Norfolk gazette and publick ledger — Norfolk [Va.], 1810-05-16 00:00:00, page 3

and*i«np1i
jmj ifceir deg
drii'n fHES
•elf preservet
aoej^to thi» jrimttre in jK0of* <
ritiv* and prompt
manner than a^pe spet ified rate. What (ben be
comes of the boasted powers and capacities of the
plate banks to aid the debtors nf the bank which so
%
many wish devoted to annihilation ? They vanish
Into thin air, with the erode notions of thoss who
have hazarded such dereptious assurances.
Thsnry, however plausible, is always subject to
doubt. Mankind are prone to errnur in abstract
reasoning. A smalt mistake in the first link of a
long chain of reasoning,- mat affect every subse
quent link, and may produce a distorted result, as
opposite to troth as light to darkness. Ufut “farts
are stubborn things* Every calculation fairly
built’ upon (hem will stand the lest of toe strictest
scrutiny. The more it is examined, the more will
it be found unassailable.
. I am happy to have a strong and onexesptioni!
ble fact to adduce, shedding the clearest possible
light upon this subject; a fact which applies exact
ly to the case ; a fact which cannot be overlooked
or mistaken but by the direst insanity*
About four years since the Merchants Bank of
Kew York, which hrgan its op rations without ha
vin* received a charter, havinc aoniied tn the learn.
la to re of the atate for an act <>f incorporation, rts
petition was rejected. A severe law was at (be
same time enacted, which explicitly made the pri
’ Vale property of perons engaged in the business of
banking, liable for the debts of the institution. The
Merchants’ bank was allowed one year tresettle its
accounts. Accordingly it ceased discounting, amt
all its debtors were obliged to disc harge their noteb
as they fell due. The payments, a* might be sup
posed, were made paitly in specie, partly in its own
notes, but chiefly in those of the other banks. Bv
'this very simple operation, it attained possession of
•o many of the notes of these bunks, that when they
were presented far payment, it brought them to
the very verge of bankruptcy, by sweeping away the
whole of'their specie. I was at tint time in New
York, and was credibly informed that one of the
banks, was, fora day, reduced to the necessity of
paying its nous in small change, to gain time. At
, , .this crisis, when destruction impended on the trad
ing warld, it was fortunately in the power of the se
cretly “• the treasary to divert the storm. (Je in
terposed, and having very large sums to the credit
, of.the United States in Philadelphia, he directed
■ :lh* transmission of a considerable portion of them
Jj(n New Yor k, to remove the evil.—1,500,000 dolls.
* were accordingly despatched immediately; but for
which the three New York banks wonld have abso
lutely become bankrupt.
.1 am unable here, i > state with precision the ca
pital of tbc Merchants* back. I believe it was only
‘ 750,000 dollars; at all events, f am sallied udid
Bot exceed one million. Let the readrr, 1‘implore
him, lay aside, for a moment, any prejudices h» may
ha** imbibed from the very erroneous statements
xepeat»c% rnsde on this subject. Let him consi
der this monitory fact. It holds out a strong lesson,
which I hope will not bi offered in vain. ff such
was the effect of the projected dissolution of a petty
Institution, such as the Merchants' bank, what
Jioisl be tba effect of enforcing in New York and
Philadelphia the payment of 8,000,000 dollars in
ten months, nr 800,000 dollais per month » 1 i?ei
no hesitation in saying that Die rain will be as e
aorgnous us that in Trance on the explosion ni the
Mississippi scheme, or the baukruptry o! the
Caisse d’escompte, nr in England on the hoisting
.. of tii* South Sea bubble. The men who ire udebl,
Bnd have property, will be universally at tbe mer
tcy of those who have money for the purpose of spe
culation. Estates will he sold for 60 or 70 per
c.ent.of tbeir real value. And while the most use
ful and industrious part of the community, the mer
chants, tiad-rs, tire manufar lursrs, the mechamcks,
•od the artists, wili be involved in one general heg
gary, the lapiuhsts will have an opportunity of nm
jkopiwlising the fairest portion of ihe real property of
(Jbeil fellow citizens, almost at their own price, It
will be in some sort a revival of the never-to-br for
gotten scenes of continental money. We shall h .ve
a scale of depreciation bank paper, fur the advan
tage of sw indlers and speculators, and tha ruin of
honest men
Whatever may he the ruin, the interposition of
the upcreiaiy oi the treasury cauunt now take place
as it did on the former occasion. The exhausted
slat* of the treasury absolutely forbids all hope of
' aid from that quarter.
One gentleman with whom I have hart a little
conversation on this topic, has stated that two
thirds of the notes discounted by the bank of the
United States, being what Hre termed real natet, or
Dotes given bona fide*for value received, there can be
podiffirulty attending the payment of them; and that
the payment of the arromiiuidation of fictitious
Votes, the lemeining third, will be rendered quite
easy, by the aid of the other banks. I think I have
fully refuted the latLei idea. 1 proceed to investi
gate the first.
; Had this gentleman come from a part of the
country, where there was little or no use ot money,
and where of course negotiations were carried on by
barter, we could aevount for the assertion that those
who have received value for their notes when due,
as they may pay away the ships, the sugar, the lo
barco, the linens and woolens, which they possess.
But his place of residence affords bins no examples
of this kind. And that gentleman in a lime of great
_ scarcity of money, might possess every specious ol
• the most valuable property including publick scru
ff rities, and bank stock, and yet be unable to convert
theoi iuto cash, to meet his notes, or bonds, or ex
ecutions, if any there were, without makin* most
fnorraous sacrifices. In fact, in a lime of general
pressure and difficulty, rial notes bear harder upon
tbe drawers than fictious ones, far a very obvious
... reason. If a, bank has discounted 10,000 dollars oi
real motes drawn by any individual, there w n<» ob
ligation implied on the one side, or understood on
the other, that any part of them is to be renewed.
» Whereas in every case, is which the very safety of
t (he institution is not absolutely at stake, every well
> regulated bank considers itself as in some measure
bound by almost universal practice to renew as
large a port ss possible, il'eot the whole, of ar
^ CommodHiion note*.
X- A further view rerjteips to he lakes of the sfeb
l^ ject. Some selfisb^inen, who live hundreds *f
.aw_„
t'oftfe.mSSwiiBttmai
pendencewon* smart baUnc«|pV,ie treasuryj£§
loan i and* about nimt miliums <>l pollan, dae oA
bond* by riw merchants. It would ba the extreme
of folly t<r place dependence on a loan, when those
m»n whir were likely to subscribe probably two
third* or three fourths of it are reduced to tb» state
of eiiibarassmenc and difficulty 1 have mentioned.
—"Even those whose good fortune steers them
clear of the surrounding difficulties, will find it
much more advantageous to purchase the existing
stock of tb^pued States, which the general dis
tress will tjffow into the market in great abnrrdhnce,
and thus reduce it below par, than to subscribe to «
new loan. From this view on which my limits will
not allow me to dilate, the fste of (be loan may be
easily anticipated.
The bonds remain/ These, though ultimately se
rure, and affording a lien on the estates of both
debtors and their secoriltes, will in the general con
fusion be suspended for a time.—When a merchant
• >r trader has the alternative presented to his view,
ot allowing his bond to remain unpaid, or bis note
to be protested, he will choose the former as in
compatibly less injurious to his credit and charac
ter . Some months must elapse before payment can
he enforced. During that time he takes his chance
of contingencies to enabl# him to pay the bond be
fore the courts carry the business to the last extre
mity. But if a note lie over protested, his credit is
ahsolot-Iy extinguished/
I think thueloie I am fairly Warranted in say
ing that a politick and private bankruptcy will eu
sue.
i nave ntara ir asserted that it we are liable to
sur‘. evils as these are, by the operations ttf this
hank. it cannot too $onrr he destroyed. Better en
count' * II these evils at once, than have them hang
over our heads, hkv the sword of Damocles, ready
to drtdi >y os. This is as wise reasoning as that of
a man who having an exedlent house in the neigh
bnufhood of such combustible materials, as put it in
danger of being one lime or other consumed by fire,
thought it j 'edent to burn it .town himself to pre
vnu the possibility of such an accident at a foture
day.
But to be serious. Whatever force this argument
m'ght iVF. had previous to the establisl.mei. of
bank :: tot at present worth attention.—Banks
exist •" i hout om country. They will continue
to e;>. i . s- -t and if the bank of the United States
were di»=- Iced to remove the evil, another, pregnant
wlo as much danger, would arise in its stead.
1 !l l *t intended t» have at all touched any of
(to l ies of the various proposed plans. Hut there
is or. , >rt of the bilf before the house of represen ■
tat.- -. that appears to me so highly exceptionable,
t v.: s find myself impelled to notice it. I mean the
prodigious addition of ten million of dollars to the
capital, i hope before the house ratify this that
the members will well reflect upon its consequencds.
►lost of the inconveniences charged upon ihe pfe
amt institution, arise form its enormous capital of
i tru million »f dollars. Many of its enemies have
made this, among the strongest objections to it._
| And yet lured by adisgraceiul spiut of cupidity, un
j worthy ot the representatives of a free people. We
are going to burthen uur posterity with an institute
j on with twenty milium , of dollars capital_and to
j sink the government into Change alley broker, to
huckster out this stock from year to year ! O
shame ! where is thy blush ?
New Yon*, May id.
Geti. Moreau gave a Vny spends ball, at bis
house in Pearl-street, last M mday evening. Aniolig
the ladies and gentlemen of distil j„n p,eseD[
were Mr. Jackson, (the British Ex-Minister) and
his lady.
Baltimore, May Id.
Tjitrit from Ihe Mediterranean.
Srh’i F'uiry ai rivedat N. York, reports that Cueta,
opposite Gibraltar, was in possession of the British.
The British sent several Americans into Malta,
hound to Naples, fir having certificates of origin,
detained till t' ey hear from England, An An.eri
cun brig bound to Naples, was also sent into Malta
an i immediately released without (rial. [The Fairy
left Gibraltar tiie 3d April.}
TO BE HEAD WITH SEHIOOS ATTEHTIoN J
PRIVATEERS.
New-Orleahs, April 12,
The capture of the three privateers the Due dt
Montebellot the Inlrepide, and the vessel hearing
the papers of the pirogue called 1m Petit Chance,
has disclosed a system of iniquity which has here
tofore been unp.iralclled to this country, There
appears to he a rfgul irly connected chain of villai
ny which the breaking of this link gives us hopes
will be entirely destroyed. We suspect extremely
many persons being engaged who now share our
hospitality and all the rights of American citizens ;
we hope, howev-r, for the honour of the American
name, that none of our countrymen are engaged.
The Due de Montebello was fitted out at Baltimore,
purchased by a captain White, cleared out with
French passengers for St. Bartholomews, was call*
ed the A mi able, put into Savanna, (Georgia,) arm
ed, shipp-d part of her crew, sailed, ami received
the r> st Irora on board a vessel commanded by cap
tain Kuhn. She assumed oil the bar of Charleston
the French character and name she now wears;
sailed on a rruize, robs, sinks, burns, and destroys
every American, Spanish and English vessel she
falls in with, until glutted with plunder, she is com
pelled to put into this port under pretence of dis*
tress; her captain’s name is Besson j her apparent
owner's nsme Brnuard—orte Menton, and a certain
John de Loope, make ceuspieuoes figures on board
ol her.
The Intrepide was built here,, tailed from this
port about two months since on tier first voyage to
St. Bartholomews with French passengers, com
m inded by a captain Roger*, where it is said shr
was sold by him toS-uinnet, one of tbe passengers,
and sailed with the r«slol the passengrr •, under (hr
command of Niooghmao tn St. Maritas, where
she obtained a French curnmtssian, proceeded on a
erotp, md aft** taking from o* hoard a "
(toopdoiUppaiinbm
burthen, (in • cms^but meeting with th
•,*wwrtr' and lindir,§; her ***$ hist soiler, be
hnevrew on fi.iara her, jgtofci the Fsfit Chancet»
the crew of the schooner, and west on Sr eiuike.—*
’ After making several captain and destroying aw
rel' vessels, ho pat into this port in distress, tbs
examining bw leak it was found to be • fresh bored
altg-t hide.
The schooner Blossom arrived here firom St. )»go
with a number of passengers, sailed under the corn
mand of a terrain John Jaque, under American cu
lours, arid spoke by »he Montebello oft the bur srf
the Belize a short time smre, bearing a different
name, cruizing us a privateer under French rotors,
and richly ladeD with plunder, who is no doubt
somewhere on our coast engaged in smuggling her
cargo into this place. The captain nf the Monte
hello supplied her with a boat which he had Ukm
from an American brig ; and she proceeded (nib,
westward, where some ui our vessels of war have
pursued her without effect.
1 he schooner Leonora sailed from this place un
der Swedish colours for St. Bartholomews with a
bout 80 French passengers on board, and was strict
ly examined at (he Balize by our vessels of war, in
order to find arms on board her, but without erten I.
She proceeded to Breton island, where it is suppwec
she tank on board her arms and ammunition, He
she Ins smre appeared off the Balue in chase .0
some vessel* and lias plundered others.
We hear ol asrhoumr railed the Superior, now
rrurzing off Jamaica, sinking ai»<j burning every
vessel she meets ; not long since she was at Charles*
too > also six other privateers which s tiled from
(Juadalottpe helore.it surrendered, und are supposed
to he destined tor this plate; they are now rruiz
ing in the neighbourhood of Cuba and Jamaica.
The system of warfare conducted by those men,
is a disgrace to htiutatr nature. Having now no
place to send their prizes to, they destiny them on
the high seas ; and perhaps the prisoners share the
fate ot their vessels, lor we find none on hoard ex
cept a lew persons «l colour, intended no doubt for
sale. Nor do tjbry confine their outrage to English
and Spanish vess.ls : we find the Mtmhbel/o has
robbed three American vessels, has burnt one, and
ransomed another 5 the protest of captain School
field is in part evidence of this fact.
We hear til a vessel that was purchased at Nor.
folk, by some Frenchman, and sailed for Savanna,
hut slopped at Hampton where she was equipping
in every respect ior u privateer: tins circumstance
joiued to the circumstance of the Monte hello's hav
ing heed equipped by a certain Mr. Jerome, at Sa
vannah, we are induced to believe New-Orleans
and Savannah are intended as the two principal
places ol rendezvous. When we retfollect the huc
caueeriug system which was conducted by Dam
pier, and others, ran we have a doubt of an inten
tion in those people to revive it !
There exists however no authority Ht this mo
ment tor privateering tu those seas, and yet (hose
s-as are full of vessels which have assumed that
characterj and when these privsteers may have as
sembled 111 squadrons, what guarantee have we for
their honesty f What security from jhetr depreda
tions on pur commerce f Perhaps those very cities
which hailed them to our shores as distressed ex
iled brothers, and benevolently extended In them
charity and protection, may be laid under contribu
tion, or perhaps in ashes !
We have felt it as o..r duty to give this Warning,
and it rests with the officers of government to elude
the danger.
Gazette Marine Memoranda.
ARRIVED.
Brig Samtiel, Coveil, 46' days from Cadiz, Sa’t
Martin Fisk.—Left there ships Sheffield, W. Cow
per; United Slates, Porter) Central Colhorr.,
Priure, all for this port, to sail in a few days.—
I he Georgians, Chamberlain, of and from this
poft, performing quanto line.
Pt^RT OP NORFOLK AND PORTSMOUTH.
CUSTOM-HOUSE—Earlsfcto.
Stiip ftolla, Sanford. Lisbon.
Rfig S'limicl, Ciutll, Cttiiz.
Sloop Liberty, Nichols, Newport.
Eagle, Chase, do.
CfFAREt),
Brig Cephalus, Emmetsoo, New York.
Erin, $uuh, Trneritie.
Sch’r Holla, Tilling, Jamaica.
Norfolk, Deagle, Baltimore.
Essex, Fabms, do.
JU9T
' direct fr
Madeira,
A few
Particular
Londc
deira WIN
of very supei
our quality, cii
Alt
*3 boxes Hollow
Glass, --—
Tumblers, Wine and Ale Glasses, Phials of difier
ent sires, and Mendicaments f..r Apothecaries,
Flower Potts, Punch Glasses, Goblets, 8tc. which Will
be sold on accommodating term* by
Jennings U Roddey.
• In Store,
700 barrels
rnmc and Cargo Pork,
50,000 weight choice Bacon, and a quantity of Her
rings and Mullets.
May 10. tf
STOLEN
On Sunday Night from along ride the Skteft Phmbe,
A small YAWL,
About 13 feet long, painted white with black bot
tom, and her timber* headed. A generous reward
will be giveu la any person who will deliver her on
board the sloop, oe to
« Williajn Pritchard,
!r
A piece of LAND
*cr«, and baa • mutt Hi
known by the name of 1
Point, and the Crr'efc dMaiL t?
Kndmg W wolf stored with MuHem, and jaMti »
full new of J.imea Kiver and HkiDfha |h^L '
Thirty Acres ci’AW(kjD LABS^I^r
joining the former described rrata, ,«*i «»teaiti*
tw ihe road leatHng to Poinphret,
- ■ ALS0»
A LOT on Loyals \^iiar4
«qunre.—-wAlsq, ' ... .
Orte half of the Traci of LAND, Oft
***£. Creek, S«eraify known by the nacneof Twft
er s Mills; there h « aery good s-ream. of. wwtwr,
which has been increased by.a road made. theCa*al
Company, and it fs supposed a supply t.f water can.
be obtained from, thence to work the year thttik'
• ; Atso, -
n Shares in the Bridge Company.
Terms made known at the time and* yhtw of a*ley
And now landing at Mwon't Whvrfi, the VABQ
cf !ht Schooner Ptnc/oftc, cotwit'ing of ”
17 4- puncheons choice Rum»
10 hogsheads best retailing Molaasea, |
5 puncheons Hum. ■- r- 4
James Youngs
May 14.
'Wanted,
Good Rough White Oak Harrd
STAVES,
For which Cask will b« given. J T
„ James**
May 14. |
Fur Sale on board the Ship Holla, '
‘291 Moves SALT, 16 cwt. m
S3 boxes LEMONS.
Theo. Armistead5
May 14.
tf : »v
l)ismal Swamp Canal Company
A SPECIAL MEETING of the cAptny wlff
E.x'h»"ee Cffee-Ucuse, on &ATfj|U
DAY the 16th of June, at io u'cteck irTAe fo«?Xl
on business of importance to tba said Cetnpany.-—
Uu this occasion a full meeting of the Stockholders
is necessary.
Wm. Cammack, PresutenL.
May 14. tdm
1
1 WILL SELL
That Valuabre pLANTiOKf
FlSHf RY, .
Iwnown by the name of Willoughby fPiimitJif
•s,a John WiUogpBj*
S'I OLEK . •'.'AH
From along tide nfthe Brig Rtckard. tying at
hi and, •
A SHIPS YAWL, v
Thirteen feet long, white bottom, black tides, wittn
a yellow ,n .adding.. A reasonable reward «-tUb* ri
ven for the delivery of her to captain Mitward, at
the Brig Kichard, or r(,
James Dykes H Co,
^ May 11. _3 r.-™
The Pahlick are hereby notified.;
That the MAIL STAG“
Running from Norfolk to Sefthlk and P
will In ftiiore leave MATTHEW QJ.EN
V KRN, at the Sign of the Indian Queen. Meld
« ,JS. TOiianyons. nim-Hrm,
Norfolk, every Tuesday, thnrMlay, and Saturday,
at one o'clock, and arrive there'every Sunday, Wed
nesday and Friday, at ten o'clock. Gentleman 4 ho
travel this route.will please c«H at hn bar amtemer*
M»* »' ;>«**?*
Just received Ay thr ScAuedHf’Sfikft.'g''
15 pipes Choice 014
cuiar Madeira wine.- ’
For Sale by •■'
ffarrm AshMS
ST. UBES* SALT.
2000 bushels St. Ubes* Salt» of
cellent quality for sale a-float. Affttf
May 11. 3 ^ , fiat.
Two TR/itns of
Within two mile* of York To*
Williamsburg—one containing*
other 144, belonging to Afr. rt;
may be known by applying to the
Spom of the Pit.
A MAIN OF COCKS
M the Exchange Coftt-How
Thursday the 17th instant, and <
Mw.r?