Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1802-08-16

Tx n1nofCu diFu uHtJ uA SnOUiai'u uoss~Ss
have been iubjoined to the national debt.
For this FUN, 20 previous proyiion had
been made. II came not within any one
of the climates either Of Hamilton, Of
Wolccts, on oEsGaila,in. ]. fand. quite
alocf and diaina from your aeyenty.eight
millions of dollars of former debt. This
fasn at once anticipates and. AFFORDS, for
ten years to come, and upwards, all your
bsafed oyerplus Of three hundred thou.
fand dollars pc, anaam. Money mutt be
RATED to pay ;hefe fix hundred thoufand
pounds an interea mutt be paid
tfe. that lean, while feven, or eight, OF
nine years Of your annual republican over
plus, remains,in the puy.es of the people.
1t is Ga;d, indeed, that Gallasia is TO
| vsneui!h this difficulty. He is to raife a
| monument Of this talents as a Gnancier,
ard Of his fagacity as a political prophet.
He is to dilcharge thefe fix hundred thou
tand pounds ferliog without a ftelh loan,
! without putting a trsfh tax upon the fhoul.
ders o fthe people. The newspapers report
that he is TO perform thsfe wonders BY Eel.
ling the government ihares 10 the bank OF
the United States.
We cannot Believe this report, for ic-
veral ~reafons. The lchcne would be at
once de(perate and ridiculous. 1t would
dsa,onArate a miferable extinfion Of re-
G~ourccs. 1t would never approach to an
accomplishment Of the pro2oiel end. Be.
ides all this, it would produce various
unhappy consequences. We beg your
fpccial attention. We are not going to
lead MIR. Gallatin with a bu[hel OF nick
names. We are not TO diSharge a yolley
of uratteRed afirmations, of which mott
people cannot tell whether to believe them
or not. We are only going to fate a few
plan confcGed facts, that will afcertain
the wildnci; OF fnch fcheme, and which
make US believe that it cannot be in agi.
t~ation, at this time.
The capital Of the bank Of the United
States amounts to ten millions of dollars.
Of this, government holds W. millions.
But before they could buy thele flares,
they were obliged to borrow two millions
from that very bank in order to pay for
them. During thefe twelve years, there
fore, they have been paying an interee of
tx per cent. for the two millions of dollars.
They have been receiving at the fame
tine, eight per cent. as partners In the
firm. The irtere9 came to an hundred
and twenty thouland dollars, and the di-
vijend TO an hundred and ixty thouiand.
Thus government gained forty thouiand
dollars rer annum. IF thefe flares are to
be fold, the bank will cake Gale TO be fats.
fed, in the fri place, for the loan oftwo
millions. The aifchaTsc Of 60 great a
fun puts almoa an end to the fory. But
even five hundred thoufand dollars can
be gained By the fale, they are obtained
much upon the fame principle of an eight
per cent loan. You fell a flock, which
produces eight per cent. You fell it in or
der to diicharse a debt, becaufe you cam
not borrow at fix per cent. a FUN efficient
TO difchargc il. ct the fame time, you
difplay to the world the penult extinc-
ton Of your financial ~refources. You ex-
pole government to the difrefpea Of the
powers of Europe. You forfeit all in.
auence over the bank, a matter of ferrous
Importance. Ga this account we FAY that
the propofll for telling thefe fhares
would be ct once defpara:e and ridiculous.
1t would caf away character without OBJ
tanning the object Of the facri6ce. 1t,
would be like the prudence Of a fpend-
thrift, who provides for his tavern bill by
tie faIe Of his plantation.
We have only newfpaper authority for.
aatins that the iale Of theie bank hares-
is at prefens in contemplation. Perhaps
the contribution would not vindicate 70.
ffrong a Rep. This indeed would be an.
obhacle of fmall importance. Both par.
ties have feparately, or collectively, broke
that paper an hundred and. Fifty times over.
Many fcruples upon fuch a head cannot be
expected from the Prefdent. Mr.. Jefer-
Gon has told use that the tank & the public
" funds. are Embellishments invented with
Is q,ie1vs of c~ornatAiex !; and to aGimulate.