The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1834-01-15
From The Washinpton Globe.

From the Washington Globe.
"One thing more (: Look al Mr. :
Kendall's letters, aud see in what prct
~ predicament the government has al {
ready found itself placed, on the 18Th of !
October, in regard To funds for the pub
lie service in the Mediterranean. Here
toforc, the U. $. Bank, throsgh its own
Bankers in Europe, has managed all !
these matters, with the utmost ease and
/ |fucility-bu, now, the Government is o.
blige,i ro throw itself into the. e.hands Of
the brokers to bay the specie, and remit
it at its own expense "
The foregoing is from The New York
Commercial Advertiser. The total ig-
norauco of the writer IN relation TO sub
iec,s Of which he :reots, is only equalled
by the hippancy with Which he handles
Them.
Under the last administration, the Ma
Wy Department, paid the U. 5. Bank, a
commission of three per cent, and the
, difference of exchange, TO meet its bills
for the Mediterranean service in London.
! IN about three years the Bank received
. in this way upwards of S50,0OO over
= aud above the average rate of the direct
h exchange. from Gibra,er on the United
q? States during the same period. BY the
n present Secretary Of the Navy, the com
r. mission paid the Bank, was reduced TO
if, one per cent, r,r which that institution
ID was perfectly willing TO render the SER
G vice. Yet, 10 the process Of double ex-
n changes between the Mediterranean and
4. L.oudou, and between London and the
TO United States, there was heavy los
IFS to the Department, part of which wa
~. owing to the fact, thai, the Bank alway
IS, charged ats o,oa selling price for exchans
M which was generally about one per cent
nv above the curfen, market. price.
m The knowledge of these losses indnc
lac ed the Secretary Of the Navy to set o
,lv foo, Inquiries, with the view of ascel
IN. taining Oh whni,e he could get SDd'
de. ih aoiiars the only currency which vii
answer all purposes IN the MedlterranC
ar an, delivered on saipboard at Marse lie
7,;- They have resulted IN an arrangemei
by which he will procure them there iF
,Lo little more than they would now cost
"a the United States; aud save To the D'
,h. nar,ment from six to ten thousand dolla
me. per year. yhis Will all be effected tc
n, ., without the aid of this all-sufiicient Bar
,ese or any of its agents, a, home or ahroa
NV Not dollar of specie will be draw
,o.,l on, Of the United States in this operate
ex- at least at present. Such is now
,or- rate or exchange between this count
,,o, and Europe, that silver dollars can
oa,s imported from Lordon itself at PFC
.;-od of three per cent, depending on the 81
cies of dollar. No merchant or bank
lin this state of things, would be guilty
the folly of sending dollars TO Euro
With the funds in hand here, they p
chase exchange which is RENTED
London, and the dollars purchased 'h
or elsewhere in Europe with the
lceeds. In this mode the Bank does
business, except when th state OF
=. exch.nge makes 1t her interest to exF
Op'" specie, which she had done at diiier
''''"' neriods from 1919 to IS32,'othc amo
'''O' ofnear s5,000,000.
The truth il, this matter had not
80 ~ slightest connezion with the remoVa
i" =" the deposiles. But the illustration u
fords of the fact. that the 0oTern''
can manage its affairs, at home an 4
~ - broad. without the agency oil tue ba
is sufficient 10 induce all the ba
'S'!o" Printers to fahrica,e all manner OF u
hoods about 1t.
EN- the ------
Of f. From the Washington Globe.