Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1814-12-06

-
,ooaey, or 70 absorb the claims ior
treasary notes. which are daily be.
-onisg due.-From this cause. and
from other obriess causes, the d.
yidead oa the faaded debt has not
h.sa nuness.iiy paid: a large a.
moaat OF treasury notes. has already
.cce S,saonored, and the hese oil
prevea,ias farther isiary and re.
pr,aeh. in transferring the basiress Of
the treasury. i. too visionary to nj
ford a momeut's consolation.
Ths a-tual condition ofthe Frea.
surv, thas described, will serve to
Indicate the state Of The public eycdii.
Public credit depends essentiaIi, mp
on pubic opinion. The usual test Of
pabli. credit j.. indeed. the value of,
the public debt. The faculty OF
borrowing nancy IS not q test "
pubic credit fer faithless govern.
meat. ike u despcrstr Individual,
has aai, to increase the prrniiaai,
according TO the exi<eaey. iT order
10 secure lean. Thus public cpl
n;oa. manifested in every fora. and
in every dirc-,ion. hardly permits
rs. az the present .june'afe. TO speak
af,he existence srpub';r credit; aud
vet. II is net iWpessiaie that the go
v.enmeut, in the resources of its pa /.
,rsaage aud is pledges, might fad
the m ans Of tempting the rich and
the avsrieiuus to supply IFS i'm mrai-
ate wants. Bu, when the wants OF
to-day arc supplied what is the
nrw cxpedient. ,hstShsil supply the
wants orto morrow? fit is nuw
Smarter Of INCORPORATION. il INV then
be a grant oi land; but. after all.
the unreasonable tracts Of the ives.
tern Wild. wauld he exhausted in
successive efforts to obtain ppcuni-
AIRY aids. and still leave thr govern
mrrt nceessitous. unIes. the iana,'a.
iieas OF pab!ic credit were re esia-
hlished and maintained. In the
measures. therefore. which il has
been INV dnty 10 suggest. have en-
deaYorsd 10 introduce permanent
! plan for resi,ios the public credit |:
Of which the faciiii, at borrowing
s,oney in anticipation Of settled and
proaoctise revesues, is only IN incl
dent. although il is IN incident as
Durable as the plan itself. The out
line seemed 10 embrace whatever
was requisite. to leave M dauat u 'oa
the power All the disposition Of the
covers meni. in relation 20 lis Tecu.
nlary engagements 10 diminish, &
no; 20 augment the amount OF the
public debt in the hands OF iajivi4u-
ais, aad 10 create general conf
depce, rather by the manner nfireat-
Ing tide ci.ims Of the present class
OF creditors. shan by the manner sf
conciliatins the favsr eta new class.
With these explanatory remarks.
sir, l proceed 10 answer, speciilesl
", the questions which you have
proposed.
I. I am or opinion. that a eonsi.
derablp issue of,reasury uot"s. with
the quality ofhcing receivable in sub.
scripiions 10 = national bank, will
have an injurious effect upon The
credit Of t,e government, ana also
ap,n the, prospects Of a loan Cor
1915.
Because. il will confer, gratai.
tously, An advantage upaa u class Of
new creditors, e,er the prrseut ere !
ditors of tke government. standing
On footing of at least equal merit.
Because il will excite general dis.
satisfaction among the present hold.
ers al the public debt. and general
di.trust aInong the capitalists. @he
are accustomed 10 advance their MO.
ney to the governments.
Becauss, a quality ofsubseribing
to the rational bank attached ~
treasury aotes exclusively will tend
To deprecia,e the yslae orall public
debit not possessing that quality
and whatever ,lepreciates the value |
of,he public debt. in thi, way. must
impair the public credit.
Because, the specie capital Of the
citizens OF the United States, so far
a. il may DO deemed applicable to
the public stocks. has
already, in great measure. been
so vested the holders of The pre-
sent debt will be unable to become
TO the bank (if tbot oh-
Ines