The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-24
Nem Fork Correspondents.

New YoRK, July 22d, ls4l
The Bank Question is with US, a doubtless with
you, the aabsorbing topic and is earnestly, unVer
sally discussed. think the prevailing sentiment
s-Clay's bill first, but Ewng's far, very far, before
none A week since ii was Clays bill or 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 forcble manner, set
ting forth the obstacles which prevent the establish
ment of an old fashioned Bank and showing that for
all truly fiscal and national purposes, Mr.. Ewings
Bank will be efficient and sufficient. Fortified by
these letters the friends of that plan at length take
ground decidedly in its favor and think now nu
merous and gaining ground daily
The fact is the of hostility here to Mr. Ewings
plan is founded in misapprehension. The general
understanding is, that Bank that plan could do
nothing at ALL except in the States authorizing it to es-
tabish branches therein could not even trans
act the business of the Treasury or collect its own
debts This first clearly exposed by the let
tiers in the Commercial and far as it is corrected,
the change of position from hostility to approval ofthat
bill is almost q matter of course
For my own part not only believe Mr. Ewing
right in seeking to conne the power to discount on
local paper to those States which should sanction it,
but 90 further Iobject grounds Of expediency to
The poper to discount at ALL MIR. WALKEa's PROPOSE
ton, SO grufiiy rejected on Tuesday is just right
Conine the Bank strictly to an Exchange business,
make it purchaser and seller of bona .tde Bills Oh
Exchange foreign and domestic, and this only so lar
as dscounting is concerned and you at once strength
en- the Bank and dsarm opposition. Such Bank
would be raised of the sphere of State hostility or
Bank rivalry 1t would have the best business in the
country almost entirely to itself Hwoud be properly
and usefully NATIONAL institution, doing that por-
ton of the business of the country which local
| Banks cannot do advantageously, 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 infi-
nitey less hostility than any Bank dscounting 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. 8. Bank closed at II
SO; N. Am. Trust 8 IA Ohio Skies "a l-2; City
Elves "a l-2; Indiana Elves 81 LA Illinois Skies
IS L.
The Comptroller of the State Finances offers for
sale $500 900 of Mortgages to redeem the issues
of suspended Banks. The sale will take place on
the Sd of August. a...G. . ". ...
Foreign Exchange rules 8 a 8 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-Gennesse $556
Ohio S5,25 $3.50; Michigan $5,25 S5,37
Saratoga is filling with visters. 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.