Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-07-31

.Ssr,iIy made professions of their political
<r.ea,. ore article of which was, the exact
f,,;6Insnt of the national engagements TO pay
Nm. nuh,ic creditors. But the men who ori-
EpinaI,v opposed, and afterwards execrated the
c.,ani;sbm.nt of the system devised under the
!. ,I,,In;str.tion of Washington for the honest
OF the public debts cannot nave any
ioye forit and will therefore not grieVe over
smuch for the public inability 10 alscnafge
those debts. WHAT real regardto the Puoilc
Efa;,b csn be felt by the men who could deli
kberatelv do an act by which some innocent
BForei,,ners have, in effect, been detrauded OF
four Hundred thousand dollars Livery body
knows that Mr.. Jefferson in the cabinet, and
fMr Madison and his other partlsans In con-
cress. yehemen.ly opposed the establishment
of the bank Of the United States, under the
pretence that it would be violation OF the
constitution. In the cabinet, Mr.. Jefferson
sophistry was swept away by the mastery haila
of Hamilton. The legal bugbears when the
! former had conjured up and grouped togetner
20 alarm the pure mind of Washington, VINO
was not a lawyer, were dispersed oy the ilght
of truth emitted by Hamilton, like morning
foo before the rising sun. This defeat was
never FORGOTTEN by Mr. Jefferson and his Partl-
zans: and the first opportunity was seized
- d..strov the institution And this was at
tbe time when the charter expired But the
United States, originally possessed OF stock IN
the bank to the amount OF two millions Oh aoi-
lars, remained, when Mr. Jefferson became
President of the United States, the Prop!ne-
tors of 222o shares, 400 dollars each, prime
cost, amounting to $4,000 dollars, and yield
ing an Interest of more than eight per cent.
wear. Notwithstanding which, In less than
wear and half, wiz. June so, 1902 when the
revenues of the United States were rapidly In
creasing, and amply sufficient, for the support
of government and the regular payment OF the
public debts, Mr.. Jefferson caused those
shares of bank stock to be sold. The insti-
tuition devised by Hamilton, so wisely framed
and so faithfully managed, gained universal
confidence, and its'stock rose in price, so that
share which cost the United States but 400
dollars would sell for $50 dollars, or As per
cent above par. Then it was that MIR. jetter-
son ordered the shares above mentioned to be
sold and the sales brought into the treasury
of the United State the sum of ,SS7 500 dol
lars. The purchasers were Engllshmen, who
by the dissolution of the Bank Of the United
States have thus lost 100000 doltars-or to
be perfectly exact, $4,000 dollars, the differ
.ence between the price they paid to Mr.. Jet
ferson for the u. States, and the price to
which the shares were reduced by the dlsso-
hutton of the bank--or the non-renewal OF Its
charter; an event which no nan who regard
ed the public interest and the public faith, and
still Ks foreigners could have expected; but
which the circumstances have stated leave
. no room to doubt, was contemplated by Mr.
Jefferson and company when they sold the u
nited States shares in the bank to those Eng
Eshmen; and which therefore, will be con-
sidered as deliberate fraud.