Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-13
geichenond, Saturday, BAN. iS.
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Tho cOnulpSl al Inc CUUltNrIS''I N'''' ""H =" N"S ! =
la,ion OF exchanges. But he has met "1th opposition
in 4 ouar,er in which he seems little 10 have expected II.
I,hr Bull has taken the stud upon The occasion. ne
london merchants end brokers are clanIoTing ahou' Tie
,nonoroIy which he drsires 10 wIcid-ant even The BANK
,r EnrIand itself, although It's own "cent IN THIS c"un-
ire ISIr CowelN has been accommodated with every taci-
llv i'm the marble Bank, may he competed ny Tie c'iinor
oil III. mercantile world, TO deny l'lni Tie C" operation ana
aupTanccs which entered into his scAen'rs OF Empire
The following are some extracts iro%, lie late London
paprrs-and if they are the true eXponenls OF the pubic
sentiment. Mr.. Jaudnn is placed in q sort OF Coventry
in London. It is all right. II IS 4 tree age-it IS an
age when the spirit of free trade begins 10 rebel against
the .'assncilted Dynasty OF wealth, ana Tue conlIol OF
L,nkinu institutions over commerce., markets and eS-
chances. Well may the London merchants, brokers and
bankers suspect an intruder, which, ColoSsus''ike, eX'
tends his feet from one continent TO another, ana mutt
plies his artificial! capital as rapidly as he can manufacture
his paper;
MONEY MARKET AND CITY NEWS.
awe know not what will be thought, by our merchants
who are either directly or indirectly IN correspondence
will, the u. States, of the Information We are about 10
rive them concerning the new London agency OF the
q. s. Bank, but it cannot, we suppose, prove very pa
latable to them.
awe stated on Wednesday last, that mention was
made in the letters received on that day from y. lork,
that the baak in question was granting London credits
on 4 large scale 10 various parties, but more especially 10
those engaged in the Chinese and Indian trades, and
that bills 10 n considerable amount drawn on The agent
had made their appearance in t"wn. We have since
heard. and have no doubt Of the correctness OF our lnior'
nation, that MIR. Jaudon comes 10 England prepared 10
enter upon the most extended transactions on behalf oil
the L. s. Bank; that he is in TACT about 10 establish one
oithc most graSp!ng monopu!Ies that can possibly be con-
ceived-a monopoly that will, il il be tolerated. supplanl
every English house in any way, however remotely,
connected with The United States. MIR. Jaudon has
been in communication with some of the pfinciPa hous-
es in the City, and although he observes a prude mt eau.
ton at these interviews. enough has been elected from
Linn, D., elmu- thai the iDteDiinp 10 n - Np hn W stated
We had hoped that his mission was FOR the sole aud eX'
elusive purpose of facilitating The payment OF the heavy
amount of debt due from The Americans to this country,
but il turns out that this is 10 be but a very secondary
mailer. We do NJ, think, however, that tie scheme VIII
succeed. Without the sanction ana corporation OF the
Bank Of England, the Bank of the United States VIII
never b. able To occupy the place OF cIghl Or nine 'i 'ie
first mercantile Establishments in the world. ard these
we are very certain will not be afforded. Tie U. ,. Bank
will not, in our opinion he sufficiently strong TO carry out
lis designs upon the unlimited principle laid down Tor
the guidance of MIR. Jaudon. His money operations
must necessarily be carried on III the English currency,
and where, in cases Of emergency, winch VIII be pretty
sure 10 arise, are the ncrdiul supplies to be oblaInet:-
The discount houses in Lombard street may be applied
To-, and, to Il certain extent. MIR. Jaud0n may lind them
scrviceable 10 him; but, If tie assistance given by THESE
houses is found to have an injurious effect on BRUSH
commerce., they will, very soon. be IN the same predIca.
ucul as MIR. Jaudon himself. Their own resources will
be cut oil, and the mischief which II Is intended 10 cor
rect, will only be perpctua,ed and Increased. Nhat was
the conduct pursued by the discount houses IN The al'
tumn Of last year, The Bank OF England no sooner
limited that their facilities 10 the American houses must
be curtailed in some degree, than the discount houses
Withdrew themselves entirely. and American paper,
which they had prevlousIy %soughttor wilh the character,
istic caucrncss of their calling, was on L SUDDEN rejected
with rudencss and even with contempt. We are aware
that Ar. Jaudon is a most estIInablr man, and cannot
but regret therefore. that he should have been placed III
SO inriGious and difficult 4 situation.
awe learn that the tlavre branch is to be placed IN.
der the management of a Mr.. Davis. Gate ol The iirm Of
Davis and Brooks, Of New York n gentleman who has
acquired some celebrity in America. as 4 public writer.
His iamliiar letters on banking, and other comnrrcIal
subjects, published under the assumed name Of :" MAJOR
Downing" have not unireqrently occupied i cHnsplc"'
ons place in the columns Of The New York papers.
(From the London Times II Nor. 2Oh)
"SArunDAY EVENING, 18Th Sov.-SUMctinng Of the
character, at least, OF lhe operations to be carried Oh here
by Mr.. Jaudon, the late cashier, and now agent in Eng.
land tnr the United States Bank. has al length been dis.
closed. He is 10 deal, ii seems, in The stock If the vaEI'
ons American States, adapted 10 the form IN use, which
is found So convenient for spectators with the CONT.
mental foreign funds. There are To be bonds. not regis
tered as certificates, hut transferable from hand 10 hand,
with dividend coupons annexed, ana 4 payment III Len
don at q fixed rule Of exchange. Som" oi these, for Tie
State CT New Jersey, have already appeared IN the mar.
ket, and they have this remarkable feature about them,
which would imply that the project was not one oil any
recent adoption, that the dividends were made payable al
the Office Of agency of the United States Bank IN Lon.
don the site of which is al this moment not yet fixed
upon. At least, if Mr.. jaudon has settled his place oil
business, he has not in any way yet made II publicly
known. There is other evidence, however, OF The pro-
jcct itself being BY 40 means Of recent origin, for those
who had the confidence of Mr.. Jaudon during his visit
10 London in the early part OF lc3G, will recoileet per
lectly the desire he expressed that American State stocks
c0uId be domicilrd at the stock. exchange III the way that
some of The European funds ATE, End lis surprise that
no market could be found Tor the securities Of his conn'
try, while even Spanish and Portuguese stocks could be
dealt in. ut a price, 10 any extent.
mir. Jaudon will now, it is evident by the malured
appearance his plan presents, BE- able 10 make I market
equally good for the securities in which he is 10 deal,
and with such an overflow Of capital us he now linds
amongst US, from the diminished operations of commerce,
and the reduction Of East Indian debt, there really seems
To be no power which can arrest his career, II he only
renders his commodity in point d! price sufficiently
tempting. OF the power thus acquired lei the Bank OF
England in the first instance beware. The merchants,
as a class, will care less about these than the operations
he il supposed 10 have in view with respect to the eH-
changes between America and England; but they too
will probably be soon included within the range OF
them. In either case, the hope seems to be on the de.
cline, that his transactions will be of any use in hasten.
ing The settlement o! the American debt OF this country.
The Washington Globe observes, "Tlat this extract
from, the London Times let's in n little light as To the
new dealing which the money monopoiies are about 10
create between England and the United States. The
National debt, which is now extlnguished, was q part OF
the ilamiltonian system which established i community
of interest between the none ycd ArIStoctacy there and
here, and made the Government the link between them.
The same influence is now 10 be combined, by making
State stocks the cement 10 hold tie Governments of the
several States in n sort of alliance with the great bank
ers at home and abroad, who, by engrossing the debts
due from the States, and having a control in fixing The
price Of their stocks, can, at any moment, deeply affect
the credit and the pecuniary interests Of any member
Of the Confederacy.
"lt will be remembered, that in the famous panic year
Mr.. BiddIe operated powerfully on Pennsylvania by the
failure Of Allen, one Of the takers Of the State loan
This honest jobbcr in the stocks, it was universally be-
Iieved, failed, 10 serve the political views Of MIR. Biddle.
1t threatened the whole system of internal Improvement
with suspcnsion-the discharge Of all the hands employed
OH them-and gave Mr.. Biddie the opportunity Of bring.
ing TO bear 10 the utmost the money power lie welded.
Nothing but the stern republican virtue Of the State,
whose motto is "Vrtue, Liberty and independence, could
have dcfed the sinister influence excrted over its politl-
cal course by this stock jobbing and bank measure
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