Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1843-10-12
The Erchang We copy fre.r the


New Orleans Courier the following COM
parison between tie condition of the ex-
changes under the regulation of the Uni
ted States Bank and at present.
1T was part of the conservative sys-
ten IF the wings to rely upon the United
States Bank to regulate the exchanges
between the different cities in the I'm
ion, and with foreign countries. If We
may be permitted TO infer the signifi-
cation applied by the wings 10 this word
rcgalate, from the practice which they
approved and applauded, we should say
/ il meant that the United States Bank be
authorised TO monopolise all the foreign
ard domestic exchanges in the hands Of
/ Mr.. Biddle, to fix any rate of discount
or premium that pleased him, and to give
his drafts Tor promissory notes to those
of his favoritcs whom he was most desi-
rous OF obliging; to throw out all paper
offered BY democrats from Portland in
J Anime, to New Orleans, under the ban
of prescription, so far as they could be
reached By the power Of the bank. For
opposing his tyraanical measures and IL
| LEGAL schemes, Mr.. Biddle called the de-
mocrats, with General jackson at their
head. radicals, asrarians, destructives.
The sequel is known. Blddle and his
United States Bank would ere now have
sunk into utter oblivion, but Tor the Ell
forts of Mr.. Clay and the wing eonserva-
tivcs to revive them and keep them be.
fore the eyes Of mankind; and the prn-
cpal one, alleged by the great conserva-
tive, is the necessity Of having a central,
moneyed power to regulate exchanges.
But what is the conclusion drawn from
the history of exchanges =? We have
known exchanges between New Orleans
and the northern cities whilst the United
States Bank of Pennsylvania was in full
and according to Biddle's own declara-
tony prosperous operation, to vary from
five to twenty-five per cent. Aud what
is the rate of the exchanges at the pres
ent moment, when there is no United
States Bank, and when the local banks
here, with two or three exceptions, are
deemed SO utterly worthless that no man
will purchase bill from them ? What
are exchanges now, when they are in
/ their natural states, (as they ought ever
to be- without artificial regulations, and
| depending in their movements on the
unco ntrolled course of trade They are
lower, more equal, and-what is more
important than anything else to those
engaged in trade-they are steady and
,,nro normoropt in +hoir ronoa of ra tac
than ever they were before. Buts com
pared to what they were in the last years
Of the United States Bank, when they
were regulated by that institution, the
difference is very striking. The premi-
UNI between this city and New York was
the sum of the discount on our bank pa
per, added to the profits exacted BY the
shaving banks the whole in some in
stances, amounting to so per cent.--
What is their condition now p
Loss of lie United States Steamer .lf;s-
soui.-At 8 o'clock, on the night of the
28th of August, while the United States
steamer Missouri was lying in the harbor
Of Gibraltar, one Of the crew went into
! the engineers room, to get pair of
beam scales to weigh coal, and, in get
ting down the scales, he Knocked down
wrench, which fell on glass demijohn
of spirits of turpentine. and broke its
The spirits of turpeptine ran down to the
cylinder, and set fire to the felt and can
vas around the steam-chest, and the YES
sci was in flames immediately. Every
thing on board, except the crew, was
consumed; but no lives were lost, nor
was any person injured. The crew saved
no clothing, except what they had on at
the time.
This information is brought by Lieut.,
Wiuslow, special messenger, who ar
rived in the Acadia. The chief clerk OF
the Navy Department has politely prom
ised us the official account of the loss OF
the steamer, as soon as it can be copied.
Bat, as it cannot be furnished in time to
put it into the Globe of to-day, and &c,
the paper off by this evenings mail, we
have thought it best not to delay our pa
Per for it. Globe.
-eSe
Terrible Steamboat Esplosion-Loss oj
about Thirty Lives ~ learn from the
last New Orleans papers, that the steam
boat Clipper, No. l., Capt. LAIR mt, ;
well known packet between that city ane
) Bayou Sara, exploded her boilers abou
: noon on the 18th ult. as she was leaving
, the wharf at the latter place to 90 to Ba
; you Iuhca for freight. Both boilers ex
plodad simultaneously, blowing the cab
in into fragments, and making com
plete wreck of the boat, which causet
D her to sink instantly. The exact mum
: Der Of lives lost has not been ascertained
but Of the whole crew, (supposed to b.
40, only nfre persons escaped--Capt
: Lauren; and the pilot, Mr.. Jordan, un
injured, and seven scaIded. Capt. Bes
t sy, well known in New Orleans, who wa
acting as clerk GA board, is among th'
mISs1liU.