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

miicra0iy deceived. IT'S uaQer the N
| Auence IF no iuch vain hopes, that 4
yield my sient to the eitaoli:hmcnt Of 4
bank on flfe and proper principles. The
principal good xoed from il is rather
future than prefent | do not fee. IN
deed, that it's likely to prodnce evil at
any time. In times to come, i. will |
hope, be ufeful
# it were only to be harmlefs, there
would be fuficisnf rea(on why il ihouid
be fupported. in prrfsrrnceto fuch { n
trivancc as is now ia contemplation.
I rhc bank, which will be created by
the bill, if it fllnuld pats in its prefcnr
form, is Of q mott extraordinary, and. as
Ishink, alarming nature. It's capital is
% be ftty millions of dollars five million
in gold and ilvrf twenty millions in the
pubic debt created tince the war, zen mil=
lions in trcafury notes, and fifteen mil
lions to be iubicriocd by government in
flock to be created for thar purpofe
The ten millions in trealusy notes, when
received in payment Of subscriptions to
the bank. are TO be funded aifo in United
otatcs itocks. The >ftocks fubicribcd by
government on its own account, and thoic
IN which the trcafury notes arc TO be fun.
dcu, to be redermabie only at the plcafure
lof government. The war flock will be
redcema5.c according to the terms upon
which fhe late loans have been negotiated.
The capital OF the bank, then, will be
iye miiiioas Of l2ecie, and forty five mil
lions OF goyetnment ttocks In other
words. the bank will poiIe.s five millions
| u dollars, and tAe government will owe
At forty five millions. This debt from
government the bank is reltralned from
telling dunug the war, aud government,
IS executed from paying until it ihA!l fee
fit, The bank is alto to be under obliga
ton to Ioaa government thirty millions
of dollars, on demand, to be repaid, not
whenih convenience or neceility Of the
bank may require, but when other debts
due the baak from government are paid /;
thai IS, when it ihail be the good pIcafure
Ut government. This fun of thirty mill
ions is to iuPply the ncceflities OF the
trcAtury, and iupericde the occafion for
other loans. This loan will doublIcfs be
made on the firit day OF the exiisence OF
the baak, becaufe the public wants can
admit OF no delay. Its condition thsn
will be that it has tive millions of fpccie,
it it has been able to obtain. 10 much,
aud debt OF icycnty tive millions, no
part OF wnlcn il can ei her fell or cali in,
due TO ii from government.
The loan OF thirty millions to govern
mcnt can only be made by al imalcdi-
ate iilue Of bills TO that amount. If
,hefe bills fhould return, the bank will
noi be able to pay them. This is certain;
and to remedy this Inconvenience, pow
cr is given TO the directors, by the act,
to iuipend, at their own difcretion. the
payment OF their notes, until the Pref
dent OF the ". States ihalt otherwlic
order. The PRECEDENT will give no iuch
oruer, bccaule the ncceilleles Of govern
meme will compel tito draw on the bank,
I'LL the bank becomes as ncccilitous as
itielf. Indeed, Whatever orders may be
either giyen or withheld, il will be utterly
i'm polliole tor the bank to pay its notes.
NJ futh thing is expected oft. The
fIrll no.e il lilurs viii be difhonored OH
Ito return, ana yet it will continue to
pour OUT its paper, 70 long as government
can apply IT, IN any degree to itspurpoies
What tort of an initirution, FIR, rs this ?
- 1t looks leis like bank, than like dc
partment OF government Il will be- pro-
perry the paper money department.. It's
eapllal IS government dcbis; the amount
OF Its issncs will depend on government
nee. ihses ; government, in effect abi.lyes
ulei. lrom lis own debts TO the bank, and
by way Of ccmps nfation, abfoIves the bank
+ ON its own contracts 10 Others. his is,
inccsa, 4 wonderful fcheme of finance.
The government 10 TO grow rich, becsule
it il 10 borrow, without the obligation OF
repaylng, and is to borrow OF bank which
issues paper without liability to redeem it.
1t this ban like other inititutions, which
dull and piodding common ienfe has erect
co, were - pay It's DEBTS it mutt have
{ me limits 10 its ltlucs OF paper, and
therefore there would be point beyond
winch il could not make loans to govern
snenf ihis u.,,id fall SHORE .,f he with