Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-04-18
OK TIE E.SqUiRER.
In Mr. R,n,bl;cans If II~o;uia.

To Tie Republicans Of Ii-ginia
Mr. Bolts Of the Richmond District, Toler OF the
Campbell District and believe all the Wing candidates
Tor Congress and the State Legislature, avowed
and open trends Of Mr. Clay aud National Bank
Messrs Bolts and Toler, and the Wings generally,
maintsin, that National Bank is necessary as hscal
agent OF the Government This we deny. When the
last National Bank expired Mr. Bldde said at was an
original misfortune in The structure of the Bank, that
II in any way connected with persons III oice
The instincts Of all political power make that assocIa
ton dangerous 10 neither party INJURIOUS 10
both 1t thus appears, that Bolts, Toler II Co differ
with their Wing brother, Nicholas Biddle.-The Wing
candidates tell Us, that need 4 National Bank 10
regulate the exchanges. This was what the last Ma.
tona Bank did do The memorial OF the Bank
Of the IT, S 10 Congress in 1S2l shows that exchange
was high fjty per cent. in some OF the western
States during the existence OF that institution The
memorial says, 81" the currency be sound the rates oil
exchange can never DO excessive. Exchange never
can much exceed the of trans porting specie. This
sas admitted BY Mr. Bidde i'll 1881. e then declared,
that sas long the general currency oihc u States
consists Of specie, its tqwtratsnt, the rates OF ex
change never much or permanently vary from the
expenses OF their transportation from one place TO an
other" lie thus confesses, that exchanges are regu
lated not by National Bank, but by the payment oil
specie So long the State banks continue To pay spe
Gle, the rates of exchange never can or VIII be high
Will Messrs Bolts and Toler assert, that National
Bank would prevent bank suspensions? Why did not
the last National Bank restrain the issues OF State
the existence Of that Bank, there many suspen-
sons Of specie payments the part Of the State banks
For instance in 1912 the banks Of Tennessee, North
Carolina and South Carolina suspended in 1920, the
banks of Georgia followed suit In 1921, the bank of
Kentucky commenced discounting, but in despite oil
the great Regulaor he notes OF The bank rapidly de.
precated and in 1923, taco hundred and ten dollars Of
,ts paper would command only 500 in specie But say
Ressrs. Bolts, Toler & Co, National Bank would
regulate The eurrsney-aye, give us uniform eurren
80 he n q
according TO whom the whole paper currency would be
Regulator. What have learned from experience:
In 1924, AaLams bank paper was at discount Of 30
per cent. III Philadelphia; Kentucky paper at from a.
10 SIS per cent, in i>26; Mississippi bank paper from ~
TO i6 per and Tennessee from 10 TO 20 per
CENT shown by the prices current Of that period
In 1895 the notes Of the New Orleans Banks were
quoted in the Philadelphia papers 56 per cent be
low par" In 1919, North Carolina Bank paper was Al
a discount in Baltimore of from 30 TO 20 per cent
Ohio paper 10 10 80, Indiana, Illinois and Missouri, IL
10 go Der cent. discount. These few illustrations
of that uniform, we'll regulated currency much ad
mired and pulled by Messrs Botts, oler and other po
ltcal doctors oftheir school
Again these Bank men contend, that many Of our
present endorsements proceed from the want of a
National Bank, the creation of which would diifuse
prosperity among the several States. Why was not
this the case before In 1924, seven years after the
Bank was established, Mr. Clay said IN Congress, that
lhe mass of the property of the nation had on an ave
rage sunk less than about ftiy per cent 'ehta
lei5 'Never (sa,d the Kentucky Argus of lsl9) has