Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-09-29
POLITICAL.
vINDIc t or THE U. s. BANK.

| FboM TIE FRANKLIN GAZETTE-NO 2.
but another great evil, is, the United
! States Bank and Tia branches refuse TO
! give bills of exchange at par. THIS no
thinking man. who ever considered the ma
, turs OF such an undertaking. ever believ-
Ell the United States Bank, with all its
mighty capital, could do. although aided
by The government deposits unless, in
deed, II had set itself up 10 grant this ia
clh, alone. and without Intending TO
make any dividend for the benefit of the
stockholders. The people were fIaitered
INTO relief, by the friends of the bank,
That ell tbs accommodation would grow
out of It's existence ;and even ssne mem
Gers ofcongreSs were led In behave, with
the e>rtamg" system of Europe staring
them IN tn" face) in the praciicablit,,
nav certainty of the thing =
All this, however, took lis rise i'm the
want nf knowledge of the nature of
this thing called ,xcliargr. Although it
is a branch Of commercial operations as
old as commerce itself. Vet i, never as
sumed its form and dimensions in this
country till lately. Every body knows
what II Is now--an2 knowing in villa, il
consists, IL TX the more strange that auy
should think il The o,.ty ofthe i. :. Bank,
! or OF any other bank or banks, 10 equal
| 'ze if. AS well might II b- considered
The duty of an able individual banker.
Wherever the direction Of trade looks,
| ihere the means of carrying il on mus,
apply-and wherever the balance OF trade
lies, al no matter what point i'll urcoun
try, there thsCurrcncy of The country will
tend. II that currency he the paper q.
'hn u. y. Bank. the paper OF The l.. =
bank will tend 10 that point. Suppose
the balance of trade be in favor of the
| eastern section cf CIR country that ina
ports aud exports ceutre there inaimlg =
Il am intercourse be had With that section
AZ all, bv the northern southern aud
western sections, il mus,be bad, 10 con
slferabl" cXieuf AZ least in the currency
al the country. Suppose this 10 be the
I-naper of III u. E. Panh-does il not fol
low that for all tie paper received in the
eastern section Of our country, cores
pending demand will arise against The
bank for specie Surprising specie TO be
an article Interpretation or commerce il.
II so, will not the issues oftbe u. s Bark
return upoD il for sprciel And does moi
this imply d necessity in this ban 10 pro-
cure more Of this article And If Ibis
cannot be done without an advance i'm
The dollar, of three, or five, or ten per
cent does not this create a debt against
the hank according ia the advance given
for the snecic, and thus lessen the profits
on it's business And, if IT shall do this,
where is the proprietv, in Justice. OF ex
pecing this bank to pay away lis thou
sands, annually, and gratis. TO equalize
tie exchange of the country ?
IT will he remarked, that this is not an
operafion once performed and then bOunt-
ed: but II Is one of ince>s SAINT repetition.
The paper, which Is The representative of
specie, being issued, and carried 10 the
great point of commerce, returns, and BIZ.
ing redeemed by specie, is let out again
it again returns, is redeemed, and goes
the same round. This business moves i'm
a circle. There is no stopping point
And al each return an obligation arises Oh
The part Of the bank 10 Tag more specie.
As | understand The existing arrange
mcnts vhicb have been entered into by
The bank. they embrace recognition OF
q specie Representations. The notes oil the
hanks vii be redeemed at any hank
rhere they are made payable by specie. THIS
surely Is all that ought. IN reason, 10 b.
asked. But Il merchant having s so .O00
OF the paper ofthe u. s. Bank, or any one
OF ITS branches, presents il and demands
check on Boston. The answer is. by the
officer representing The bank, cannot
give you this check, without All equva-
leni-and that equivalent is the rate OF
exchange between Philadelphia aud Boz
ton. The merchant refuses, and demands
| the specie; il is paid him But, in carry
ing il TO Boston, he finds The expense of
transporting is equal TO the rate Of eX-
change, besides the risk incurred, and the
trouble, &c. He then finds il might have
| served his purposes as well TO have allow
| ed the difference of exchange between
Boston and Phladelphia-o indeed bet
ter; because II is the safer, and The least
dangerous way.
But, suppose The officer representing
! the bank, (as would have been the case
before the late clIang",) had issued lis
check IN The merchan s favor, on Boston,
what would have becu the result Doubt.
less demand for specie, either upon III,
! mother bank, or some Of the branches, or
| al least liability for this demand. And
| I! this demand were made, wonid ii not Law
| the bank under tax TO replace il, in pro-
| portion 10 the price il might have TO give
Tor specie Thus the bank. III such "a
| transaction, would be fixed in precisely
Tie same situation with the individual. -
But can there be any good reason assign
ed why the bank should assume the ex-
! pense and risk of buying and transmitting
this specie more than the merchant But
! suppose he Dlli was takPn by The mer-
chant, aud The ratio Of exchange allowed.
prQft would be realized in the sale Of
| thu bill 10 balance The loss which might
arise in the purchase Of similar amount
of specie.
Thus it appears that losses as well as
trouble must have continued 10 accrue TO
the bank, il it had continued TO issue bills
gratis. II also appears that its demands
for premium are just, inasmuch as they
serve TO replace, without loss, the advam-
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