Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-04-30

value with specie at all po nts II the Unilns N'"'
Inc SnS S, . IN that pm OF his hr' witch
that "h has failed IN the great end of establishing unc,
sider0om which justly encd iron the eminent ~
unn and gh character Of the by whom Is en,snp
ca The comhhIee are constrained express their respectful
but decided dissent from II the bank does no
IN all eases redeem the bull ned 10y any az its bsanches
iniscTmnaey all the other branches il In reference
20 s aet a. the committee presume that the President ex
presses the opinion that hc Institution has failed to establish
"a unit,sm aud sound currency"
1t is confidently believed tina, OF person. who
were principally Instrumental establishing the bank evcy
entertained an idea that would aept redeem It's bills M
any OF ITS oces other than those by which they should be
epecuvey issued The charter certainly contains such
requirement. and it would been highly n
nau To say nothing Of It's obvious injustice The iney table
bank to perform the whole o the exchanges of tie
.nu''ty WITHOUT any compensation IL would he more
ductnns at the county without compensation No in,,utio
onu stand such an operaon and Il the nudcous al,
contributed to the embaIrassmenus 1919 COMMITTEE ,.a
appointed by the "A of REPRESENTATIVES i'm that vCo 90 was
gate the the hank and in the rpo Of Tia,
committee as well as IN the discussions which Il gave rise
~ ,e House tia. attempt Of the direction to redeem the
Ioa'ed as one OF the causes of the existing
No who participated debate pretended to alle"e ,h
the bank was bound redeem its bills indsc rmnasv 81 ,
was sNpeawnt tina, should do so The any one
did was TO apologize for the un,vise attempt
But IT yet remains for tho com nittce 10 slow tI,t
e lndiscrimGate redeemabilty the bills of nil the
hshmcnt OF a uniform aud sound currencyp
Human wisdom has never effected, in apv Other
country. nearer approach TO uniformy-in the cur
ency than that which is made bv the Hsc of ,hn;
precious metals 1t, therefore it can be shown that
tn bills of the United States Bank are of .nmai
value with silver at all points ofthe Union il worIJ
seem that the proposition clearly made ON. th.t
the bank has accomplished "the great end of esiubr
fishing uniform and sound currencyn II ;s rcSS
denied that the bills of the mother bank and of all
It's branches, are invariably and promptly redeemed in
specie whenever presented at the Offices by whici,
they have been respectively issued and which, upon
their face, they purport to be payable Nor is
1t denied that the bulls of the bank and of all the
branches. are equal 10 specie in their respective
spheres OF circulation Bills, for example, issued bv
the mother bank, are admitted to be equal TO sill
vcr IN Pennsylvania and all those parts of the ad
laccnt States Of which Philadelphia is the mnrke,
Bot It Is contcndcd that these bills not beinp re-
deemed At CharlSton and New Orleans ure not NJ
equal value with silver 10 the merchant who Nvishcs
| to purchase cotton with them in those cities Nov,
II the Philadelphia merchant had silver, instead of
bank bulls, he certainly. could not effect his mr.
chascS with II IN Charleston or New Orleans with
out having the silver conveyed to those places. ana
1t is equally certain that he could not bnvc IL con
Vcyed there without paying for it's transportation anil
insurance Ihese expenses constitute the natural rate
oil exchange between those cities, and indicate the
exact sum which the merchant wonld rive &C a
premium for bill OF exchange, to avoid the trouble
and delay n! transporting his specie II is obvious
therefore, that even for those distant operations of
commerce, silver would be no more valuable than
/ the bills To the bank, for these would purchase
bllI OF exchange either of the cities mentioned
precisely as well as silver If the operation should
South Carolina should desire to place his funds
| IN Philadelphia with a view to purchase merchan-
disc he would find the branch bank in either
OF those states entirely snquivalent silver in
eHec'ing Ills oNJect. Even therefore if the bank
/ had no serted, inst its bills would be of equal
value with silver every point in the Union and
for evTy purpose, whether local or general
But II Is impossible to exhibit any thing like iuss
view of The beneficial operations of he bank whou,
advcrting TO the great reduction has effected and
the s'eadiness 1t has supernduced, in the of the
commercial exchanges OF the country. Though this
branch OF the business of the bank has been the sub
Jtct oil more complaint, perhaps than any other the
committee nave no hesitation in saying it has been
productive OF the mos signal benefits to the COM
'inuhlty anu deserves the highest co!nmcndaion IL
has been already stated that IL has snvcd tho rom,
mumiy from the immense losses resultinr from n
nigh ana lucuuilng state of the EXCHANGES II no,y
remains 10 show its effect in cuualizipT the currcr
cy In tins respect has been productive of results
more sa!utary than anticipated by the most san
guine advocates Of the policy he bnpl
IL mas actually furnished circulating medium more
UNIFORM Than specie. This proposition is suscnpt
bic OF the cearGst demonstration If tho whole c;-
culaiing medium were specie, n planter of Louisiana
VINO Snon'd desire ioPurchasc merchandise in Phil
9dephia would be obliged TO pay per either
Tor Oil OF exchange on this latter place or for tho
transportation and insurance of specie His spccic
at New Orleans where he had no present use for il
would he worth pnc per cent, less to him than it
would be IN Philadelphia, where he had demand
Tor H. But 10y he aid ofthe Bank of the U. States
ono nan oil he expense Of Transport ing specie is now
saved TO hun. The bank, Tor one half of ono NO ?
RI cent VIII give him draught upon the mother bank
at phl,nde!ph.a with which he can draw either the
bills OF That bank, specie at his peasure In
ike manner, the bank and IT'S branches will rive
dr1ughs from any point Of; The Union to any oihcr
where Offices exist at per cenogc greatly less than
IL would cost to transport specie, and in many in
stances at par. lfthC merchant or planter however
does not choose to purchase drauglt ON the bank
but prefers transmitting tho bills of The Office where
nc resides TO any distant point for commercial pur-
DDt 10
bic at the point TO which they arc transmitted vet
as they are receivable payment for all dues to the
Government persons will be generally found willing
~ take thcm at par, and always al discount much
css inan would pay the expense Of Transporting spc-
cic The fact that the bills ofthc bank ands branch
cs are unfortunately receivable at the custom
/ houses nnd land Offices, IN payment Of duties and
Tor the public lands has effect in giving uniform
Ily 20 the value of these bills which merits more
G iull and distinct explanation
For all the purposes of the revenue il riyes IN liz