Rhode-Island Republican. [volume] (Newport, R.I.) 1801-1806, 1803-04-02


rafkct TO buy up Two miiiiJns OF bi.ls moIe fhxn
the Common meicsntile Gem,nd, that thele ex-
Ichsnges would have YET rifrn on him add re
qoiIed at lcaa double the iacri6ce juf mentien-
ed.
Ii was very wifely determined to clof: with
the propofiton II .4Lxsndtr Bayise, an sm,sssf
ErgkA Mr,ebas,. 10 give Bank Stock here,
for money TO be by him paid in Holland, at .
spricc which though noninsy lower fomcwhr
Ilh,u the cath price here. yeafissd a baymext in
Hofiavd on feym' at Laa az AdDas'ageon. a, BY
any a5er beDIbie uoat fbs NANCY esaH kavs been
.gof 10 Hsiiand ard zv,fbo1 axy rJR FREE fbe
Bank I6a,es are not 10 be Danfsy,ed beys nntI
ib>r IL JHH svi<enee fbSi f6e moxey IL pad in
| HolIand.
go, fuppofe the Secretary had taken the other
courie, and Gld the Bank -fhares for money here
at the market price, and then bought bills vita
this money TO remit - Holland-he would nor
only have RATED the foreign exchange, sgaint
himfeif con6derably. bnt he would have lover
ed much fhe price of Bank Shares by throwing
foch qaantity into the market. The price
OF all commodities depends on the fcsrcity or
plenty Of The article. IL he had brought into
market zzzo Shires for This is the number he
fold) near one tenth Of the whole capital Of the
Bank. is IL 10 be prefumed thar the price would
have ftlod at ISo dollars for 100, which was
about the rate IL Philadelphia when ne made
the fale "a price produced by the ordinary
commetc.al operation OF offering and taking
that aock in the fmsll way :--Certainiy II
would have fallen al oace, the moment IL was
knovn tbe public aock vas al marker Buy
erS OF articles of this nature ase acquainted with
their buhaefs, they know how to rcgois,e their
times 10 pufchafe and their bids by the qusnti-
ty offering or likely to offer for fals. The
quefioa Of lnteretf fha!l next be examined.
The price realized for this Bank Stcck.
was, AZ has bcca fhcwn. folly equal 10 The cur.
rent calh price in Philadelphia az the time the
negocia,ion took place, to, FAY about 60 per
cent above par; hba' Is, foy evty HGye on
4obicb fbs Urned Siafc, bad paid 400 Allau and
rvc,r ,eeeivrd nf fke yatr et' per esnf. on 400
doifDs. t6s Secretary Of tbe Traja,y bas RsAL.
IzED 600 DOLLARS, and tbryepvab payS eff an
eGmvGlrsf Of 6f6t 6,arcisy kte,sa at s per esat.
7ri,bOaf ary expeae< If eommlGsa or RE gf bad
bMh Let then the companion OF interea or
this traniaetion be made--4oo dollars receiving
8 per cen,. or 8. dollars per annum is made uie
OF TO dilcharge 600 dollars, paying interett at
{ per ceat. or 30 dollars Der apnum; then there
are dollars PEI mare difference, equal 10 I per
cent. and cha 10 TO be fet ae;ine the fsving
the commiiioners TO he paid 10 Bankcrs snd
agents, and the rilk of remitting in detail, all
which IS much mere than ! per cent. So
How then Gao the Secretary of the .Tfca-
fury be hsned for employing the Bark Stock
10 pay off 70 much Of The Dnlch detf--iuppof-
ing the cafe food without psecederti But IL
doe' nor. 10 the year 1895 the hen Executive
fold s18o Shares ofthi, tame Bank Stock to
pay off deb, due to the Bank ct the Uaited
States aod the Baak of' New York for The
debt due 10 the Backs, the Government was
paying an intcsea OF per. ceat. They fold
Dur. as the preient Executive has done, aa,a
per cent fund, TO pay off debt paying lower
rate OF interea; but hsil IL be fsid, that ope
ration was better one oecauie they applied the
money TO Get rid of an intereit of s per cept -
whereas The prefent Executive has done 70 70
wipe off only an intereft Of per csst Such
ire the round aG:rtions and ihslIow resfoning
made ole of to impoie on the uniformed par, OIL
The community.
What did the Government then obtain for |
ne Stock fold in 1896. and how docs the |
lueffion of inlereR aand on thar ,ranfatiion
They fold at IS per cent. above par,and thus OBJ
aimed for each ihsre 600 dollars. Then every |
100 dollars receiving 8per cent. or 81 dollars |
yer aanum, was made uic of TO dileharge goo |
dollars paying al intereIt at 6 per cent. on 80 |
loIlsrs per snnum 70 that in the fale Of 1896 |
{ happens that on account of the price obtain |
d for the aock being Iefs than tha: obtained 10 |
Soi. the difference as to comparfon of In,eteit |
n exchanging the Bank Stock fund for the ref
,ettivc debts diicharged with il, is juA abou'
he fame. 20 FAY about r-i per cent aIthc' one
vas a s per cent. debt and the other per
cnt dent, with this difference only, that 10 Goa
o much of a foreign debt payable abroad and
ubjeeting the Treafury annually to rifk and ex.
'encs in remit,iag abroad was reimbufied -
hat difcharsed in 1896 was at home. fubjett
o no rik OF. expence Of exchange or sgencics as
0 prime pal or intereR.
There was no Glamour or abufe then nor
ince againR the Executive Of 1896 for f,ap-
lying the Bank Stock, and yet they fold a.
much. nay, rather more than the prefest Exc
uti,e, sod applied il, as has been lhown. TO no
'euer effect, NOR with better economy ~ the
ubic. And why hould there be agsia& the
refent Execativei Both ...saiures ~cre ,sosho-
lied by the fame Law An aes of Congref pah-
a in 1896 that the CommiHioners Of ihe Sink
ng Fuaa fhould 10 their .difcIeiion difpoft Of