Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-03-05

Imagined lever of Archimedes, with
which the world might be moved.
He wisbedit did posscss that mighty
power, and il could be brought to
hear on the rotten and corrupt go
yernments of Europe. We have he
said. given TO that portion Of the
world examples Of liberty. of valor
on the sea and on the land, and he
should be glad if. by any power, we
could crush the despotisms which ep
press il, &c He said he was sur
prised at the objections made by
gentlemen from the east, TO establish
this bank on So large proportion of
the pubIie stock, as the effect would
be to raise that stock Immediately to
par. &c
Mr.. JENITT in reply. said, the
gentleman who had just sat down
bad exercised the house in the out
set, and bad threatened it with vot
ing against the bill if it did not suit
him.--He would not follow the ex-
ample of that gentleman. He would
not go TO Europe to put down GO
vernments. to light flames and put
out fires but would state few mat
tiers Of fact. This question he said
affected the interest Of every state
and town in the eonntry-it was Of
greet msgnitude--it would either re
store the credit Of our currency; or
make ii worse than il is already; and
to illustrate his. opinion on this ian
portant subject. he would state cage
in point. Some 10 or ) years ago.
he said there was certain state,
(Vt.) which had no bank /; bat there
were banks in adjoining states, which
afforded much profit /: and the PEG
pie of the state thought they might
as well grow rich by banking as their
ncighbors. They supposed, if the
limited means and numbers of
private banks coald make mo-
ney, that the extended means of
a state would make an iastution
still more profitable !; that it would
drive out the paper of other banks,
facilitate the operations OF the state.
&c. as had been argued in favor of
the bank now proposed. A state
bank was accordingly established on
a small specie capital. and paper to
large amount issued. which they
thought would never be returned for
payment. What was the conse
quence ? The paper of other banks,
it was true, disappeared BUTT was
because of the suspicion which at
tached to the state paper. The ma
chine, lift might be called SO, went
on badly it was attributed to bad
management Of its concerns and
attempts were made TO remedy the
defects, but in vain-Tie paper de
preciatcd from TO 10, and from 10
tots per cent; and finally. by the
juggle, the people of the state lost,
how much he was not certain. but a
great amount he knew. So it would
be, he said with the plan now con
|templated. if not amended; and If
the objections to it were not obyiated
he should be compelled TO vote a
gainst the bill. although he was
strongly in favor of bank on pro
per principles. If passed 10 its pre-
sent shape, it would entail evils Oh
the country, which money could ROT
compensate, &c.
Mr.. ROSS advocated the motion
10 amend the bill. He did net be
Iiieve, as had been argued, that Par-
Iicipation in the Bank would
strengthen the arm of the govern
ment or be very profitable. ifh
ever the arm Of government was 80
fhe strengthened by weakening that Of
the citizens. and uniting with a PR
viIeged aristoeracy, he was decid
edly opposed to it. He did not wish
the government 10 become partners
lin such privileged order. II tie
reasons for retaining the principle IN
the bill were correct, lie thoughtihe
proportion allowed too small II
government was to derive this great
10 r. e.: ~ o,ct;o;potion ifs