Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-04-30

[ Hhs MAGISTRATE IN thai pari OF his message which
ina, VII has failed in end establishing ;e
.dera,ion TO wchs justly entitled from the emnc ne con-
uon and Ugh character of the by whom il is STA
IN al ease as from II IL is tina, the does not
noscmna'ey at all the other branches and is in reEsra
TO Inns Tact, as the presume that the Presen,
the opinion ppm thai the Institution has failed establish
It's confidently believed that no one of the re,eo
an idea that would attempt redeem its biz ever
any o Its Offices other than those by they should h
requirement. and would have been hiehy inexmed sucn
elect %, 90 say nothing its obvious injustice inevitable
oank TO perform the whole commercial NJ e
require Rail Road COMPANY to Wona no. be more
, ms OF The country without compensation No m.i,,n
tempt of the frs, bank TO do s s at
sno, he 10 se en1sassmen,s of 1919 commtea was
aPoeo oy the ii OF Representatives that wear IN
gate the management of the banks and in the renor r
IN the House this attempt direction to redeem ave rise
q; inc institution Unfortunately, its branches.
Saea as ono Of the existing M
mo ono who participated pretended 10 ade n,
it was eSpedens h, teaeem ITS bills nscrimna,ey or that
"'u was TO apologize for the unwise ATTEMPT "y one
Tho u. II yee remains tor the com nttee to show that
he 'naiscfiminate redeemabihty of the bills of aNth
pranches OF the hank, necessary to s,tI,s co.,.
hsnmens OF uniform and sound currency,
human wisdom has never effected in any o.ho.
oun'ty' aSFsrer approach to uniformity in III -,
e"cy than ths which is made bv the use ~ So;
precious metals If, therefore it can be shown r.,
the oiiis OF the United States Bank are of eonaI
value with silver all points ofthe Union = I,a
seem that the proposition is clearly mnJe' ns .t
the bank has accomplished athe great end IF es, IN
iishlng uniform and sound currency" Il is MOI
aenied tnat the bills of the mother bank and ofa
Its branches, invariably and PROMPTLY redes c
specie, whenever presented the offices bv ,vh,h
they have been respectively issued and at which
their face, they purport to be pavahle Ma ~
1t denied that the bills of the bank and of aIItha
branches. are equal TO specie in their resnecti,
spheres OF circulation Bills, for example, issued bs
vor noiier pank, are admitted to be equal to sill
yer IN pennsyvsnia, and all those parts of the adj
Jacent States of which Philadelphia is the market
Bet 1t Is commended that these bills, not benr re-
deemed at Charston and New Orleans ,re ne, 80
equal value with silver to the merchant who ,,;h
TO purchase cotton with them in those cities Nov,
RI the Philadelphia merchant had silver instead of
oanK Diiis, he certainly could not effect his mr.
u chases with 1t in Charleston or New Oro,ns p:.t
out having the silver conveyed to those nIaces onI
Is equally certain that he could not have II CON
Veyed there without paying for its transnortat;o 81
insurance These expenses Constitute the anu
OF exchange between those cities and indic,te he
exact sum which the merchant would rive NO
d ao LOT Dill OF exchange, to avoid the trouble
ana delay OF transporting his specie. It is obvious
therefore, that, for those distant ope-ations ~
commerce, silver would be no more valuable than
the bills to the bank, for these ,vop1d nurc1nosa -
Oil OF exchange on either of the cities mentioned
precisely as well as silver. If the operation should
De reversed and the planter of Louisiana mr.
;n aLoiina should desire to place his funds
In Philadelphia with view to purchase merchen
oise he would find the branch bank in either
OF those states entirely enquivalent to silver in
eal S MS OBJECT. Even. therefore if the bank
hau ho serted, thst its bills would be of equal
>, value with silver every point in the JJa;on IND
'0f Rev eviy purpose. whether local general
view OF the beneficial operations of bank @
aoVerng to the great reduction it has effected AMI
te seadness it has superinduced in the rate Of the
commercial exchanges of the country rrbonh ~;
f branch OF the business of the bank bos baa 70 .'
Jeci OF more complaint, perhaps than anv other tho
connl.tee have no hesitation in saying it has been
i productive OF the moss signal benefits In the con,
munlty and deserves the highest commend t; e i
mas been already stated that it has saved tho com
muhity from the immense losses resulting from
c nigh and fuctuang state of the exchanres tt no,
remains to show its effect in euualiznT fba o,.s
cy. IN this respect it has been productive of results
more sanitary than were anticipated by the most san
guiiie advocates of the policy ofestabsbno the ban
IL has actually furnished circulafing ns,e n.
, u,iyorm than specie. This proposition ia suscan,;
PIE OF the clearest demonstration. IF the whole r
vbo 5ssnJ were specie, planter of Louisiana
VINO Snoud desire TO purchase merchandise in phi
edepnia would be obliged to pay one per cent either
~. VII Oh exchange on this latter place or for the
A. WpW ana insurance of specie. His specie
, at New Orleans where he had present use for it
n would be worth per cent less to hin, thar -
$ you'd be IN Philadelphia, where he had demand
one half oy .ne AID OF the Bank of the u States,
saved to him. The bank for one half If o, :. now wv"
If e WIN give MN draught upon the mother banl,
nh, f IP with which he can draw either the
r pils oi mat oank, or specie his pleasure In
. tc manner, the bank and It's branches will o;v.
oraugh's from any point of The Union to any Other
~ o niices exist at per ceniage greatly less than
IS 1t would cost to transport specie and in many in
stances at par. Ifhe merchant or plant err however
II does not choose to purchase daught ON the bank,
but prefers transmitting the bills Of ,l,e Office where
nc lesdes 10 any distant point, for commercial pur-
poses although these stills are not strictly redeen1a
Die at the point TO which they are transmitted vet
lney are receivable in payment for all dues to the
persons will be generally found willing
to take them at par, and always at q discount much
less than would pay the expense of transporting spc-
ce The tact that the bills of the bank and its branch
es are lnGlScrlnlnately receivable at the custom
Il houses and land Offices in payment of duties and
lor the PuUiIc lands, has effect in giving uniform
ity 20 the value of these bills,which merits more
e full and distinct explanation
u For all the purposes of the revenue il y;veg to tl
national currency that perfect Uniformity that ideal