Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-10-31

Ia pTnceHufe, as wen DIS iIdt vi EhSiaH
In ] 795 and l797. leave not the SHADOW
lot doubt on the subject.
| The plan pursued by the banks ha-
peen by no means uniform. Some OF
have been pretty steadily Gu tail
ling what are called accommodation
notes. And while they retain he same
or nearly he same amount sos bills dis
lcgunted, they contend that they have not
contributed to the existing distress.
his appears plausible. But it will not
lbear investigation. Let US test it byits
results.
4 B. C, ID. and E. have each of:theiA
10000 dollars Of accommodation notes,
-Iof which. at two successive rounds OF
.lcutail,nent, twenty per ceht.ls redue-
ted, amounting to abort 1000 dollars
Iron each, or 10000 dollars. these
ten thou and dollars are lent to 3, q, IL,
/ aud X, on Business notes. lsit any
i iimunition Of the dist ess or embarrass-
'Inent of "A, BIC, b, and E, that the mo-
'iney Withdrawn from them is lent to o.
liners surely not II vii! perhaps, De
lsai1, thai the new loans may be made to
linen on real notes But this will pfoba-
IbIy seldom happen Many Of those
hoe sdcoininodation notes are thus re
lduced, a not in the habit Of receiving
s|discouutable notes in trade. For the
Immense mass of goods sold 10 the ives
tern It, tes. and 0 the interior of Penn
,yIvania, there are not disc, irritable actes
Ireceivei t. the amount OF two per cent
1.-The prejudice prevailing AGAINST accom-
imodation notes, is as i'll founded asaHyI
popular Glamour er was.
| The Ranks throughout the union have
conducted with a great dis egard Of theirl
true interests, and many OF them will
laaeIy pay the forfeit Of their impoIicg.
I.rhey will suffer great dinlaption 81 ii. |
lvidends by the establishDent Of the bank
Iof the United States, whiclliu the cites
where the mother Bank and the Branch
es will be established, will ensross the
| best part of the business, and supercede,
the use Of a very large portion OF the eS-
listing Bank capital. aud so strongI
we're the objections on the part of great
proportion Of he members ofcongresslto|
The establish nent Of that Bank-tbat
Iaoh'ng word have enabled the friends of
1.-THE Incorporation to have secured al
charter bat the hdepus and deplorable
i,taie of ,lepreciation OF the notes of sol
Inany OF the existing Banks, which pro-
lduted such long train OF depreciation
lon the fortunes of the community, Al
livery moderate ,aeriiic on the past of 'hel
Is ate Banks would have rescued the
lcnun'ry from the sconrge Of deprecjaion.
lFifty thousand dollars a year expended
Ibv the Banks Of the city of N Y.-the
lsame .un in Philadelphia the same sum
lilo Baltimore -and the sa5n in Wash
lington. wopld have secured their notes
jf"om depreciaton-and saved probably al
Inillion annually to the citizens of eacbl
place The operation would have BEEN
Itar the Bank, in the debtor cities to have
paid interest to those in the creditor ones
lor TO have redeemed the balances by 90,
]vernment stock, or otherwise, and thus
| have induced the latter to receive theiri
| noteS in deposit.
A moderate sacrifice on the part Of the
country Banks would have produced the
isame effect vith their notes. The note,
| OF the country banks in the state of New
Ymk are currentin the city OF y. 7. and
Except those oftwo, are received in the
, Banks there. in consequence of their
Having J. ade such an arrangement, which |
was fair. honorable aud liberal--hut, at
ter all is said, no more Than was just and
Iproper. I he example ought to have been
GENERALLY initiated, aud thus. as | hare
iefated. one of the chief inducements, to-
y ards the establishment Of the Bank OF
| the United States, would have been re
;Ho,ed.
Had these necessary ARRANGEMENTS
been medc, the Incorporation OF The bark !
i5t the United States would probably I
never have been carried in congress
| In the present state OF gloom and dis
nav. which oyerspreaA the trading and
commercial world, it is consoling TO east
! al eye prospectiyely, and toanticlpate
new aud happy order Of things. | may
he deceived. But indulge the fond
lhope, that the establishment of the Bank /.
lof tbe United States will forma new era
lit will relieve US in IA great degree. PERI
lhaps almost wholly, from the worse than
Egyptian plague OF deprecated paper. I
its5otes viii tlow abundantiy, asl think
IIiiafc fully proved in the fifth letter into
the western states. And ihat important
section of the snion will be able 70 carry
lon It's commerce on fair principles, and
iaad free from the enormous fax to which