Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-10-28
FOREIGN EXCHa.N'CE

Nelay before our readers very interesting nrti-
Gle from the Glubc, the transactions of The L. s
Bank IN Foreign Exchange. OF all the abuses OF
power with which that Bank has been charged none
seems 10 have been so little considered0nnd We,
none deserves more decided rcprobnon Is il moi
passing strange that Messrs. Calhoun and Nc Duffie
who are so very sensitive what they call the For
tyBale SYSTEM should have entirely oyerloo,cd rio
INJURY that has been sustained by the Cotton Pnut
ers, from The conduct of the Bank of the IT, Stnies
and that these Anti-TariT politicians should he suc IA
ardent supporters of n renewal of tile Bank Chnrter
Inc most talented men, however, are frequently
guilty of the grossest inconsistency whenever IN
vore object presents itself on Iler road to prefer
meni."
VINO does not know the fact, tint the Shppers Of
our gross produce, whether their own account O,
SIMPLY as Agents, are seldom the Importers of Fo
reign Goods for the consumption of the country
Inc purchaser OF cotton tobacco i'm order 10 Inv
,ne one or lie other, draws bills Francc or Eng
nnd' whittier The produce is shipped, and sells those
OttS az me mdrHtf, al he current rate. When cash i.
scarce, these bills are, of course sold low and tho
purchaser reduces the price of cotton for eyumulc
III the ratio of The reduction in the price he obrnins
Tor his bills. The u. = Bank deals largely i'm hills
IL is enabled, 10y lis enormous capital aud power al
such Times, to render money scarce Inv CONTRACTING
It's discounts The State Banks are co,nneIed 70
follow IN lis wake. Having ACCOMPLISHED this oh
Jcc tlc bank Then goes into the market and becomes
TIE great purchaser of Foreign Bis.-When il has
secured tie greater part of them il extends its dis
counts, makes money abundant, and is ready 10
sell 10 The Importer of Foreign goods al n heavy
advance The Importer, on his pari is com.
PEELED to play his game in self defence Hayino
pad high for The Bills which he RENTS TO pay for
is goods, lie very naturally puts an advance on The
price ut winch he sells them, commensurate will,
tie price which he pays for the Bills. Thus, tho
colionpanter loses; first, the produce he brings
10 marker, ih consequence of the low price of 10
reign bills; and neri, lac has to pay higher price
'or the imported articles he consumes, i'm conse
quence OF the high price of the bills. Thus, hc paws
double tax, OF which he seems to be uncouscors
ihs tax does not go into tic Treasury of the United
States for the benefit of the whole coIrntry but ;n,o
the vaults of the u. $. Bank for the benefit of lie
stockholders al home and abroad. Now. how
comes il 10 pass, that Messrs Calhoun and Nc Duf
ne, who were so outrageous the consequences of
IdU, which took money out of the pockets OF
The Southern planter, and put it into the pockets OF
me Northern Manufactures, should feel not The
slightest sympathy for their own friends when thew
nre made TO contribute 10 the bloated pride and ex
iravagan profits ofa great monicd Arisocucy?-an
Arstocracy, which does not hesitate to defy tie oo-
Vernment, 10 tampcr with the press and TO corr1pt
tile People
Put down that powerful Institution. and WIN,
would he the result? Foreign as well as Domestic
Exchange would find its natural level. The CONNIE.
tition between the State Banks would reduce these
operations to The cheapest rate. We should scarceV
nave Foreign Exchange at one time or S per cent
beiotc and at another, or per cent aJope par.