Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1831-10-03

From thi, it will appear, that the purchase of
bills OF exchange, amount to than forty -four
millions, the drafts issued by the Bank and the
branches on each other exceed forty-two millions;
and tho transfers on account of the Government
were upwards of twelve millions. If TO these be
added the amount of bills purchased in tho first
instance by the Bank, but collected through it's a
gency, the aggregate will represent an actual move
mcht IN the business of tho Union, much exceed.
ing one hundred millions Of dollars. This has been
conducted ut a very moderate pense, and with
facility which has caused SO largo a displacement
OF funds, to be almost impercePtib in any of the
interests of the community. More experience and
greater mass of operations may enable the Bank
to reduce still further, these slight charges;
hut should it he able only to retain them at their
Prcsent rates. it will have accomplished all that is
necessary perhaps desirable
Sd. The influence of these measures on the
country has been IN every stage of them minenty
raiutary. The substitution of Il sound currency fer
deprecated and irresponsible circulation, which
was Fastening 10 involve in con fusion all public
and private interests, is of itself an advantage
winch can scarcely be ovcr-estimatcd comforting
as 1t does, stability property, and securi. on all
The rewards of industry; while the interior com
mcFce OF the whole Union is relieved from the op-
PrcSsions of a multfarious and huctuatinp paper
money, requiring at each step some new sacrifice
which, however disguised, fell ultimately as I
charge on the productive industry of the country
lie means, moreover by which these objects hayo
hecn attained the restraint the over issues of
other lnstitutions-thc extensive operations in do
nlcaiIc and foreign oxchange-tho bringing of the
institution INTO immediate contact and sympathy
with The real business of all parts of the country
are In themselves direct and positive benefits to
tho community. They form too the natural oc
cupation of Bank IF the United States which
Invested of all local influences and interests finds
Its appropriate sphere in facilitating the commerce
of the States, with each other and with foreign
nations. Accordingly, it may be assumed with
safety that there has been in tho history Of
this country any period when its monicd concerns
wore more steady and equal-its interior trado
transacted with more economy and convenience
and the necessary fluctuations incident 10 its TO-
reign commerce less sensibly fot, than during the
last eight years This term is sufficiently long
and various to test the efficacy of the system 1t
embraced period, when in addition to it's habitual
Causes of huctuation the moned system was distur-
bed by the reimbursement of many millions of the
public debt, great portion of which was to be re-
the year 1925, of the most critical in our own
history, and probably the most disastrous to the
banking system of England.
18th, Having explained the effects of this system
on the currency, the exchanges, the State Banks
and tue community, it remains to show that these
purposes have been accomplished without any sa
crlce of the interests of the Stockholders but tho
Bank itself has shared IN the benefits it communi
Gates. This will be perceived by contrasting the
present state of the Institution, with its condition
at the triennal meeting of 1922. Its situation at
these respective periods was follows:
State of The Bank, .4usust 80, 1922.
Capital paid in, $4,000 39 6s
The circulation, 5,456,S9l 90
Deposits.-Pubc, 1859, 792 96
Private, S,2l6,699 7e
-- 6,776,49 "A
Due to sundry Offices and banks, and
II