Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-25


in the public employ, effect such formidable in
crease of Executive patronage. The difficulty with
banks is that it is almost impossible to proven: The use
of the public funds; and if they become unavailable d.
rectors responsible IN person or character or even
private fortune. Not with officers responsible in them
selves and securities and in character and amena5le to
severe legislative enacmens. Such officers cannot use
the public money without losing everything, and incur
ring the penalty Of felony II is small temptation
which could make officer Liable to such heavy consc-
quences succumb, especially when he knows that prompt
detection must ipfably take place With su:h sys.
tenn there is little no danger OF waste OF the public
money! or seducons in The shape Of loans, &C. 10 mem
bers Of legislative bodies and leading politicians, which
have witnessed to such fearful extent otter these
hasly remarks, which have not time to extend, WIN
perfect reliance upon the admitted candou with which
you disposed conduct this interesting controversy
a subject which should be treated with little acTmo
ny and as much mutual forbearance as practicable
"Thsre one topic, 10 which think public attention has
not been sufficiently directed 1t is the striking fact That
the exchanges have spontaneously equnzed themselves
in the very teeth Of the reiterated assertions OF the fends
of National Bank that such institution was indls-
pensable TO The accomplishment OF such result thus
have time and circumstances vudicated The opinion ex
pressed and ably sustained by the President IN his
Message at the Extra Session. an opinion which, at the
moment was so vehemently decred THIS is striking
exempication Of the inevitable triumph OF truth and
reason, prejudice aud Real exchange is but
the balance Of debts and credits, between distant places
and can never in sound state of things vary very cs
centiay from the par for any length OF time If ma.
ton or town does buy than its manufactures or
its productions pay for the demand for bills of ex
change cannot exceed the supply If 1t buys more than
it can Afford the demand for bills will raise them above
par until cuailment again cgualizes them, or reduces
them below the fair average. Thus The 6imnutlon OF
our orders upon England and the of the cot
ton CROP has already turned the scale Of payments in
our favor and accordingly exchange upon London or
Liverpool is now below the true par Hence too, spe-
Gle is no longer shipped because bills are cheaper The
same thing though not TO the same extent perhaps is
seen TO exist between New York and New Orleans
The cuailment of the purchases of the South and the
sales Of its crop at the North have almost if not entire
far from par at this moment The mechanism of all this
very simple, despite the efforts Of interested projectors
10 hide il from the people, that they may be able 10 cia
mour with greater effect for National Bank. In fact
1t was the dealing Of the United States Bank and other
mammoth brokers in oans under the guise of bills OF
Exchange, technically called Kites, which more than
any other cause perhaps contributed To the late caa'n-
ty.the approach of which concealed by the same
fictitious operations
"he House has heen occupied for the last few days,
with the Mississippi election. MIR. Prentiss, one of the