Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-05-04

| to be frowned out of existence by Congress
I If, however, gentlemen are convince that the
| system of banking known and established d
morc us is injurious in its effects, these In
furious effects will be diminished BY renew
Ing The charter OF the bank the I. States.--'
The state banks whose credibiIlty IN this case
is unaues,ionable, have told you that the liz
fuence of the bank of the United Suites upon
, them is beneficial one, that 1t prevents eX.
cessive discounts and emissions OF paper
which but for this check would inevitably take
pI.ce in the state banks. Every one OF the
State banks Of Philadelphia, except one, has
petitioned for the renewal OF the Bank OF the
Z. S. and one of the deputation Of merchants
w!,o WAS director OF one of those banks,
stated the reason WY that bank had declined
Tit an association in some nf the interior
towns had been formed, without the authority
Of law, ard t.. the bank was suspected BY
the State Legislature CT having favored 1t;
that motion hAd been made in the state Lee
gislature to enquire into the fact, and that,
in consequence o. iris circumstance, that bank
had been prevented from petition ng. The
check which one bank has upon another is III
fact the only subsc.nti.,l check which Can be
sions by site banks. You NAV limit and re.
str..ln them by subjecting the directors indi.
vidually to any loss which may be incurred by
violation of the restrictions imposed by the
charter. Suppose they discount to twice the
amount permitted, and the stockholders, who
alone have the means of discovery, ascertain
tae s.ct; tnev will not disclose it, because dis
G)sure would destroy the credit OF the bank
But It is objected to- the renewal OF the Char
ter, that Ii has been political machine in the
ilailds OF our political opponents, and that it
his been Partial in IFS operations. Tint it
a,ag have been so used is very possible; but
that it his within the last twelve years been so
use,i is hot believed Some of the delegation
OF the mechanics, Ill Of whom believe were
democrats, had been dealers with that bank
for twelve years, ard they all united in contra.
dieting Ill iiea ct its being partial, or inauen-
ced in the slightest degree bv the Doi.ica!
character of its customers during that time.
And one of them Said explicitly that opposite
on to the renewal III Philadelphia ives confined
principally TO the newspapers. When there
were but few banks and the competition for
discounts was great, Gun readily believe. HIT
1t might have had some influence upon poI;ti-
ca Questions and that it VS. guilty OF PARTIAL
ty and SO would any other institution placed
lii tine same stu ton. The multiplication Of
banks In the United Sites rs given US the
most anple~ curly ag>ilst the repetition CT
ether 0. these Offences. II most forlnid-
Die objection Is list tie ezpei=rcy OF he
rene Vei, II the estiynat or Of those VINO are OF
posed to It, Is that re portion OF the stock
& he % tnr.s PC n
entertained that these foreigners have had. a d
VIII again have, some lntlGe-,ce upon our pub
ilc councils; that but for the influence thus
acquired, we should nave t.llen stronger inca
ST. es II vinticiton of our rights Ifthis In
luance really exists, some degree Of Influence
INST also exist aid operate upon those foreign
ors In our favor. If the most profit .b!e Oar,
of their c.pital is that which is invested in our
bank stock, which the government has sold 10
them, viii they not exert their influence upon
their own councils, upon any apprehension of
Wa between the two countries Surely the
country In which their Capita. is employed,
and VINO Can at any moment lay their hands
upon Il, must have more influence ueon the
Conduct OF the capitalists, than they can posi-.
by have upon it. How long sh.sll We fright
80 ~- mp; PiAs-hSohiS afiu Ii:dSte
nary evils How long shall we indulge our.
selves In the pursuit. OF some Imaginary thee.
retical good, which, Ike tue Will u'the Wisp.
continually eiuaes or grasp? SIR, we have
the experietce g twenty years for our guide.
During that lapse Of years your finances have
been, through the agency OF this bank, skill.
FIJI ly and successfully managed. During this
period, the Improvement of the country and
the prosperity Of the nation have been rapidly
progressing. Why then should we, at this
perllous and mornentous crisis, abandon well
tried system; faulty perhaps in the detail. but
sound in its fundamental principles? Does
this pride ofopinion revolt a. the idea of &C.
quiescing III the system of your political OPP
ponents Come and with me sacrifice YOUR
pride and political resemments at the shrine
of political good. Let them be made propi-
tiatory sacrifice for the promotion Of the pub
lie welfare, the SAVIOR of which will ascend to
Heaven, and be there recorded as lasting, an
everlasting evidence, of your devotion to the
happiness ct your country.
(De6ate TO Dr. continued.
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