Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-05-07
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BANK OF THE UNITED STATES.
Mr.. .NcDUFFYEpS REPORT
(coNcLUDED.)

that country in he world has cirruI,,nr ,aJ;,,
greater uniformity than the United States; AMI that
country oil any thing like the geographical ex-
Seh mas currency at all comparable TO tha OF the u
states on The score oil uniformity The committee have
seen me statement OF on intelligent traveller who has
VISITED almost every part OF Eutop. exhibiting the
great variations of the currency in different par,s Of the
same empire or Kingdom In Russia the bill. Of the
.,a OF 81 petersburg have a very limited circulation
a. inga ana throughout Courland, Livona and all the
ern paris oil 'heeempire, the currency is excln.
pn'ey Oh SILVER coins. In Denmark the notes of the
Ink o, copenhagen are only i'm Zealand, the
oher islands. and Jusnd, but will not pss at ali in
anu do'scin, which titue the best portion
oil the kingdom. Since the Congress of Vienna, Ger.
many Is divided into thirty mine separate States each
Tasns distinct currency though represented in the
Die a, FRANKFORT Out Of the Territory in which these
several currences are issned they are mere article,
VI merchandise; which crcnmtance has given in
every own numerous and distinct class Of trades
men, called money-changers. How far these separate
and unconnected currencies have tendency 10 embar
rass commerce may be inferred from the fact, hat
raVeler gong from ST. Petershurgh to Calais will lose
upon the unavoidable changes OF money an average Of
SIX per cent In France, the bills of the bank are of
such large denominations az to be adapted only to tn,
greaer operations oil commerce, and are principally
confined TO the bankers and extensive traders i'm paris
he general currency is silver and TO avoid the trouble
OF carrying this TO distant parts Of the kingdom gold
pieces or bills OF exchange which preferable are
purchased at premium OF from AMI half 10 four
per cent After this brief review of the currenci.s of
Europe the committee will barely state as conclusive
Vihucauon oil our currency from the imputaon of un.
|
bill OF the United States Bank issued at the opposie
extremity oil the country is discount OF more than
one-fourth OF one per cent
In confirmation Of the views hero nresan,.d a. - ,h
comparative formty OF the courrcncv fur, .bed bv
The bank and, ALSO TO the OBJ gaon OF the bank 10 re-
deem iis bills Unfortunately, all the Offices the
committee viii present few brief extracts from The
speech OF statesman, whose opinions have every ,ne
10 authority these important subjects Mr. Lowndes
10 discussing the question, how far the bank had per
formed the great duty for which il WIS created used
decided in xvhe IN
rency had not reached the point uniformity il has now
by half Of one per cent.
1.-The great object of the Government in chorterisg
me oank, was TO provide currency which should have
'nat degree OF stability and uniformity in its value
which required by the interests both of our &c
and revenue. currency, equally valuable at every
place and every time cannot be provided by human wis
DOM The nearest approach TO this object has been gen
erSiiy supposed 10 be afforded by the employment of
gold and silver as the measures of value The llh
congress did not aim at ideal perecon they wished to
combine with the conveniences of bank circulation an
uniformity value equal TO that which was possessed
by the precious meals; and the means which thev em
poysd 10 secure tins uniformity simple and efsc-
uai, oy enJoning, under heavy penalty the payment
OF all It's notes IN coin, demand. In the re port
indeed the notes OF the national bank are said to he now
on the same footing with those of local banks or the
footing on which local bank STOOD he should
hereaer but the price upon his table informed
him. that the greatest discount branch notes of the
United States three ourths of one per cen, THE
was value much more uniform than that which coin
could be expected TO have in so extensive country
Aie ""u oeeh idteIy looking into a book political
economy, which had heen published here, with high
and in respect 10 s clearI and precision with in
comnendations-the work OF Mr. Tracy He inferred
from one OF his chapters that IL diff renee of chang.
between Marseilles and Paris was often from two 10
three PER cent II, with all the facilities afforded bv The
internal improvements in which France il so rich
with currency nisng almost exclusively of eoj
ana sver the variation in the value of money is tbre.
mes greater IN her territory than on our continent
can II be said that in this respect the bank has not full
hied the objects Of its institution! Before its establish
in q
states, had varied twenty per cent from each other
and as more OF them bore xed proportion TO the pre-
eous meid' or to any natural standard it impossi
hie 10 as'go any limit to their depre citation You have
required that the currency furnished by the nation,
oank should be every where convertible into silver and
IL 80. You have expected that il should be "a mi
oTfh as CON, and II Is more He would not de,ain
he committee by reading paper. which he had pre-
Pa.eu WIN "hat intention, containing the state of ex-
Shange since The rtab'hnent Of the bank, with Eng
land France and Hollands for he found himself occt
lying much more of their time than he had expectad
Dut ne behevedhat any member, who should turn his
attention TO the Cci, would remark its .,sad,ess
during that period He thought himself justified in
drawing lrem this fact conclusion highly favorable to
the bank" D. ' W
In reference to the great depreciation of the paper Of
the local banks, previous to the establishment Of tho Of
the U. States, he said ~ "
"Did the interests duty of the Government of tbe
united states permit that this currency should be re-
ceWed DylH Some dissatisfaction was expressed he
cause the branch notes of the United States Bank were
at discount of three fourhs of one cent He roll
Hon price current the state of the market for hank
notes, by which 1t appeared that notes which were in
sisted TO be in very good credit, varied from discoun,
oil Two and hall TO one of seven, fifteen twentv-fve
ana even thirty per cent. Was our revenue TO he ro
ceved in these notes' How were they 10 be empoved,
lhey might be expended in the district in which ibev
were issued But was the expenditure of every dist,
TO be exactly limited TO its revenue? What became NJ
the Union ii ii so? He spoke of the thing od
not the name Our Union might dissolve in imbecilitv
as wen as be destroyed by violence. Did not union
imply, that the resources of State its money as
wen as It's men, might be employed for the defence OF
another? "
"But, If the Government were willing 10 hear tbo
loss OF appreciated and unequal currencyit must ne o.
lect the Piainest principle of the Constitution in doing
so-eqaally OF taxation. The committee must well rc
member, that, before the establishment of The Nati.oI
Bank, such was the unequal value of currency in t
deTent States, that the merchants paid duties vorvin
fifteen per cent from each other, on the same arte
I'm the question, whether the bank was bound IN rc
deem, unfortunately, the bills of all its branches Inc
said: 0'' 'ie
Gle should not argue that the bank was mot hound
to pay its notes, unfortunately at all its Offices IL
believed that nobody now contcnded that il was'
at was no unfair account of the practical on
Grafton Of the system OF which ne speaking TO saw
mat 1t gave to the branches where the exchange was IN
favorable the entire disposition of the specie of those
branches where the exchange was favorable IJn,yard
of six millions of specie have been sent TO the branh
New York, besides the amount which has been naiJ h
the subscribers OF the bank there; but in issno not
which the bank of New York has been Obliged IN re
deem every branch throughout the country has
upon fund, with whose condition at the time IL could
not be acquainted :" ~ |
"Such system might be expected to produce inconvo
nent changes IN the distribution of bank capaI an