Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1813-04-17
From the Salem Gazetfe.
Mr.. PICKERING's LETTERS.
Ls74kR ".

The FIRST attempt OF our ruioIs " os."
the great loan Of sixteen millions OF doi-
lars, towards carrying on the war IN Tue
present gear, having failed, aitho seven
per cent. interest was otfcreo, iney arg
now going to make fresh attempt ION
what terms is not yet known, but Ger
tain!y on terms more gainful TO the mo-
new lender than an interest OF seven per
cent.) determined Gas Johnson from
Kentucky said to give sir'ee", II they
|. could not borrow at six per cent. This
induces the to add some further e6ser-
yations On
THE WAR LOANS.
Mr.. Madison in his speech on the 4th
instant, when entering on the second
term of his presidency, appeared to re-
ioice in the prospect of obtaining, VIVID
ease, all the monies requisite to prose
cute his war against Great Britain. ne
affected to believe, that the measures OF
the government of that country had been
calculated and designed to undermine
the prosperity of ours, but.had recolIed,
he said, on themselves and in their
consequences, "draining or divertlng
the precious metals from British circu-
lation and British vaults, have poured
them into those of the United States )"
which he imagined would facilitate the
contributions necessary for the war
But this fond anticipation he has already
tound to he an idle dream. Whatever
quantities Of gold and silver may have
| been poured into the vaults Of our banks
| or into the strong boxes of individuals,
he hnds to his extreme vexation that
there they are likely to remain without
being throwninto circulation, or giving,
| as he expected, any facility for the
contributions required to support the
war; 1t is the nature Of the suar-the
violation of the hubfc faith before pledg-
ed-the introduction Of, and obstinate
| perseverance, in, a system of measures
which have ruined cur navigation and
commerce, desfroyed our .fsAsries, and
taisied the Industry Of the numerous
class If citizens depending on these
great national employmeaes, that have
prevented the circulation of the wealth
preserved among. that portion OF our
merchants who have escaped the ruin
which those nefarious measures tended
to briRg On ALL. And trust those
merchants and other money holders will
still retain their money until 1t can be
applied to uses calculated to restore
prosperity, not to complete the ruin of
our country.
Our national rulers appear to be re-
duced to the condition Of those iDdivitlu-
ais, who, through gross misconduct,
lose their credit, and yet would keep up
the show Of business by borrowing mo.
ney at usurious interests. BY the laws
of our own as we'll as of other countries,
usurious contracts are declared Void
The rates of interests allowed by the
laws may vary according to the general
demand; that is, the profitable use for
money among tic people but, beyond
these allowed rates Of interest, nothing
can be taken without mourning forfei-
ture of the monies loaned. 1t is true
those rules do not impose an absolute
restraint on government but the gene
raj detestation of usu,y which is only a
peculiar name for one species Of er'or-
tion--the general sense OF cria1inchty at
tached to it--and its actual punishment
not by forfeiture of the debt only, but,
in addition thereto, by the laws Of some
states, of sum Of money equal to the
amount Of the debt: These .considera-
tons should now eHectually restrain the
loan of money to the government at any
rates of interest which, if the loans were
made to individuals, would incur the
penalties inflicted on those guilty ofGsu-
ry and for the following additional rea-
sons.
l.. Because usury and extortion are in
their jnature alike criminal, whether in.
dividuals or governments are parties to
the contracts.
9. Because monied men have hither
to with few exceptions) refused to lend
to the government at six or even seven
per cent. Interest," refusal which has
procured them honor and respect from
oil the real friends to justice, peace and
the true interests Of our county: ard
if the same men, tempted by the Offers
of extrayagant interest. premiums or
discounts, which would be in effect the
same thing loan their money, they will
incur everlasting disgrace-and prove,
that not the honorable motive Of with
holding their support from such war,
but spirit OF extoftion only, induced
them to hold back on the FIRST offers of
the government. Such usarious loans,
in their natuse, involve another crime