Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1815-05-17

g. Previou. fo and during tbe l,s+.
sion of Congress, there became dua ses :.
various places large amounts Of Tre s az
ny Notes, and the government was nut
provided, except in few instances ,sO'
with funds, of any description, either -
specie, or deprecated bank paper to to r ~
deem them. IT,
8. In this embarrassing state of tb;n.,
the congress, apparently DESTROYS Of 81
tisfying the demands against the treasu u
ry, authorised the secretary to oht,;,
a loan, equal to the amount of tre,sus rl
notes, then in circulation. for the rns
pose of redeeming them. fN
4. In conformity to this law. the 90,
rotary advertised for proposals fer ,
loan Of twelve millions, either in Mono
approved bank notes, or treasury nots, -
already issued under certain acts IS
Congress. with a promise that, uoon
like terms. preference would be GIVEN ren
to proposals in treasury notes, Which
were already due and unpaid.
S. Proposals have been made accord
ingly, payable in treasury notes. with !,
reference to the market price Of stocl
in the different cities and in all cssa'
at higher rate than the cash marIet
price.
6. The Secretary has thought prorer
to reject the greater proportion of offers
made to him, but has f1ed a rcte himself
much above the market rate of stock n
any part of tie United States. WHERE
specie continues tobe the circulating me.
sium.
7. The Congress at its late session.
authorised an issue Of treasury note, to
the amount of trenty fire millions, and
in the same law provided for funding
them at seven per cent. Per annum.
From the aforegoing facts and circum-
stances, the community can Judge
whether the public credit Las been, or
is likely to be maintained. The follow
ing differences and remarks, it is presum-
ed may Justly be made.
First-That injustice has been done,
and is doing, to the public creditor, in
as much as payment has been withheld
from him for a length of tine, on trea-
sury notes, which have been issued by
government at their par value, and apOr-
ton of which the public creditor was O.
bliged to receive instead of specie for
his interest, and moreover that he is not
allowed to fund tie notes, at a rate at
which, if tie government had fulfilled its
promises, he could purchase i'll tie mar
ket.
Second-It would seem, that tie Sc
cretary is disposed to take advantage Of
his o,ca wrong, by Offering to them, who
have received the treasury notes at
their par value, or in lieu Of specie. SIX
per cent stock at s., when it is veil
known that tie same stock is selling IN
tie market at IS for specie.
Third-That the secretary, shield
ing himself under the n-suability ofthe
United States, says. in effect, to the pub
lie creditor-rou cannot get payment IN
til it shall please the government, and
therefore [ set you at defiance.
Fourth-That the conduct of the sec
rotary is unwise. because. in the first
place, TIE Just expectation Of tie public
creditor is disappointed: ard secondly
TIE effect. upon the public stock of all
descriptions, must be unfavorab'e and
conseq uertlv TIE purposes OF TIE govern
ment to establish its credit on firm iCun-
dations will be defeated
Fjfth-Ccngress have allowed tie pub
lie creditor, in certain cases to tuLd tie
government paper at seven per cent Ier
annum.--Does the secretary under these
circumstances, ard when great issue
Of treasury notes under The new law Is
contemplated, expect to Obtain money al
a better rate of interest; Is 1t J 81
to attempt to drire q hard barsa" WIN
the old creditors in relation TO 1'ell
stock or does be imagine that '9e new
issue of treasury notes will be oco'F pA'
in the market? W.,