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23d CONGRESS, T J)OC ]\J O 71 L 2d Session. 1 Ho. J Treas. Dept~ OF R E P S . DOMESTIC EXCHANGE AND RATES OF COLLECTION BY BANK U. S AND ITS BRANCHES. DOCUMENTS i SUBMITTED BY MR. POLK, FROM THE COMMITTEE OF WAYS AND MEANS. JANUARY 10, 1835. Printed by order of the House of Representatives. TREASURY DEPARTMENT, January 2, 1835. SIR : Agreeably to your request, I send you " A statement showing the rates of domestic exchange as charged by the State banks in different parts of the Union ; and also the rates charged by the United States Bank and Branches, in different quarters of 1834 ;" prepared from the materials in this department. I am causing to be prepared " A statement showing the rates charged for collecting by the Bank of the United States and its Branches at three different periods." It shall be sent to you in the course of a few days. I have the honor to be, Very respectfully, Your obedient servant, LEVI WOODBURY, Secretary of the Treasury* To the Hon. JAMES K. POLK, Chairman of the Committee of Ways and Means of the House of Representatives. [Gales & Seaton, print.] A STATEMENT showing the rates of Domestic Exchangers charged for collecting by the State banks in] different parts of the Union, and also the rates charged by the United States Bank and Branches in different quarters of 1834. Merchants' Bank, Boston, September 29, 1834. STATES. Portland Augusta Bath • Bangor Other places i per i per do. do. cent. cent, do. do. Mechanics' Bank, Commercial Hank of United States Bank, New York, Dec. Cincinnati, August July 1, 1834, till 20, 1834. 13, 1834. September 11. £ per cent. Par United States Bank, September 11 till September 20. Par $ per cent. WKW B A X M H I H I . Throughout the State • Portsmouth Exeter Dorer Throughout the State Burlington . © J per cent. i per cent, do. do. do. do. Par Par i per cent. . . 1 per cent. per cent. Par Par KASSACBCSBTTI. Boston Boston, and towns contiguous Other places Salem . . DigitizedNewburyport for FRASER . . Taunton . . . • . . . i per cent, do. do. do. do. Par i a £ per cent. • W o r c e s t e r N e wB e d f o r d . N a n t u c k e t . . . . . . . . . . cent.. i per do. . do. do. . dp.. HIIO1IK ISLAND. T h r o u g h o u tt h e S t a t e. P r o v i d e n c e . A l lo t h e rp l a c e s . . . . . . _. _ . i per . cent. . .i per cent. Par _ _ i per cent. do. do. Par Par Par CONNECTICUT. Throughout t h e State Hartford . . New Haven . . Middletown . . All other places N E W . . . . . . . . . . . _ — h per cent. Par Par Par Par Par Par 1 per cent. 1 per cent. ^ per cent. £ per cent. VIMIK. N e w Y o r k city . . . Brooklyn Albany Troy Catskill . . . . Hudson . . . . Newburg Utica . . . . Buffalo . . . . All other places Places o n Hudson river and towns contiguous U t i c a a n d t o w n s in w e s t e r n p a r t o f t h e S t a t e . .} per do. ^ per do. do. do. do. _ cent, do. cent. do. do. do. do. — $ a 1 per cent. - . . . . - J percent, prem. - _ _ _ _ — _ _ _ o Par i per cent. NEW JKHSKT. T h r o u g h o u tt h e S t a t e . Newark A l lo t h e rp l a c e s . . . . . . i per cent. i. per cent. Par CO STATEMENT—Oonlinuod. Merchants' Bank, Boston, September 29, 1834. StATES. Mechanics' Hank, Commercial Bank of United States Bank, United States Bank, September 11 till July 1, 1834, till New York, Dec. Cincinnati, August September 20. September 11. 13, 1834. 20, 1834. DELAWARE. Throughout the State - Par l-KMTSTLTAHIA. $ per cent. prem. A per cent. 1 per cent. 1J per cent. J per cent. i per cent. i per cent, a par No. Tar £ a 1 per cent. OC. Philadelphia . . . Pittsburjr Philadelphia and towns contiguous Other places . . . MARYLAXD. Throughout the State • Baltimore . . Par . 4 per cent. per cent. prem. DISTRICT OV COLUMBIA. Throughout the District Washington Georgetown . . Alexandria . . Throughout the State Richmond Norfolk Fredericksburg http://fraser.stlouisfed.org/ Petersburg i per cent. . . per cent, per cent, per cent. i per cent. - Federal Reserve Bank of St. Louis \ per-Cent. i per cent. 1 per cent. do 1 percent. None None per cent. None a $ per cent. None a % per cent. I—» do do Lynchbuxg Kanawha XOHTH CAROLINA. 1 i per cent. Throughout the State • Fayetteville • HI I II per cent, 1 per cent. per cent. J per cent. per cent. J per cent. M I I I I I I W . Charleston Columbia Other places | per cent. 1 per cent. Savannah Augusta Columbus J per cent. 1 per cent. 1^ per cent. 1£ per cent, l^per cent. 1£ per cent. 1$ per cent. \ l . i i iHI Millledgeville Washington Darien Other places i per cent. 1 per cent. $ per cent. p o 1 per cent. KENTUCKY. Throughout the State Louisville Frankfort Lexington Cincinnati Chillicothe Scioto Dayton Cleavcland and other places 1$ per cent. H per cent. 2 per cent. 2 per cent. H 2 2 2 percent. per cent. per cent. per cent. O 1 per cent. 1 per cent. percent. Par 2J per cent. i per cent. Par 2A per cent. i per cent. 2J per cent. H per cent. STATEMENT—Continued. Merchants' Bank, Boston, September 29, 1834. STATES. Merchants* Bank, New York, Dec. 20, 1834. Commercial Hank of United States Bank, United States Bank, September 11 till July 1, 1834, till Cincinnati, August September 20. September 11. 13, 1834. MICHIGAN. T h r o u g h o u tthe S t a t e - . . - . l i per cent. OMASA* T h r o u g h o u tthe S t a t e . . . -. 2$ per cent. ILLINOIS. T h r o u g h o u tthe S t a t e - . . - . © 2i per cent. MISSOt III. S t . L o u i s . . . . . 2 per cent. 1$ per cent. Par per cent. per cent. TEJXESSZE. Throughout the State Nashville . . . . 2$ per cent. per cent. 2 per cent. MISSISSIPPI. T h r o u g h o u tthe S t a t e . . . N a t c h e z. . . . . P o r tG i b s o n . . . . . . 2 per cent. Par l i per cent, l i per cent. 2 per cent. H per cent. ALABAMA. Mobile . . . . . $ per cent. 1 per cent. per cent. 1 per cent, 1 per cent. 1 per cent. 1 per cent. Tuscaloosa Huntsville Montgomery Other places 1J per cent. } per cent. IA per cent. New Orleans St. Francisville Other places 1 per cent. Par per cent. 1 per cent. 2 per cent. BMHDU* Throughout 2$ per cent. In December last the Girard Bank of Philadelphia made collections at the same rates as the United States Bank in that city ; and it still continues to make collections at those rates. In November last the Phoenix Bank of New York, which is not one of the deposite banks of the Government, made collections at the following rates i o p 0 a0 0 a0 1a2 11 a H i a1 1 a li 1 a li © Toronto, Upper Canada Maine New Hampshire Vermont Massachusetts Bhode Island Connecticut New York Pennsylvania New Jersey Delaware Maryland District of Columbia Ohio 2 Indiana Illinois Missouri } o l | a 1 Michigan 0 a 1 Virginia 0 a 0 Kentucky 0 a 0 North Carolina 0 a 1 South Carolina 0 a 1* Tennessee 0 a 0 Georgia 0 a 0 Alabama 0 a 0 Mississippi 4 a 1 Louisiana Florida i a1 i i j al 1 a It 1 a l| 1 a 1 \ 0 a0 it fa «t*ted that the arrangements of the f hoenix Bank, for collecting bills and notes, extend to every State and Territory in the Union. The foregoing are thTmaximum a n d S u m rates. The inner column shows the rate for the greater portion of places ill a State. The outer column shows the rate for the less accessible points. [ Doc. No. 71. ] 8 TREASURY DEPARTMENT, January 6, 1835. SIR : In compliance with the promise expressed in my letter of the 2d instant, I now send you " A statement, showing the rates charged for collecting by the United States Bank and its Branches at three different periods." I have the honor to be, Very respectfully, Your obedient servant, LEVI WOODBURY, Secretary of the Treasury. To the Hon. JAMES K. POLK, Chairman of the Committee of Ways and Means of the House of Representatives. showing the rates charged for collecting by the United States Bank and its Branches at three different periods. 4 4 4 4 4 4 4 4 l _ - l - 1 1 i i i i _ _ _ _ 4 4 4 PPPP1 _ _ _ i * l l l l l l — — - i i i i i - 1 1 1 1 4 I 1 H - 1 4 4 4 4 4 4 4 4 4 4 4 - 4 4 4 4 4 _ — — — 4 4 4 PPPPPPPPPPP— 1 1 i i i - i - 1 1 1 1 1 1 1 4 4 4 4 4 i 4 4 4 i i _ i i i — i i - - PPPPPP- l l — - PPPPp. PPPPPP- i i i i i i i - 1 1 1 1 - i - 14 1 4 4 4 4 4 4 4 4 4 4 - 4 i 4 i 4 pl 1 1 1 1 1 1 1 4 i 4 4 4 4 S3 S3 00 o - PP- - 4 i i i _ — — - PP— P- i o p i o PP- 1 1 l 1 1- i i -5 14 1 - l 1 4 4 - i 4 i 4 4 4 4 4 Jan PPPPP- o CO Jan O o S3 Oct i i d CO CO 183 - PP— PPPPPPPP- co co Oct - / P- i i - P- CO CO S3 183 i - - - co CO Jan _ tj O CO S3 Oct Jan i o Baltimore. 183 1 1 1 1 183 Oct i _ i i i - Jan 183i PPPP- i P- 00 New York. r-l p- 1 1 1 1 1 _ P- i "o O - — P— - CO iH p- 1 \ o CO 00 r-i i 4 - PP- CO CO CO S3 Hartford. T-l i $• _ — — — — — 4 i CO •<< r-l i i P- r-l PPPPPPPPPPP- r-i United States Bank Office Portland Portsmouth Boston Providence Hartford New York Baltimore "Washington j Richmond Norfolk Fayetteville Charleston Savannah Mobile New Orleans St. Louis Nashville Louisville Lexington Cincinnati Fittsburg Oct 183 o §3 S3 Providence. Jan CO oo Boston. 183 CO I* Portsmouth. Jan Portland. 183 Philadelphia. Jan A STATEMENT 14 4 4 4 ^ 4 4 STATEMENT—Continued. . p.aj . p. . lioston, . . . . Providence, Hartford, New York, llnltimore, . . . . . . . . . . . . . . Washington, Richmond, KTni.fV.lti \ o r i Fayetteville, Charleston, Savannah, Mobile, N e w Orleans, St. Louis, Nashville, Louisville, Lexington, Cincinnati, Pittsburgh . o i • . i c , . . . i 1 I I P— . . i — _ _ _ - . P- 1 . . . . . . . . • - i H 1 1 1 i i . . . . . . . . • - 1 1 1 II j i _ _. _ -n. n. n. n. n. ~ P_ 1 _ _ _ 1 1 1 I 4I 1 i i j 4 — • n. n. n. n. n. — P_ - - i i - - I - 4 — - i — l 1 | n. n. n. n. h ft I I ii. - i i i Ii I } } i 1 1 1 1 1 1 1 - 4. T n. n. n. n. n. 1 1 1 1 1 1 1 1 1 3 h — - 11 1 - 1 — 4 1i i _ 1 1 1 1 1 1 1 - 1 1 1 - i I 1 - _ 1 1 1 1 1 -1 1 1 — I - 1 1 1 - i«l — - 1 1 \ i 1 4 — n. n. n. n. n. 1 1 1 1 1 1 1 1 1 - 1 1 1 1 1 1 - 1 1 1 1 i — n. n. n. n. n. 1 1 1 1 1 1 1 1 1834. Jan. '. 1 - _ 1 1 1 _1 1 Oct. 1833. 1 1 1 1 1 1 1 1 Mobile 1830. - 1 _ 1 — _ 1 _ - 1830. 1 PP- _ 1 1 1 1 1 1 1 Jan. !1834. - p. _ _ 1 1 1 1 1 1 1 1 Oct.:L833. _ I i 1830. 1 1 1 1 1 1 1 Jan. 1[834. 1 1 1 1 1 1 1 1 I \ I i 183C. | Jan. '.1834. . . Savannah. Charleston. Oct. 1833. . . . 1833. Oct. ] . 1830. , . Jan. 1 834. k CO CO Oct. 1.833. n . Jan. 1 834. United States B a Office Portland, Portsmouth, Oct. 1 - Oct. 1 1830. CO 1830. M Jan. 1834. CO Fayetteville. Norfolk. Richmond. Washington. 1 1 1 u o 2 1 p -4 n. n. n. n. n. •fr£8I "ro»f •SC8I -PO '0C81 *tS8t "Wf •SS81 PO •orei 'fSSl " U B f •ES8I'WO "0S8I •fr£8I - U B f 'CS8I "PO '0C8I <NCN(M [ Doc. No. 71. J <N(NCNCNCNCNCN I H I | | c-jri | | | C C C C C I | H ^ I * 1 H S | C | C I S I 1 1 J C 1 1 1 C li-l S 1 1 1 l«*tl C 1 C C C I C1 C 1-*1-*1 1 1 C C C IrHrir-li-l S 1 C 1 1 1 1 1 1 1 i H '*% I ! ( N ( N C N | C 1 I -«* 1 | - * i | -*ir^ -f-« 1 1 1 C G C C C 1 1 1 1 1 I ICN(M(N I f*»-<^ i >*1 ^ 1 - < 1 - * 1 - « ^ M ^J) ^ - ( - < ( - < 1 HCT ^ M - « M - * 1 - * 1 ^ M **« 1 1 N(NW(M<NC<(N 1 IH I C N ( M ( N I - * i -«H - « i - * i Hn - * * -ci -*N - ^ - * i -<M - * i -•?! -«M-*i - * i •*» 1 I C N C ^ O » < N C N C N < N -<i -•?!-*« - * t ^ « Hw - * i -*< - e i -<i -r< -«« -Ci H« - * i - * i ICNC^CN «*» i i i i i •*• i j-c^i i i i r i i i -*i"*i i i i I<N(NCNCNCN(>»O» 1 * - • 1 "rty-l -*« •*» -*1 -<1 H^ -*< •*» - * l -Ki -& -<« -in -*« ^M -««-<1 «•*• 1 I < N C ^ C * ( N ( N C M C N | * H C . •fC8I'u^f I H "*1 HN -•« - * < - « - * ) - * i -<* -<1 -«M - « • * « • * ! -*< -*N ^N | 1 1 1 C I . 'SS8I 'PO »«l I « N < N ( N - '0S8I I C S C ^ M C N i N C N C N ^n - o ^» -*n •-»«-« -«i -<M - * i -<( -*M -4« H)M - * i H« •*< . . . . . . . . . •tC8X u «f • • . . . . . . . . . . . . . . . . . '9C8I "PO . " . . . I M W N M N N N ltN<Ne» 1 1 1 1 (N N W M <N 1 . . . . . . . . . . 't£8l u * f . •£C8I PO •0C8I 11 . United States Bank, Office Portland, . Portsmouth, Boston, . Providence, Hartford, . New York, Baltimore, . Washington, Richmond, . Norfolk . Fayetteville, Charleston, . Savannah, Mobile, . New Orleans, St. Louis, . Nashville, . •I/Juisville, Lexington, « « . ' Cincinnati, - - Pittsburg, . Pittsburg. Cincinnati. Lexington. Louisville. Nashville. St. Louis. New Orleans. 12 [ Doc. No. 71. ] NOTES. The items in the first column of the above table, showing the rates of exchange during the year 1830, have been taken from a statement sent to the Secretary of the Treasury, by the President of the United States Bank, on the 27th of February, 1832. The items in the second and third columns, showing the rates of exchange in October,1833, and January, 1834, have been gathered from the appendix to the report made to the Senate by Mr. Tyler on the 18th of December, 1834. The items in the third column were, in some, if not in all instances, the minimum rates of exchange. The instructions sent from the Bank at Philadelphia, to the offices at Cincinnati, Lexington, Louisville, St. Louis, Nashville, and Natchez, on the 22d of June, 1834, were, to purchase bills of exchange payable in New Orleans at "not less than two per cent, discount." The instructions sent to the office at Baltimore, on the 27th of January, 1834, were, " to modify the rates of exchange contained in the resolution of this board of the 1st of October last, so that these rates on the western offices may not be less than twoanda half percent.,- on New Orleans, not less than two per cent.,- and to any other office south of Washington, not less than one per cent.*' Similar instructions, omitting what concerns the southern offices, were sent to the office at Richmond, and also to the offices at Norfolk and Fayetteville. The instructions sent to the offices at Portland, Providence, Portsmouth, and Hartford, on the 24th of January, 1834, were, " t o modify the rates of exchange prescribed in the resolutions of the board on the 1st of October, so as to make them not less than two and a half per cent, on all the western offices ; not less than two per cent, on New Orleans ; and not less than one per cent, on any other office south of Washington." The President of the United States Bank, in a letter to the President of the office at Boston, says, " in regard to the rates of exchange mentioned in the resolutions of this board of the 1st of October, and already transmitted to you, the only modifications which I was instructed to communicate for your office were, that the rate between your office and the western offices should not be less than two and a half per cent; that between your office and New Orleans, not less than two per cent.; and that between your office and any other office south Washington, (exce p t N e w Orleans,) not less than one per cent."
@FedFRASER