Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1811-08-02
merciai and naTigating states viii

citizens in the commercial and navigating states viii
judge.
Notes on Virginia, answer 10 query XIX.
Mr. jefferson and Mr. Madison, when they be-
came PrcsidcntS Of the United States, seseraiy
made professions other political creeds, one article
Of which was, the exact fhlmcnt Of the national en-
gagements to pay the pubic creditors I'nt the man
who originally opposed, and afterwards execrated
the establishment Of the system devised under the
administration Of Washington for the honest pay
men of the public debts. cannot have any love FORT
and will therefore not grieyc over-much tor The pup.
lie inability 10 discharge those debts. What real
regard 20 the public faith can be fer BY the men who
could deliberately do set BY which some innocent
foreigners have, in effect, been detrauded Of hour
HUNDRED thousand dollars Every body knows that
Mr. jefferson IA the cabinet, and Mr. Madison AND
his other parizans in congress, yehcmeniy opposed
the establishment Of the bank of the United states,
under the uretence that it would be a violation ot
the Constitution In the cabinet, Mr.. Jefferson SO
phistry was swept away by the mastery hand OF
Hamilton The kegal bugbcars which the former
had coniured IN and grouped together to alarm the
pure mind Of Washington. who was not lawyer,
were dispersed by the light OF truth emitted by
Hamilton, Ike morning fog before the rising sun.
This defeat was never forgotten BY Mr. Jefferson and
his pr.tizans and the frst opportunity was seized
10 destroy the institution And this al the time
when the charter expired. But the United States,
originally possessed of stock IN the bank TO the n
mount of two millions Of dollars, remained, when
Mr., Jefferson became president Oh the thted otatcs,
the proprietors OF 1870 shares, 40 dollars each,
prime cost, amounting to $4,000 dollars, and Yield
in, an interest Of more than eight per cent. year
Notwithstanding which, in less than year and a
hale wiz. June 80, 1902 when the revenues OF the
United States were rapidly Increasing, and amply
sufficient for the support OF government aud TIC re-
gular payment Of the public debts Mr. Jefferson
caused those shares of bank stock TO be sold. The
institution devised BY Hamilton, so wisely framed
and so faithfully managed, gained universal conf
dence, and rs stock rose in rrce, so that share
which cost the United States but 400 dollars would
sell for $50 dollars, IS per cent above par Then
ii was, that Mr. Jefferson ordered the shares above
mentioned 10 BE- sold aud the sales bro't INTO the
treasury OF the United States the sum Of l,2S7,sOO
dollars. The purchasers were EaglishnteH, who by
the dissolution of the Dank Of the L. States, have
thus lost Toe 600 doilara-or 20 be perfectly exact,
$4,000 dollars, Tie difference between the price
they pad to Mr.. Jefferson flr the U a'es, aud the
price to which the shares were reduced by the dis
solutiou of the baBkor the non-reneya OF IFS char
ter an event which no man who recorded The pub
lie interest and the public faith, AMI SUI less toegn-
ers could have en-. cted but which the circunsan-
ces have stated leave no room to doubt, was con-
templtted by Mr.. Jefferson and company when they
sold the Ua,ted States shares in the bank 70 those
Englishmen and which, therefore, viii be consi-
aered as i deliberate fraud.