Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-06-03
~ - Gem nigel

';iife Nf,'id ~ - t'ic ctL(T- alCe. e EC-ss.
ger, there mEsz be zn United ssate9 kzsk-
Tos.f prefer IRE cf t1eE character tc u
present project. ! have 10 NAB ol-.= ic.sse
N Congress 70 BE slarr1ea AZ The inf,sc-5-s =
bank uDdsr It's direction and should --zss-
Ily prefer i 70 one whoee dsr-c;;cn ssc1.d D
under the irfuencc ~ DTi.ah czU.lz..Fs
ihe honorable gentleman from Mssczchu-
sets, (Mr.Ll0rf} = whose dirpasssc7rete, eg.-
EghtcEed and disniSei o5se~vztio-ss lis,e,es
with great rles sure, Informed -, thst .l-ere
was 2 capita, e fly niilions O. hank uzrls
In circ1lation IN the u. {. a1d the z5ecie cis-
culation FOR rs support did not sxrse- u
miliioos-snd tdst was dail. diminishing. y
TINS be the true state II TIC circnlzssrg re
dunn, I,thiak the e5-tensicf. q bz;k Dzrc-
eircalation already too great; ard = VOL
no. le surprisinss % ne, Z knoBse5Se q
rits lSs1< aIcfsc 5fso1td ie1s-fl IL Crefi..-
ezcsss has certailiiy become IN evil, and IL
s,s=a5 Of being sill further exteaded, ozeis.
% &c cursaiied But the ms. ob;ectic1zri-
Giro 1Tnstence 20 tti5 excess Of circrlatioa 4
bank paper, ] conceive to De It's jnevs.z5 Z
tendency TO e,:clcde the sDec;e circulate
winch II substitute. A specie circulate. :.
certainly greatly preferable = pager ciTc-i-
lstioh; it has an intrinsic value in itrcIt.
whereas the paper circulation mas no intrsz.-
SIC value; and It's currency depends uDoB tie
Ivettie u tne specie circulation which Il TJU-
resents. OF course circulation Of value IS
excluded from the country, ard sn55titU.e5
b. one % no value; and in times Of war Ct
other great political csIamities, y hen the 90
verlment would stand most IN need Of ne
aid Of banks for its support, their capacity to
lend would be tie most diminished, II not
entirely destroyed by the atscnce Of s1ecie
capital, which the circulation CT bank paper
has banished from the Country ! presume.
the gentleman would rct consider the bz7i.h-
ment OF a circulation Of in.rinssc value. and
substituting i WITH oze CT a reDresec:a-;re
value only, amongst tns P-cer=reus c.fscts
resaiting from the operation 0: the bank O
inc .. States. he gentleman from Elsssz-
ca-setts, MIR. Lluyc) favored ne Senate with
the perusal o. MS notes q he evidence Of The
democratic merchants and manufacturers -
Philadelphia. / paid great attention 70 this
Information derived from practical men and
should Se sorry 20 miscsace;ve it; ard Ger
tainly could not disresoect it. But there were
two facts, stated and assen.ed to by al Q.
them which seem TO me irreccaci iezbie lTith
the opinions expressed b. these gentlemen.
respecting the real causes u the preseat scar
city of money, and tie 6istresses coaseouent
upon that scarcity. The first TACT svas, thh,st
tie bank in Philadelphia discounted p-eoisc-
ly as much now, and proposed 70 do 50 IL
the zth Of March, as It heretcfore led 5e2e
,isser e = was, that The paper rad ri
depreeiatsd, bat wasst in good cres1.it The
complaint vas not that the paper when CO.
tanned was not OF good credit, and would net
answer their purposes; but that they could
not obtain IT. Now, sir, ! carnot conceive
how the scarcity e money, and consequent
distress, can arse from any apprehension cf
putting down the bank, when precisely The
same sum or money Is now put into circula-
ton by 1t as was formerly done, and the ne
ney itself in good credit. The pecuuiery dis
tresses complained of, in my Judgment, are
not properly attributable to these causes, but
TO some others more inscrutable, and which
have escaped the observations Of those gen
tiemen. Perhaps they may more Justly DE
ascrlbed in some instances, to the general en-
barraSsment OF the commercial world ~ pre-
sent-particularly the embarrasSments OF A
merican commerce at the present moment,
and perhaps, IN some instances, to some I'M
known endorsements and diff culties in the
particular occupations OF the Complaining in
cividuals. There is another fact to shew,
that the alarm at presents is greatly exaggera-
ted, or is certainly greatly beyond any real
cause for it 1t will appear from the Secre-
tary's report, that the debts due 10 the bank
OF the United States are only S 600,0G0 less
now than they were Il months ago; OF course
the discounts OF the whole institution could
only be lessened 10 that extent, and il IS in
possible for me to believe. that the payment
OF That trivial sum, compared with the whole
mercantile capital of the United states, could
be seriously felt by the merchants generally
especially as they have been twelve whole
months in paying it. If the payment Of that
sum in II months could produce al the dis
tFesses we near of, | hope we shall hear no
more of our immense mercantile wealth, and
the great extension Of our mercantile caDitl.
Yet this IS the only real cause for all the cla-
NOR and alarm circulating through the conn
try. think with some confidence, that the
consequences of putting down the bank Of the
! u. States must DC afLihcially exaggerated,
or very much misapPTehcnded; AND this o.
opinion is grounded upon the consideration,
that it is directly replgnant e. the interest os
the bank 70 cause the apprehended d'stres-
ses, and its directors certainly have the pow
CT TO avoid the production Of them. Ard
think that when a calculation is made and a
CONCLUSION drawn upon the idea that Inonied
Institution will pursue Us own interest, il may
fairly be said tobc grounded on q solid consider
alton. cannOtsee how putting down This insti-
tuition canmatcriaiiy affect the Decuniary abili-
tiles fthc nation its actual funds for discoun-
Ting viii he nearly the same the position Of
them only viii be changed they viii fiEd their
wav iato thc state banks, and theirabilty 10 Gis-
lcouAt Will be increased proporiionabi, TO Che
increase Of their deposits. Nor am / o. al
alarmed Is the suggestion, thai eleven mnii-
ous Of dollars win be drawn Ols Of tbC country
~ the BRITISH capitalists, because 1t wiz not
be tlcir iU crest 20 do sJ---Th- Ell. dollars tre