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

II itself is the main i0urce OF iupply, and
bankruptcy nine Of iaexhauaable trea
fure. lhry rely. not on the ability Of the
back. bur on lis bcggary (; not on gold
ana FLYER collected IN its vaults to pay its
deb, aud ful6l its promltcs, but on the
locks aud bars provided BY itatusr to fat
en- It's doors againit the fluctuations and
ella aors OF inportunate creditors. Such
"a lastisuuon, they AAtter themfclves, will
not only be able to fuitain nfelf, but to
buoy up he Gnking credii ofgovcrnnent.
i U&ak xasch does not pay, is 10 guaran
tee the engagements OF government
which does not pay " John Doe is to
become frcurisy for Richard Roe" Thus
the empty vaults Of rhetreaiury are to be
filled from the equally empty vaults Of
the bank. and tne ingenious invocation OF
partncrihip between infolvents is TO re-
fore and re-citablilh the credit of both.
"Sir, can view this only as fyitem
of rank sprcuiation, aud enormous niss
chief. Nothing in our condition is worlc.
in my opinion, than The inclination Of
government to throw itleif upon fuch def
pera.- courfcs. II We are to be tavrd, il
Is not to be by iuch means. Il pubic
credit is to be eitored, this is not one 81
tue meaiurcs that viii help TO reltorc il
If the treatnry is exhauited, this bank
will not hi ii, with any thing valuable
Ii fate circulating medium. be wanted
for the community. il will not be found
iE the paper Of fuch corporation.
with Cir that thoie who iniagine thar
rhei- OBJECTS, o. any Of then, will be ct
fected oy fuch bank as this, would des
crlbc the manner IN which they expect il
to be done. What is the procsfs winch is
70 produce these reiults Il Il is percri
we'd, it can be dcicribed The bank will
not operate either BY miracle or magic
Whoever expects any good from IT, ought
to be able 10 tell Us In what way tina
good is to be produced. s. yet We have
HAD nothing but general ideas, and vague
and looic expeditions. An indefinite and
indiitnct notion is entertained, no body
here feems TO know OH what ground, that
THIS bank is to reanimase pu5lc credit,
hi the tlcaiary, and remove all the evils
which have arllin from the depreciation
Of the paper OF exiting banks.
Some gentlemen, VINO do not profcis
thcmfcivcs to be in all reipecss picaied
with the psovilions Of the bill, irem to
content thrmirlyes With an idea, that no
thing better can be obtained, and that Il
is neceaary TO do foa.sthing.
A itrong impreihon shas foinethins
mutt be done, is tn origin Of many bad
meaiules. 1t is eafy, Sir, to DO lone
thing but the Object is 70 do lone
thing uictul. Il is better 70 do nothing
thanto do miichlef.-ltis much bet'ei,
in any opinion, to maec no ba.ik, than
10 pals the bill as It now is
The intsIeas to be atlctsd by this
mcaiure, the hnanlcs, tic rLoilc credit,
and the circulating medium of the coun-
try, are too important to be hazardcd IN
fchcmes like this. Ii we WIFI, to rcltore
the public credit, and to se.eitabliih the
fnances, we have the beaten road bStorc
US. All true analogy, all expo. ence,
all juit knowledge OF ouIiclves and our
condition point one Way We Gao hard
ly miitake il, without wilful blindneis
A wife and fyiteniatic economy, and
a iett.ed ar.d iubtantial revenue, are the
means 70 be relied on /; not executive
ifIues Of bank notes, a forced circulation,
and all the milcrable con;rivancrs 10
which political folly can reiort, with the
idle expectation OF giving 60 mere paper
The quality Of money.
insfe are all inventions OF a ihoft
lighted policy, vexcd and goaded by the
nrceil Of the moment, and thluAing
leis of a permanent remedy. than Of
ihifts and expedienrs to avoid the preient
diitreis. They have been thc1iand
times adopted, and thoutand times *
plodrd, as drlnGvc anc rulnous, as dc
itructiyc Of all folio revenue, and ncoms
patibie with the iecurity Of private pro
pcrty.
Il is, iir, fuficiently obvious, that to
produce any beneGr, this bank mutt be 70
contributed, as that its notes ihall have
credit win the public. The hrit inqui-
~, therefore, ihonld be, whether sLr
bills OF a bank Of this kind vii not be
immediately and greatly depreeiacd. III