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the real fact, disguised by the common forms of quoting exchange on England at between 8 and 9 per cent. premium.
It would lead the committee too far from its present purpose to explain that the original estimate of the A-4 better than Baltimore. merican dollar, as being worth four shillings and sixpence, and that, therefore the English pound sterling is worth $4 44, is wholly erroneous, and occasions a constant misapprehension of the real state of our intercourse with Great Britain. The Spanish dollar has not, for a century, been worth four and six pence; the American dollar never was; and whatever artificial value we may assign to our coins, is wholly unavailing to them in the crucibles of London or Paris. According to the latest accounts from London, at the close of December last, the Spanish dollar, instead of being worth four shillings and sixpence, or 54 pence, was worth only 494 pence; the American dollar at least one-fourth per cent. less; so that to produce one hundred times four and sixpence, it would be necessary to send to England, not 100 dollars, but 109 1-16 Spanish dollars, or 1094 of the United States' dollars. If to this be added the expenses and charges of sending the money and converting it into English gold, it will cost 111; so that 111 is at this moment, the real par of exchange between the United States and England. If, therefore, a bill at sight can be procured for less than this sum, or a bill at sixty days for one per cent. less, say 110 per cent. it is cheaper than sending silver; that is to say, he who has silver to send to England can purchase a bill on London for a greater amount than he would get if he shipped the silver itself, and of course exchange would be in favor of the United States against England. Now, such bills can be bought at a less rate, by more than one per cent. in every city in the United States.
This fact is conclusive as to the state of the currency. If the bank notes of the country were not equal to specie, specie would be at a premium, which it no where is at present. If the currency were unsound, more must be paid of that currency in order to produce an equal amount of coin in another country, where these bank notes do not circulate. But if, as is the case at present, the bank notes are convertible into specie, if you can buy with bank notes as much as you can buy with silver, and if, in the transactions of the country abroad, the merchants, who, if the notes were not equal to coin, would go to the bank and ship the coin, can pay as much debt in foreign countries with the notes as by sending the coin; there seems nothing wanting to complete the evidence of the soundness and uniformity of the currency.
On the whole, the committee are of opinion that the present state of the currency is safe for the community, and eminently useful to the Government; that for some years past, it has been improving by the infusion into the circulating medium of a larger portion of coin, and the substitution of the paper of more solvent banks in lieu of those of inferior credit; and that, if left to the progress of existing laws and institutions, the partial inconveniences, which still remain, of the paper currency of the last war, will be wholly and insensibly remedied. Under these circumstances, they deem it prudent to abstain from all legislation; to abide by the practical good which the country enjoys, and to put nothing to hazard by doubtful experiments.
not Philadelphia paper ten per cent. worse than Boston, and that much better than Baltimore?
Answer. Philadelphia paper was 17 per cent. worse than Boston paper-9 to 9 worse than New York paper
The committee submit, for the information of the Senate, certain questions propounded to the President of the Bank of the United States, together with his answers thereto, and a document furnished by that officer, showing the rates of exchange at which drafts are drawn by the Bank of the United States and its offices of discount and deposite; and ask to be discharged from the further consideration of the subject.
Questions submitted to the President of the Bank of the
Q. 2. Were not the State Banks indebted to the Government in large sums, which they could not have paid in sound currency? If so, to what amount? And did not the bank in many instances assume those debts, and pay them in good currency, (if so, to what amount?) and indulge those banks until it was convenient for them to pay? and did not the Bank lose money by such indulgence?
A. In the years 1817 and 1818 the Government transferred to the bank at Philadelphia, from the State institutions, 7,472,419 87 dollars, which was cashed, and 3,336,691 67 dollars of special deposite, to be collected by the bank, making 10,809,111 54 dollars. The loss sustained by the bank, I cannot estimate. I should willingly compromise for a loss of only 200,000 dollars. Q. 3. Has the bank at any time oppressed any of the State banks?
A. Never. There are very few banks which might not have been destroyed by an exertion of the power of the bank. None have ever been injured. Many have been saved. And more have been, and are constantly relieved, when it is found that they are solvent, but are suffering under temporary difficulty.
Q. 4. When a State bank becomes indebted to the bank to an improper extent, what course do you pur sue? Do you let them go beyond a certain amount, and what is that amount?
A. The great object is to keep the State banks within proper limits; to make them shape their business according to their means. For this purpose they are called upon to settle; never forced to pay specie if it can be avoided, but payment is taken in their bills of exchange, or suffered to lie occasionally until the bank can turn round; no amount of debt is fixed, because the principle we wish to establish is, that every bank should always be ready to provide for its notes.
A. At the present moment, I think, specie is more abundant than usual. It comes in as usual. And the state of the exchanges with Europe is such that it is cheaper to buy bills, than to ship coin. The bank had, on the first instant, 7,608,000 dollars, which is more than it has had for nine years past.
Q. 8. When the debt is annually paid off to foreigners,do they remit in specie or bills of exchange? Do you supply the means in either way?
A. When foreigners are paid off, a part is re-invested in other stocks, a part goes in bills, a considerable portion of which are bills of the bank. Specie is never resorted to unless the bill market is so high as to make that mode of remittance cheaper.
Q. 9. Since you commenced the purchase and sale of bills of exchange, has the rate varied; if so, to what extent?
A. The operations of the bank in exchanges has had the effect of preventing the great fluctuations to which they were previously liable.
Q. 10. What is the reason that exchange on England continues above what was formerly considered the par, that is, the dollar valued at 4s. 6 pence sterling? Is it that the intrinsic value of the dollar has been found
to be less than 4s. 6d.? If so, what is that intrinsic | 4. 6d. when it never has been worth four and sixpence, value? and of course when it goes abroad, it is estimated not by A. The reason is, that we choose to call our dollar the name we give it, but according to its real value.
Bk. U. States Office...
RATES OF EXCHANGE
At which Drafts are drawn by the Bank of the United States and its Offices of Discount and Deposite.
par a 3
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BANK OF THE UNITED STATES.
Report or the Secretary of the Treasury on the United States Bank, made to Congress on the 28th of December, 1829. General Statement. Funded debt United States, various,
a 1 par
par a par apar a #
par par par par par
par a par a
par a par a
Bills discounted on per-
par a par a
par apar a par a
par apar a
par ai par a para
par a par a par a par a par a par a par a par a par a para
par a 1
par a par a para +
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31,126,407 30 251,128 88 1,120,964 90 Domestic bills of exchange,7,718,029 03
par a par a
Foreign bills of exchange,
Baring, Brothers & Co. Hope & Co. and
Due from Bank U. States
Due from State Banks,
Due from United States,
Due from J. A. Buchanan and J. W. Mc-
Losses chargeable to the conting't fund,
Banking houses, bonus, premium, &c.
BANK OF THE UNITED STATES.
19 do 20 do 10 do 21 June 2
November 30 do 23
do 25 do New York,
Cash, notes of Bank U.S.
Do. do. State Banks,
STATEMENT OF THE BANK OF THE UNITED STATES AND ITS OFFICES OF DISCOUNT AND DEPOSIT AT THE DATES MENTIONED.
Bank Unitd States,
13 do Mobile,
do New Orleans,
do St. Louis,
259,058 12 Navy Agent Norfolk, 2,727,046 18
do Pittsburgh, do Buffalo, Ag'cy Cincinnati, do Chillicothe,
PUBLIC MEETING AT YORK.
At a meeting of the citizens of the Borough and County of York, convened at the court-house, on Saturday the 27th of March: CHARLES A. BARNITZ, Esq. was called to the Chair, and George S. Morris, and John Evans, Esq. appointed Secretaries,
The chairman having stated that this meeting was rendered necessary by a similar one held in Philadelphia, [the proceedings of which were read.] Mr. HAMBLY then presented the following preamble and resolutions, which were read and unanimously adopted.
Whereas, the citizens of the counties of York, Ad. ams, Franklin and Cumberland, being so situated, as to be entirely shut out from any participation in the benefits of the state improvements, which are being constructed at so great an expense to which they have in common with their other fellow-citizens cheerfully contributed, and for the payment of the yet to be incurred
808,441 81 47,154 59 13,838 10 1,174,594 44
6,165 80 2,944,900 87
$34,996,269 63 27,537,798 76 1,371,214 11
13,725 98 80,579 85
1,497,350 36 4,974,557 91
Deposites of Individuals.
13,947 18 230,400 50
YORK AND MARYLAND LINE RAIL ROAD. | expense, are also bound, have repeatedly and respectfully made application to the Legislature of the state for an act of incorporation for a rail road from York to the Maryland line in order that they might possess the same facilities as to market, and enjoy equal advantages withother citizenswhose locality enables them to use the state works. These applications have, by some of the members of former Legislatures, been looked upon with an unpropitious eye, as being calculated to injure the trade of the state. The citizens of these counties, however, with great satisfaction and gratitude have seen, that the present Legislature regard their claims, as founded in justice and equity; and so far from being calculated to depress or injure the general welfare, will unquestionably increase our prosperity, unanimity and happiness. So far from being originated by selfish motives, or an alienation of regard from any portion of the state, they have considered them, as founded on our equal rights and sincere wishes for the general prosperity.
184,190 73 54,747 77
84 61 6,260,618 63
With great surprise and regret therefore, the citizens of these counties, have seen the preamble and resolutions passed in Town Meeting by some of the citizens of Philadelphia, convened with the view, openly expressed, of bringing to bear upon the Senate, in whose hands this bill now is,an out-door influence,having for its object, the defeat of the present bill. Could we for a moment believe, that the Senate would not spurn such an attempt,we would submit without a word to the fate which would then impend. But trusting freely and unhesitatingly in the justice of our claims, and the judgment of that honorable body, it only remains for us to answer those fallacious arguments which have been used against us by that meeting.
ing our union, healing old breaches, removing former complaints, and finally, will impress upon our hearts everlasting gratitude to the present Legislature.
Resolved, That this meeting view with the highest degree of satisfaction the course pursued by the present Legislature respecting the passage of a bill for the incorporation of the York and Maryland Line Rail Road Company.
Resolved, That this meeting regard the present at tempt of a few of the citizens of Philadelphia, to prevent the passage of this bill at this time, as an unlooked for, and unwarranted interference with Legislative proceedings.
Resolved, That this meeting, trusting in the justice and judgment of the Legislative body, willingly and confidently await their decision upon this bill.
Resolved, That a committee of correspondence and superintendence be appointed,&that they be authorised to take such measures as they may deem proper and expedient to carry the objects of this meeting into ef fect.
It is argued, that "the passage of this bill, will destroy the original canal system, divert the trade from the state, and be a virtual violation of the original compact entered into, at the adoption of the system of Internal improvement." What this original compact was, this meeting is unable to comprehend, unless it was, that the interests of the whole should be regarded, and not solely that of a part, that the system should be general and not local. As to a diversion of trade, we are at a loss to conceive, how a thing can be diverted from a course which it never pursued.
The citizens of this section of the state have always sold their produce in Baltimore, and always bought their goods in Philadelphia. And although a similar contention arose when we asked for the incorporation of our turnpikes, the same jealousies were excited, the same arguments used and the same results foretold-sentatives of this commonwealth. still, the old course of trade is pursued, the produce is C. A. BARNITZ, still sold in Baltimore and the goods still bought in Philadelphia. The latter has still prospered, the state has remained uninjured, and we have been accommodated with thousands of others, to the injury of none.That instead of destroying the canal system, it will render it more productive, must be evident from the tolls on Iron and Coal, which can then be sent to market in the Chesapeake to the profit of our citizens up the riv. er, the increase of the canal tolls, and the general prosperity. Of what advantage will it be to our fellow citizens on the East and West branches of the Susquehanna, that they can get to market, if it be at such a disadvantage, by reason of the distance, that they cannot avail themselves of it? Will it not be better to afford them a direct road to a near market for their coal, than to force them to Philadelphia-to a market, which another season will glut, and which other mines command; or to compel them to go by Philadelphia through the Delaware and Chesapeake canal, and look for a market, or give up the business-Which latter must ultimately and assuredly be the result of such a course.
Resolved, That this meeting regards with the deepest feelings of disappointment and regret, the late refusal of a majority of the Senate of this State, to grant the reasonable and rightful request of these southern counties, for a charter to construct a rail road to the Maryland Line.
Resolved, That it is the opinion of this meeting, that This bill it is said will be "suicidal to the state inter- public acts which authorize a vast expenditure of moests, and carry the trade from the West of York to Bal-ney mainly for the benefit of a particular section, whilst timore." If the passage of this bill give vent to an ad- another section is denied the privilege of expending its ditional 100,000 tons of coal, will the additional tolls giv- own means in improvements tending to its own advan en by such an increased trade (which without this vent tage are illiberal, unjust, promotive of invidious hostil can never be carried on,) will this, we say, be suicidal?ity, contrary to the spirit of the social compact, and cal We think not. And as to the trade west of York; if culated to aggrandize a part at the expense of the there be no facility for carrying it to Philadelphia it will whole. not be taken there, even if it be prevented from going to Baltimore. It must rot in the farmer's barn.
Resolved, That this meeting consider the people of these United States as one great family, linked together It is true that from Philadelphia much of the revenue by common interests; and that the liberal and enlarged of the state arises; but it is also true, that even after this policy of the state of Maryland, in authorizing the conbill be passed, admitting her own view of it to be cor- struction of the Chesapeake and Delaware canal, and rect, still, she will derive advantages far greater than we subscribing a large amount of stock to that improve can, in proportion to her payments into the state Trea- ment to her great detriment, is in striking contrast with sury. That meeting says, "that as a matter of justice, the selfish and contracted policy of our legislature, in those south western turnpikes which are involved in refusing our application, because the construction of debt, ought to be aided!" And why? Not because they this road might conduce to the advantage of a sister regard them any more favorably than our improvement, state. but because they would now be glad to conciliate and Resolved, That it is the opinion of this meeting, that the undo what has been done. They say, "this bill will city of Philadelphia is the spoiled child of the commonrend the cords of union by which we have heretofore wealth; that she has drained the treasury, exhausted been bound." So far from this being the case, this the resources, and seriously impaired the credit of the meeting firmly believe that it will be the means of cement-state; and that her influence and attempts to force trads
The following persons were accordingly appointed: Thomas M'Grath, Henry Smyser, Jacob Emmitt, Geo. Small, Charles A. Barnitz, Dr. William M'Ilvain, John Gardner, James S. Connellee, George King, George Laucks, George S. Morris, Samuel Rutter, Wm. Jones, George Lauman, C. F. Fisher.
Resolved, That copies of the proceedings of this meeting be transmitted to his Excellency the Governor, and to the Speakers of the Senate and House of Repre
George S. Morris, Secretaries.
The following are the proceedings of a meeting which took place, in consequence of the Senate having negatived the bill, incorporating the "York and Maryland Line Rail Road Company."
At a meeting of the citizens of the Borough and County of York, held at the court-house, on Monday evening the 5th of April, 1830, the following resolutions were adopted.
into unnatural channels, are a blight upon the commerce and prosperity of the state at large.
Resolved, That being situated, as we are, on the confines of the State, and without the reach of her improvements, there is nothing left for our relief, but to open a rail road communication with the city of Baltimore; and that it is the duty, as well as the interest of these southern counties, forthwith to proceed to the construction of said road, in such manner as shall be most advisable.
Resolved, That a committee of five persons, of proper qualifications, be appointed to report to an adjourned meeting, the most practicable mode of proceeding, to effect the object without a charter.
Resolved, That the thanks of this meeting be respectfully presented to those members of the Senate and House of Representatives, who gave their support to the application of the petitioners for said charter. WM. M'ILVAIN, Chairman. JOHN EVANS, Secretary.
POSTAGE OF THE LEGISLATURE.
The Postage of members of the Legislature during the session of 1829-30, so far as returned amounts to $6,891 92.
Black (of Perry)
Evans, of Mont.
HOUSE OF REPRESENTATIVES.
Frick 50 51 Fuller
POSTAGE OF LEGISLATURE.
77 12 Long
Matheys, of Mont.
Moore, of Beaver
57 13 99 10
16 34 Stauffer
30 27 Taylor
43 10 124 00
23 69 37 94
56 68 To the Honorable the Senate and House of Representatives
in Congress assembled:
Committee of Ways
PETITION OF BLACKSMITHS, AND SUNDRY
RESIDING IN PHILAD'A;
Praying that the duty on certain descriptions of Iron may be so modified as to afford to them an adequate protection in their business.
March 2, 1830.
Referred to the Committee on Manufactures, and ordered to be printed.
We, your petitioners, re-manufacturers of iron, and others, in ail the branches of smiths' work, respectfully 256 40 pray that we may be put on the same footing in our own market with the foreign manufacturer. Your petitioners 2,C01 04 are at this time excluded from the United States' market by the present duty on iron, our raw material.
1st. The duty on hardware in general is 25 per cent. ad valorem; and on that kind of iron which hardware is 12 87 made out of, the duty at this time is from 140 to up60 26 wards of 250 per cent.; viz: common English bar iron is 58 22 now selling in British ports in Wales at £6 per ton, (for 106 36 all sizes above 9-16 up to 2 inch,) or $26 66; the duty 16 46 on those sizes is $37 per ton, being, as before stated, as 22 63 near 140 per cent. as the case may be, exclusive of frac6 08 tions. Half inch iron, either round or square, is now 88 06 selling at £7 per ton, or $31 11; the duty on this size, 9 68 and all under, is 78 40 per ton, or 34 cents per pound, 20 56 making the enormous duty of upwards of 250 per cent. 84 or 221 per cent. more than the duty on hardware; thus 17 70 throwing our ports open to foreign manufacturers at an 9 76 advantage over the home manufacturers of 111 per cent. 19 46 on those sizes of iron over half inch in diameter, and of 9 51 221 per cent. on the half inch in diameter. From the 73 73 foregoing facts, your honorable bodies will be able to 73 22 judge how we are situated in regard of partaking in the 9 46 manufacture of hardware out of common English iron, 14 58 the material almost exclusively used for that purpose. 19 49 Selling price of this iron, at the iron stores in this city 16 21-all over 5-8 inches sell at $90 to 100 per ton, or $5 50 13 56 per 112 pounds; while the English manufacturer gets 53 47 his at 26 66 per ton, including 5-8 inch: here 5-8 inch 3 40 sells at 120 dollars per ton: taking the average, he gets 93 72 it at 73 34 per ton less than we get it for. Half inch 52 14 he gets at £7; or $31 11, whilst your petitioners have