The enquirer. [volume] (Richmond, Va.) 1804-1815, 1806-01-11

merce F.! 10000 dollars is az much as we o,,yht
tn prefiime vet, Jays the gentleman, its divi
dends from it has gone beyond that, but at the
lame time he has accounted for the greater d.
Vidend OF or per cent. by giving, believe,
very correa information -refpeSting the opera
tion of banks.
But to anfwrr this objection at once, fir. 7
Rate from information on which can impli.
City rely, that the aid at this time lent TO com.
merciai purfuits by the bank of Alexandra.
does not come up to 100000 dollars. The ba-
lance of the capital of this banks fixed in Ioans
to agricutnri6s or builders, who indeed, "a the
gentleman has obferved, cannot pay at the ex
piration of6o DAYS the ufiai term, and there
fore the banks 6nd it necefTary to renew and
extend the loans yet the bank having made
fuch loans where commercial demands were
not 10 great, does not either find it its intereit
to cu-tail them, nor its inclination the deb. is
well fecnred, and the borrower, If farmer, is
enabled by this FUN laid out on the improve
ment of his lands, 70 pay an interef of or
per cent, which his frequently renewed note
fobjects him to, according TO the operation the
gentleman has mentioned, brcaufe in the i'm
proved mode of his cultivation he gains e5 per
cent. The face of the country is the bpR i,iuc
tration Of this argument, for it not only exhibits
the profits which the farmer enjoys from thcfr
improvements, but it affords the mott delicious
repair 10 tHt eye OF tnc traveller. so TOO the
mechanic he builds houfe by the ufe of the
money borrowed, for which he gets return of
perhaps 10 or S per cent; and from this infor.
nation am enabled to fay, that the bank of
Alexandria affords at mott not more than an
aid of 100000 dollars to active trade The
bank Ipotowmac, crippled in thecirculation of
its notes, does not afford an aid of more than
perhaps half its capital 100000 dollars more.
Bnt we are told by the gentleman, that the
exports of our produce at Alexandria has the
| aid Of the bank OF Columbia, worth capital of
| 1900 dollars, and of branch Of the United
States bank of 100000 dollars. believe the
gentleman may have been mifnformed as to the
capital of the u. S. branch; / believe i, to b !,
so 900 dolls. yet hold it irnmaterial. The ca
| ptal of the George Gown bank has long Gnce,
] believe, been withdrawn from the purpoies of
| active trade. II could not be otherwifc expeet
ed. The people of thofe places have found fo
! great advantages in laying out their money in
the erection of buildings for the accommodation
Of the vaft and fudden accefTion of population
to the feat of government of the ". States, that
they needed and defervcd all the aid that banks
could give them. 1t is true, fir, / have under
food that laft year perhaps fome little aid was
lent by the u. S. bank TO the commerce of
Alexandria. But that has been withdraw
| by curtailments of thofe not of diGcounts of
ten per cent or more at time. This
hank is wholely under the controul of the mo.
| Their bank at Philadelphia, and of courfe the
connections of the northern commerce would
be preferred in their accommodation to thoTe
of the fouthward. Yet believe when thofe
acc ommodatons were granted, they were
more then reciprocated tn George Town and
Wilmington, by the banks at Alexandria.
| The ftatement then is correctly this. Tha,
to aid the expsrtatioa of the produce of Vir.
lrr,n IN h. e
is perhaps at mott bank capital of 500, DOC
dollars. The bank capital is as one fifth OF
the exports. / fay nothing absnt the private
Ecapital of Alexandria. 1t may be to the A.
( maunt of 40 or so thoufand dollars, It nav
he lcfs, or an hundred times as much. know
nothing of Alexandria or its citizens, reGde
at great difance from it, but my neighbours
for have no trade of my own; nv neigh
bours trade to it when they can do it withou
injury. My neighbours tell me their wants
and have this day the honour to make then
known. They tell me they are fubiected te
he neceffity of trading to Baltimore. The,
atiign for reafon the corrupt trade Of Aexan
dria, and the enlarged trade of Baltimore
They tell me that they are obliged to paw a,
leaf ten per cent on the value of their produce
TO get them 20 this market, where there is no
ney.
1t will be in order here that | notice the oh
fervations of the gentleman, thrt involved
mytelf in an inconfttency by having Gated
few days ago two proportions, in oppoGtio,
TO each other. The one that the price of on
J produce depended on the foreign, demand
the other thus, that bill, was enhanced by Al
encreafed quantity of circulating medium O
the means of banks.
made this ftatement, fir, and am ready tc
repeat, that the general average price of pro
duce in the United States, depends on tn
foreign demand, yet / hope / msy not h
thought rally inconGfteut, when have fai
that the price our farmers get depends in
: great meaiure, in different difrick of count
: on the money there is in circulation to bu
with /; and now we are properly led to anothe
! view of the fubied.
Baltimore las protitted herfeIf, and render
J ed great encreafe TO the wealth of MARYLAND
, by her trade this we all admit it is fact nc
, torious too that Baltimore has given us bette
} prices for our produce.
Alex. is that thro' which Virginia will cor
! tinuei to export her produce, for the farme
; will crofs the ideal line which feparates Viz
: ginia from Columbia and fell his -four if h
: can in Alexandria. The bank capital then a
mounts to 18th of the exports of the place
What bank capital has Baltimore the mo-
Houriihing town in the commercial world pei
, haps; and what are its exports The Who'll
domeftc exports of Maryland for the yea
ending Sent IQO1 littI. m ,ra 81 mn q oOn