Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-11-04
ALABAMA.

judge William Smith (or,nctiy Of 6 Caroiina.) has
recom,ncnccd in the Alabama journals the Ms ~hi. ,e
commenced in the Enquirer, sgansi Nui ibcson We
shall comply with The request publish them.-we
observe by the Huntsville Democrat OF the 22d, that che
rs, Congressional District in that State composed OF the
counties Of Ma ison Morgan Jackson Bioun, Benton, ST.
Clair and Randolph"
Erchange.--We lay Tie following article before
our readers Domestic Exchange, from tho
Boston Morning i'os.--It forms admirable
counterpart TO the article Foreign Erchdnge,
which we gave Tuesday last. They show,
that the U,ited States Bank is not necessary in the
arrangements for either branch of Excliange-aid
that like other branches of rrude, il ought TO be left
to free onpctiton.-Monopoy has had the same
injurious effect IN this, as II has had in other cases,
upon the community at largc.--"Like all other mo-
nopoliss, the u. $. Bank used their power for their
own profit, by constant fucuation OF prices" We
understand, that the Merchants Bank of Boston,
commenced the opcraiion-and that the Phoenix
Bank of New York, seconded tho mo,ion--Othcr
State Banks following suit. 1t is not
fined the Banks of Deposites; but similar
scheme is pervuding the other State Institutions
An extraordinary spirit of accommodation is said
to characterize the State Buuks This is the consc-
qucncc of IA more enlarged competition, proceeding
from the present condition of the u. S. Bank, and
the OF the Banks Of Deposilc. We understand
that the Virginia Banks are turning their attention
To similar arrangements with the Northern Banks
that some have already been efected-and others,
we hope, are i'm train Of execution, for causing
notes 10 bcreccivcd AT par y distant Banks Sc, &C.
This has already improved our internal Exchange
and State notes, it is said, received presen
ation at the counters of some of the Banks of Phi
ladclphia and N. York.
From the Boston Morning Postl
Bank of the United States and Domestic Exchange.
The advocates OF this monopoly have commended that its
existence necessary il for other purpose Tor that
OF purchasing aud egulang the price OF inland does
tic exchange We have always known that so far from
being beneficial to he public in this way has been
nenly injurious has been able, with s great capital
aud numerous branches, to drive competition from the
market II it 10 lose, for WHILE hundred or two
thousand dollars year ruin its competitors, could
ford to doit for, after that having the sole control OF the
msrke could very make up its losses in the high
er price II would charge. Dealing in exchange large
scale is not business that be taken up aud laid dow
at moments notice. Capital he appropriated trust
worthy correspondents selected and business acquired
slowly and gradually, the public inspired
iiicr &C in the parties pursuing the trade The United
States Bank understood this tact perfectly WELL and
shaped their TO drive as lar able
petition in buy ling inland exchange from the market in all
those places where they had branches. They became
monoPolists, and like all oher nonoposs used their pow
for their profit, by constant uctnaton OF price,
and in such that every vibration gave the gain
THIS was their position when they learned, in August,
1888, that the dcposes would undoubtedly be emoved.
Their rates Of exchange then the West, beyond
the Mountains, from aud 4 half per cent dis
count and shout the the South and Souh- West,
say from Charleston to New Orleans This business they
had long engrossed.The moment they learned the de-
sign OF removing tile depoes; for the purpose of embsr
RAISING Tie business OF the country and Of coercing the
American people into obedience their WILL they
generally exchange these places, hen
did buy spsrngly they raised the price and hall
per cent. For nearly nine months they thus enabled
,ooppress AMI plumber the public In the time the
Merchants Bank, OF the selected banks in this city,
aud ably managed adopted measures to enable them to
deal in exchange, and have established extensive
respodrnce for this purpoe. Their arrangements enable
them TO collect money aud deal in exchange, great
many places than the United StSes Bank did
that Bank confined its operations mainly TO places where
IL had branches in the vicinity OF its branches. The
which the Merchants Bank offered being better in
price, and otherwise, than the Branch cxactng il
began TO etgross the business OF inland exchange here
The Branch iroubled and told its tale TO MIR. Bdde,
and very il had orders TO alter its The Mer-
chants Bank had underhid them about per
their exchange upon the aud south The
Branch, with orders, underbid the Merchants
Bank in these places, about quarter OF per cent.
taking drafts AT onehaY the discount before
Merchants Bank into The hsngc market. The
Merchants Bank has since reduced lis rates low, aud
ia some cases lover than the reduced tariff OF the Branch.
Competition has at length brought the United States Bank
down 10 reasonable and has demonstrated what II
informed men knew before that the price oil dome site
change is better regulated by open competition than il
be when the trade is InonopoIized by the mammoth
United States Bank.
We table of the rates at " hch the Merchants
Bank takes exchange, and confident that all dis
Greet merchants hatcver may be their political feelings,
will give preference TO the Merchants Bank the
Branch which believed 10 be lille better than shaving
mill. Several other Banks have made arrangements OH
less extensive scale TO take inland exchange since the
posiies removed from the United States Bank.
JuerchGnfs' Bank, BOSt0n.-Colections will be made
by this Bank the principal Commercial places in the
United States, the underm, niioned oil Ex change
! cur