Newspapers / The Raleigh Register (Raleigh, … / June 14, 1830, edition 1 / Page 2
Part of The Raleigh Register (Raleigh, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
r ?lyyhkt '.tiaiu:'iVn-,'-i " - !' i &nf flgalatic: of catnfecfcrTCu nr. 16 i the pora f. of-one State ttvjeinosf.t.. atJo Kr Wreii 1 kti n in ed iam ot ; 15a I tint ore sources', fpicplc diiced toUhe.very brink of avowed tanb ej,!.tfVoul li ) I III J ni .in ..I" I'.t ' "" ..j...,. - : v.-. ; '- 'v! Mir?, KCcariettHtfiF otsinaAwlJ acting. were Utips'meVntitt (wnioefffne. ucpciaiiif i .naqtne;powrruv, t '1 f hew laHpt i lie finkncfeslnrae "of: peacWlbnt; iiulis; U runl iriimc cTwa Battis tbJS.Tiew iteW mftliam: Cinnfas regard at : 54-;'i.:pTnonfmtH vedrrncy? as it wa? 'riiaTOetativriie wbrdL c)h,'Uhf ve- '-'.ft I '"-'-vitr'-- P - - -.. - r 4 . disordered rrenpand;;t1yJaft fcyt tn? UnilCU pTaie'? """WU0 -H "rr-V atansjftlaci that '.-.nu; r, iiie opinion pinc. ru"" Tni ttlnVlpnly afepd eflctua means tbatottW. haVe been tised ; This" view of the' Abject lis "in" Ttijl accordance with the Vipiiijon of Mf;fMa(iis expressed in his,mpie;,of;13eceiribenip ' lUt posses a cun yaluc, "crcilit and use; wherever it ipay Circulate,. jiine onstilUHon nas eniru.&i-. drigreiwicusW cratins and regu I atih jj; a c u ere hey of that description, and the measures which were taken, miring tne iai: session, in execu tion of the pbwer Rv,e".Very promise uf success 1 Iiq Hank ; of the ,U niten states, under auspices the most fa vorabl e, can hot fail t'ter.b iynpbrtant; ad xil iry.- -: I Such are' 'thfe authorities and such the ar"htent4'Vhicli'iravc brousht the com- iwonoi oir. iiai las, xnen pecreiaFj. y mostimVni m6uVoniDi6n; of r all 'parties in thepointsloXipendii which wouIcr ftlveiresulteilfrontM ses aloiie.cafrnoVr beest intted at. a less ium than two millions of ddbars. . . y. B a t i h ei pr i n ti pa I ; I oss w h 1 ch ) resn 1 1 ed i.4--:.. tirpfctiaismeta svr.i ne woru fbwi''::Wsr.ife fefintriTwas the renresentative of a h :: General ideaV ?No pnnciplof sound con ;; tePtiwftof " . , tne goin. oar oj jucarnu u v : fated far burrsehioinsby the gene v rsl cottseht (oftheti com merciat world i ; could it beaititaine , not have ti)C Pwer 10 i w sucu moiiey . ' xndtfiiiH value, because i tis not ' com v ed!This woul(sbeacnticins sense to 8nund,aitd '"iabtahcc-toi5rcTor,;lM8 ctause iif the iConsli tutioh is 'analogous to k that hicgiyes;Cbnjsrss the pywer ' to :.;iabUsti;; !" wVd; ' tabiish' f s restriclted i riterp're V tatinl as being'cuivalcnt to fix,' r scribeif Viat) t be doubtel thaj Con- esV'Uat a canal 1 or amer 7zvsl post rou ie as well as a v; rbiil? ilUrts vete channels ' ftf'ikniiiow and the terift was, there- fiiMntKeJordip of ! ?a?rplatVngf niediumv that term was " ncj ?ais nohTiqoufi ? With r.u rfency. ' itiiiiFQmv:Anipg biitiwfcfdiUfr :'bnt,.Ii;aVt sil ve a iawfullehder f u pay. ment fif debts. 'VThVsUonly confirms the idfau that (he "subject of regulating the "vciricuiat r'i&'T: ' vVfc-v- plf consistently (f) havihff a com- 1 r.vv vtnbne theU- 'ivk-'f-'r ihvatuethere(d?'dbesnot,in its terms 'i??t ''-the Onitmlmf V:nrot tpWerMriegulating ' 1 . r 1 j ir Lpbweras aneseniiai means;oi carrying - fntoth y ai ii :i riten ti no f the Cnn'i S ! 1 3 to ti o vtl l cl othin - CnigfiS wii t j, tire v : princvpl pOiW ' ; wpighil?t and for; si mi lar ; rWev$Mtf$ cffHgJi edto, nsure ' a-u n i '.;J;ttrm.. -for-' viV ;merXf deciiledlthe; . r I , or un,iiormAaiu .evmi J f I F :,? h'rp-v-'lhe'.'eja u at ncxtoti.voir our revenue 1 v"4eda inost l"ciau I A'' kT 'v V .hanlts: 'anodsltlenrecialedt f' ea-pbrt tlie local ri'.y .V. V i ! v , Tat ',tri e:ai uci . cpiu j -w ninwacmai - f ; currVnpv,'prb DWsi tbl be Jtsfcqdivalehti P'U.V Wofivesatn T loans, and aare V t - ?Vr?;uKt!;?,rP locar;panls;?chart?fM:bj.the double IT I r- :e55y!llfL?mtfh?vb- e P of kore, in SPnofherSfaVsyhasteried'the V .i iji laving 6TTolWhnim cafasrrophe.tvlucJi riustave occurred at raittee to the cohclnsioH, that the power to incorporate abank is incidental to the powers qt collecting ana uisDiirsing- xne public revenue jof borrowing money on the creditof the United States ; of paying the public debt ; and above all, of fixing and regulating" the standard of value, and thereby enwtring,! at least so far as the mediutn of payment is concerned, the u nVforniity and and.ecjuality of taxation. II The! next question proposed for consideration, is the expediency of estab lishiqg an incorporated bank, with a view to prpmote the re,at ends already indicated.Jln discussing the constitution ality of such a measure, some of the con siderations which render it inexpedient, have been slightly unfolded. But these re quire a more full and complete develope- ' 1 J 1.' a. J uenF,wni.e oxners remain 10 ue presenieu. . It must be assumed as tlie basis of all sound reasoningon this subject, that the ex- istence ;ot a paper currency, issued by banks deriving their charters from the State Governments, cannot be prohibited by; Congress. Indeed bank credit and bank paper are so extensively interwoven with the commercial operations of society, that, even if Congress had the constitu tional power; it would be utterly impos sible to produce so entire a change in the monetary system of the countrv, as to abolish the agency of banks of discount, without involving the community in all -thedistessing embarrassments usually at tendant on great political revolutions, subverting t.he titles of private property Th hiuldeii' 'withdrawal of some hundred millions of bank credit, would be equiva Ijent, in its elTects, to the arbitrary and despotic transfer of the property of one -portion of the. community to another, to the extent, probably, of half that amount. Whatever, therelorc, may be the adyan Tages of a purely metallic currency, and whatever, the .objections to a circulating medium partly composed of bank paper, the .committefe'cuMisider that thevare pre cluded, by the existing! state of things,, from 'intituling a comparison between thein With a view to any practical result. If they were not thus precluded, and it were submitted to them as an original question, whether the acknowledged and msnrfold facilities of bank credit and bank papW,are not inore than counterbalanced by the ,distresi ng y icissi tudes i n trad e i n .cidnt to. their use, they are by no means prepared to say that they would not give a decided preference to the -more costly and cumbersome medium. , ' But the question really presented for their determination, is 'riot between a metallic aiila paper, currency, but be tween a paper currency of uniform value, 'and , subject to the control of the only power competeni; to us regulation, anu, a paper'currency of varying and iluctuar ting valiie, and subject to no common or odequaie control whatever. On this ques tion i t .wo uiil.se e m J t H e r e;' could- scarcely exist-a difference of opinion ; and that ityU is ulantiallj.tlie Question involved in' cory4!ering the expediency of anation al baiiWi.jttyili -iatMaqtorily appear by a co nipa r ts o ril of J tlieS tate of the cu r r e n cy previous 'tb;the:etaishment of the pre serit;bak,' anl its. condition for the last ten1 years. , :.;r : " Sijon after tne expiration of the.charter the hrst, Bank; of ti erUn it ed States;, art immense;niinrbej of local banks sprUiis un under tha pecuniary exigencies produced' ytjie withdrawal of "So large an amount "It 'L ' 'I ''L::ihi . -t'..-...i-.P it ... ':.,.. oi. oan 5. creiii ir, as necessarily resu 1 tec Tfbm the winding u p of its concerns--ran auioiini i3Mifig very iiue snort or .niteen milliohliofdpllars' banks being entirely "fre!e from Hhe salutary control vhich the' Banlcf the United States had rectlxercisd oeithe local institu-j tioncmmencedhat ystenV; of: inipni-1 uen i irauing ann, excessive issues, winch if rass liWfi U;b f a d rsordered cu rie ft c oDinion Conffress. : for whatever myersitvvot opi nion prevai l d, astth p:proper basi? ah tl organization of a bank, al most every one: agreed that a national bank, of some sript, was indispehsabl V necessary to rescue the country frotn the greatest of fin a npial ca lamities, v. . i ? ' ' I.'1 :ti;-rv'j;! The committee will novf present a brif exposition of the state r. of currency at the close of the war. of the iniurv which result ed from it. as well to the Government as to the roinmnnitv., and tlieir reasons for believing that it cio!d hot have been resto red toa sound conduion, and cannot now be preserved, in thut condition without thej. arencv.of such an institution as tne. uank hF the United vStatfs. r - The price current appended lo this" re port will exhibit a scale of depreciation in the local currency, ranging through various degrees to twenty, and even to twenty-five . ''.; i .: per cent. Among tne principai easiero v jes Washingfon and Baliimnre were ihe points at which thedeprecjation was great est. ' The pap r of the Banks In ihese pla ces, was from 20 o 2 per cetit. below par. Atv Philadelphia the depreciation was con siderably les, though even there it was from 7 to 18 per cent. In New-York & Charleston, it 'was from 7 10 per eht. But in the interior of ihe country, where Banks weVe esiablished, the depreciation was even greater than at Washington, and Baltimore. In -ihe' Western, part of Penn sylvania, antl particularly .at Pittsburg, it was 5 per cent. These stafement, how ever, of the relative depreciation of bank paper at various places, as compared 'with specie, give a very inadequate ideaofthe enormous evils inflicted upon the commu nity, by the excessive-issues of bank pap r. N- proposition is belter established than that the value of money, whether it consisis of s.pecie or paptr, is depreciated in exact prnpoition to the increase of its quantity, in any given state of the demand fr if. If, for t x .mpie, the bunk, in 1816, doubled the quantity of the circulating medium by their excessive issue, they produced a ge neral degradation nf'tW entire mass of the currency, inc!ui!ing gold and silver, pro Miitioovd to t!ie retlu idiocy f the issue;-, and 'wholly v dependent of the relative de preciation of bank piper at different places, as compared with specie. Ihe nominal money price of everv article was of cuurse 1 otie hundred percent, higher than k wu;d h;iv been, bui for the dupiication ot t'e quantiiy of ihe ciixulating medium. M liey is no'hing moreoor less than he mea sure bv which lh- relative value d all ar ticles of meich:u('7,e is asiertained. II, uhen the circul ting -medium is 5i) millioiis, an article -should cost one. dollar, it would certainly cost tvo, if, without any increase of the. uses of a c irculating medium, its quantity should be increased to -'.one huti dred millions. This rise in the price .of commodities, u-or depreciation in the value of money, as compared with them wou'.d not b owing to the want of crr'rlit in the bat.k bills, 'of whit h the currency happened to be composed. v It woo Id exst, though these bills were of undoubted credit, ami convertible into specie at the pleasure1- of the holder, and would result simply from the redundancy of, their quantitv. rlt is . a cbmniuniiy-in the great operaiiufts olcyni merciar exchange; .To e ex l eTi t of thee opera I ions an nual i,: may be safely' sti mated at sixty millions of dollars, Upon this sum the lss sustaiueu py tne meri- Chan's, ana planters, ano iarcners,aou.uia nufacturers, jivas not probably Jes inati ah average of ten per cent.' being the "excess of ihe rate of exchange beyond its natural rate iA a sound state of the currency, and beyond the rate lo. which l Una been actu-. ally reduced py the operations oi. toe nanK of the United States It wilf beMhus per ceived, J h'at' an annual tax of six ntilhon of dollars was levied , from the industrious and produciive classes, by the large, mo neyed capitalists in our commercr4l cities, who were engagea in ine .ousiiieM oi o kerage. A variously ilepreciuted currency, and a nucuining sieoi 1 iriiT-, mere was a loss bfiwf lv- Sn' such-an institution . sui-an 4nstitii,upn as tlie'lTank r , V States mhkwm;yM depreciated curretrcv. not mnr. tt'r. ws i - cbanee forMt.-hisKn . " " T ; will n. Here.inem ts another loik;-. :ueU QiisreRuHmff, inontestibh wl'i w? m'-K- with theum Ipst by the dVcou, r faiys bf dollurs. - WWle. then ,kl "v's,x sustained ..ihis great . pecuViaW lossin i7 mtt three years of war, imountihf i,,...i, ' ss. -n tharvthe current expenses of the Govern? time of peace, it is worth while to 1 were the persons who profited to this en f-nount by the derangement of the ciirJrm?"s ll be foui.d that he whole ben! " J' h" eolation upon the necessities of ute Gov Spe: was realirtrd by stockjobbers; and moi.ei 7' ers, the verv same cbss of persons who 1 so-itarffefy by the business of rnm.r. Ttd cbfoges, m consequtnee of theisoHeisS?' currency and who have the same inters ?! lhs in iii.. ffrS Of li t, 1111. r.i 1. 11 lituration. or bhvstcians in th. ,f. . . V ' - 4. V-i - the exchanges. views of the evilwiilch m!ii-k. nel establishment of the Hank of the Unid si it. remains tor tlie.'committee.Jtooin.e il i Kic oiLf ti nt inn liiii! . , evils. - - . ""' 3 " The first ereat cfoesticri vh'u V .. .-H exprefsh: object t (be cohdition. that no iiitin Win.-nWiViUh. I ; .7 V .-.they ".hall be, unite. throushout ihe dinarr iialeTh? Si7.V ATL?. important to a just .understanding . of the subject.,, that the relative depreciation of nank paper at different pla'ces, as compir ed with specie, should not be confounded with tbis general depreciation of the entire mass of Ihe circulating medium, including specie. Though closely allied, both in their causes and effects,, Ibey: deserve to be se parately considereiLV . ' The evils resu) t'iriJjrom' the relative de preciation of bank ; piiper at different places, are more easily traced to their causes, more pilpable in their nature, and consequently more generally understood by the commu nity. Though-much less ruinous than the evil- resulting from the gt neral depreciation of the whole currencv, they are yet of suf ficient magnitude tty demand a full exposi tion. A very serious evil, already hinted at, which grew out of ihe jelative depreciation of bank paper, at the di IF rent point of importation,' was it inevitable tendency to draw all the importations of foreign mr chandi7,e to the cities where the deprecia tion was greatest, and divert, them from those where the currency was comparative- iy soumi. if tne, Otnk ot the UrMed Stales had hot been esjablihed, and the) Govern ment had been feft without any alternative i)ut to "receive the depreciated local curren cy, it. is difficult, to imagine the extent tco which the evasion of the revenue laws would hatfe been CafriedEi)ery State woujd haye had an interest to encourage the excessie issues of its banks, and increase the. de gradation of its currency, with a view to attract foreign commerce. Even inihe con dition 'which the currency'had reached in J S16, B.iston, and'New-York, and Charles ton, would h ive fU0(f U ndvanta'ous in deri t e their su ppltes of foreign meixhan dizej through Baliimorfe 5 aud commerce would undoubtedly have taken that direc-. lion had noi the cufreiicY been corrected To Kyd thtsinj ioiportAjassscirdsettMnd New-York,aud VMvrtMaj wou.g nave- oeen clriyeu, by aijnt)fiyoeirefe selfin terest;,tti degrade1 their respective curren- ' 9 1 v I a w. a ; pa r w 1 1 n 7 1 n e . cu r ren c v o I Bihirae'VandahuiVrfValry 'in "the ca- depreciation would hate Spungrrp uu iiiau can pa asstgaeg.. A3 the open a wnie ami awinwtii narvesi 10 uie mney brokejrs 5 and it is not, therelore, surprising, lhat they should be opposed to an institution, which, at the same time iliat jt has relieietl ttie community from the e- normous tax j ut -stated,h..t 4lepri ed them of the enormous nrtits which thy derived from speculating 1 uthe. btisito ss L: 1 ex change. In addition to ihe losses itupti- CD ' ed by the community, in the great opera tions of exch-.fj&e. extensile losses were" sutf red throughrmi the interior of the coun try, in all the smaller. operation of trade, d . viell as by th failure of the numerous paper binks. pjuifed into a factitious credit bv fraudulent aVtifice-t, and h ving no volw siantiai' basip'fx;ipital to ersUre,the re demption of their ' bdU. r But no adequate Conception can be formed of the evils of a depreciated currency, without lot)k in beyond the relative depreciation, at d'dfer ent places, to the general depreciation of the entire mass. It appears from the report of Mr. Crawford, the Secretary of tie Treasury in 1820, that during the general suspension Of spe cie payments, by the local banks, in the years 1815 and 1816, the circutathig medium of the United States liad readied the aggregate amount of one hundred and ten millions of dollars, and that, in the' year 1819, it had beeji reduced to forty -five millions of dollars bein.' a re iuctiou bt fifty -nine per cent, in the short period of four years. I he committee are inclined to me opi nion, that the; severe and distressing operation ofre storing a virions currency to a iound slate, by the calling: in of bank paper, and thecurlad- ment ot oanK uiscounts, naa carrieu ine remicy on of the currency, in 1819, to a point somewbat lower than wias consistent witli the jut require ments ot the community for a circulating medi um, and that the bank .discount!, have been gradually enlarged since that time, so as to sa tisfy those requirements. It wiil be. -assumed, therefore, thai, the circulating medium of the United States has been fifty-five mdltons of dol lars for the last ten years, taking the average-. Even upon this assumption it ?will follow, lhat the national ; currency has Vblten one hundred per cent. .more-, valuable forthe last ten years, than it was in 1316.' In other words, two dollars would purchase no more of any commodity it in 1816, lJir one lolfar has beeii papable;)f pur chasing at any lime since 181-9. it is 'obvious therefore, that the depreciation of the paper of particular banks, at any particular time; as com pared with specie, furnishes no criterion J)y which to ascertain the general depreciation. of the whole currency, including specie, as com pared with the (Value of that currency at a differ ent period. A specie dollar in 1816, would pur chase no more than, half as much as aaper dol lar will purchase at present. T Hsviog endeavored to -explain, thus briefly, the general depreciation resulting from a redui dant currency, the committee will now proceed to point out some of the injurious consequences which have-resulted from those; great clianges in the standard, of value, which have been una voidably produced by the correction of the rer dundancy. An individual who borrowed a sum of money in 1816, and paid it th 1820, evidently returned tp the' lender double the value received from him and one who paid a debt in 1820, which he . had contracted in 1816, as evidently paid double the value he had stipulated 10 pay; tho nominally the same amount in money. It is in . this way that fluctuations in ihe quantity and value of the currency Interfere, in the most un just and injurious manner, between debtor and creditor. , , And when banks have the power of suspend ing specie payments,, and of arbitrarily contracting-and expanding their issues, withoufany ge neral contrpl, they exercise-a Voiore dangerous and despotic power over the property of the community, than was ever exercised by the most absolute j government. In such a state ..of things, every man in the community 'holds his property at the mercy of money making corpo rations, which have a decided interest' to abuse tbejr.power. , . . ' By a course of liberal discounts and excessive issues for a few years, followed by a sudden calling iii of their debts and contraction of.tbeir issues, they- would have the .power of transfer ring the property of their debtors to themselves, almost without limit. Debts contracted when their discounts were liberal, and the currency of coursele predated, Would fee collect edwhe 11 their discounts were almost suspended,' anl the currency of coursed onnarurally ,apprepted arid in this way the properly oflhe coinmunity night pass under the hammer, jfiom its rrghttut owners to the banks, for less than one! bait, its intrinsic vahieMf. the cbmrmttee have hot great. Iy. mistaken the matter, thereis more -of hist iirv lhai of speculaMon fn wliat they have here p're-T sente d to the consideration of the5 HoUse.U , v It is impossible to form any thing Jike an "ac- curale estimate of the injuries and losses sustain ed by the community, in vaiioos ways, by -the disorders and fluctuations of tbe'eurrency, in the 'perkid which intervened between tbe'expiration of the old bahlc'bbarterand thr establishment dfthepresent bank But some tolerable riotiou inay be formed of ihe tosses sustaine4 by heGdVerh raent; in its fiscal optionsjdfuri : v.The.commhtee have given this pa ofthesub ject an 'atientiye and ca'refyV ei minktiooVnd ihey cannot eitintate theH pecuniary losses of e OovernmenV sustained exclusively 'for "the want ora sqttnd iiajrrriicy9 and" air' efljcient system' oi finance. at a Sdmvles thai fortV-siTn.illifu ;'nf dollirs.If they shall makef this apparent, ;'the, kn.uuoii. w iu lump wuicuiiujj iikc .iuuaru .llfl estimating the individual losses of the cdmsniiV:ty. llmbranch of tfiiiquiry is, xZ f press ineir re- It is true. 1 i... . i- 1 j , :as cxirreciea ve diHorders oi tl. . . iog medium by providing a. pap.r c,,e '' .conyert.ble intopecie at the j ' hokki. and of tquaPvalae; With sCClt. . 1 points of the Upiou t V": m 'rKo -1 l:r ki4:-.-... rr. .1. . . i..f;i3:uir, 111. mat part (,f U "sfi message which retates t. the B ink , K n,.; States, expresses the opinio.,', ilv.t lt , ,s u , m the great emfof establishing a tuorm sound currency " Ater giving to t!,is v all the consideratiori.ta whitfh it ij, s j,lsV tlt d, from the eminent station ami high uwr ter of'the citizen h wtiom it is enterta 1,0,1'' T ii.iuiinncv. " 1 - wiii ii.niicn 10 exprc speetful but ilecuK d dissent from it. th it the bank dot s jmt a if w .. . 1 ... , . . v-!'i re.Cim tie bills issued by .ny one .of its br.mches inoi, ennunately, at ail the-otiier branches' .f in reference toMhls fct; as the cW.miiu-o Jl some, that the President expresses the 0'nL)n that 4he mstituionr.lusfaled ;o esubh!h '4 uniform and sound currency.' It is confidently believed, that no one of the persons who were principrdjy instrumental in. tabJishing Hie bank, ever entertained an ide that it would attempt to redeem it. b.lls at any of its offices,,, Other , than those by whldAhtv should be respedively issued. The charter ctr. taiftly con tains no such remiuement, and it would have been highly iiixpcdient if it had, to say nothing of its obvious "mjcislice.-. The inevitable. efTect of such a requirement' would have been to compel thebank 10 perform' the whole of the commercial exchniges of the? country, without any .compeiis'at on. It would not be more unjust lo. require a R.il Roid Horn. pany to transport all the productions of the coun. try, wunoui compensation Wo institution. could stand uclv an operation ; taild it, was tlie injudi. cious attenrrpt of the;firstdjrecMon f the Bank to do it, that principally oontributied to the em.1 bsmwsments of 1819. A committee was a( pointed by ihe House of Representatives, in that year; to in vestigate 1 lie management of the bant andtn the report of that, committee s vrll. as in the disrussions to wlichl it gave rise in the H ouse, this attempt of h& direction to redeem the bills of the institution, indiscrirniiiately, at all its branchefi was indicated as tuiiie of the cW ses of the existing embarrassment; No oiie wiio participated in the debate, pretended to alieee that the bank was hound to redeem its bills in disctpminately, or that it was expedient that it ' sliould do so. rhe mo,tfthat aiiy one ilid, was to apologize for the unwise aitempr. But it yet.rerhafns for the committee to shov that fhis indiscriminateredeema!i!ityof the bills of II .L- LJ Li.. .f:i. . an ion uitfiivo vi iiic.uanK, is noi necessary 10 ' the establishment of auiiiform and sound cur rency.", "' ' . ' t'l Human wisdom has never effected, m any other country, a neareir approach to uniformity in the currency, than that which is made by the use of the ' precious rpetalsj If, therefore,; it can be shown that the bills ofuhe United States Bank, are of t-qiiaL value with silver at all points of the Union, it yiroufd seem that the proposition i cieariy made our that the t)nk has accompnw ed tlie reatynii if establishing a uniform ijtd sound-cU.rreney.' It is not denied tha' Ihe bill of the mother bankf land pf ail its branches, are invariabfr and jromniiy releeniel in specie, whenever presejited at the offices by which they nave oeen respecuveiy, issued, ami "- upbh their face, thev purport to be payable. Nor is it denied that'the bills of the bank, 1 of all the branches. We eqo d to specie in their respective spheres of circulation. - Hills for ex ampJel issued by themother bank, are admitted to be equal to sjlver in' Pennsylvania, nd l those parts of the adjacent .States of which Phi ladelphia is the market. But it is contended th1 these bilfs, 'nr4 being redeemable t .Chariest nj and New-prlans, are not", 'of equal' vJue wuli silver to the merchant who' wMies to. purchase cotton with them, inV those cities. Nw, innc Philadelphia, merchant had silver, instead ot bank bills, he certainly could not effect Ins pur chases with it in Charleston or New-Odeans, without having the silver conveyed to those P' ces and it is equally certain that fie cUUor have it conveyed there, without paying r w iransponanon ana, insurance. v iuc---r- C9.nstituie the.nitjural ' rate of exchange betwn those cities; and indicate the exact wirn wwoj tne.mercnant would give s preroiuiu " - - , of exchange, $0 ayoidjtbe trouble and teM transporting his specie; It k obvious, there o r that,, even for these distant operation? of merce, silver would; beJ no more vlablc n-j the bills Of ihe bank': forJhese would p'1 ' a biil of excltange oh. either bf the cities ,bhed, precisely as : well as silver. If the jp tion should be reversed and the planter d w isiana or Soiith-Carolina bould desire to P' hiaundinFKitadelphiVwithl merchahdise,ihe Would 'find the.'bilb;,U bHoch oank in eithef of those equiIent td silver in ; effecting v"j,the ven, therefore, if the bank hsd not f1";: fate of tbelxchanges, it m gtit H ed, Jhat its bills svould 'of equal vawc t,m,a rJ.;n't in th Union.' aiK10 puipofe- whether local or geneni : Hi a riTrifs' OFFICE. ? :f u.1 .a i.AJL.iLii.. ju ?- . j " f the mHB MoWhieare'the Drawn Numberio t, JU . qth Class of JDistnalroP '. a , : ir444,.the grand lp , ' - 1 mm oovifvr- - 7 - . - k. r K , r V 'i H.--C - A r' . .. Jr. I kl 1 . I " - ' 1 ' f . . J .... , .1?
The Raleigh Register (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 14, 1830, edition 1
2
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75