Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-04-18

- a.ssMr. Secretary Dallas IN nj
81 49,. ss report Of October, 1914, afte'
da s:h;i;0a view Of the deranged STATE
s1a .ss tinaaces, and announcing to th'
O ia the entire prostration OF the publ''
wOr,a. M nronoses as an expedient for re-
s ns i. national bank and treasury
s'.n'e But whether (says he@ the issues
s e amer currency proceed from the ma,
y pap' ..ss,urv or from the national
nS Ell the acceptance Of the paper in Q
oaua' If payments and receipts, mus
COW s.r.yer optional with the. citizens
s 81 ~ sytrsnlity ofthat day cannot be an
sseg;nstsd, whea any honest and enlight
ns .s statesman, viii again venture upon
en- snsl Sssnerate expedient of a tender law
~, gs, .b;s same houest and enlightened
..siss,nan, in alittle more than one yes
ss. 80. his report. resorts, not only to the
s.,s sd;ent ola tender law. bat TO one Of
e. own making, in his famous ukase
~, s,l;sbed some months sisce, ne give
Pa as;es to the public creditors, that Phi
i.aaIns;a. Baltimore, and Washington
ssnr hills would be rendered in payment
e ,Se public engagements due at those
Sl.sss leaving it however optional with
iSsm 10 take It, or run the chance oflos-
~ Rat the most ludicrous Continuance Of
al 10 support public credit, was his pro
,;for TO the state banks TO swamp
s.ss with bin. Those banks whose
.'aasr was worth less than his, accept
n the Offer. The others rejected it.
The consequence was, that BY the
.sr,n. Of his contract, all bank notes,
which had deprecated below the value
Of treasury notes (which was the case
with the paper sfsh these banks who
had dealings with him1 we're made re,
ssiyable By the collectors tor the Reys-
Sne While those bills which were better
,han treasury notes, the collectors were
forbidden to take! Thus preferring the
rauer most deprecated for that which
was |. asst so! This operation however
furnished the secretary, with Philadel-
mia, Baltimore, and Washington bank
Ellis in abundacp. Bat when the interest
became due on the public stoek,he found
much Of that which belonged to the citi-
zens Of these places, had been transfer
i red to the books Of New York and Bos-
Ton, where, alas he had no money to
nav il, and where the bills of his patri-
Otto banks could not be passed not even
70 those who issued them. In this di-
lemma, our fiscal magician applies to
these banks to lend him paper to pay
this interest, whose very bills he has
forbidden his collectors to receive fol
duties because the bills of these banks
(which they are thus directed to receive
Tor duties the public creditors will moi
lake for interest. Thus this notable
tcheme, which by some iacomprehensi-
bic operation, was e. restore public c, e.
dit and eaaaiize the currency, after be
Ing eight months In operation, has pro-
duced the following ridiculous result
It induces the northern merchant to en-
Ger his vessel at Baltimore to save ten or
fifteen per cent in duties, by the dimi-
nished value of their bank bills, IN which
chose duties are paid and for, the like
profit. the public creditors in Philadel-
paia, Baltimore and WashIngton5 trans
Ter their stock to northera banks, where
tssy demand their interest in paper.
that is 10 or Is per cent. better than
they could have got at home for which
Paper, when funded. they got per CT.
while their own hank bills remain upon
the hands of the secretary. 4 for which
he can get neither principal nor interest,
Dor even his own treasu y notes back a.
eain, without loss Of from s to l2 ner
cent !!
The secretary should have directed
bis collectors to receive the bills, not Of
those banks who would issue their own
notes for treasury notes; but Of those
banks only who would redeem then
When issued, with iressusy notes.
Ihe secretary, presume, will soor
nave the honor to Inform the ladies' ant
gentlemen of the United States, in ad
olaon to his other performances, he vii
Dance apas seul on red hotir with hi.
baked teet, the whole TO conclude with
some tansmagorian performances, never
before attempted in America by any per,
soa but himself.
~ 2 Ps7sr.
--pr%
SHfpWRErRS