Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-11-07

'EWlit unrCtf tott SttObt III TIC |6,OCOeOUVoOil
liars after the payment Of the second
Iinstalment.
This, as Thave stated, is about The
SUM likely to bein this city, after next
january. 1t may perhaps be one or twt
Hundred thousand dollars ssort. But thai
does not materially affect the question.
The utter want of foundation of this
Idea will appear palpabie from the fol
flowing considerations. There is not a
bank in the union, except in the eastern
Estates, that pays ts notes in specie. OF
lcourse, specie must have superiority o.
Iver bank notes for variety of purposes.
|Furthes-The tine OF paying the second
IinstalMent Of the Bark Of The United
States approaches, which demands very
large suns. And notwithstanding these
VERY strung circumstances, specie was
lately current in New York, at an adj
vance Of only ,wo per cent. over the
notes of that city. Can It then be sup
posed, that as soop as the mighty nation
Ial bank. with capital OF, thirty Eve mil
Hons of dollars, and paying specie for
Its notes, is in operation, there viii be a
premium for that article 7 Nothing but
Ian utter disregard OF reason and common
sense could suggest an affirmative re-
|sly.
This is an eternal lessor to bank and
bankers, that eught to be engraved in
letters Of gold, and placed On the tables
where the directors meet, to imprint on
their minds. | state the simple, unadul-
|terated facts, and appeal TO this cotamu-
nifty for tbeir correctness. The banks Of
this city had for a considerable time, say
four or five mouths, been oppressiyelY
cartailing their discounts, during sea-
sou OF utter stagnation. Distress aud
embarrassment to nearly all, and ruin
TO same OF the cummerei,,l and trading
world, were the consequence bank.
ruptcles took place to d great extent.
gonhdslce was destroyed, At lencthI
the banks awoke to the sufierings ef The
community and to their own true inter-
ests. Some of them resolved about the
close OF April, to extend th@ig djscoantsI
each one hundred thousand dollars. How
many did net coacur, | know cot, Butt
there is strong reason to believe that the
whole sum of additional discount iia.not
amount to above six hundred thousand
dollars. This snail SUN cenpieteIy re-
slesed the city, and fuhv restored
confidence. Aid let it be observed, let
i never De forgotten, that The latter e.
vent, the restoration vi eeuli,ieaee, took
plaza within one week OF tlc time of pass
in5 the resolutions. and before any extern
sion actually took Place. Happy, thr;ce
happy would ithaye been for This distress
ed community, had this illumination taken
pace three months earlier i.stimabie
men, with arge asd interesting families.
uitSht ne now DasSins IN the sunshine of
prosperity, who are iocafably bankauoted
D The writer Of these letters feels q
conscious pride in the idea, that the sys-I
tcm he has so long ard SO aydent,v alyc-I
Gated, was dictated BY adue regard toI
zee interests Of The banks, as we'll as of
ihe community. Both might aal ought
70 have been madeEie haruiunize. And|
las the Banks had IN the summer Of 1915,
|uahappliy toste;ed ana extended the
|baletul spirit OF speculation BY extfaya
CANT discounts. it was imperiouAIy in
Icumbent on them to make every possible
Iexcrtion TO alleviate It's la.aentate ans|
jruinoaS consequences.