Portland gazette and Maine advertiser. (Portland, Me.) 1805-1818, 1814-12-12

Ipublic credit +; of which the facility ofbor-
| owing money in anticipation of settled and
productive revenues, is only an incident,
| although it is an incident as durable as the
plan itself. The outline seemed To embrace
whatever Was requisite, to leave no doubt
| Ipon the power and the disposition of the
government, il relation to its pecunIary en-
gagements TO diminish, and NOT to aug
men, the amount of the public debt in the
hands Of individuals, and to create general
confidence, rather by the manner of treating
the claims OF the present class of creditors,
| thanby the manner of concilia,ing the ia
YOUR OF new Class
| With these explanatory remarks, sir, i proceed
| to answer, specifically. the questions which yos
have proposed,
|. sm of opinion, that conside able issue of
| treasury notes. with the quality OF being receiv
able in subscriptions to national ,nk, vii have
an injurious fleet upon he credit of the gov
| eminent, and also upon the prospects of loan
ior 1915.
cause, it will confer, grstutou,ly, an advan.
age upJna class of new creditors, over the pres.
ent creditors Of the government, standing on a
footing of at least equal merit.
Because, it will excite general dissatisfaction
aud general dstrust amoug ,he capitalists, who
are accustomed 10 advance thetc money TO the
government
B.c.use, quality ofsubscribing 20 the nation
al bs0k Attached to treasury no es exclusive,
will tend to deprecixte he value oil ali public
d. BIT not possessing lhat qssii,y aud waa;eve
deprecises the value OF he public DEBT, in ills
way, must necessarily impair the public c,ecu
because, The spe G,e capital oi the ciuzens Vi
he II far m hp ,iptu NJ
cable 10 investments IN the pubhc socks, Ia,
Il esdy in great me ssure, been so vested The
holders of Tue present. deot will be unable 10 he
come Subscribers 10 ,he bank ,ii thst o0;ec,
should, eventually, prove desnabie) w,tEou sci
ling their stock al y dep ec,sed "a e, il o d r o
procure the whole amount Ut .ne,r su4sc,ip,ivEs
IN treasury notes and general &c iecstioD ~
value of the public debt will ine,i agy ensue
Because, he very p; oposltion OF IN king con
siderable Issue of reasul notes. even With tie
quality Of beng suosc, iUed 10 NAtIaaai Bank
can only De REGARDED rs an ~. etin n, Oh
which II seems dangerous TO teb the t. su.
81 Notes must be purchased a. par, with money !;
new set OIL Creditors ale 10 be Gated /; IL
may, or ,, may not be deemed an OBJ &C. o. spec
uistiop BY The Money holdets TO Sub sefiee T. the
6snS the result OF ,ha experiment, Canno: be
asceriained, nniil 1t will DC 100 late 10 provide
remedy in Case Of taiiure While the Credit oi
Will DC aHeCtcu ny every CTCuHl.
stance, which keeps the efficacy OF lis fiscal
operations al suspense or doubt.
Becs use, the prospect of a loan for the year
1915, without the aid Of a bank is FAINT ana I'M
promising except, perhaps. so far as lie pledge
of specific tax my succeed; and then, Ii must
be recoec,ed, thai = considerable supply OF
money viii De required, for the prosecution oil
he war, ,eyoad he whole amount Of taxes to
b. levied
Because, if the loan for the year 1915, be
IN .de TO depend Ion tue issue OF Iessufy notes
subscribed 10 the national bank, 1t will piOos
oiy fail for the reasons which h.v. aire ady been
suggested and II the loan be independent of
that operation, q considerable issue Ut tseasu.y
notes, tor the purpose Of erecting bank, must,
II Is believed, deprive the government OF every
chance OF raising money IN any other manner.
H. am of OPINION that IL wisi be extremely
dfncut, itnos ,mprscticable, 10 get "a millions
OF .reasury notes (foi mug with millions Of
specie, the capi al OF national bsnk) INTO circu.
laiion, with or without depreciation.
Because, ii the subscripiiun 10 Inc bank be
comes an object OF speculation, The treasury
notes will probably be purchased at he treasu
ny aud the loan Offices, and never pass mo cir.
culston NJ all.
Because, whatever portion Of treasury notes
might pass mo circulation, would be speedii,
Withdrawn, by the SPECTATORS ia he subscup.
lion 10 The bank, af,er Arts had been employed ~
depreciste ,beir value
Because, it is not believed, thar in the pres
enl SAFE IT he public credit, a. 600 900 ofreas-
uty notes Cab be sent into circulation. The only
difference between tae Treasury Noes now
Ell and dlsGonUu.ed, consists in the subsctihA
Ole qusi'y; but reasons have been already -.
signed Tor an opinion, th.t this difference does
not afford such ,nfdence in the experiment As
seems rsqu,sise to justify reliance upon 1t. for
accomplishing some o. the most interesting OBJ
ects of government.
must beg you, sir to pardon the haste with
~hch have W i,ten these general answers to
youe ehquiiers.-But knowing the importance
OF time aud feeling desire to AVOID every sp.
pe.rence of contributing to the loss OF moment,
l have chosen ratherto rest upon the intelligence
and csndor OF the committee, than TO enter up.
on more is5oured in, es,iga,ion Of The subject
referred to me.
have the honour to be, very respectfully, sir,
your most obedlenl servant,
Al. DALLAS.
W.!l,am Lovndes, Esq Chairman. &c.
kA2