Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-05-14
CONGRESS.
UNITED s7aTEs B.aNK.
IN SENATE.

of receiving a moderate accommou"..on a.
tbe hank he had ever been well treated ny the
hank the directors had recently reduced ms
notes. hut not in so gre degree q Tic
Cite hanks had done that the expecteo TEL
mination of the charter OF the bank % ule ".
States had greatly incommoded hinl' oeleI :,
nrobably more it bad nearly suSpehaea a'l
business among the manufacturers ana me-
chanics; it h ID stopped all safes oi lea CO
.,tee which he does not believe coula 40" oe
sgscted at so high rate within so per cent
80 the Giles could have been made at some
,;ne since: he had himself eng ged to sell
two houses. one for 10000 dollars, the con-
tractors for which had fallen from their GU
eaeements under one small pretehcs OF al,o-
Their, but really, as he believes from tne
change of times, and the difficulty there exist
ed in procuring money to meet inc engage
ments even of the most wealthy persons +; ne
himself had note of one of the most respec-
table and undoubted men in the city he Oh
ferad il at three banks, but could not obtain
discount on it, and was finally Obliged In or
der to meet his engagements and pay ms
wortm men. to sell it at one and halt per cent
ner month discount /; he knew broker VINO
had mites to the amount of halt a-mllllon OF
dollars LAYING by him for sale, which were
considered rood, but which he could not dis
nose of at any rate he had a mortgage which
he was constrained to sell at / per cent. tor
twelve months and his son, to pay his work
men was obliged to have his note discounted
on the best terms at which It could be done'
which were at two per cent. per month.
Mr.. Vogdes is concerned IN some roiilhs
and Sitting mills, which work about 500 tons
of iron annually. The proprietors have now
I'm hand about loo tons of manufactured lron'
commonly it is very saleable---at present, ow-
ino m the causes that have been mentioned
there IS no demand for it. 1t Is usual tor
manufacturers of iron to lay III their stocks
when the importations are largest, generally
late in the autumn this, several OF them have
done. The price is usually from lo8 to 100
dollars per ton-.-it has, however, fallen, from
the pressure Of the tines, to IS dollars per ton
This difference the manufacturers must sui
fer, which, in addition to the want OF sale Tor
their manufactures, and the other dlsadvan-
tages under which they labour, if relief be not
speedily obtained, must ruin most OF those
who have, not large capitals to enable them 10
sustain the shock.
He does not believe that political consider
atoms enters at all into the direction OF this
bank. He has no knowledge OF a well
founded complaint of any mechanic, democrat /
or federalist, not receiving discount it enti-
tied to it. He stated, that this was no party
question; that, with very few exceptions
all classes in Philadelphia are in favour OF the
renewal of the charter of the bank. He is AL.
thorized to say, that the person who now has,
and for the last twelve months has had, the
largest accommodation at the bank, is one of
the best known and most leading democrats
in the city 1.-THE charter be not renewed, 1t
is his opinion, the most serious and general
distress will be the consequence.
Mr.. Ord, arespectable rope manufacturer, sta.
ted to the committee, that he worked up annu-
ally in his mandatory about 100 tons OF
hemp that he seldom wanted discounts
when he did, he obtained them with facility
from the bank of the United States, where he
had been well treated, and the business OF
which, he believed, had been conducted fairly
and literally without reference to any party or
political views whatever. He had hitherto
been able to carry on his business with ease.
He had large debts ont, but now adj confidence
was destroyed he could collect nothing
nor. could he, without receiving his debts or
borrowing money meet his engagements:
and if times did not change, he must stop his
business and dismiss his workmen, as must
most of the other manufacturers of cordage
in the city that at present all business was
at stand---no sales could be effected Hemp
which shortly since was at $50 dollars per ton,
had fallen to $50, without finding market.
He had recently bought some at 200 dollars
per ton, which had sustained so small de-
gree of damage as to make it scarcely worth
naming. Kentucky yarns were also unsafe
able, although there were never SO many ships
on the stocks in Philadelphia, and the cordage
for which must be principally manufactured
from these yarns, which, but for the present
state of things, would have risen rather than
declined in price, as the vessels building
would have been rugged in the ensuing spring:
that the corelage for them would have been
wanted nearly at the same time, and could be
made much sooner from yarns than from
hemp, which would have given them the
preference.
t Mr.. Ord fully concurs with the other gen.
sleman in the distress which would be produc-