Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-04-18
Rates Of Demess Exchange in W York Inn, 1871 March, 1893

Under the w. S. Bank, business between Boston and
New York, varied from i 10 ! per cent, according
to the movements Of the Bank For the last four years
the rates have varied premium to discount. in the
hands Of private dealers, and have been steady and
safe. Under the influence of the National Bank, 4
change on Philadelphia annually varied from . to d
per cent; that is, premium TO 3 discount, as Bank
issues increased or diminished. The rates IN Pha-
dslpha h"v" since fallen 10 4. This has been often
established by authentic and official statements; and Is
known and admitted by all who are conversant with
the subject.
Thus, alter all the efforts 10 establish Bank to re-
gulate exchanges for the benefit of merchants the ex.
changes prefer obedience to the laws Of trade, and
gulae themselves Merchants now make and receive
remIttances from any part Of the U. States, through
private houses, with greater and less cost than
were ever experienced before. And business will be
steady and safe, if Banks will not derange the cur
rency, by the needless issue of rredeemabe paper
rags. discreet, wsll-manuged Nat onal Bank, would
never deal in the paper of reckless Banks; and
quently, would not regulate them. And instances
abound to show, that years ago, while The Boston
Banks stood higher than The T. s. Bank the Banks in
the South and Southwest in reckless condr
ton, and daily injured but yer improved, by
the meddng operations of the so-cslled Regulator
The exchange operations of this country viii BE- sim
rls and SAFE if the Government will adhere t, the con-
sutonal currency. But any departure from that
lets in flood Of paper curycnces issued by multi
tude Of banks When that occurs, the Of sending
specie from one point to another ID blended with the
comparative value of paper and the credit of the banks
which issue H. Politicians, Who by multiplicity OF
list SIS banks created this confusion and incon yeni-
ence vairy hoped to remedy the mischief by grating
to mighty national institution 4 controlling mono
poly Of the business. But 1t idle hope. The
so-caled regulator only deceived the people and great
" aggravated the mischlps il promised remove -
The discounts md cura lments, the expansions and
conractnns the fall OF prices aud the rapid destruction
which overlook credit and property OF every Sort dur
ing the Of President, Jones' induced Mr. Cheves
to become the conductor of the bank Yet under the
auspices of President Cheyes-an able and honest
man the times became worse, and were sadly portrayed
throughout the land Every where credit langushed,
and prices fell while the currency and exchanges stray
cd porahe confusion After Mr. Cheves retir
Mr. Bidd!e, banker and fnancier of still higher pieen
sons, was employed 10 direct the bank. Ard after
that Institution lost its national character and became
Stale concern MIR B,dde followed its fortunes con-
tnued 10 direct il, md assured The public that Penn
syvana had conferred upon it increase of strength,
credit and ty Yet, thIry-fye millions OF dollars,
the entire capital of that reckless institution
quickly and irretrievnLy squandcred in schemes and
enterprises which ruined The Stockholders and crossed
every element OF useful trsde. No monster ever
struggled with greater violence and pertinaci,y than
this did 10 proong mischievcus and wicked HE
AT The session of 1912, this blaa;ed corporation APP
preached Congress, and epplied for renewal of its
charter for twenty years The pre,prt for Tbs early
application for the renewal OF the charter, which was
not to expire UNI, the spring OF 1885, was, 10 enable
the institution 10 wind no SAFELY and gradually should
the application be- refused But the re4l purpose was
20 bay or bully It's way over the Government and Con
stltuiion. And that naughty and ambitious part
began to opera,e on the Presidential election and
strore, by corrupt and auddcous means drive from
power the Republican party. Every art, device, We
nalty and intimidation was freely practised to destroy
President Jackson who justly stood the first in glory
as he did in place Venal editors, unscrupulous re
pre- sentatves and hired minions of every Sort were
daily employed TO support the Bank. lnnumerable
speeches, documents, and ISLANDERS against the Re-
publican administration of General Jackson were
printed and circulated all the land And the
public funds conhded 10 that corrupt bank, we're
used by to deay the expenses of this outrage the
Government Pencs were wickedIy raised and oudl
Numbered into every credulous ear and limid mind
Bullles infested the Senate House. and stroye to dis
concert the order Of justice and the Constitution And
to raise appIe nson horrible pitch the represen
taves Of The people boldly told that nothing but
enewal of the charter could save the sun of Amer
The Enhance Committee reported o the Senate De
cember s that tle 10 draw the Bank
limited by tie declared purpose of preparing circulating such
only s VIII give information in regard 10 he
operations Of the Bank - ut
the order Of the President Of the Bank ihou rOurcrS
dfned purpose" page 46 Tyies Bank Report The Committee
report thar, from the l January 1922 3h September 1881
the extraordinary ana nwaanabe expenditures Of the Bank
printing circulating, &c, amounted To 7OS 2Jsee page
30 aud they give long list Of the printers and editors ht
lived upon the Bank dung that pend. Here sample which
may suffice for the whoe