Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-05-07
CONGRESS.
UNITED SIXTIES BANK
IN SENATE.

i q a ges,
portant subject which has beer losy ~
consideration, ard that a gentleman sl'
| move to strike out the first section of ,bs J
which comprizes all its vitality, {fcr it isr
| first section which provides Tor the c,st;
ance of the bark and should &c suppors%
it, without deigning to assign aly otter ).
sons, than MAY be derived from newsn'
publications, which are SO crude and voS;pn
nous that not one man out Of ten viii $,
mispend his time rs to take the tro,,,Es
read them, is indeed extraordinary. Sin
gentlemen chuse 70 adopt this dumb s,,, j
Legislation, and arc determined to Tie ID
question without offering ally arguments a
support of their opinions, certainly Shout
not have intcrlered with their wishes, h,d
not been a member Of the committee Vi,
had reported the bill, who had heard the r..
timony offered by two very respectable dch i
cations from, Philadelphia one from the NJ
ter manufacturers and mechanics Of the civ
and the ether from tie merchants; and had Il,
not taken minutes of this testimony, Which IE
find it is expected from me that Should 70
late to the senate.
Sir, consider the motion to strike out nov
under consideration, as going TO the entire q..
struction of the bill without any reference to /
its details or notifications it therefore a..
pears to me in order, to take into con.yey..
ton OILY the material principle of ,hs biz; i
that is, whether it be proper that the chaHc5
of the b.ni, should be renewed OH any remI
whatever, irt those terms be what they may
Gen. Smith #. Mar land st-ted, that .r3
gentleman was mist ken he Was at hbe,ty n
go its, consideration Of the details, and mis|
discuss them if he pleased.
had thought, str. President, ttst when,
section OF a bill WIS inored to bc strsss oul
that the subject matter of the part go n.c,s
to be stricken ont, was Only in order to i,
considered however this NAV ;,e. ,as.
it to be strictly in order TO shew. ti,;,t mt
bank has been ably and fairly conducted, til,
it has been beneficial to tac country, and &.
tremely useful to the government; becars2 /
:his be shewn, it will be the best 2rsr,nrn
that can be .dtiuced Tor the rejection of ,s
present motion, ard tie continuance OF, the
bank.
S:r, it is admitted by tie secretary of tie
treasury N his c; nnlu..iGations 70 congnss
tina; the concerns Of this ballk have tecn
:" skifrily and wisely managed" that the
bank has made very lir.i.ed and moderate
use OF the pubic monies deposited with II;
ard that it has greatly facilitated thcoperAtiols
Of government by the safe keeping and tr,n.
mission Of the public monies. It has d, al
times met the wishes Of tbs government IN
making loans. 1t has done this even 1t sy
per cent. while the government have beeu
obliged IN one Instance, fer considerable
amount, to pay per cert. 70 other persons
FOR the lca:.s ottined from them. 1t IS I'd.
n1i,ted, sir, that the bank, z. the request Of
the treasury department., has established
branches for the purpose of facilitating the
operations OF the governmental places whs's
such establishments COULD not but be incc.'
venient to them in point of management aid
Instantaneous in point of profit. sHuas
more particularly, sir, to the branches Oft
bank which have been established at Ncw-o''
leans and at Washington. We nave oet'
told this session. sir, by a gentleman from
Maryland, (Mr. .Smith) that the territory Of
Orleans is very wealthy one, that irpro5'
bly, contains greater number Of rich usao:t
ants, for its population, than any other dIstrlo'
In the UNION. Sir, ifthis be the fact OF whom
does this wealthy population consist: Not"
the Inhabitants, but ofthe planters men "ho
are not borrowers of the bank, who wl'ea
they realise the sales OF their produce, inyea
the surplus proceeds. oft beyond their e*peh,
diture, in the funds, or in the acquisition o.
new lands, or in the purchase of an acdls'ohai
number CT negroes. Sir, it is notorious !a.:
from the recent possession by the CHilsa
States OF Louisiana, and the certainty ina. :"
Orleans must soon be the emporium OF an wv
mensc western commerce, that city hs.s '.'
come more the,rcsort Of the young, the ~
venturous, the enterprisirg, and the ras!l' :
mong the mercantile men of our co'h',''
than any other city iii the union ard II IS oD.
vioas, sir, in proportioa the borrowers ron
bank consist Of persons of this descrlp,.'"'
in the same proportion must the c:teulnsl' -,
ces of such bank be unsound and "a'o .';
possessing any particular knowledge W. IT,,
yer on the state of this bark. II the con .,a
tons of its debts are speedily n,.dc, ~' .',g
not make the purchase at Discount 81 Ir.',j
FIVE per cent from the nominal s'!'0on.
them. :.
Sir, we can Judge with more accuracy ..~uf
we come nearer home. What is sae '"