the deposits will be made as usual and all business with the banks and individuals will go on as if no suspension had taken place.”
We sincerely hope that the predictions of the venerable and distinguished gentleman, who fill the office of Mayor, with so much credit to himself, at home and abroad, and with the unqualified approbation of the city, may be realized. We confess, however, that we entertain some fears in relation to the subject.