The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-24
Nem Forh Correspondence.

New YoRK, July 22j, lo4l.
The Bank Question is with Us, as doubtless with
you, the alabsorbing topic and is earnestly, unlSer-
sally discussed think the prevailing sentiment now
is-Clays bill first, but Ewng's far, very far, before
none. A week since it Cay's bill nothing.
A very great change in public sentiment here has
been wrought here by the publication in the CONNER
cia of two letters from your CITY, discussing the whole
subject in familiar, frank and forcibe manner, set
ting forth the obstacles which prevent the establish
ment Of an old fashioned Bank and showing that Tor
all truly fiscal and national purposes, Mr.. Ewlngs
Bank will be efficient and sufficient, Fortified oy
these letters the friends Of that plan at length take
ground decidedly in its favor, and think are now nu-
merous and gaining ground daily,
The is, the of hostility here to Mr. Ewngs
plan is founded in misapprehension. The general
understanding is, that Bank on that plan could da
nothing at ALL except in the States authorizing 1t TO es-
tabsh branches therein that could not even trans
act the business of the Treasury collect its own
debts This first clearly exposed by the let
in the Commercial and, far as it is corrected,
the CHI nge Of position from hostility to approval oihat
| bill is almost matter Of course.
| For my own part not only believe Mr. Ewing
right in seeking to confne the power to discount on
local paper TO those a,es which should sanction IT,
but 90 further Iobject grounds of expedlency 10
| HE pooer to discount at ALL Mr. WALKERS PROPOSE
tion SO grufiy rejected Tuesday, is just right
Conine the Bank strictly to an Exchange bus ness,
| make it purchaser and seller Of bona tde Bills OF
| Exchange foreign and domestic, and this only 50 Tar
as discoun,ing concerned and you at strength
en- the Bank and disarm opposition. Such Bank
10 If ha hoatility
Bank rivalry 1t would have the best business in the
country almost entirely to itself II would be properly
and usefully national institution, doing that por-
ton of the business Of the country which local
| Banks cannot do advantageousy, and leaving them
the rest undivided, undisturbed Such BANK
IN my Judgment, would do double the good; incur far
fewer losses earn greater profits, and provoke inf-
nitely less hostility than any Bank dscounng notes
can do. What Congress may do, | will not predict
but whatever may be the privileges accorded to the
Bank, do trust that its directors will resolve to con-
fine their operations to Exchanges simply, Every
dollar thus employed will directly benefit the Pro
ducing and Commercial interests which loans some
times do not
Stocks are lower to-day. U. S. Bank closed at II
SO; N Am. Trust IA Ohio Skies ga l-2; City
Elves 81 Ia Indiana Elves 81 Ia Illinois Skies
55l-2
The Comptroller of the State Finances offers for
sale some $500 900 of Mortgages TO redeem the issues
of suspended Banks The sale will take place on
the Sd Of August
Foreign Exchange rules S l-2. In Domestic
there is very little change to notice.
Cotton is firm at former quotations Ashes higher:
Pots $3.50 Pearls not inquired for. The Flour and
Grain Market is dull, and reduction is anticipated
The quoted rates, however, are-Gennesee S5,56
Ohio IS ,25 $3.50 Michigan 1925 s5,37.
Saratoga is filling with visitors The hot weather
is favorable but thus far Washington and hard
times have kept it rather bare. This week for the
first time the best Hotels are overlooking.
Yours, HAROLD.