Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-02-07

m0nScS ccutcted at new STteduS auo dc.
posted there 10 it's branch, security WHICH
will be lost under different arrangement.
Nor will the u. States have any Other con.
troll over The manner in which>the bust.
ness Of the banks may be conducted, than
what may result from the power Of with,
drawing the public DEPOSITS ane. they will
lose that which charter OF dependence On
the general government for charter now
gives over the bank Of the United States.
The facility OF obtaining such accomcda.
tons as may at times We wanted, will for
the same reason be lrssened. and the ma
tional power will to that extent be impair
ed. 1t may be added, that even for the
ordinary business of receiving and trans
hitting public monivs, the use of state
bank may be forbidden by the state, and
that loans to the United States are by ma.
nv of the charters forbidden, WITHOUT spe.
cisl permission from the state.
As it is not perceived on the other hand
that single advantage will accrue to the
public from the change, no reason pre-.
sents itself on the ground Of expediency
why an pn.ried system should BE- suhsti,ut-
ed 10 one under which the treasury bust
ness has so long been conducted with per.
feet security 70 the United States, and
great convenience not only to the officers,
but also to all these who have had pay
ments Of public nature to make or to re.
celve.
1t does not seem necessary to advert 20
the particular objections made against the
present charter, as these may cassidy be
obvia,ed by proper alterations. VIVA, has
bern called a national bank, or in other
words new bank Of the United Ssstes
instead ef the existing one, may BIZ obtain
ed by such alterations. The capital may
be extended and more equally distributed !:
new stockholders may be substituted to the
foreigners, as has been suggested in the
report Of the 81 of March 1909; and any
other notifications which may be though,
expedient, may be introduced, wirhou, IN
terrup.iHs the operations of the Institution
now in force, aid without disturbing all the
Commercial! concerns IF the Country.
If indeed the bank of the United States
could be removed without affecting cithe
It's numerous debtors, the o,her nsouied iu-
s,itu,ions, or the circulation Of th= country,
the ordinary fiscal operations of govern.
ment would not be materially deranged,
and might be carried on by means of ano
Their general bank, or Of state banks. But
the transition viii BE- attended with much
individual and probably with no iaconsi
derable public injury. II S IMPOSSIBLE tina,
an institution which eirculates thirteen mil
lions Of dollars, and to whom the mer.
chants owe fourteen, should terminate its
operations, particularly in the present un
favorable state Of the American commerce.
and after the great losses lately experienced
abroad, without giving serious shock to
commercial, banking and national credit.
It is not intended to ovtrrate the extent Of
an evil which there are no Certain data to
appreciate. And without expatiating on
the fatal and unavoidable effects on indivi
duaIs, withous dwelling on the inconveni
encr of repsying at his time to Europe,
capital of seven millions and without ad-
verting to other possible danee.. Of a more
geaerai nature, it appears sufficient TO state
that the same body of men who owe four
teen millions Of dollars to the bsak, owe
also ten or twelve to the United States, on
which the receipts into the treasury for
this year altogether depend and that, ex
clusively of ABSOLUTE failures, it is ilapro-
babe that both debts can be punctuallv
paid at the same time. Nor mus, it be
forgotten, that the approaching NOM
IMPORTATION will considerably les-
ssn ,h- efficiency of the provision by which
Subsequent credits are refused to importers
~ho have not discharged former revenue
bonds. Upon the whole, perfect con-
yicsien is frl, III at in the critical situatioo
Of the country, new evils ought not TO be
suneraddrd, ADD perilous experiment. be
attempted unirss required by an inPerisus
necessity.
In these hasty remarks, I have not ad.
ver.ed TO the question of constitu,ionasity,
which is not subject Of discussion for the
secretary Of the treasury. Permit me,
howevvr, for my ewn sake, simply to state,
tina, the bank charter having, for number