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

- States :, consult ITS own interest
upon this subject, we need MT doubt
the competency OF it's direction, aud
we are misiniormed i; ii is withou, the
slight OF experience upon this subject.
We cannot see what employs, In the
city, where you propose this branch
shall be placed the capital of tho thrc'
banks now established, but we have 40
doub, its necessities are perfectly ia
miliar to the directors OF the u, States
bank II the convenience Of the go.
yernment require this branch he wolia
propose TO cunsign the subject TO the
proper department. of The government
and although the resolution he would
beg leave to propose might be, in pal
iiameutary strictHess, out of order, lac
would ask permission 10 read l., and
recommend It's adoption, ia order II
supercedc the resolutions submitted
by the committee.
G!r. Nick here proposed the fol-
lowing resolution which was declared
out OF order and oyerrulcd without y
vote Icing admitted
RESOLVED, That this meeting COAST
der the establishment within the Dis
trict of Coluulbia Of branch OF tbs
bank OF The u States as very inexpe-
dient al the present period, and that
with every sentiment ct respect to-,
the opinion expressed by the cltizcns
of Washington we think it better t.
leave the proprie,y OF It's establish
merit to be determined by the exEcu
tive department of the government.
whose rcqaisitions, II it be conceived
necessary would not be resisted by ;hc
directors 81 the Bank oil INC u. State
or, TO the wisdom of congress VITA
has reserved to ltselt the privilege a!
requiring branch 20 oe established d.
She seat OF government.
He continued, insisting that tic ex5
eculive department. was thu most on
potent a0ihonty 10 iecid o. the ns.-e
slty or Propliely Of its establishment,
Ter that as congress had reserved :.
Itself the right oil legis;atlpg upu.
This subject ny rePinins The location IS.
branch of the y STATES bsnk at III
seat of governments, il had either be-
'rayed it opin:0a Of us inuiiily at this
po:Icd, or had, 10 measure, impose
it on the directors OF the tauk TO wish-
hold 1t, anil it, congress, should ses.
It's introduction necessary That il
should he submitted TO congress woult.
seem obviously proper, These parlI-
crlar and local interests may be over.
ruled 'ano the secret Influence Of inte-
rested individuals repi csscI-thc nus
INTERESTS OF the district lcisurey de-
bated, aud the general interest con
suited independent OF party issue and
mercenrry motives.
Would the branch, he said, If es
tablished, accommodate the citizens Of
the district with foreign drafts unless
the exchange were FIRST equalized, o;
without en- eqsivaient 2 That wi,ich
you'd be required ~ the b.anc5. as
an equivalent, would induce any other
chartered bank of any resources, aires.
dy established, 10 furnish similar
draft 4 branch wi.h its very limited
capital could not abssrb an u.,iayorable
balance oil trade, to any very large
mount, for /. must of necessity have a
limited credit, as well in the mother
bank, indeed, as in all its sister branch
es, and this Limitation could not be
trausccnded No essential benefit then,
IN this scducirg view could reasonably
be expected from It's establishment,
chat could not be confidently promise d
by the chartered banks now in opera
zion, within the district, With capita
Of between three and four millions. II
.hcse banks with their immense CAPT
yal wher copirasted with the commerce
and population Of tho District and Wit,
rheir very respectable resources and
foreign connections could no, extend
these requisite facilities, he would ask
If they can BE- rationn ly anticipated
from a branch with a capita! that pro
baby would not exceed two or three
hundred thousand dollars J or the ia
formation Of gentlemen, he continued
and he assured them that degree D!
Importance was attached 10 that consi-
deraiion which il did mt deserve. 81
simultaneously With the commencement
Of the operations Of TIE United States
bank and IFS branches would be the re
sumption Of specie payments by all the
solvent and respectable banks, and par
ticularIy by ;hose which could hope TO
preserve spoDdence with 1t, o.
be employed in any agency. Instantly
the exchange is equalized ard the in-
TercGurse between remote banks. which
the disc OlDiioD IF The fnrp1cp hank nj