Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1803-04-14

OohS. ot3o3'of
This was the debt accruirg and comPoi-
ed in the manner Rated, for which p:oyi
iion was dsGgned to be made by the act OF
1906. K had not been fuppofed till the
beginning of 1896, that the wants OF IN
teref Of The Bank would require an early
payment Of the debt due to them from the
United States. But in the commence
ment of that year, an irtimation was CIV
en- to the government that the affairs OF
the Bank rendered it expedlent thar pro-
vifions fhould be made for the difcharge OF
the debt due to them. On the I6ih OF
March the Committee of Ways and Means
were directed by the IIoufe of Repreien.
fentatives TO afcertain from the Prefident
and Directors Of the Bank, whether the
loan of the United States could not be
continued TO more remote periods.
The committee having conferred with
the PRECEDENT and Directors afterwards
received the following anfwer, which is
to be found amonga the printed reports OF
the year.
{" The committee Of Ways and Means
have, purluant to the order of the houie
of the I6th ult. ulade the enquiry there
in directed, and have received from the
PreGdene ard Directors of the Bank, the
anfwer and information herewith flb-
joined"
g The committee appointed to confer
with the Committee Of Ways and Means
on the flhjea of continuing to more re-
mote period the loans made 10 Tie United
States, have reported-the Board took
into confederation the nof efential points
that ia j relation to the preleni fobjete,
viz. The great increale Of the Price OF all
ahcnatIe property, which requires cor
Responding addition Of circulating medium
to reprefent If. The neceiljty ofplacing
this infitution in more rel pe6table htu
alton in point Of available funds, which
will enable it to promote more generally
the inrerea of Commerce and ManusAc
lures, and afford the means OF facilitating
the fnancial operations of the govern
ment by temporary loans, whenever the
fiscal administration may require iuch a
reiource, as well as the more immediate
advantage Of the flock holders ard cuifom-
ers OF the Bank, as both intimately con.
ne6ted with the active employment of a
large irecie capital whereupon Re-
folvsd, that the United States be requef
ed to extinguinl the loans that are already
due to the Bark, as well as TO make pro-
viiion for tho!e which may become paya.
bic in the courte OF the prefent year"
This requiftion upon the part Of the
Bank, left no alternative 10 the govern
msnt, but to make immediate Provhon to
comply with their engagements.
The refources Of the Tfeaiury were
MOI then as am,le as fourihiug and 10
creaied commerce has fnce rendered tkem.
1t had moreover been drained, by hume
rous miscellaneous claims which arofe cut
Of the war, and which had remained un-
fatished under the former confederation );
by the Indian war, by the welern infur-
reetions, and by an expenGve treaty with
Algiers. In the aaual fac Of things, the
government had no means to raile the mo
ney required, and prelerve the faith OF the
United States, by making loan, or dif-
pohng of tie property which belonged to
them. Under the preiIure of this necef.
ty, the aa of May, 1896, was pal+d-
The power CT the comm.!lioners TO fell
The bank fock is derived from this ae,
and Tie true queeion upon the point we
are confdering is, qObetber The aatbd,ity
dekgafed gvas fmpl, 0Lfalufe, and tefma-
uenf, or eccghoual, qaa de5tadfat e1 cir
camaoar1s.
This queaion is TO he determined by
the deGgn intended to be accomplished by
the legiilature who psG5d the law. That
Intention is believed to be yelled ia no
obfcurity. II never was the defgn of
Congfels to make the Bark flock b,iu
cpd an: direa jnnd far The payment If