Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-03-01

land made Hnlf0rm by giving power Iof
THAT purpose to the general government ).
THE states could not do it. He argued.
therefore, takinginto view theprchibition
AGAINST the states issuing bills of credit,
THAT there was strong presumption thu
mower was intended to be excIusivel.
| given to congress. Mr.. G. acknowledg
! edsthere was no provision in the consti
tuition by which states were prohibited
from creating the banks which now exer-
cised this power; but, he said, bank
were then but little known-there was
lbut one. the Bank of North-America witt
1 I canitai of only 100000 dollars ; and
the universal opinion was, that bank
lnotes represented gold and silver, and
That there could be no necessity to pro-
|hiEit banking institutions under this i'm
lpression, because their notes always re-
presented gold and silver, and they coutd
not be multiplied beyond the demands
of the country. Mr.. c. drew the dis
tinction between banks OF deposit and
banks of discount, the latter OF who
were then but little understood-and
their abuse not conceived until demon
strated BY recent experience. NO mar,
he remarked, in the convention, mucl
talent and wisdom as II contained, could
possibly have fa.eseenthe course OF These
,Iinstitut;ons; that they would have mul-
ltiplied from one 10 tno hundred and
lsixty /: from a capita! Of 400,9o0 dollars
, to one Of eighty millions: from benz
consistent with the provisions OF the
constitution, and the exclusive right Of
congress to regulate the currency, thai
They would be directly opposed to 1t
THAT so far from their credit depeneIns
Jon their punctuality in redeemins tAep
,|bills with specie. they might so en- AZ
Iinfnitum in violation Of their contract
without dollar in taeir vaults. HERE
had, indeed, Mr. G.. said, been an extra
,'crdinarv revolution in The currency 81
jhe country. BY sort OF under current,
The power Of congress TO regulate the
imones of the country had cayed in. and
J upon it's ruin had sprung up those instl-
tutions which nsw exercised tie right G!
, making money for and in tie q. States
iior geld and silver are not ire Only mo
ney. but whatever is the medium of pur-
tcha8e and sale, in u.:ch bank PAPER alone
was now employed, and had, therefore
lbecome the money Of the country. 4
,Ichange. great and wonderful. has taker
place, said he, which divests you OF you'
-|riehts, and turns you back TO the condl
! ton of the revolutionary war, in which
: every state issued bills of credit, which
were made legal tender, ard we're o
various value.
! This then. Mr.. c. said, was Che
-Eeyil. We have in lieu Of gold and
silver paper medium, unequal,
; but generally deprecated, which at
Gects the trade ard industry Of the
nation /; which PARALLELS the nation
al arm; Which sullies sie faith, both
public and private. Of the u. States;
la paper 40 lonser resting on gold
and silver as lis basis. We have
indeed laws regulating the euFrene.'
Of foreign coin /; but they are unde,
5 nresent circumstance moekery OF
: legislation. because there is no coin
4 lin circulation. The right OF making
money. an attribute OF sovereign
mower, sacred md important Eight
was exercised by two bHndred ano
lsixty hanks, scattered ever every
mart of the u. States. not 'esPonsi
: lille to any power whatever Tor then
sIissues Of paper The next and great
-Icnou;ry was, he said. how this csl
was to be remed;eJ3 Res;ore, SAID
The. these institutions to their ORGY
Ipal use cause them to return &C
their legitimate Office If places OF
discount and deposit LET them he
no longer mere papc: machines, re-
, store The state of things which OK
listed anterior TO 1915. which was
| consistent With the just policy anf
Interests or the country cause 'hen
TO fulfil their contracts, TO resPec'
their broken faith; resolve that Q
very where there shall BE an uniform
value 10 The naticBal currency; you'
cor slitu,ionai control will theh pre-
will.
How then lie proceeded to eSa'
. mine, was this desirable eDd to bt
ATTAINED Z What difficulties stood II
I The way (? The reason why the banks