Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1815-12-20
charge ths public engagements. !. !.

charge The public engagements. !;
comes totalEySf1asiee IN M "
of,its arplication since the ba.ea sssa
Ut public funds ifi:one part. no lonsss'f a
fords theeyidshcs' Of a fiscal csras s.. a.
discharge public debt, in In any utbsr 8, .
sf the.union. fstt
Frem the suspension Of soee;.
ments.. and from various othsF Cay Fay
real or imaginary, diiferencessn ths sss
Of exchange arose between tie ss. ,ss
states; and ,even between The se,s',
districts inlthe same state, and tha . :.
barrassments OF the treasury were NV s~-
and more eRcreased; since conersssI'e
net sanctioned any allowance on acrs..a
of the rate of exchange, and the anon. .
Of the legislative appropriations was ~
same, wherever the Legislative ok;ss'
were to be effected. But the trsss0. s
notes partook Of the inequalities Il 4!
in the transactions Of ipa;,;
dnals, although the treasury could sa
issue them attheir par value. 1henI.
lie stock, created in consideration #,
loan, also partobk Of the iheqsaftiis i +
the exchange alths' to the goyernm.,,
the value of the stock created, and IT,
obligation of the debt to- be discharged,
were the same whereyer.the subscription
to the loan might be made. Thus. not
withstariding the ample revenue proyid.
ed, and permanently pledged, lor the
payment of the public creditor: aad not
withstanding the ansplcious nauens. q
peace upon the resources Of the nation:
the market price Of the treasury notes
and of the public stock,was Everywhere
far below its par. or true value. Tor a
considerable period after the adjourn.
ment Of congress, vibrating, however,
with change Of place, from the rate IF
rs to the rate Of SO per cent. Payments
in bank paper were universally prefer.
red, during thatperisd, to payments III
the paper Of the, government (; audit was
a natural consequence, that wherever
the treasury failed in procuring a LEGAL
currency, it failed, also, in making o
payment.
Under these extraordinary and per-
picking circumstances, the great effort
ef the treasury was, lst, to provide
promptly and efectually for all urgent
demands, at the proper place Of pay
ment, and to the requisite amount Of
funds: Cd, to overcome the difficulties
of the circulating medium as far as it
was practicable; so that no creditor
should receive mere, and M debtor pay
less, in effective value, on the same &c.
count, than every other creditor, Or e.
very other debtor AND third, to avoid
any unreasonable sacrifice OF the public
property; particularly when it mus, al
so, be attended with a sacrifice Of the
public credit. It was not expected that
this effort would every where produce
the same satisfaction, and the same re-
suits but the belief IS entertained, that
lii has been successful in the attainment
of its objects, to the exisst ofalast sn7
|ticipation.
OF the issues Of Trashy Notes
The treasury notes, which were issu,
ed under acts pr,sr to the cath of FEB,
1915. were. for the most part, ola de-
nomination too high, to serve as q cur
rent medium of exchange; and it was
soon ascertained, that the small treasury
notes, fundable at an interest Of per
cent, though of convenient deHomna-
ton for common use, would be convert
ed into stock, almost as soon as they
were issued. With respect to the flrss
description, therefore, the issue has not
been restrained; but, with respect to
the second description, the issue has
been generally limited to cases Of pecu-
liar urgency sneh as the payment Of the
army, preparatory to its reduction; the
payment Of the dividends OH the puDilss
debt, where the local currency could
not be obtained and the pa, ment Of an
uncomfortable amount Of mlscellaneo p'
claims, apparently entitled to distln !.
ton. The annexed table marked =.
contains a statement Of the amount Oh
the small treasury notes, which had o De, !
issued on the 3Oth Of Seetember 1912
from which it appears.
II. That there had been issu-
a ar ) sum of l,49,o09
q. That there had been issued
fer thepayment Of the public -, ,oc
debt, the sum of lAS,'O'
8. That there had been issu-
ed for sundry miscellaneous % 60,
claims the sum OF iv7,ss'
4. That there has been sold
\ Inc M %.