Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-03-06

II
Ithsy would have it in their power 10
Iiuerease their specie at pleasure. i
LIS only objection TO eniarSing tine
IGnt cash instalment was, that II
might have the effect to Draw the
Ispeeie out Of the existing Banks.
Mr.. Smiths motion 10 strike cut
| tho werd Ave, was carried, ard
| He then moved to fill the blank
Iwidl the word fifteen which was al.
so agreed to--ayes Sc. noes A.
! Mr.. Root said the section UNDER
reconsideration was the essential part
Iof the contemplated institution, as III
contained its constituent or vital
laart and proceeded to enamerateE
1.-The various stocks receivable in sub
| criptions, the rate fixed on them ny
1.-The lenders to the government. and
lthe profits now about to be given toI
Those lenders, by raising The stocksI
20 par-Thus granting bounty to-
Those men. The same reasons didI
mot exist, be said, for such a mea
;lsure at present, us existed at the last
/ ,ession.--Then, the credit Of the 20
4 yernment was weak now it was
! tropg lie would not deny that the
Headers TO the government might
have BEEN actuated by patriotic mo
Lives: but that was no reason TOR
= granting to them any thing more
han was bargained for--and Inc pro
Flceededto shew that by allowing the
: commissioners of the sinking lund to
tISuy up this stock, instead Of permit
-lsips. il to be subscribed lis the bank
Il the rates prescribed by the bill
,he government would save about two
millions in its redemPtlons, &c. For
elthese and ether reasons adduced. nc
!. moved 10 amend che bill by tixiug
c he rate at which the six per cent
5 stock shall he received in subseriP-
ltion to the bank a; 80 per cent, Ea
cIstead ofpar.
e Me. a;houn objected TO the mo
dItioa. Its OBVIOUS effect, j n0t is CD
iect, be SAID, was 10 increase the
rEbomus. Ii tne stocks axe deprecated,
o Isaii AIR. e. il is not TIE fault CT the
) holders ui il, 3ut OF TIE gGyernncn'
diitseIf, and i, would be improaer il
j. THE government ID take advantage
# OF this depreciation. The measure
would .so have an injurious iEha
? Ienee on the subscriptions TO the bank
u witbout answering any good purpose
/. laad re, therefore, hoped the motion
e & ould not prevail.
EIr. Root said in reply, that those
Il who boasted SD ,aueh oil having loan
;, ed their money To she government
j. IonIy gave their depceciAted notes, &
received IN return tie notes ofthe go
dIyernmeat, by which they made ;
IS great proGt, and that was all thei
INERT, nc.
Mr.. Goldsborough made few re
q marks 90 the motion. He though
ii Questionable, whether a govern
ment ought to fix Oh its own stock
d manifest depreciation, and in this
J instance it would be an act OF very
: great injustice, and violation OF
!. public faith; because, in the mex
: clause, il WIS provided, that thu
: stock should be redeemed and liqui
5 dated at the rates at which it was
Ip.id in TO the bank. &c.
: Mr.. Ross thought The cireum
I stance deprecated BY the gentleman
blast up, existed already which O.
pinion he supported by few argu-
lments The whole system Of this
hill. he said, was an encouragement
} Ito stock jobbers, and was Of the same
|shsracter AS the measure which
,louec benefited the spectators at the
r expcnee OF the revolutionary soldier,
fby funding their certificates. &c.
J The question was then taken on
1.-The motion Of MIR. Root, and negativ
|ed-only Z or s gentlemen rising I'D
flavor oft.
Tie committee then rose, report
led progress. aud obtained leave to
Isit again.
/ SATURDAY, March 9.
After the reference of various pc