Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1803-04-15
- :. \. \. EVENING POS
Presidents hrssAeA'
No. n.
No. ~.
RANK sTocK.

he legal all IIgss, Stock at all, W .pers TO
me . naoa i the 3d5ef.i0n .,h brief
~ ~ &c from which onIys u Of the aa of
60, n'l they derive = IS admitted on
haea s;oo IS expreae' -.eir aurhorisy.-
ne q. e. ~ i frrsbs, in theie words.
- god ena7rd, that il fhali
o9e ney execution of the power
0o'. a,,ney elm granted, for the faid
>o' = lie of the Sinking Fund, to
's NFs continued, certificates of flock,
d J, W. - .icription herein aforementioned,
ana : :anfe rhe fame TO be fold in the u.
p@ses, or ellewherc Prouided, that no
more Than one noiery of the faid flock
hall be field under par; and It ihsll De
lawful for the Commihicners of tie Sink
ing Fund, if they @aN jfad The fame to be
ssef advantageous, to fell fuch and 70 ma
ny Of the flares of the fock OF the Bank
ofthe United States, belonging 10 the Y.
States. as they may think proper and
thar they apply the proceeds theteof to
the payment of the faid debts. igaead Of
selling certificates Of foek in the manner
prefcribcd in this act"
The friends of Mr.. Gallatin now en-
deavour to make il appear, that by affair
contribution of this fetticr, the Commit
foners of the Sinking Fund were vefted
with an unlimited difcretion as 10 the fale
of the bank flock, guided and refrained
by nothing bur the dictates OF their own
opinion, that fueh fale would be advants-
geous TO the United States and, there
fore, if,hey executed this truf according
to the be& of their judgment, they dre not
amenable TO any one. 1t is admitted
that This contribution is eilentially necef
fairy TO the defence of Mr.. Gelatin. but
five are not much miifaken, it is de
fence which can never be allowed him.
The words are, that I" i, fhall be law
ful for the commidiouers TO fell, if they
ball find The lame 10 be n2f aa0antage-
sas--how g moi advantageous ~ The
act does nos flop here, and leave it entire
ly TO them to FAY, whether i, would gene
rally be advantageous or not TO ieli, but
by he fubieouent claufe, namely, IN
-fead Of Filling certificates Of Jqofk;" it
evidently confines them 30 make an cleo
tion between thele two things, aud 10 de-
eide which will be NOT advantageous, TO
ifue the certificates, or fell The ifock.-
We have feen thar 1t was h.G uecenary
for the commiGioners to thew that the
proceeds of the fales were to be applied to
The extinguilhment of PTefilpg demand
sgainlf the United Stares by the United
States Bank, but that no (ueh demand
had been made, and, therefore, thar they
had nor brought themfelves within the act
Ia this reipeet. We hall now fee that
they did not even once take into their
confederation the quefion prefented 10
them, whether il would be preferable TO
TO fell the ilock mfeGd Of Wusng ls,f,f-
rates, ard therefore that here again, they
fail to bring themielves within the power
conferred by the act.
The Commiilioners of the Sinking
Fund, in their report of the IN of June,
fate, as their realon for telling the Bank
Stock, not that il had become necedary
TO paw the Bank of the Uni,ed States, anu
that they were reduced 10 the alternative
ofchooGng between telling FIX per cent.
certificates, or The Bank Stock, and that
they thought II more advantageous 10
fell the former They tell Us nolhiog
like this; indeed it would have expnGed
them 20 queRion which they might have
iuppofcd would now De kept out of fight
for il would have been alked, how they
could make il appear that 1t was more ad- |
vant4geous 10 fell bank &ock, at lois
of oxr hundred and amteen fboa/and dol
lars lels than the market price, TO fay
nothing OF the lois airing from parting
with this valuable and productive fund,
than TO fell fix per cent certificates at
pars
At the time that partial fAIe of thv
Rock was reforted to by the former com