Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-11-05
LETTERS
TO I',j THE BaNE DIRECTORS,

. no THE B.ayN.H DIRECTORS, I
On the pernicions consequences OF the
prevailing system of Banking Opera,
tinns !, and, on the facility OF reducing
discounts to any extent, as soon as the
Bank Of the United States commences
!. business BY NJ. CAREY.
LETTER Ill.
GENTLEMEN,
\ Tn the state Of distress which l have
Just Observation-Disclosures the idea of preparing
for specie payments you inexorably shut
your vaults against any extension of dis.
counts, adequate TO the emergent calls OF
your distressed fellow citizens, some Of
whom, as have stated, have been redac
ed to bankruptcy, and others are in dan
ger OF it though the impossibility OF col.
Iecting their debts-selling their property
but at rsinous sacriaces--or procuring
temporary accommodations.
That this plan isequally In opposition
to your best interests, and to regard for
the happiness and prosperity of the public
| bel!eve is beyond doubt. Twill suppose
a plain case, to illustrate my position.
B. has debts due him BY persons ulti-
mateIy solvent. to the amount Of 100000
dollars. His debtors, like the rest of the
community, are pressed, and unable At
present to discharge their engagements
He is constrained to afford them indui.
.gence. His own debts are only $4,000
dollars, payable to government, TO the
Banks and to individuals. As the money
concerns OF the city are at present s'tuat-
ed, it is almost impossible for q person
thus circxmstanced, to meet his engage
ments, and escape bank .ruptcy, although
all the debts due him may be payable in
four or FIVE months, AID all be then
-punetuals discharged. For he cannot
raise at present 1000 dollars on 1000
due in the country. 1t requires but a
moderate portion of capicity, and very
slight knowledge Of eur trade. to modify
this case SO as to make an almost gene
raj application Of it.
From assuppesed case, which is pretty
nearly parallel with that ofa large portion
Of our ci,izens, shall lay before you the
opinions ofseme Of the first men in Eng.
land on this topic. ! arc well aware that
no name, however celebrated or iliustri-
Gus, can make falsehood, truth--or fol
-ly, wisdon--or wrong, right. But it re
qaires that any Individual OF your boards
who appeals from the authority which !
shall quote, should prove his claim TO i'm
piicit belief. by the possession of tran
sendent talents eauaEts those Of the per.
sons who are thus cited before you.
I mean no disparagement to Bank di.
rectors in general, The great mass Of
them are highly estimated and well in
tentioned. Some of them are likewise
enlightened, Is have had long experience
in banking. But there are, | trust, few
of them that will pretend to compete with
or to contrbyert the opinions on banking
ofthe governor Of the Bank Of England,
or Sir Francis Barring. To a large por-
ton of our bank directors, immersed 10
their private concerns, the direction i
but secondary consideration. They
attend for an hour a day twice week
and for the residue Of their time are en-
ployed in measuring their clcth, attending
their stores, selling their hats or shoes,
orboots. or mixing their Drugs, Banking
is a science; and to understand it per-
fectly, requires an almost undivided at
yentiun, No man can possibly be master
of any art. profession, or science, to
which his mind is only seldom, occasions
ally, and slightly directed.
In 1910, the British Parliament APP
pointed mittce OF twenty two mem
bers.s to inquire into the causes of the
high price Of gold bullion. and to take
into consideration the state of the circu.
latiBg medium, 8 the exchanges between
G. Britain and foreign parts"
a more respectable committee was
perhaps never known in England. tits
not necessary to give the whole Of their
names. i shall state few, that same
IDEA may be formed Of the weight to
which their opinions are entitled-Spen-
Ger Pereeval, G rierney, r. B. Sheridan
A. Barring. Earl Temple, A. Thornton,
aud w Huskisson, we're among the num-
Der,
They had power, as usual, to send for
persons and papers, which power they
exercised They examined thirty per
sons most infinitely. shah content my
self with a few extracts from the exami-
nations, which bear withirresistibls force
on this topic.
John Whitnore, esq. Governor, & John