Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1812-01-29
WEDNESDAY, JANUARY 30.
From the Federal Retu6lican.

may be rendered 10 our HlOuSlH P".iAoeo 80"
exclusive republicans, by the charming tascl-
mating system of internal taxation, and IRE
deemable loans, there is one Recommendation
against which no time should be lost by the
people to enter their solemn protest. he
Objectionable project is contained IN the sub
Joined extract from the Treasury Report:
SIN a former communication to the COM
mittee of ways and means, 1t was suggested
that treasury notes bearing interest, might to
= certain extent, be issued, and to that extent
diminish the amount to DC directly borrowed.
The Advantage they would have would result
from their becoming a part OF the Circulating
medium, and taking, to certain degrees nc
Mace Of bank notes
Thsre can exist no doubt that this new e.
,,ission of continental money would tor time
,aLs me tlace of bank notes, but whether 1t
,vo,,Id he an advantages to the numerous State
hanks 70 have their paper superseded, and
forced out of circulation, the directors anu
stockholders are fully competent 10 oecioc
The exchequer bills, 70 take me mace q oaNS
notes, must destroy their creuiaton' Wihon
will gradually drain the banks OF tnelr specie
and finally put an end to their operations
re state nas fact, that preparations 70
;ssne trcasury notes, were In considerable ad-
vance last winter. Murray of New York, the
we'll known bank note engraver, had an inter-
view with Mr.. Gallatin, who communicated 70
him the project, and gave IN his own hana
,yr;tins c-simile, from which ne was So, ai-
yec,ed TO execute the plates required. ms
fnc-s;n,ge. was seen in this city, and Mr.. MUIR
20, gcar,rr;ed if with him to New York, fuiiy
,orsnaded that exchequer bills were TO Dc Is
s,ed The ruinous scheme was upon renee
,;on abandoned as dangerous II not hhPracti-
eshle. # may fairly be said to have been
knocked in the head; but whence came eiie
blow that happily FRUSTRATED TINS Pecu.iaIy
rnonstera the political events OF last Wllitoi
Vii enabla the public to decide. we can
,nlv cav there seemed to be one general ou1Sl
&c ;ndionant feeling against this destructive
,,,ode of relieving the embarrassmehts o. tl9
tre,snrv. The people were naturally alarmed
.n;.h The idea Of having the country inundatea
,.;th 70 s;onafs, or old continental money unaef
.,a,v name. In recommending It's enaass'on'
80 howe since thought administration was at :
.a,,,,tino "a scare congress into renewal oi
~ banl charter, which as MIR. Gaiiatln no" y
sns,s would have prevented the necessity Oh
." s,4;nc,s n the &C euil'' of internal taxauon !
~ ~, st;,l hope, that the repetition OF ehis
s 60 is merely meant to operate
ioaa,l;,;onal 6 scare crow" to frighten cor
So out Of the notion of war, to which MI
Madison and his two prlnclpai see, -
stand convicted of being opposco' -
.ert the fact upon the faith OF the vetaGity'~e
1Messrs. Randolph and Giles, who IN the re-
.nective bodies to which they oeiong' were
the ministerial leaders some ie" years a9o'
hut now are arrayed in opposition 10 inc :, IN
bec9e. unfortunate, miserable fofcs Oh auii'i-
Notwithstanding the considerations glanced
AZ as decidedly hostile to a national paper
currency predicated upon no actual specie
csr;ta]. if the directors and stockholders OF
s~;st;no banks are content that exchequer
h;I,s g toEe the hlaee of bank notes., we then
hove no other remarks to offer except those
.r;s;p,r from the obviously Intellectual mode,
sngrested by Mr.. Gallatin, to prevent
chr denreciation of this new paper currency,
IN. says 6 the issue must BE moderate, ana
~,a,er exceed the amount which may clrcu-
late without dehreciction." The tact OF de-
,,recia,ion viii! never be ascertelned until that
5anrcciation exists, and when once exchequer
Kills beoin to depreciate public credit Will re-
ce;ve shock which viii deprive government
of the aids upon which their chief reliance IS
,>,aced. Ieans. These bills bearing interest
will be only a new mode Of obtaining loans'
and iftbe holders cannot obtain specie for them
At psr. they must put them in the market and
obtain for them whatever they will bring IN
s7ccie or good state bank convertible olilS'--
One description of loans falling, or being cur
tailed n their circulating quality VIII anee,
the other loans, and finally government Will
he left without the means of meeting Its
ordinary expences, much less providing tel
,he snonort of an immense army and O.