Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-04-16

On tie whuic, tie committee oluou That the present
sSic Of the talc for the community, and cnenty
useful the Governments that, for years past has been
inprovins iy the infusion into the circulating, me un of
larger portion az con aud the Substitution OF tie paper oil more
solvent banks OF inferior credit; and that left
to the progress Of existing laws aud institutions tie partial l
conveniehccs, which still remain, of the paper currency OF the
last war will be wholly and >cn>ihy enedicd Under these
circumstances they deem pden, abstain iron" all isg's.
10 abide by 'e practical good which The country enjoys
and I" pat nothing to rar'l by dori,,i experiments
he c"'nnii'ec submit for the information OF TIE Senate
certain Questions rlTndedto the President OF tie Bark ct
me on'eo States, together with his thereto, and
!ncnci furnished by tina, officer showing the rates OF ex
change at which daiS draen b. the ak oil The o. States
anu us c'iccIs OF dEcor~: and dyrns;c ~ a 10 be ds-
charged iIon The !'thcG consideration ofe subject
Questions sui"icd 10 IKE Pycside.t IF dc Btss y
TIE United States ,riN his aaSio,rs.
question l. When the bank into opea,ion was moi
PAPER ten per cent than ios'on and much
An,wrr. Philadelphia paper was II per than
os.G paper-9o 81 worse than Ncw io.k paper-iA better
q , Were not The State Banks indebted the Govern
nen' IN large sums wh ch they could have paid in sound
many instances those debts and pay sound
cur"ncy So to VIVA amount and indulge those banks until
was Tor them 10 pay! and did not ha bank lose
A. In the 1917 aud 1919, lie Government, transferred
~ the bank AT Philadelphia, from the state institutions,
81 which castsd and So '366s 81 special
dsposie to- be collected y the bank, making SloSu9 81
The loss sustained by the bank Cannot estimate should
willingly compromise for a loss OF only S2oOO0u
@ fas the Bank any lime oppressed any OF the State
BanAs
A. Never. There ycry few banks which migl,, no,
have been destroyed by exeon % the power
]
more have been aud constantly relieved found
that ihey are solvent, bat suffering under temporary
Guilty.
Q When State Bank becomes indebted 10 the Bank to
an improper exteu wia, course 10 pursue, i let
them 50 beyond auo4nt and that amount
a. The great object is 10 KEEP iie State Banks within
Fer limits To make them shaeteir business according
means Fer this purpose they called uron sc,lc:
forced TO pay specie can &c avoided In. payment
1n their bills of exchange, suffered lie asin,ay uni
tue bank can turn nun' of xr,i because
lie princi' we wish 10 establish is tina, every should
always he ready provide fr its
fVEint lr,f.
branch ON anola ,m mother bank, wla. is the com
mission cha. ccu.
A. The charge Tor draft, les, than i!;c transportation
specie l Ssnd detailed siaeuea on this point.
Z To- ID" and AT branch, specie on t,c,nanf
Has there eS er been refusal!
! a. Never.
= a. Ga" YOU state whether specie is less abundant
III uie tHcd Stales AT present, than former
A Al ;ie mnm'ut, think specie more aluntan
'an usual 1t comes in usual And state of the OK
c:ia!@e wh Europe sucN tat is cheaper bills Than
To- snip coin e bank had On The Isl instant, s',COa
which IL more ;!am it has had FOR nine years past
/ 4 When the debt annually raid off foreicneys d,
they ,"'ii IN sarce bill! Of exchange. YOU supply III,
ia either way? ~ = "
stocks pant in bills considerable portion of " hc arr
bills "i te nnk Sec is TO- unless The bl
market IS high as 0 mike that mode OF remittance ceauer
g Since yon can,nenc ed the purchase and sale of bill
q! exchange, has the fatevaIics, If what EXTENT
A. The operations of the hank in exchanges has had t
effect OF preventing the srea, fluctuations which they we
previously iiaae.
q 10 WHAT is the that the exchange on England
Continues above what formerly considered The Far that is
Z the dollar valoed Is CD sterling? H. that The inrus;
value at the dollar has tnen found be less Cd?
So what is that intIinsicvaluc?
A. The reason IS that choose call dollar As Cd
when has beenwo four sxpence and of course
whcn goes abroad is estimated, by the name we rv
1t, bu, according To its cal value.