Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-05-04
CONGRESS.
UNITED STITEs BANK.
IN SENATE.
Nj. c,7.yt.-Fs s.eeei eore.ut-d.

task which I have undertaken to perform
Will be easily disp itched. What are he Cir
cums.ances under which we are Called upon
70 vote aoainst the renewal OF the Charter OF
the h,nk oftbe =. States. Europe is still
conyuised TO its centre, By wars when N their
prorress hive oyerthrown the ancient oo'iiaS
and limits of the independent nations among
whom il rs been iulIneinoriaiiy p .rcelted ont.
The established usage and law oinations have
been trampled under foot both by land and
sea. Such is the prospect abrr,i. VIVA: IS
ou, own internal sutton! The coniisc4tion
OF American ptope:tv in the ports OF FRINGE,
So.in I,.ly and Hoiand---The depreietiors
CON nitted upon our eonulercc OF the high
seas by British cruzers, and the einbArras-
.neIts 10 which il h..s been subjected in The
northern ports Of Europe. have already pro
tuc-d numerous bankruptcies in most of our
commercial cities. In addition TO the einbAr-
rassments produced bv these Causes, we have
suoeradded those which must necessarily re-
sui, from non-iatercoGrse with England, the
country with which We have hitherto lad the
most extensive commercial intercourse. From
these additiol>I endorsements We my be
s.vcd bv the Want of good fifth in the French
government. Should that be the case, we
shall NEST inevitably be excluded from all
commercial Intercourse with the. European
continent, which may be as etnbarr .sslng as
tne noa-intercourse with Gre.r-Br!t IN Il
that event our European commerce will De
confined solely to Great.BrAain and her de-
penderc;es. Such, sir, are the circumstaa-
ces under which We are Called upon TO dis
solve suddenly an institution which c;ccu-
Y inli
commercial clss Of this nItion are indebted
l4,oo 600 dollars 1t must also be relnenl-
bered, that the same class of your citizens are
indebted to the government nearly ID go 900
dollars, upon which your payments into the
treasury for the discharge of the current eX-
pences Of the year are solely dependent. Sir,
| have never believed int the mantle of Eli.
iah has descended upon my shoulders, and
yet ian very easily foresee that individual
and national distress must be produced by the
sudden dissolution Oh tae oank. The poorer
part of YOUR manufacturers and mech.n:cs viii.
be the first 70 feel the distress. The deput,-
ton of mechanics and manuf .c.arers from tins
CIV OF Pni,.dei phia st-ted 10 the ccmn'ttae
that upon the REJECTION OF the bill Tor the :c-
new.,l Of the charter, in tire other hous Tie
bank began 70 co1tr- ct rs d'scnl~ IS, and tn t
the whole city WAS filed with larn and dis
Iniv---Th I the credit even Of b nix p.per WAS
shaken, and individual confidence hid receiv-
ed sew re shoes. Int IL consequence OF
tbs aiarm and distress, tie bank had deter
mined to return to It's former extent Of dis
counts and 20 ntinue il 70 the last moment.
Tat the c0ntr .ct;on of discounts By the bank
of rne United SITES hid produced contrac-
a.
those vino had their accounts withsthe latter
banks were in no better situation than the
debtors OF the former. Whenever man tes-
tiies against his apparent interest, he ought to
be believed. l. is apparently the interest of
the state bInks that the bank of the Y. 81 ties
should be put down. l. is their interest 70
discount good raper as largely as possibie--.
the bank Of the United Sites discounts to
the amount Of about 100000 dollars. The
dissolution of this ba.k will bring into the
market, which will then be solely occupied
by the state banks, an excess OF i5,OJO,o1O
of good paper to be discounted. The demand
for discounts, when compared with the dis
counting capital, will be greatly INCREASED,
and the benefit of that cncrease will be excu-
sively enjoyed BY the state banks; it is there
fore apparently their interest that the bank Of
the United States should be dissolved. Blu,
they have petiuoned for the renewal of the
charter
1t is said, however, that if so much distress
is 70 flow from the dissolution OF the bank, it
proves tast the banking system is deletelious
| in its consequences. will not now enter IT.
| to the discussion of thai question, because it
is not the question before the senate The
system has long been pr-ctised upon is ell.
creaSing from day to day, and is wholly be.
yood the control of Congress. But, sir. an
inspection of the journals of the senate of the
present session affords abundant evidence th t
I this house at least, believe that the banking
system is beneficial one. We have not in
corporated more, believe, than Ave banks
within the district OF Columbia during the
present session. The renewal, or the refusal
? to renew this charter, does not then decide
the question whether the banking system
shall be abolished in the United States or not.
Gentlemen Cannot but be sensible of this
The old Congress Incorporated the bank OF
North America in the year 1871. New-York
and Massachusetts, had followed the example
before the bank of the United States was In
4 corp0p.,feA and every sfafe in fha IYnio, 6ae