Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1813-02-04

was nearly equal TO tse Who'e
mount Of treasury notes lssaeu.-
That he had on former occasion
Introduced resolution to authorize
and direct the secretary OF tue trea
sury. to deposit the money belonging
to the United states. in such banks
as would give the most for that pi-
vileye but the resolution Was refer
red to a committee, and that was
the last he had heard oft. He SAID
in looking at the report from Tue
treasury department. Of the money
borrowed the last year, ne ieund
that the three banks in the state ne
represented, aud in which the mo,
new belonging to the government OF
the United States collected or bor<
rowed in that state, we're deposited.
had loaned to the government eighty
thousand dollars for six per cent
stock. He said he believed that
those banks had at all times that sum
and frequently much mere ofthe 60
vernment money in their vaults
the consequence vas. if the fact was
correct, that the government was
paving those banks an interest on
that amount for their own money.
Mr.. P. said. his object had been
20 show that if this bill passed, il
would extend the patronage OF the
treasury department, already toe ex-
tensive, to certain banks, and ena-
bic him to give them privileges not
enjoyed by other banks, Or by indi-
viduals. They had already been suf-
ficiently favored by deposits in mo-
new, which had enabled them to en-
crease their discounts and dividends,
and in this way to receive an int
rest on the money of the govern
ment; and if instead of money they
are to keep the amount of the 60
vernment deposits in those treasury
notes, they must curtail their dis
counts TO individuals. and the So
vcrnment will have to pay them an
interest on their own notes repre-
senting their own money; and those
banks must derive an immense adj
vantage the ensuing year. as thcy
will have deposited in them sixteen
millions to he raised by loan, live
millions of treasury notes. q twelve
millions supposed TO De received by
the revenue by double duties, with
the money now in deposi'-making
in the whole nearly forty millions.
Mr.. p. said. if it was at any time
asked. why the people could not be
permitted to pay part of this enor
nous expense, and why the govern
ment should wish to mortgage their
estates, for so large a debt, part
Of which they were willing to pay,
and at an interest, including expenses,
of perhaps ten or twelve per cent.
when they could get the money for
six per cent. the ans Ner is that the
minority want the government to tax
the people, and thus to make the i'd
ministratiOn and ruling party unp0-
puiar. Mr. p. said, that il was not
fact. as il respected him. twouid
cost his constituents too much: il
was paving more fer their popularity
Ii.Ao il was worth. He said ne vOt-
ed for the loan The last year. although
he did net vote for any Of the ex-
perses. in hopes that it would super
cede the necessity of imposing upon
the pecP;e the most odious and bur
Gensnme system Of taxation ever i'm
posed in this country. containing a
mons them a shop tax, that never
conld be enforced in England. and
a. it respected himself he could tru-
iy say. he would not by any act of
bis. have bret these taxes, reported
by the committee upon his constitu-
cnts, or have voted for any mea-
surcs that would even have brought
upon them their constitutional pro-
portion of this years expenses, a
mounting at least to four hundred
tEsusand dollars, (and this is allow
ing the expenses for this year at Or
~ ihirty-six millions CT dollars, if il
weuid have put it in his power 20 dis
place every officer in the govern
meat. from the President to the tide
waiter, and to pa, whom he pleased
IL t'leir places that il WAS of very
little Importance TO lin who adMi-
nisiered the government Of this c0un-
try ; lis cni. object was to have an
economical administration, one that
would give 10 the nation peace as
soon as possible. and use their best
.,,f;,,o ~ n,,I