Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-04-13

the merchants, who, the notes were not equal 10 con
would 20 TO the bank aud ship the coin, pay as
much debt in foreign countries with the notes as by
sending the coiu; there nothing wanting to COM
pietc the evidence oil the soundness aud uniformity OF
the currency.
Ga the WHOLE the committee are of opinion that tbe
present state OF the currency il safe for the community
and emincn,y useful to the Government; that for some
years past, ba. been improving by the confusion into
the circulating medium of larger pcrton of coin, and
the substitution Of the paper OF solvent banks in
leu OF those of inferior credit aud that if left the pro-
gross OF existing laws aud inslitrtien the partial
cow eniences, which still remain Of the paper curren-
cy Of the last viii be wholly and insensLly RENEE
died Under these circum'tances, they deem it pru-
dent to abstain fon all legislation; TO abide by the prac
teal good which the country enjoys aud to put nothing
to hazard by doubtful experiments.
The committee submit for the information OF the Sem
ate certain questions propounded'to the President Of
the Bank OF tho United ates, together with his nwers
thereto, and document furnished by that officer show.
ing the rates OF exchanges at which drafts drawn by
the Bank OF the United States AMI its Offices of discount
and deposte and ask TO be dscha gsd the further
confederation OF the subject
Questions submitted to the President Of III Ban. OF
the United States, ,oi,h his anstcers
Question l. When the bank went into operation wa,
not Philadelphia paper ten per worse than Boston
aud much better than b .l,imore'
Answer Philadelphia paper coas II per cent ,oorse
than Boston paper-9 to Ia tporse than Ne, York
pdpcr-i IL better than Baltimore.
y. 2 Were no, the State Banks Indebted 10 the Go.
vernment in large sums which they could not have
paid in sound currency! III so. to what amount? And
did not the Bank in many instances those debts
AID pay them in sound currency TO- TO what amount,
and niuge those Banks until it was convenient for
the TO pay! aud did the Bank lose money by such
inlulg oncc
A In the year 1917 AMI 1918, thu Government,
transferred to tie bank at Philadelphia, from the State
institutions, S7,l72 il9 ST. which was ca,hed. and
69l 81 of special deposite, to b. collected by
the Is INK making $40 S0o,lll 81 The loss sustained
by the Bank cannot estimate. should willingly
promise for loss OF only S20O, 900.
o. B. Has the Bank at any time oppressed any of the
State Bsnk'!
Never There arc very few banks which might no,
hve been destroyed by exertion Of tho power of hs
Bank. None have ever been injured. Many have
been saved. Aud more have been, and constantly
relieved, when il s found that they solvent, but are
suffering under temporary difficulty.
O. A When State Bank become, indebted to the
Bank. to an improper extent, what do you pur
sue! Do you let them go beyond certain amount, and
what IL that amount?
A. The great object is 10 keep the State Banks within
proper limits to make them shape their business &C
cordng 10 their means. For this purpose, they are
called upon TO settle: never forced to pay specie il ii
can be avoided, but payment is taken in their bills of
exchange, suffered to lie occasionally until the Bank
can turn round; no amount OF debt is ycd because
the principle wish establish il. that every Bank
should always be ready to provide for it. notes.
y o. IL you give drafts on any of the branches, or
from one branch on another, Of the mother Bank
what is the commission charse ed.
A. The charge for drafts i. less than the transpora
ton oil specie send detailed satsnent on this pont
q. g. DO you and at every branch, pay specie on
deman3 Has there ever been refusal:
A. Never
q. Z. Can you state whether specie is more or less
abundant in the United States at present. than at any
former period?
A. AT the present moment, think, specie is more
abundant than usual. 1t comes in as usual And the
state OF the exchange with Europe is SUCH that il is
cheaper 10 buy bills than TO ship coin The Bank had
on the Lat instant, 81 60s000 which i, more than il
has had for nine years past
o. g. When the debt is annually paid of TO foreigners
do they remit in specie bill, of exchange? Do YOU
supply the means in either way?
foreigners of a mart sr al IL
other stocks part goes bills considerable portion
oil which are bills of the Bank Specie is never re-
sorted TO- unless the bill market IL so high as 10 make
That mode OF remittance cheaper.
o. o. Since you commenced the purchase and saIe of
bills ct exchange, has the rate varied; il So to what
extent
A. The operations OF the Bank in exchanges has
had the effect OF preventing the great fluctuations to
winch they were previously liable.
" lO what Is the that the exchange on
England continues above what WAS I rmerly consd-
cred the par, that is, the dollar ued at 3D. steT-
iing Is it, that the intrinsic value of the dollar has
been ound to be less than IL. 81? II so what is that
intrinsic vslue?
a. The reason il, that choose 10 call our al
lar IA 6i., when ii never has been worth four and
sxpence, and OF course, when il goes abroad, il is
estimated not by the name give it, but accord.
ing 10 lis real value.