Portland gazette and Maine advertiser., 1815-01-30

ought 10 luIpFltc 10 -, uoS tsldt hSt Oat~
paper was deprecated, but that il was
NOT dcpreciascd iooner and lower than in
fact il was The reafon can only b-
found in that extraordinary combinations
of favorable circumstances which never
cxifrd before, aud Is hardly 70 be expect
led again. Much ieis is il 70 be diff
covered in our condition at preienf.
But We have experience nearer home.
The paper Of all the Banks iouh Of N.
England has become deprecated to al
alarming extent. his cannot be deni-
ed. All that is faid OF the exitience
OF this depreciation only at places re-
mote from the Banks. is unfounded and
idle. 1t exits every whese, even at the
very doors Of the Banks themftlves.--
The rates of exchange both foreign and
domritic, put this point eyond contios
verify. Ii . bill Of exchange on Europe
can be purchafeo, as it rsay, tsensy
| per cent. cheaper il Bottom than in Bal.
timorc, the rcafon mutt be- thar it Is
paid for IN Bolton in money and in .sal-
tinore in fomething twenty per cent
lefs valuable than money.
Notwithit anding this dcpreillon OF
their paper. il is not probable that any
general 4 ubt is entertained Of the fuh-
cieneNof the funds of the principal Banks.
Certainly no iuch doubt is the csufe
of the fall Of their paper becauie he
depreiion Of the paper Of all the Banks
in any place. as far as learn. is sen-.
orally uniform and equal whereas, #
pubic opinion proceeded at all, upon
the adequacy or in adequacy of their
funds, il wosld neceharly come TO diff
fcrSnt refults. Indifferent cafes, a iome
Of fnefe initlutions mutt be iuppafed 70
be richer than others.
s r, some ,hing NUT be discovered, which
has hitherto escaped the observation OF man
KIND. before you Can give to paper lntend-
ed Tor circulation, the value OF metallic cur
rency, any longer than II represents thae.
currency, and IS convertible into II, at the
will OF the holdsr. SIS
/ he paper then, of this Bank, if you
maze II, will be deprecated for ,he same
reason that tie paper OF oiher BANKS which
have gone Deio il, and of thu sc which now
exist around US, has been deprecated, be-
cause uss nor 10 noy sfaeese forts notes.
Other institutions, setting out perhaps
on homes, principles have iallen inso dis.
crsditihrouxh Encouragement or nlsgor--
tune-- Ru, This bankis to begin with insol.
yehcy. II Is 10 issue us bills 10 the amount
OF thirty millions At least, when eyefy body
s,sows i, cannot psy them l, Is TO COM
nance lis existence in dshonor. Il is to
draw lis frs, bsealh in disgrace. The pro-
misc con, aimed int first note il sends Fl I'll,
is 10 be a sa.se promise, md wiioest re-
e-ises ths rote,ls % lake il With sllt snewl.
edge ,hati, viii not be p-id, according 10
Tie terms oi i. 1
Blu, this, sir, IS not all Thesframers os
this bib have net done their work by halves
hey have pa The depreciation Of notes
of ,heis bank beyond III doubt or uncer-r
/ inty, by tie ma,ner in which the capital
rs constituted They have m de assurance
deub:y sure In addition TO an exc ssiye
issue of paper, and The failure o rnake pay
ments, botll which, th Y provide iof by law,
they make The capital OF he bank, to con-
SIS. principally Of public stock
Ii Ibis stock could be sold as in the for
mer bank Of the u States, the evil would
be less But the bank has uot The power
TO sell ii, and for all pus poses of enabling
i, 10 fu6lils engagements, It's funds might
as we'll be q, the bottom ofthe ocean, as in
governnlcnt stocks, Of which il cannot en-
force pay inent, aid OF which il cannot dis
pose
he credit of this institution, is to be
founded 90 public funds, not on orivste
property OF commercil credit Ii Is 10
BE- financial, not commercial bank Its
crsdk therefore, Can hardly be better a. any
time, than The csedi. Ut the gusernment-
Ii tie stocks be deprrciats d, SO Of course
must every thing be, which rrsls On tnes
socks
It would require extraordinary inge-
nuity to ihow how bank whichis found
ed Oh the public debt. is to have any bct-
ter reputation than the debt j fcIf II
mutt be fomc s<ry novel invention,
which makes the -fupsritrucsurc keep its
place after the foundation has fallen.
The argument Teens to itand thus The
public lands, il il admitted, have little
credit the bank will have 10 crcdir
which it does not borrow OF the funds