fFruln tho N. '. Evening Post. 1
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TO JOHN l fLLR:

 ExcuANGEs.-Fcw subjects arc less un erstood; nonc more simple, than the subject of exchanges. The very word implies what theyare-a mere change of property. It has been abuse of exchanges alone that has drransed them. The exchange business of the last six years has been living lie. Instead of being exchanges of property, they have been raudu-

 lent devices to raise money oit Of nothing; and the dcramgement complained of hts been the natural sequence of this lalsc dealing. It Is clear, that

 long as exchanges are Legitimate, they will, with open competitions, regulate themselves. II a man in New Orleans has a hundred bales oi cotton, he has some thing to exchange. He watts his property in New York: he ships il lliller If he wants it Ut home,

 he draws bill of exchange, based upon his shipment. He exchanges cotton for moiey. Such exchanges never become deranged, beca,se what goes one way is made up by what tic other. It is fictitious exchange, with mere Jcreny Diddler merchants, at each end, drawing on one mother, that produce de- rangement. The members of Congress do not pacs the matter in it's true practical view. No effect is produced exchanges bJ the circulation; for every merchant makes his allowances. Thus, If the crcu- laon of New Orlesns is ten per cent. below specie, merchant, who sell bill payable in that medium, gets jus. much less for Il. merchant in New Orleans, drawing on New York, a specie-paying place. asks just SD much more for his bill, the dum in which he receives il, is below specie. IL Is true, Mr. Webster, at Patchogua, told different story but he thought he telling II to the marnes He must have known better. His story of friend who vcttaled ms 5np cnedp ny Senuihp ier 10 4scW Orleans, and drawing bills on Boston at premium, was another instance of his experiment.: how much folly oven Ba-ton folks would stand when excited by an election. He spoke of the captain buying pork SD much barrel, and then selling his bill on Boston al premium, as a cute way of laying in his stores cheap. Yet any brokers clerk would have told him that if he had paid New Orleans currency, he paid just so much more of it, he gained in selling his exchange If, instead of selling his bill at premium

 he had paid it at par for hs pork, he would have got his pork just so much less as his premium amounted to. It was the same thing to the pork dealer. If paid in specie, he would buy New Orleans money with it at ten per cent discount. If paid in New Orleans money he can buy specie by paying ten per cent premium. The Boston captain then just made nothing at all, unless he made fool of his There is no difference in money and any other chandse-what is inferior in quality must be made up in guantfy Local currency then does not affect exchanges of property It is only fictitious exchanges that are affected, and that is by practising deception upon the unwary. A fiscal agent cannot affect ex- changes, which depend on the balance of trade. Let the advocates of United Suites bank state the mode of operating, by winch il will equaze exchanges and produce resumption! can conceive of none which the simple resumption by the merchants, now, will not equally effect. It it sell exchange, il must have friends to draw on-If exchange is wanted where it has no friends, it must buy we'll as sell, and what it gains way it pays in the other. How is this to make money! Why, by making the Government shavers, who buy exchange at one, and sell at one and half-is this becoming Government If the United States, agent only draws when the United States has funds collected at the place of payment, and only draws at fair rates, twill just make nothing and that be done by the treasurer or receiver, without any corporation. The idea that the United States requires any fiscal agent beyond own officers is not only pure delusion, but 1t is modern one.- Such not the original design of United States, bank. It was to afford loans to Government and to facilitate the raising not the distribution of money. Let the United States have money any wherc, and its cheques will raise it any where else at the cheapest possible The true motive of the bank advocates is, to place the public revenue under the control of bank directors, be loaned out to spectators, or ''aiiord facilities ."-There is public object 10 be attained now by United States bank, and the pre- lence of regulating exchanges is untounded. Ex- changes cannot be regulated any more than sales, which are only one kind of exchange. Goods for coin-you too honest for your party-make then, give you details and particulars, and they will let you alone. AN OLD MERCHANT.