Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-04-17

sidered by the Bank as that kind OF deposite on
which it could with safety operate as fund, to
justify discounts thereon. IL may, and probably
does, lessen the operative depostes at least hafa
million OF dollars annually for the Bank could not
extend their discounts on money in transtu, a. II
il were actually in their vaults. The Bank Is
bound to draw the money ofthe United States from
any one part of the Union TO any other, without
any allowance for loss of exchange. This, il is
presumed, is considerable saving to the United
States in the exchange, and security against the
risk OF transport and fraudulent agents. For eX-
ample: there is collected annually in New Orleans,
Of public money, an amount probably not wanted
in that part of the Union; the balance must be
transferred to some of the Atlantic States, where
the public debt, the expenditures for the Navy,
Army, and Civil list are to be paid. The exchange
almost always is in favor Of New Orleans: tho
difference OF exchange IS believed to be from to
4. and sometimes per cent, which is saving TO
the United States-not positive loss to the Bank;
because it may, and probably does, save tselfby
the purchase OF bills Of exchange Europe.
which il can sell in the Atlantic States without
and expensive, (and perhaps dangerous. from bad
agents,) for the Treasury to perform. The Bank
is also obliged to perform the duties Of Commits
sinners Of Loans without charge. The old Bank
was not compelled to do those duties; and Com
missioners Of Loans were appointed by government.
What were their duties! To pay the principal
and interest Of the public debt, and also 10 pay all
the pensioners Of the nation for this latter service
they were allowed q commission Of per cent. on
The amount paid by each, and o similar commits
sion is now paid to agents employed where there
Is no branch Of the Bank. The document y.
shows that the annual average amount for the last
three years, paid by the Bank 10 pensioners with
out charge, $685., 672, which, at per cent, is
saving Of $l9,Sl3 Al per annum 10 the Treasu-
ry. Document c. shows the annual payments
made to the Commissioners OF Loans for salaries
and contingencies, when the amount paid to PEN
sioners was inconsiderabfr. Ii the Commissioners
bod 10 Al.
contingencies must have amounted at the least 10
~ 600 dollars pes annuIn: which is much saved
to the Treasury in consequence OF the duties be-
ing performed gratis by the Bank. 1t is no small
advantage that bad agencies are completely avoid
ed by the present mode, and that il lessons the
number Of officers, and makes the accounts more
clear, and easier TO be understood.
The Goth section says: 4" That, in consideration
OF the exclusive privileges and benefits conferred
upon the Bank there shall be paid to the Treasury,
out OF the corporate funds of the Bank, the sum
of 100000 dollars. in three annual payments,
commencing alter the expiration Of the second
year." The benefits can be reduced TO caicula-
ton they are, 1t is believed, considered to be the
profit derived 10 the Bank from the treasury depos-
ties What is the pecuniary advantage:
That derived from the deposites of
the Treasury on the annual a.
verage of S2,6s3.5si
From which might fairly be de-
Quoted half million OIL account
OF the money in transitu, which
cannot he considered a deposite
On which the Bank could ope$
rate.
The annua interest on $685.
dollars, at per cent, is lSS,0l5
For which the Bank has
paid 81 100000 as a.
bonus, whichsum, d-
vided into II years,
(per document E,) a.
mounts annuallyto SS;235
Average annual interest
thereon. from the time
the nstaIments oil ac-
count Of the bonus
were actually paid,
until the expirationoi
the charter, amounts.
(peE same document,)
to s5.6s2
Duties Of Commission
ers Of Loans, perform
ed by the Bank gratis,
would have cost, as
already shown 10000