Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-17
Tuesday Febranry Is.

MT. webster presented memorial from the Board of
Trade in the City of New York, setting forth the great
evils and suferngs which arise from The present state Of
The currency thc exchanges. and praying relief from
Congress.
This memorial said Mr.. W., proceeds from practical
men, from Of business from men whose daily EN-.
ploymcnt necessarily makes them cnnvcrsant with the
subjects upon which they address themselves 10 and
whose opinions, therefore, are Of thousand times
Vane in my opinion than the theories aud The expert.
mental projects which we may flame here.
will, sud Mr.. Webster ask leave TO read some part
of thus memorial and Mr.. w. read as follows:
fonr memoaIists engaged in trade with citizens OF
all sections of the country find themselves greatly
barrassed, not only by the inability Of many Of their
debtors ~ pay what they but also by The difficulty
of collecting lhuse debts which good, and Of trans.
ferIing their funds from distant places.
'''lhe banks in city object to discountng or
receiving for collection business notes payable at many
of The Banks III the country, and many of the distant
banks decline receiving these fur collection Even
when The business debts are promptly paid, and bank
certificates Of drp"sle RENTED for them, citizens
subjected to heavy losses in realizing the money
here. That these losses not owing want Of con.
fdencc in the srcur iy OF the paper IS evident from the
fact that banks about whose ,uvency there doubt,
responsible for It's payment A present, these bank
certificates on Chareslon are al per cent discount
New Orleans, 3 = To per cent; on Mobile, q 10
per cent places in Mississippi, l6 per cent Nash
vile, u 10 II per cent aud places in Michigan, IL
to IA per cent How different this from the state Of
things when the late U. S. Bank operation, regu
laling the currency, and eqnalzng the exchanges, is
matter of common n0l0rety.
Your mrmnriats do present 10 your notice these
flcls for the purpose OF casting eprsach upon
the State Banks These Institutions doubtless, have
general doue what they thought they could consistent
~ with their duty their Stockholders 10 supply the
place n the National Bank and their failure 10 do has
from their ana organization being Who'll
~ inadequate To he Object. TO produce concert OF &C.
ton among banking institutions in different parts OF the
county, there must be an identity OF interest which
cannot exist where the institutions are independent OF
each other Your mcmoriass are aware that when
the banks return tospecie Payments the rate OF exchange
between any paris o the cnunlry cannot greatly
coed the expense Of transporting specie between those
places, aud that our domestic exchanges may then
b. regulated our foreign exchanges are by the trans
unralion oil specie for balances But this admits great
fucluln in foreign exchanges, and it would doubtless
he greater in the domestic and the fluctuations would
be more frequent, because the balances oil trade are
changing between different portions of country,
much rapidly than between whole country and
any other TO arrange these balances in this manner,
however, will necessarily be attended with great expense
and risk, and large amounts OF specie will ne Withdrawn
from other useful objects TO accomplish what might be
otherwise effected with much greater safety, economy
and advantage 10 the community The frequent trans
fer OF specie to arrange balances between different Sec
tons Of the country would naturally cause rapid expaE:
si"n and contracII"ns Of the circulating medium issued
by specie paying local Institutions and thus the measure
OF the value Of property which, Of all other things the
welfare Of the community requires should be uniform,
will be in 4 state OF constant variation.
Again The hucualion OF domestic exchanges, OF
which the mode OF settling balances by specie would ad.
nit, would be serious injury 10 prosperity and ma
lerally check commercial intercourse between distant
places The merchant in New York. for instance, could
sell 10 the trader in Tennessee for notes payable IN
that State without charging in addition to the prices OF
his goois enough 10 Indemnify him against what II may
possibly cost to have the funds transferred 10 New York,
when paid and the tndcr from Tennessee could not,
with safety, promise 10 pay for his goods IN New YORK
certain day, as it would be entirely uncertain al
what rate he could obtain the means OF remittance, or,
indeed whether he could remit al ALL without sendnga
special messenger with the specie Nor would the mer'
chants BE- the only or, indeed the principal sufferers
fnm this awkward and dlsorganIzed condition OF AFFAIRS
Although the late experiments upon the circulating meoi'
nm and exchanges hive produced this class the most
immediately runnns and destructive effects 1t must be
evident 10 ALL in iI least acquainted with The principles
Of trade, that all the difficulties and obstacles thrown IN
The way of the trader will ultimately bear upon Inc COM
modlps exchanged and enhance the price TO The consum.
e or diminish The 10 the producer. Thus, not Tue
merchants only. bat the whole Peope-p'oducers and
Interested have The facilities Tor The IN.
rchangr Of commodities Of all kinds great posi-
bic Your mcmoriass feel deeply, and would respect
fully but earnestly urge upon your honorable ooses tue
importance. nay, the absolute necessity TO The prosperity
of this widely extended country, oil establishing some
system which will furnish convenient circulating me-
dum nr the same nearly The value throughout
all sections, and secure the domestic exchanges from ma
terra! fluctuations Your mrmoralis,s are fully persuad.
ed that this great and desirable object cannot he attained
by the action of the State G0vernments and that II 10
the imperative duty of the National Government 10 &C.
compIsh il.
While these mcrnoralists Sir, said Mr.. W.. urge Con-
rress with ali sobrrnrss and earnestness, to lake tne
subject of the currency into their hands, hey recon-
m, nd no doubtful untrid expedents In thelr OPT.
nion Congress has on to return to the approved ana
always successful policy which the country has adopted
and pursued heretofore They say that their Board has
had much OCCASION to BE- convetsan with questions re-
spec,ing the currency, especially Tor The last hVe years.
and that il has been the opinion Of all its members, or
ut least with very few exceptions that national ins
tuition ought b. established They say, that recent
events have more and more confirmed their opinions,
and they express most confident belief thnt the feopie
in all parts Of the Naon are rapidly becoming converts
to the sentiments.
Mr. President il is now two or three years since de-
clared in nv place here that should make no PROPOSE.
ton or effort for National Bank, till very general
feeling Of the country should appear to me TO demand IT,
struggled through tie contest with the Executive IN
1872 and the Executive trumphed over the VIII OF
large nnorilies If both Houses Of the Legislature
brnnght the subject repeatedly before Congress IN SUD-
segment years but the positive assurances o w
following up its measures, when were co"s''y
made BY the Executive 70. the time sat'sheo the couh
Try. r:,.L
MIR. President, remain where was wan Inc pro-
press and the results of the general opinions OF tne cou
try The question has been presented IN all views, ana
argued in all forms, and there IS, esrEes''y "o" CIV
view of the question presented IN the message OF sep
,or,ber the most dangerous md alarming Of all because
!, proposes an absolute REIMBURSEMENT OF all concern for
The currency and this view is fully followed out in the
measure before u.s. This proposition has been dis
cussed, and still under discussion wait TO see whe
,bar Congress will sanction this total overthrow OF our
old and established policy, and rush headong into ca
reer for other unlried ezpeden,s
wait With much more anxiety, and VIII say sha ,:
wait with some hope, for the declaration Of the pubic
Judgment. wait to hear from The People, sna 70 iea'
tb,r will EXPRESSED in authentic form. Meantine,
shall conea, myself with opposing to the utmost OF my
power, all such the Sub Treasury scheme,
and every thing else which proposes TO surrender or
abandon Inc solemn duty of Congress under Inc eons
tuition ,. ,s o,do,od % +.
printed .s,o,, from, tho Ten.
sury Department in pursuance OF resolution s .Ia