Alexandria advertiser and commercial intelligencer. [volume] (Alexandria [Va.]) 1800-1803, 1803-04-18


poud fterlng, isthe par of exchange.
Now if the hatements which | have made be
carrca as to the caurfe of exchange, the commit
tioners 70 far from having gained any thing tor
the u. States by the purchale of biilson Holland
at Al cents the guilder, have added to our lbs
and TO the profit of the purchaier Of the itock.
In March, April aud May, bills on London
might have been brought under paT--.duriDg and
fubiequent to the fame period, bi.ls in London
on Arutterdam, might have been purohaiei aio
under par. The government therefore might
have RENTED the inltalment of the Dutch debt
to an,lterdam, by the way of London, have al
lowed commfion OF one per cent. f r The ope-
ration, and yet made the remittance at par, and
probably below it. This certainly was praciica-
Ole, when during the period referred to, the ave
rage Of exchange between the United States and
'3TtiuUtT, 80 2 pei cent. beI>>>r5 rTIu ti-~
change between London and Aulfese3am more
than half Pc cent below par. Let me now ELK
whar have the commiihoners iaved BIZ their con
tract to compenfaIc the facrifce of 20 dollars
upon each Of the 222o fharcs Of the flock, VIII oh
they fold
They have fold our Rock copGderably below
RI. market rrice, and have taken bills on F4ol
lani, in order to indemnify the United States, at
~
remittance might have been made at Ear. And
is VIII be ren.ena. c ed at he fave time, that a
fund producing Sper cent to the United States
was lacrihced to make this remittance, when
there was dead unproduaive capital in the
i,reafury. which might have been n,arc bene-
sally employed co accomplish the fame pur-
pote.
Ii is undeniablc, that facriRce was made of
1 Ill IL
whole tale TO dollars 44,4oo. The two devil
denrs were aIio facrifted, amounting 70 dollar.
?5,4So, and making an aggregate lofs to the
u. States of Gt9 $50 the comperf stion fer
this LIS is anagreement TO remit dolls 49, Geo,
to Amilerdam, for premium CT II per cent
amounting to the fam of dollars 32,i9o when
even this premium nisht have been iaycd, by
due attention. and proper management.
This pfemium paid Tor Tic remittance ought
To be added &C the lois OF tie United States In
the traniact1n, and will iacreale it 20 the fun of
5000 dolls.
The execute FOR this facrifce is speculative
fuggeition OF the conlmiilioners, that il the go-
venment had GENE into the marker in order to
purehafe bills to the amount Of the inftalneit
TO be paid in Holland, their demand NUT have
r.iied the price of bills greatly above par.
But why was MT he experiment, made, and
made at that period of the year when bills were
low, aud extended to the different commercial
towns Of the United statess BY the report of
the commifioners, II would fcem that applca-
cations were made only TO the Bank of the Unit
tie States and the Manhattan Bank. contract
this delcriptian not properly the buiineS
any Bank and theref ire it could MT be expect,
Cd chat any Bank waut, enter into the contract
WITHOUT certain proioea Of extraordinary profit.
The Bank ofthe u States would have no' hing
to 30 withrhe bui;ncls, x the Mar hlttsnb bark Of
Tered 20 make remittance at43 cts.the gui der
This offer will flew preicntiy, was moe
adyant ageous to the government than the ore
2cCepted. But what coph'cra iuG ground of
complaint againlf The conduct Of the eommI-
oners, is that more induitry was not employed
to puchafc bills with the idle money in the
Treafury in our different trading towns. Con-
idering the large ren'ittarees annually made to
England. the demand Of he governments could
net have materially affected the market, if a
competition had be en- excited Bur If would
ieeal as if veil of fccrecy had been thrown Over
the tranfaefion, and believe an, warranted in
iayiag, shas icarcely merchant i'll the u. States
was informed of The treaty with Mr.. E.iille un.
til ii was completed.