Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-05-13
HzSE. Sr
CONGRESS-
rryITED s1.aTEs B.aFK.
IN SENATE.

little specie passes IN exchange between iii0.
vi6n SIT is a circulation bottomed on oanX
na,.ar and bank credits, amounting perhaps
70 Hftv millions Of dollars. And on what, sli'
does this circulation rest? Il rests upon the
FEN millions of dollars, if that be the amount
of spec;e in the country, AID upon PuCitC coii'
adence.
The bank &C the United States has htteen
millions Of doll rs to coilect-ca! 1t ten, slr---
nohlxtv will disr,ttc tlis---no one VIII pretend
That is bank is not soivent---the remnant OF
rs sur;,!us dividends, and the Interest u VIZ!
haveearned, will be sufficient to cover It's loss
es al Ncw-Orleans, at Washington, ard per
hans elsewhere. In what are these ten MIL
lions of dollars TO be collected In b nk bis,
the credit of which is at least doubtful no,
air. 10 soeci- and when this is entirely with
cira,yn from the state banks, and the banks
are N able TO pay the money TO: taelf OILS
who Goes not STE that THIS confidence - Ia
stay:lv DESTROY cG--that the bubO.e b'Gsts--
that foods OF paper bills will be poured III up
on tnum, which they viii be un;.ble to meet,
and which will for time be IS worthless IS
oak lcaves---that the banks themselves must
E. last temporarily become bankruPts,'.-and
that :. prostrato. Of credit, and 6! al taose
h.bi:s oil punctuaii:y which, tor twenty years.
we lave been striving SO successfully TO eS-
,abli.h, will inevitably ensue. ard, with them
also. there must &c suspended the commerce,
the Industry and the manufactures OF the
ard :. scene of embellishments and
deran, cement be produced, which mas 1een
neyaalplod in our history.
I wili now mike a few remarks on the e.
f.cts which the dissolution OF The Bank WI
have On the revenue and fiscal concerns Of the
country. Can it be supposed, ST, that the
source to which will be imputed the distress
mat will have flowed from TINS event, viii De
he fist to be thought Of to DC guarded AGAINST
participation of the evils that Will result rom
i, il preference to the claims OF the most IL
imace friends and connections No, sir the
ponds due 70 the United States VIII DC Collect
I'd IL he tail of an execution. But mean not
o press this consideration. Admit, tor {; mo-
nelt, that they will al be equally well col
ectsd---that they will be paid as usual, aitho'
t is pa!pabic, that for considerable time the
merchants will be unable to find the means to
oavtnera Yet, admit, sir, that the money IS
collected in the state banks, no" is 1T to 0e
rars mittcd, It must come to the centre ct
he sat OF government +: very htt!e OF the
,ub5i; money IS expended II the Northern
section of the union, WI It come from the
Eastward, in hills Of the state banks Penoh-
,co bank bills sometimes viii rot PISS III
8os. b.; Bo5t,n bills PISS with difficulty It
New-Tork or Philadelphia; and the bills OF
ne Sew-York state banks probably would
.ot Do readily current in Washington. You
must l. en. SIR, i Boston gives you = revenue
i two ciilons o; dollars, transmit tie greater
part Ct 1t 10 the seat o govern inent CT where
,er e,se L may De wanted in specie. Can this
,e done We have nor -wo millions ot dollars
# specie in our town, and lnay almost ven
ure to say. never had. Suppose you make
his transmission once, can you do II a second
inc No, sir, The thing IS utterly imp ractica-
lie. You must adopt some other mode. EX-
;hanee be:ueen the different cities, viii not
each the case; frequently it cannot be pur-
;hased even for an insignificant amount.
Sir, will your money, when collected, be
;.fe in the state banlsss Of this am cx-
remedy doubtful. Solicitations viii undoubt- /,
,dly be made for it from all Quarters. They
lave ALREADY been made. II one instance, l |
m told, sir, the agent of bank, even during |
he few past weeks, has been here tor the pur !
,ose--that suddenly the agent Was gone, and !
few DAYS it Was discovered that, owing to
he failure df che of the debtors to the bank
Which he represented, "a great btoker) the
took had f;ilen one day near p per cent.
What was this the evidence Of, but that those
vho were most interested in this bank, the
who were or the spot, and best
cquainted with its solidity, were willing to
wash their hands of their concern in it, at al
most any rate Of sacrifice. Sir, only state
his, as it was here reported. have no per-
onal knowledge on the subject. But will
you trust your funds with an institution thus
and whose soiidity is distrusted
wen by its best friends?
By an account Of the receipts and expendi- !
ures for the year 1910, laid on our tables,
ind there has been passed to the credit of
he United States, 800 dollars, received from
he Lincoln and Kennebeck Bank in Massa-
:husctts, as IN interest on the public money
while deposited at that bank. The history of
this credit Ct interest, is, presume, the fol-
lowing The money was deposited at the
bank for account of the United States; the
l,a,l- used I'VE money for IT'S own accommoda.