The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1816-11-25

NheAE uuoibSsS among SeVSrA OF the
banks OF the Disttict, and consult only
their own convenience, by concenra
ting 1t IN one Bank, with which they
could have a constant and direct inter-
course--which Bank wonid be SO loca :
ted as 10 best suit their convenience
He considered The three towns in the
District as rival towns, and Washing
ton as the Intermediate place between
this and Georgetown. If tbs Branch
was lot established, the GOV rnms mt
must have Bank which would stand In
the same relation, and this would be the
Bank at Columbia The President of
that Hank rigAt haze every disposition
TO promote The prosperity of Alexan-
dria, ard so might the Cashier-but
what security had we tina, tbe directors
would be mere accommodating TO us
than those OF the Branch Bank, which
would be constituted oil an Csual pro-
portion from tho three towns-three
from Georgetown, three from w ash
ipElon, and three from Alexandria: and
he pat it 10 the meeting 10 say,w neither
they would not sooner put their com.
morcial prosperity into The hands OF
suca direction than run the risk OF be q.
ing 81 the mercy OF the Bark oil Colum.
6ia, Hem whom we could get no iDfur-
motion, and III the traasuciIoB of whose
business &c Lad 10 representation. ii.
the Branch VAS established, we should
have three directors there, and il heavy
drafts should come upon The Bank,
which would require system oil Gun
taiiment, they wcrld be abic 10 get In,
formation Tor ,fTefGranon. He hao
known what Ii WAS 10 'tfR, and had
kno~n he csScefisl service sucn iu!or.-
nation was 10 commercial men; be-,
sides, i, WsS ! SQfSsy factioa 10 man,
& hen oppressed 10 have some oac 10
20 TO V no could :DfoiSl him WHY il had
oeen Sc, amd'cxplain TIE necessity tha,
had existed ior il. Could we derive
this advantage OF intercourse itGm the
Bark of Columbia Or il IL 'badyxcr
ciscd great mcderaticn ard fcrbearaAuv
what security had we for its cOntiuti-
aDeo. lie knew something ct tbs Sn-
teIcourse OF Banks, anu how rtey man
aged their business. a'hose who had.
\ large qcanWly oil p"pel in circuiatjou
found II to theii interest to be very ac~
cotnodaling, because If they pressed
upon the banks inGebtcd TO them tncy
knew the consequence would be, that
tae banks TO whom fhey were inccbted
would press also On them. Mr.. RI. took
this position, that a branch would be
established, from the Consideration
that it would facilitate the financial op.
ersiiohs of Tie government, and be
productive OF advantage to Tie mother
bank, and that it would he 20 our in,e-
est TO be represented in it. And that
IS there would he an equal number OF
directors from each Of the three towns
neither would have prepunderatinE
influence. 1t ,CU.led reasonable to Liz.
that Il would be more advantageous 10.
our commercial prosperity TO have cur
monied institutions confronted bv.
such an establishment than u be lsf, at
the discretion OF the Bark of Colum-
bia lie had no hostility tc that Bank
and was willing she should do the bu
siness o. The branch provided the di.
rection would BIO proportioned in the
same WY among the other towns in
The district. Ia remarking upon the
chatter of tho capital of many OF the ex>
listing Banks, Mr.. III. declared his con-
yicIlon that the interests of the District
would be essentially promoted by the
extinction Of ali the Banks pow in ii
and the establishment of a Branch IN
each town, with capital of S 100000
only, would be of much more service
than The whole thirteen Banks which
were now in it, With respect TO the
hostility Of the former Branch, there
was a gentleman now present. who
could answer to that point, having teen
Director there during its existence
Mr. PhHeaS Jaaney had not intend,
Cd to express an opinion in relation to
this subject; but as he had bcen refer
red to 10 relation TO Tie po.icv Of the
former branch at Washing or, he could
state that the utmost impartIality had
been exercised towards this place aud
Georgetown. IF there bod been pre-
ference shown, il was to Alexamdria.-
tie knew that at the close Of the ses
sion of Congress, on one occasion, the
directors had sent to Philadelphia, and
drawn from the mother Bank S 10000
in specie, to pay off The members,w
the Banks here stood largely indehted
TO the Branch. He had served as
director In that institution about TWO
and half years.