Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1802-05-28

yency of the bank-thst committee was
alfo inarused TO enquire into the exilfence
and caufes of the neceiiity which had pro-
duced the Order of council but the
grounds on which mall rrit the propoGti-
on have to make to the houfe are notori-
Gus, and 1t will be for the fober and diipaf-
iionaie reflection Of the houle, whether the
meafure / fhall fubmit does not necefari-
ly refult from facts and circumstances too
well known even to require a particular
ltatement of them. II cannot be neceda.
ry for ME TO inform the houfe, that the cate
of exchange between this country ard TO-
reign parts is difadvaatagcous to courfelves
lit cannot be necefary for me to fate
that the export traie has been for fome
months at fand, and that there mnG be a
comfortable time elaple before the country
Can have the benefit of the returns Of the
export trade, even after il is refored TO
thoie channels into which il is rapidly
throwing itfelf-if cannos be necefary for
me to prove that while the rate of ex-
change is diladvantageous to US, an aug
mentation of the circulating cath would
create trade highly injurious TO the inter
eft and commerce of this country. It is
we'll known that for ieveral months paf
there has been trade carrying on npur-
chatting euiseas with a view TO the expor-
tation of them. It IS on thefe grounds,
namely, the circumstances belonging to the
export trade--she impoGibility of having
thole re,4rns, which in England are many
months before they are made, upon thee x-
port trade, and the prevention of the milf
chief that would ariie from the eyportati-
on of coin, that ! think it my duly TO fub-
NIT to the houie the expediency Of CONT.
nuipg the reasittion with regard to the
payment Of the bank. There is, fir, ano-
Their confederation that preGes frongly on
my mind, aud | am pefuaGed it mult be e.
qually felt By the houie, and by the coun-
try. 1t is, that the entire command we
have experienced for fome time pat over
al! foreign markets, cannot be excited to
continue in the fame degree. Competition
mutt exit, and it is important that at the
period of commencing that competition, e.
very facility hould be given to the mer-
chants Of this country. By continuing the
refrietion on the bank for fome time lon
ger, the accommodation afforded to mer-
chants by the bank, wirh re(pea to dif-
count, will be continued. 1t therefore
appears to ne that there are ftrong reafons
for the adoption of this meafure, arifing out
of the circumstances and fituation of the
country, that promife to be productive of
great and fubaantial benefit by the in
created means--iuch niealure will afford
accommodation to the merchants. In ad-
dition to thoie reafons, the houfe will re-
feet upon the Inconvenience which would
unavoidably rsiult from letting loofe fuch
appropriation of the coin Of the country
as will be circulated by taking off the re-
ftrietion. I am not aware of any incon-
yenlence that can politely ariie from CONT !
naing it. We have had thefatisfattion, a
riiing from the experience fthree or four
years of difficulty we have had experience
that during fuch period the credit of the
bank had undergone 10 dim;nution what
ever. Bank notes have maintained their |
reputation, and have been every where re-
ceiyed cheerfully and readily; and there |
are circumstances on which | am fure the
houle will be difpofsd TO lay particular |
itrefs-l mean, that at the time when it |
was thought expedient TO encreaie the cir |
culasing medium, and the bank were al !
lowed by Act Of Parliament to call in |
notes of II. and I'll. and pay them in fpecie. |
Notes to the amount of 500, oool. were
called In, and the individuals holding them |
were entitled to payment in cath; but of |
that fun upwards of 4 oo, cool. was receiv- /
ed in paper in pre!etencc to money. A |