Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-10-31
LETTERS.
TO THE b .aJssKs DIRECTORS,

/,
On the perilicious consequences OF the
prevailing system of Banking Opera,
t,ans !: and on the facility of reduclns
discounts to any extent. as soon as me
Bank Of the II tied States commence
business. -ByM. CAREY.
. II any embarrassment shall be pro
tlnced nv an excess of private 'securl
). ties. reduction during he alarm i
impossible; and an increase for a tine
I. will become Indispensable"
Sir Francis Barring 'nthe Reporj
Of The Hfalion Committee.
PREFACE.
The writer Of this pamphlet fondly hop
ed he had ID former publications fulls
established the peraicioas tende cy Q
tie pteSailing system, Of banking opera
TONS. In this persuasion he had bee
strengthened by the opinions Of grea
number ofenlighted citizens :aad eMoes
them, many directors Of different Bank
He ilatte ed hinselfinto the belief wa'
itirfatlonai ? that to4prove a system er
epneous, was almost TO ensure its lmme
bete. Or at least not very distant, abaa
tpument,
He deceived himself. The systen
co itinpes 1t is spreading consteraatpl
aud distress Around. And when it wti
terteinafe, itiisimpossiple for man Sto for
see Heaven alone in It's omniscnce car
piece into futurity.
If any apology be necessary for tht
present resumption 0 the discussion, hc
will onll observe, thateYerY motive th4i
existed for the former publicat rs, re.
mains in fall for The present. Smiar
p escriptions are therefore requisite.
A friend uho had just read the cele.
brated Report efthe Bullion Eomattee o.
the English pa lialnepf, having informea
him Of its application to the sllject, he
examined It thoroughly and had the sa
tistacnon to fad ti.at nearly all the pt's;-
tons he ta, at various times laid down
on t5is mementons topic. are irrefragably
coRfTned By the first Authorities in Ens
land perhaps ia the world, lie .ha-
made cnpious extracts from this work,
which, be hapes. can hardly !ail TO re
nave the doubts of the most scept
cal.
We exhibit to the world strange dis
play; 3 disgusting contrast OF boldness
and servility. We are fierce as lions ;
and seryle as sp4pieis If the govern
ment dare TO touch :. The hem If onr gar
ment," with the endof it, little tilgef-
wegrowi, and we grInb!e; we inu mai>
and { e: make the welkin ripg" with oar
complaints and our threats we have
town and country meetings, AID pa,
angry aad blu tering resolutions. Ae
{" witt not bate an inch fur Caesar and
all his myrmvdons.' Bat our prou.i and
high minded merchants and Traders,
whose fortunes and prospects are Sighted
ard blasted, and whitening. through the
effects of a preposterou~ plan OF banking
operations, and WIN, in corners vent
their . curses. loud and deep against il
and its authors. are afrajd to meet, and
give their complaints a proper form aud
Substance They nav almost be said to
deserve what they suffer.
What objection could there have been
to tbeir meeting publicity to their stat
ing. and demonstrating against the gross
impropriety o curtailnent Of discounts
IN season Of distress and embarra ;sneat
expatiatlng upOn the Ienity AID indui
gence the community hae extended to the
Banks, III supporting them when no long
ersble to di charge their note in the lie.
gal coin of the country and the duty of
ieciprqcatiHg that indulgence tothose who
though equally Solvent with themselves,
are terlporaily pressed as they (the
Banks are likewise
Such a procedure would have been
@an!y, aud dignlGcd, and worthy oftbcm
and what is more, could not have failed
of success. Fortitude and decision rare
", fever, fail in a good cause. And the
in favor OF a change Of system
are 50 cosent. that, coming in the. respect.
able form Of emoustiarce from the
merchants and traders Of philadelphia
they waald have been irreristabic.
Les it,be observed, and tie obserya-
ton greatly adds to the recommendation
Of tie plan here suggested. that co4si.
detable number Of the Bark directors of
this city have uniformly di approved OF
the system OF banking which has been s..
long and SO tuinously pursued. 1t would
NOT be very extraragant to assert. that
nearly f not absolutely one halt of tie
whole hontet. are thus disposed. But
although they are pc haps equal IN mum
are by no means equal in in
Aaence. Had trey. however. been sup