Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1807-10-20
PHILIP GRAYBELL.

=
tain would be the divisional line.
(Sigaed)
PHILIP GRAYBELL.
Sworn before SAMUEL CHASE.
The foregoing are copies of a9i6avits g.
ied in the circuit court of the u. S. for the
Virginia district
Test, KS
WILLIAM MARSHAL, elk.
ENGLISH .MERCASTILE SHAVING (!
We frequently hear British agents ana
their partizans railing at the government
OF our country, bawiing about the ingrati-
tude- Of the Americans towards England,
alicdging in case OF q rupture, this coun-
try will DC ruined. The same outcrv and
opinions, from the same class of men, find
their way into certain description OF our
pubilc prints. We are told that the A.
mericnns WIN not be able to carry on trade,
having little or no capital but what is fur
nlshed by England, and loud talk is KEEP;
up-of tle immense credit she gives to the
merchants Of this country, and particular
iy those VINO are the importers of dry
goods. Now, it is very clear, that if our
mercantile men do trade on English caoi-
tai, the creditor in England expects pay
ment of the principal, with handsome
interest; and that this lending of CAPITAL
4 is nothing more nor less than an extension
/ OF British trade through tie medium, OF
AmericaR merchants. The American is
IN fact, by the credit be obtains, to all in
tents mere factor for the English credi
tor. This promised, let Us advance upon
the subject, amt enquire little into facts.
! Al this noise raised BY British agents and
Partzans. may produce some effect uDon
SUCH as are macquaintcd with the man
! cesYrss Of tacSc gentry, bat when the
eyes OF the public are little opened, 1t
wiiI appear that Engiish credits are an
nnpnsl1cA s?on the traders of this coun-
Try, ana sX!i'bit as complete Il system of
mercantile Staging as can wen be con
ceivcd.
! The fair trading discount for cash, was
tiormerly from 70 and an half per cent.
This was reasonable enough for a credi. OF
twelve months.
How stands the BUSINESS at present
Large quantities of goods are shipped
| 70 o''te', 20 be sold On Gccouut CT the c2-
lJ4orfer az Engiand, and at tie bottom OF
most OF the invoices are found memoranda,
noting the allowance Of a discount Of from
o to 40 per cent. for prompt payment in
u Britain Here The British agent comes
into the market Wi;h his 20 per cent. dis
count for Cash, and underseils the impor.
ter upon credit TO that amount. PAYMENT
to the agent here is the same as prompt
payment IN England to the principal The
40 Fer cent. is deducted and the British
| agent has a preference in the MARKET
lhe importer on credit enjoys 80 benefit
from the credit allowed him. He has no
chance against those who are enabled to
give sncl' An enormous discount
is 1t not very clear tl,cn, that British
credit, has been turned into skaVing sys-
TEN : Worse and more DISTRESSING. to those
who accept it, than the usury Dractised
by the common note shavcrs Of the CITY -
What is the consequence to the trader who
receives credit ~ such az enormous adj
vance of price The goods lie upon his
shelves, until the Ranks refuse to discount
any more OF his paper, and ruin inevita-
bly, follows.
You have your choice, SAYS the British
merchant, prompt payment or forty per
cent. advance.
Such is the blessings Of British credit !
And yet IT is cracked up as high favor
10 tue merchants OF this country British
agents come hitler and positively euicy
the advantages of a lucrative traffic for
the benefit of Themselves and principals in
/
ishcd their mission, or SIT down here for
the purpose Of continuing their business,
without ever becoming citizens, and dur
ing their stay invariably oppose the meas
ures OF the government.
The facts stated in these structures can
( he substandatcd. 1hc invoices and names
OF the shippers NE familiar 20 the writer.
| This is Che British capital upon tho loan
! Of which We are told this country is to get
rich. Away with such nonsense. The
! pay for the gools must come out Of the con-
Sumers, who are tie farmers and mcchan-
les, rs we'll as the merchants themselves.
! The importer on credit must look sharply
about him, or ne is ruined. If Il West
India adventure docs not save him, he is
nndone; undone by the usury OF his Eng
/ fish creditor.
The real, bona fde, permanent Ameri-
I can merchant, ought TO take this matter
| INFO his serious consideration.
Government ought to look toit. Foreign
agents, men who rcviie our free Institutions
are running of with all thc profits Of the
mercantile buSiuess--whilst the friends ~
the conntry, imposed upon, 8hgrcd 10 mr.