Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-03-29

leffsot ,,pon The mercantile class, and
upon society in general, Of suppress
sion of these institutions may then
leasily be conceived The suppress
lsion. whether Immediate or even at a
Iperiod somewhat remote, must CON-
Inc, those institutions Immediately to
|commence IA heavy and rrinuus cur
tail of their discounts. perhaps an
Immediate payment of the whole OF
1.-The debts due to them. These debts
amounting to perhaps fonr millions,
form most probably nearly one hall
of the money lent by all the banks
lin the District, chartered AS well as
lunchartered. 4 demand OF payment
of sum bearing SO large q proper
ton to the mercantile capital OF the
towns of Georgetown. Washington,
and Alexandria, must inevitably pro
duce the most serious distress among
ALI the debtors of the banks, & among
all the debtors of those debtors, and
thus extend throughout every famfii-
cation of society. Bankruptcy and
ruin 10 individuals here, loss and en-
barrassmepts to those connected With
them ia trade, or to their creditors
leIse here, and a paralysis Of the
commerce and active industry OF this
District must be the inevitable conse,
quence and those TO whom the CEN
stitusion has left no other protection
than the Legislature of the nation,
will fad themselves protestrated by
the hand to which alone ,hey can
lock for support
1T is not here that the evil will
stop. The suppression of the IN.
chartered banks and the consequent
annihilation Of SO much capital. or
the Withdrawing so large an amount
as two or three millions Of dollars
from the active capital ct the coun
try, must Of course produce a yisible
effect upon the price OF tie produce
brought TO this market; and whilst
il thus Indirectly Injuries the agricns
turalist, will drive him to seek in
some other more distant and less con
venient market that fair price for
1.-THE returns Of his labour which the
Idistresses and limited capital Of this
District will prevent bis receiving
here. To whatever side we turn,
there seems TO your committee to be
4 mischief and ruin to individuals and
TO the District il suppression ofthe
ucchartered banks Of the District.
! Nor will the chartered institutions
be able to afford relief Notwith-
standing the allegation that there is
'Iloo much capital III The District, ii
lis believed that the chartered banks
have discounted SO far as they think
lit prudent to go, and are daily refus-
ling the offer OF good paper for dis
Icount. To them therefore the mer.
lchant who is pressed by the creditor
banks, in wioding 40 their business
Twill look in vain for the means OF
realizing adventures, which might
ID ing individual wealth and national
prof; if net paFaiyzed b. tlis fatal
measure.
~ thaeo ro,so,,s artf for, o4herc
(which they forhear to press lest thi.
report, already extended beyond theil
l. Expectations. should become unrea
/ ! .ouabIy yoiumiuous,) Your commit
tee earnestly recomMed that the uo
,Iehar{erc6 banks OF the Disttic
should not be suppressed, The
trust il will be also perceived that ;
mere postponement Of the perio'
when they shall cease. will not a
) void the evils which have been con
tempt ted.
!. 8, Your committee next proceet
to state very srccinctis what sr'
the public advantages that may b
!, derived from The Incorporation oftl'
un incorporated banks Of the Dis
triet. These will be found in th'
efeetual aid which viii! be affnrde,
by these institutions, in promoiins
; public works, connected with th'
4 prosperity Of the district, Of th'
.lgreafesf utility and importance.