Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-05-15
CONGRESS.
INVITED s1aTEs BANK.
IN SENATE.

.rMr. L1oYD's Speech in continuation
Mr.. Fering asserts, that, IN rmlaa eliasss
/. 'l. .s. = Continuance of the bank. tie ooes
~. hal;eve there are hundred MASTER ii'anu ,
sao,nrers and work,nen in the city, VINO "ouiu ,
. a.. readily; have signed the memoria', hao
there been time for it. he suDsoiiHuoA -
very hastily filed up; for, although II s eon
tains the names of between hve anu stA nan
dred master manufacturers ana i'eenaiiAe :,
and not one name of any other descrlpuoh' i
would have included large number OF othc's :,
He carried round one of the memorials anu
met with scarcely any one who refused 10 sign
i He does not believe one out OF hunuieo
would object to tit was not true mat II was
q party questionable was demooia'----'i'S =
whole delegation were democrats sonic u
them were from the very focus OF democrac!'
the Northern Liberties and yet they were
ANXIOUS the charter of the bank Should DE re-
newed: indeed, if it were not, or some otnef
relief Obtained, great many of the mocha
MICS and manufacturers must stop their ousi. :.
ness, dismiss their workmen ana sumo %
them be ruined, as they could now neither oy
loans nor by collections get money enough ~
meet their engagements and pay their eS-
FENCES. The ioulneymen and laOorers nave
not vet felt the pressure; because they nave
been kept in employ from the hope that D"si
ness and confidence would be renewed, ana
money again become as plenty as 1t Mad peeh;
Should this not be the case, the clamor ara
distress will then be heard and felt more UNI
,,epc.lI,, a,,d eytenSlVely,
This sir, was the narration which was most
irnpressively delivered to the committee
In the sentiments Of the delegation there was
no variance all the members OF 1t stated the
Ynxiety and wish for the renewal OF the char
ter which pervadcd nearly all ranks In the cl-
ty of Philadelphia. They united In the opl-
MON that party considerations did not mingle
with the ouestion-.-that if the bank were per-
mitted to run down they should individually
be great suAerers---that scene OF emoarrass-
ment and distress would overwhelm great
numbers of the citizehs---that the state banks
could afford no relief, having already extend
ed their discounts to the utmost limits OF
prudence, calculating on the renewal OF the
charter, or the forbearance of the bank of the
United States if this we're not obtained, the
perienced, and the manufacturers and me-
chanics would fall the first sacrifices for the
merchants were in the habit, either by auction
or otherwise, of selling their property tor en-
dorsed paper or collateral security, while the
manufacturers and mechanics were LETT expos
ed on a single name, and it never their
usage to demand securitg, nor could they do
it ; were they to sttempt it, they would give
offence to their employers, and loose not on
ly their present but all future business from
.hem---and of consequence, severely as the
merchants would suffer by this unexalnpled
stopping Of business, the manufacturers and
mechanics would feel it still more seriously,
and numbersof them undoubtedly be ruined.
a delegation from the merchs:.ts of the
city OF Philadelphia, composed OF very res
pectable men, and equally divided as regards
an attachment to the two great political dlvl-
sions in our country, were heard before the
committee. They confirmed the represen-
tations that had been made as to the conduct
of the Bank---the absence OF party influence
from its management--the interest which Was
excited for its CONFERENCE.-The staynatlon o!
business and the prostration Of credit and all
habits of punctuallity, which they believed
would ensue from its dissolution. They also
stated the serious loss it would occasion to
the government from the inability of the i'm
porters to pay their bonds, and their disbelief
in the ability Of the state banks to afford any
permanent relief These gentlemen gave it
as their opinion that the more liberal these
banks were now, the verse would be their
situation when the bank of the United States
ceased its discounts; that if the affairs Of that
bank were speedily wound up, the state banks
could not meet their engagements and pay for
the notes they had in circulation, and that they
must of course stop payment as well as the
merchants---that in such state of things,
the depositors would withdraw their deposits
instantly, and the bank notes which were in
circulation would Immediately return upon the
banks when they would be unable to pay them.
5---that already considerable degree of suspi-
cion was beginning to prevail of the security
of bank paper that there had been recently
brought to the bank of North America notes,
which had been issued twenty years before,
and were supposed to have been lost, but