The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-05-06

Ihese rates are demonsrative OF the superiority OF
specie currency, and the competition private dealers in
regulating the exchanges of the country. In private
business always done cheaper but more prompt and
with greater satisfaction to merchants than when con
Quoted by banking associations. The theory that
United States Bank is necessary to regulation of
changes is one OF the most singular adhered by
the public, in face OF facts At time during the whole
existence efhe late bank exchanges ever SO low or
SO uniform as The is obvious banking in.
stitution actuaed by the desire to make the most
money in the shortest space Of time individuals A
large bankIbeing without rival keeps rates uniformly
as high as possible and this the only uniformity which
can grow out of its management. The United States
Bank, with its splendid palace in Philadelphia long
train OF saared officers each of whom supported prince
~ mansion, and grew rich controlled capital S35
OOO. In each commercial city Of the Union also
marble palace with each It's prncsy retnue OF officers
All these collective expenses charged upon the pro-
fits of the capital which, in addition made to yield
Sso00OOo, divided among the stockholders This re-
mendously expensive and complicated machinery, trans.
med and collected worth Of bills per annum
This could not have been DONE but at high OF bills
The marble palaces, with their throngs of nabobs could
not have been supported at low prices Its united strength
bore down all competition and enjoyed perfect
poly at the expense of the mercantile community.
How different is now the under steady specie
rency when the rate is really that of the exchange
does not combine with it the depreciation of some vile
paper used as currency The business in the hands of
private houses corresponding with each ether in every
city Of the Union. They bound together by no other
tie than that of mutual interest," like commercial
pondens in any other branch of business Their opera
tons are based upon skill information and experience
Their capacities shapened by that unrng attention
to their interest in that particular which enables
them to be the best end Of the best sellers
lher expenses are nothing compared TO the bank We
Will illustrate. Jacob Little Co. are from extent of
capital great experience, and unrivalled sagacy, per
maps the largest dealers in exchanges in Wall street
Their situation naturally brings them in business con
necton with similar houses in other Cities say-Glbert
u sons In Boston; H. Bean Co., New Orleans; Reed &
Co., Louisville; st. john Powers Co., Mobile; John
Henly Montgomery. Alabama. Now with Gilbert &
Sons it may be estimated that Mr.. Le's business will
reach $1,000 per month, at rates varying par This
to an individual at small expense is good business but
large bank could not do that 1t would drive Little
out of the field, and regulate' the exchange much
higher. Little Co. here, corresponding with all these
affiliated houses exercise the power the United
States Bank, without expense They all move on the
same sound principles of cash and small profits
If person here has amount of money, largo small
due him in Montgomery. Alabama the bill left with Lit
tie and Co., is sent to John Heny able in specie and
by return of mail the funds paid here ct per cent
Individual enterprise there brought action by the
liquidation of the banks. This the true principle of
exchanges. The whole system of selling goods in this
city for notes. at 9, H. and Is months payable little
rckety banks all the face of the country is wrong
The discount of these bills with the endorsement Of the
seller here, has been fruitful of all the evils that
have vprtaR rem tha uapdkh houL