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specify the parcel of cotton against which II IS drawn, as to give all the advantages supposed to be derived from such specification. What security has the Bank from the tune the money is advanced, to the time the bills oi adng signed suppose II is de- s,rnyed by fire niicr the purchase, and before the shpmeni whose loss would it be, if not insuredt If insured, in whose does it stand! and to whom would ihe money bc pad by the office, in case o osst If in the name of the shipper, would not judgment against him, recover the amount upon garnIshee!- In whose name is the cotton stored? and m case of an execution being levied upon it, To whom would jury adudge the nght of property, II stored m the ot the shpperl and would not an execution le- sied upon the property even on shlpboard, bring up such question of ownership, to make Il very nn- certain risk for the Bank? But suppose the party mak- ing the shipment is entirely free from such position $ would subject every thing in hIs name to rigd scrutiny, what security has the Bank that inc money will be applied to the purpose inended and IS II not possible that even in the hands oi the broker, II may be dherfed from it's intended use or go to pay oid losses or obgations and finally, is it not possible, should the bills be drawn in the usual mode, and left with the Bank be exchanged for s'special Bills, when the shipment is completed, that the cotton alter purchase, should go to soma other, and not Dale De sent to the house upon the bills drawn, even tho part of them should be made !" specal''l Now, if any or all of these risks taken by the Bank m such arrangements there IS no such security as all shoud ho,e, who purchase Exchange, when not sa- tisfed with the character and responsibility oi the drawers, and inc nature or thc Dh wHen aOccPteus as from the the time when the money Is advanced, to the close of the shipment It is not secured; and of course, n risk of this kind should not be taken.

 But enough has been said for the present, in regard to the objections against such arrangements made by any one who has inc disposition of monies belonging to others, whether corporations or individuals At other time, you may hear from ma as to the security which IS given to the Bill of Exchange being made ' specia,' should "A Merchant" some other correspondent, mol make the public acquainted with the gross mistakes made in regard to it.

 A CITIZEN.