Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-01-13
INNUAL TREASURY REPORT.
O0NcLuDED.

In The selection Of the means for the
laccemplishment Of this important object
t may be asked-1st. Whether it be-
practicable to renew the circulation Of
|tse gold and silver coins 2diy. Whe-
|ther the state banks can be successfully
|employed to furnish an uniform curren-
|cyS 5dly. WhaEer national bank
can be employed more advantaseously
than the state banks for the same pur-
posel Aad 4thly. Whether the govern
.nent can itself supply and maintain a
eaper medium of exchange, ofpermanent|
and uniform value, throughout the Unit
ed Statess
lst. AZ the United States do not pos
sess mines Of gold On. silver, the supplies
lot those metals must. IN time of scar
|city, be d rived from foreign commerce.
Il the balance of foreign commerce be
|uafavorable, the supply will not be OBJ
tanned incidentally, as in the ease of the
returns for surplus Of American ex.
eerts, but must be the eb;cct of a direct
purchase. The purchase of bullion is.
aowever, a common operation of com
merce (; and depends, like other opera
items, upon the inducements to import
1.-THE article.
The inducements to import bullion a.
rise, as in other cases, from its being
cheap abroad, or from its being dear at
nome. Notwithstanding the connections
lin South-America, as well as in Europe.
There is no reason to believe, that the
quantity Of the precious metals is now
more than at sny former period insult.
|6cient for the demand throughout the
commercial and civilized world The
price may be higher in some countries
than in others; and it may be different
lin the same country at different times /;
|butgenerally, the European stock Of gold
and silver has been abundant, even dur.
ling the'protracted war which has affiict-
led the nations of Europe.
The purchase of bullion, in foreign
markets, upon reasonable terms, is then
laeemed practicable nor can it's impor-
Etation into the United States tail even
Itually to be profitable. The actual price
Iof the gold and silver in the American
llnarket woald in itself afford for some
time an ample premium ; although the
tall in the price must of course be pro-
lpOrtionable to the increase of the osan-
ltity. But it is within the scoue of q w;se
ipolicy, to create additional demands for
Icoin, and in that way to multiply the IN
ducements to import and retain the me-
falls of which it is composed. For in.
lstance, the excessive issue ofbank paper
has usurPed the place Of the national
llnoney; and under such circumstances
sold and silver will alwsyifz 3: '5at i isl
hnnsd thai the issue of bank paper will
Isoon be reduced to its just share in the
circulating medium of the country {; and
consequently that the coin of the United
States will resume its legitimate capa-
| city and character. Again; the treasu-
lry, yielding from necessity to tie gene
raj impulse, has hitherto consented to
receive bank paper in payment of duties
land taxes but the period approaches
when it will probably become duty IL
Iexact the payment either in treasury.
lnotes, or in gold and silver coin of the
limited States. Again; the institutions
(which shall be deemed proper in order
to remove existing inconveniences. and
Ito restore the national currency, may be
lso organized as TO engage the Interests
land enterprise of individuals in provid
ling the means 10 establish them. Ant
finally, such regulations may be impose,
,lupon the expectation of gold and silver
as will serve in future to fix and retail
the quantity required for domestic uses
l But it is further believed, that the ma
ltional stock of the precious metals is no
$50 reduced as to render the operation o
Devastating their agency in the nationa
'lcurrency either difficult or protracted.--
1.-The quantity actually possessed by tn
country is considerable and the resus
lcitation Of public confidence in bank pa
lper, or in ether substitutes for coin
Seems alone to be wanting to renter
lequal to the accustomed contribution TO
Ia circulating medium. In other coun
-ltries. as we'll as in the Z. States, the Ell
fleet of an excessive issue OF paper mo
Ipcy to banish the precious metals ia
Ibeen seen, and under circumstance
much more disadvantsgeous than To
present: the effect of public conhdenc
la national institutions, to recall the pre-
cious metals to their uses in exchange
HAS also been experienced. Even, how