Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-02-13

in this bSinion the oriGinality Of which
he new proudly asfpgafcs to himself, HI
was somewhat IiHideiit SO long as ii IRE
NAMED unsupported but since 1t hal
seen advocated ia theory by some OF tn,
most learned and greatest men in thu
and carried into practical elfec1
by others of a more noble aud adrelltar
ous spirit, he now can not nationally en-
terrain donbt on the spbiect--as a cir.
cuIating medium, the light wings Of pa
per afFard il decided advantage over
money manufactured from heavy and
culnberous metals, OF this the rapidity
with which i passes from hand to hand
embarrassing is a proof. SO lar from
hoarid Rg it in iron chests or buryiagit IN
the earth, every one seems anxious to dis.
pose Of it as soon as he has obtained it,
and hurfes away to hand It cfer TO his
neishbor.
The great advantages to be derived
from tie Introduction Of this new circu-
Iating medium already appear IN the ra-
pid rise il the price Of labor and Of the
productions of The country estimating
this rise at present as equal to so per ct
it is obvious that every man who has pro-
perry to sell or an ability to labor, is pre-
cisely SO per cent. richer than he was
before, and il we proceed even in an a
progression we must shortly
5ccains the Richest people in the world.
Revolving III my mind these, and a
thousand other considerations deducible
from them, I had resolved to institute a
new bank in Alexandria, not so much
from any prospect Of advantage to my
self, as from patriotic wish to benefit
my fellow-citizens, by increasing the cir
culating medium that they really want
an increase of this sort, appears to me
satisfactorily proved from these consider
l. Almost every person you meet IS
in pursuit of II, santl no man can be found
wiling to acknowledge he has enough.
Q. The great quantity which isneces-
sary to supply the markets to the north
asd south, where orr paper is said to be
in great demand, and sales are readily
effected at a discount Of 10 or Is per
cent, which compared with the gain Of
so per ceat. already made, ard the pros
pect Of an increase TO the extent Of nan
dreds--is a mere bagatelle.
z 8. That the country is now deprived
Of the useful eSertions of a number Of
gentlemen OF FIRST rate talents and enter
prize. whose efforts are restrained from the
want of capital so easily furnished
by banks. and tor which a great man can
not condescend t1 labor ia small way.
! had intended to have made my
scheme public, and to have invited my
tettow-citi1ens TO participate il the stock
Of the proposed institution but before
the books could be opened il was all
taken by my neighbor Jenny r;mpnnins
and myself. jenny suggested. that US TIE,
public was to have the benefit of tae cir
medidm proposed to be issNcd;
chat We might fairly claim to ourselves
the iaconSiderab.e profit TO arise from
discounts, particularly as the PLAZA was
oar own. and all the responsibility ours
At one dash therefore, Jem took $50, and
( $50 thousand dollars, which is the pre-
sent capital of the bank, though like AMI
sltierman;s turtle soup Jacket, it has AMI
elastic quality by which it may be in
creased TO any size. The rabIic will dol
we'll to notice this circlmstance-.if they'll
,chaye vel. and treat our notes with duel
aspect, there is Still a chance for .theml
o touch the neat thing.
Our caDital, I said, was S5G9.0G0.
more or !sss--on this we shall issue fveI
lines the amounted notes, say $500, 0O0I
more or Tess, for tie paymeat of which,
.he following real estate is solemn'y|
pledged, the value Of which is almost in
:alculablc.
l. 5000, 900 acres of YaZoo lands. I'D
IS true, our claim to compensation, underI
lie act OF congress, has been rejected,
5y the commissioners now sitting, be-
.ause our titles were dcrivative, and
.hose>under whom. We hold hail previous
y sold to OTHERS. Bot we mean to IN
.titute "a enquiry whether this rejection
!. arose from u detect in tie Iaw or ia
The administration OF the hw''---and
will no doubt correct the pro
oeaure."
aaly. One million of acres Of Ken
tucky lands; large patents handsomely
ensressed 90 vellum; seals IS BIZ as
sauccrs accompanied by plats beautiful