Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1815-02-09

Wees efshe bark, nndcr the pressing
siscuH.ssances I'll was.
8. The bank. IS ;lrspesed 20 Es'u
constituted. cannot lie Ieiias On dur-
in,s.he war. 10 provide y circulating
mrta;;,,ia, inertia furnish loasss, or an !
tieipatisns Of The pghae revenue. &
Withont . meainns. the taxes car I
nat he eaIicetesl anti IN tie absence
of soc Gle, tho raeGiasa understood ie
he the best Substitute. IS tiat OF uetes
sued l.y . nsdenal hahk. The pro-
posed baE.ss VII! eomneaee and con-
;:uct its operators, nader a., ooiiga-
tian ta pay itsAsiesin specie. orse
subject 10 thc less of lis charter.
Withcnt sueh an obligation. the aetes
afstLe bank, ,lsaushnai exeAangeabsc
for specie. yet resting ON good pledges,
aid perFormins the uses OF spevie,
III the paymens ri taxes. and in e.sies
public TRANSACTIONS. would, as expo
s.ieaec has ascertained, qrelliy the
iiaak to supply at eFee q circu stinS
m.caiaa,, AND peec,.iary aias TO The
government. tTsdsr the letters III,
| posed hy the Bill. il is usasifest,
that during tie actual state eftiiings.
ard srohai'.v su,;r. tie var. the
pe,isl pari;sn'-r., requiring such =
ra.ss.sa,n sud such resource fc.iosns
and advances 10 ti,s gaye's'san's;i'.
notes Ear which thu asSl would DC
eon.pellahIe to give specie In ex
change could nat lac kept 10 riecuia-
tien. The most the hank could ef-
feet. and the most il eoalabe expect
ed 10 aim st. would be 10 keep the
institution alive BY limited and !ecal
transactions. Which. with the inter
est on TIE public stock in .',e bank,
migat yield iivst!ea, sufficient for
the purpose, unit! change from
war to peace Should enable it, By a
iiow or specie into its vaults. and a
removal Of the external demand for
it, to derive its contemplated emo
slamaatssfrom safe and full exten,
sion OF its operations.
On The whole, wIIea it's consider
cd that the proposed establishment
will emmy monopoly Of the profits
Of q natioaal bank for q period CT
twenty years that the ,nonoPslizea
profits viii be eoatinaai!y growing
viii. the progress Of the national
population aaa wealth; that the Ea-
sisn viii dusiag The same ees.isa. be
depesaent on The notes sf tas bank
sor that spe les Of circulating ne
diam. Whenever the precieus metals
may be wanted. and at AL iimes Tor
so much thereof as nsy be an esigl-
BILE substitute for specie medium
and that tbs extensive empioynea
Of the notes In the ee.leNtiaB nf the
taxes, will. moreover. eaahlc the
baak greatly TO extand its profitable
issues of them, without the expense
of specie capital to support their
circulation sit is as reasonable as II
is requisite. that the government. in
return for these extraordinary ecu,
eessians TO the bank, should have a
greater security for attaining the
public Objects Of tho Institution, that
is presented ia the bill. and particu.
larry for every prae,ieable aesem
mediation bath in the Temporary al
vaases necessary to anticipate the
taxes, and in these more darable
loans which are equally necessary TO
diminish the resort TO taxes.
In discharging t!sis painful aaty Of
stating objections to measure whica
has uadergoae the deliberations and
received the sanction afthe two hou
SEES Of the National Legislature, !
coAsole myself with the reflection.
that it they have not the weight
which l attach to them, they can ne
constifutionaily everraled; and wits
II confidence that, inacentraryesent.
the wisdom of Congress will hasten
to substitute a more commensurate
and certain provision fer The public
exigeaeies.
JAMES MADISON.
Washiagtaa. jan. SCH, 1915.
10 .E
The message was read, and ORDER
cd 10 be prisscd
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