Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-09-13

discounts, and the effects of the crgani-
zation of the bank of the United States,
INTRODUCTION.
The following letter is published as a
testimony against course OF proceeding
which, for the second time, within one
year, is now in operation in this city, and
in most parts Of the United States, where
there are banks established; and which
has produced, and is daily producing a
copious harvest of distress and misery,
and acts like blight of mildew on the
ofthe nation.
Sanguine expectations are not enter
tanned of any success, in the attempt to
arrest this systemin its career. The
errors on which it is founded, are teo
deeply rooted, to be easily eradicated.
And It requires great share of philoso-
ply and magnaninity 10 acknowledge
our fallibihty by the remuneration ola Ia
yorite system. US
Although this pamphlet most unquali-
fealy lensures the prevailing plan OF re-
ducing bank accommodations under ex-
isting circumstances, as not only ruinous,
bat absolutely unnecessary, an far from
accusing the directoisof the banks, OF
sinister intentions Many Of them are a.
mong the most estimabe of ourcitizens,
and are incapable Of any wilful wrong. !
BUTT is Of little consequence to the
hapiess victims of a ruinous system,
whether they be reduced to indulgence by
or by error The lossand he
destruction are equal both cases. The
man whose lie is destroyed by the folly
or inexpefience of his physician, is as
completely defunct as he who has been
hurried out of the world by dose of ar
senic.
1t is melancholy truth that a man
may at present have 100000 dollars in
real estate, 100000 dollars in good debts,
and 100000 dollars in valuable tnerchan-
die, and yet be utterly unable to pay
100000 dollars without sacrificing a
large portion Of his property.
It isnnpsoaible for any man whose heart
Is not as hard as Herod's, 10 cast an eye
on the frightfpl change this country ex.
ibits at present, from the piping times
Of peace ana plenty" that succeeded the|
ratification of the treaty OF Client, with
out feeling the deepest regret. And 1T is
not easy to resist the conviction, to the
extravaganza number OF banks with which
The United states are uuhappily deluged,
4 large portion of the evil may be fairly
traced.
On this subject a lanentabie delusion
has prevailed. A great number ct the
towns in the Union painted and signed at
ter banks, rs opening al lntailloe and
.apid career 10 prosperity. Aud had ali
he legislatures OF the different states
Jeen as prodigal Of bank incorposa ,loosI
Is those OF Pennsylvania, Maj yiand ahdi
Delaware, there would probssi} ue t"lceI
is many banksstn The natDn ast-e are.
fortunately, some OF tie legislature haal
prtiiude TO resist tie baking mania that
o generally prevailed, 10 sP''e Of the uI'
OF tie procedure. Many OIL
nose towns whose wlsnes we're gla,l,ied, |
lave tuund ny dear pous'it experiences
hat the expected and long sought t9.
blessings have proved :. curse II dist
,uise." They wouIu gladly MAKE heagS
,actlGces to Ue, ired rom the evils they
rave lmprudentiy entalied on themselves.
comes 100 late.
Philadelphia, sep. 2, 1916.
P.s. Since this pamphlet was Corr
nenced, some very considerable failures,
md soine OF minor account, have taken
pace, all fairly charsabie to the present
.yotem. fhis is an awful confirmation
II the opinions herein advanced.
LETTER, Sc.
/ respectfully solicit your calm and
;antlu at,ention to d few oDsei yatlonst
N SUBJECT OF the most serious lmpor
ance,decpiy iRsoiylng your oWnlnteresls,I
hose oi the Institutions entru@ted to your
iana!enient--ana tnooe OF the COMMUNE
j at iarge.
Less than year has elapsed since the
;onametcial and trsdlng World experience
ii most severe shock, from sudden a.
ara, gtounded upYn the ldea OF APP
,roachluS bankruptcy. The banks, alter
few n,ohtns Vi unexampled extensions
{ discounts, suddenly changed their
j stem, under the destructive influence
II this unfounded and absurd alarm.
they reduced their Accommodations III
manner almost without precedent. 1t
) difficult, GA Retrospective glance, to