Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-11-19

had received no CuHihui.e"N,o" $3.50 -
bank. he could say that they had negocia-
ls.d no new paper since the last summer.
That they had curtailed go per cent for
leo DAYS. and intended to wind up their
laffairs.
Mr.. Mercer said, thathe had heard OF
certain reports in relation to the Saline
Bank, injurious to the credit OF the lnstl-
tuition. and derogatory to the character
Iof the gentlemen whe conduct it, and that
lit gave him pleasure to have it in his
power, by calling on the gentleman IRON
Harrison to explain them, to give an oP,,
lpsrtunity to vindicate the institution, ana
| the reputation OF these concerned.
Mr.. Jackson requested the member
from Loudoun to state the nature OF the
reports alluded to.
Mr.. Mercer replied that one reper'
was. that the Directo rs era majority OF
them had determined to divide the stock
among themselves.
Mr.. Jackson answered that, that re-
mort was utterly untrue.
Mr., Mercer, then stated, ne ma peen
further informed, that they had made an
attempt to take the funds from the pos
Sc ssion of the cashier, who was under the
necessity of defending them b. force. arc
that an Injunction lad been applied io'
| by some Of the parties concerned, 10 the
| Chancellor, which had beeu granted.
| Mr.. Jackson said, that report vas alst
untrue, bat it was true, however, thai
/ the Directors had resolved to make some
considerable loans, such as would have
had the effect of increasing their dis
counts to the amount of forty Thousand
: dolls. or upwards. But that they re con
sidered the subject and reversed their Or
der, and came to determination to make
no farther loans, and hal commenced
curtail in order to comply with the la"
He admitted that an injunction had beer
GRANTED, principally, as believed iron
, an apprehension that the Banks woul'
continue to Discount and dis hey the la"
:, And the pril,cipai object I The III. as ht
understood il was to re train discount
and dissolve the rartnerthip.
/ Mr.. Doddridge said, that he had beer
,|appled TO as counsel fol the directors in
THAT injunttioh-and supposed that or
'!that occasion he had made himself ac-
Equainted with all the facts and if so,
1.-THE statements made by the mem
Iber from Harrison were strictly correct.
| The proposed amendment was then a.
greed to.
! MIR. Mercer next moved to add the
Is I.eesburs Union Cempany"-stating,
that no banking company was perhaps
better entitled to il dulgeuce--that their
|curtailments constituted a meiety of the
debt due to them, and that they were gr-
ling OIL, to the last moment he had heard
from them. He knew, that new bank
had been agitated t4ere: but he wished
the twn Ia stand on different grounds
He disclaimed any sort OF connection
with either of these institutions. he had
Originally wished TO discourage their es-
Establishment; confessed that they were
imrrudently established but stated that
they had tow entangled in their destl-
MES, the wealth, comfort and independ
ence ct that county /; which might suffer
materially if the legislature compelled the
aanks to descend with rapidity; that i'll
very heavy curtaiIments were made, OF
if all their debts were called in at once.
the pressure upon their customer. mustI
be distressing. What would be tie ef-
feet of winding up at obce, two banks in
oae county, which had loaned out 2, 81
" 100000 dollars He was the last to
countenance any violation of the law 81
out he did sincerely believe they wee
attempting b0na fde to wind up their
concerns. All that they asked vas a short
tire 10 get in thrir debts. Grain was the
great staple of that country I; ana till the
present crop COLD be got to market, The
people could net meet all the demands of
The banks. The amendments were agreed
20.
Mr.. Bukey moved to add 6 The West
fern Bank Of Virginia He understood
they were about to wind up their busi-
ness; knows little of banking, and has
|eceived NO instructions upon this SUBJECT
but hopes for the same indulgence to
Ibe given to this bank as to others. Al
! endment agreed to.
Mr.. Doddridge moved to add the
/. Charleston Manufacturing and Export
ling Company They were Winning up.
AVID meant to place their funds in an III
slitut,ou in neighboring state, in Ohio.
Amendment agreed to.
MIR. Irwin moved TO add the =" Ohio
Company He could say from his own
knowledge, they were settling up their
business finally. MIR. Doddridge too