Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1814-04-02

Dy SO uOb6 49, - iii.
lou interest. These pledges OF Puohc
f,;,h are too much like your life and sa
r,ed honor pledge, they afford no seeu
r,,v 10 thase who may wish or be inter
esied in the performance, and on the
whole are poor stuff ; but it you ass Tor
m more than can he secured, your stock
ooe, into the hands Of substantial capt
tal,s,s at fir price, and your credit Is
tept rood But sir, 20 on in this way
bu, Iiulc longer, with your laws to bor'
row and the good iaith Of government
the only pledge, and myn OF capital viii
keep aloof from your paper; and II 1t
sells at all it will 60 into the hands OF
tina, class Of citizens, who are ever rea-
dy to rjsque not their capital having
none. but their personal responsibility
by buying in below whatever Is hoped
NAV rise to par. Can gentlemen teei
willing that The public pHer shall be
banded about through The hands ot no.
principed men whose tnoch contanl-
mates, blighIs and wl.hers
The 6onss to be given Tor this loan Is
not limited. 1t is left to the discretion
oiyour agent--he may sell your stock al
discount. which OF itself would be
proof Of bankruptcy. There cannot be
but one consequence of such lmprovl
dcnce, the ruin of your credit; and it
gentlemen expect to c. ntlnue the war
and satisfy lis exigencies, by tempting
the cupidity of jews or UNDERSTANDING
SPECTATORS, by giving eight, ten, and
perhaps fifteen per cent interest, or II
they expect to borrow # those who boz
row of the banks to lead them. borrow
at low to lend on high intecest, they mus'
also expec, the, warwill be short, * ,hoi'
as il may be, longer than the resources
which are TO supply it with means.--
And if any one expects favorable re-
suit he must feed hi Imagination Oh
dreams that will never be realised.
Saw what YOU will sir Of the soundness
of public faith aud honesty. let the pub
lie BE- deprived of the means OF paving
and how will their creditors be satisfied
They will no, take their pay in public
faith Honesty, however valuable nith
means, is Of no Importance 10 the Gre
di,or without NJ 1ncy lenders wish "to
torch something sol d." Give them =
guarantee, and you save IN the doHus;
YOU save in your credl. /; you save eve
~ way,
Should this bin pass sir, & your stock
no, be purchased at all, the public ere
dir wouli suffer extremely, the stock
uf the other loans will sink to the ruin o.
the owpers-wei sir, is there no danger
of such al event !? or clio gentlemen fl't-
Ter :heH,selves that they can GO on lore.
yer borrowing money, Without cent to
pay it, without anv fund froa, whence il
can hereafter he drawn? if they do thew
must be dis ppoin,ed, high interest viii
lose il. its influence where there is
great danger, that neither that or the
principal will be paid.
There is another evil muth to be
dreaded, from these loars bo,tomed on
public faith. filthy are taken up they
endanger the banks. this effect has AL
ready been produced, with those from
which the mooey for The former loans
was drawn; distrust excited vigilance,
md hence the specie Of the union VAS
suddenly pnt in motion Let one bank
If extensive business fai, and the whole
monied world would tremble like an
earthquakes
It's said we can pay the interest Of
our loans, and the principal may lie IN
D id f,r l-ns time. By what means
sir is this interest to be paid your
commerce from whence you de ived a
p~iDce!y reyeaue i, no mure. With yonr
wars, non intercourses non inporta'ipns
md embargOes, you have dried up The
abundant sources Of income. 1t is true
Notwithstanding the silly, unnatural anil
ruinous experiments which have been
made with the commerce OF the union,
by HE vigor Of is constitution BY he
abundant strength it had acquired under
federal nurtures although smittsn and
wounded, il still was enabled 70 feed the
mouth that traduced, and hll the hand
that smo,e it. The last bold and deadl,
blow has ended It's existance, all hopes
Of revenue from this once pr, ductiye
source, must be abandoned, our last sui,
cidal act has accomplished the great
object-not of starving the enemy, but
OF impnverishing ourselves.
England, say een,lemen, borrow mo-
iey, and vet their credit is not impaired
Yes sir, England borrows money With
oct jeopa:dlzing her credit, and if we
would learn wisdom by example we
might do the same. Too proud to copy,
we prefer pew policy, although en-
eendered in moon-smitten brains, to the
old which expt riencs has consecrated
England che shes her commerce, and
IN time o. war so far from abandoning,
she doubles her patronage, conveys her
vessels to the most distant ciimes. be-
slows every needed assistance, and as
remuneration the governmental Ceffcrs