Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1817-05-07

count with, or receiving the notes Of
the Institution You represent.
This Bank, ever influenced by a
desire to promote the pubic welfare,
and no enemy to a just competition,
has. but in one instance, been COM
PEELED, by sense of public duty, to
deyiate from its usual practice Of adj
hitting to an equality such institi-
tons as have been established here
subsequently, to it; but Ito apply no
harsher epithcD the indiscreet zeal
for multiplying banking companies,
leading to issues of paper currency
without capital for its basis...with lit.
tie prudence for its regulation...and
with every temptation to its abuse,
unhappily iGfatuatins ourseives-a
moral obligation was imposed on e.
very good citizen TO resist an ALARM
ing evil, pregnant with consequences
as deleterious to the morals, AS it has
proved pernicious to the fortunes OF
individuals. Bat it is due to you,
sir, explicitly to assign the motives
Why the Directors of this institution
are averse from an intercourse with
yours.
As far as their information extends,
and, it is believed, that in the know
ledge Of the most numerous and re-
spectacle part of our citizens, pos
sessing the means of information on
such subject, it is considered noto-
rious, that the association denominat-
ed the Real Estate, or Franklin
Bank, had no capital actually paid
III in money, or sum so inconside-
rable as net to impart to 1t the COLOR
even, of a capital.
The persons who compose this
company, and particularly those who
direct its operations, are unknown To
this Board, and there is sufficient
reason to believe that their names
have been dcsignedly withheld from
the public a circumstance surely
not tending to inspire confidence IN
its discretion or security.
Although recently chartered. the
under which the char
ter was obtained, would seem to d..
vest it of a claim to equal credit and
privileges with other legaiizcd insti-
buttons. The bill Incorporating your
Bank being first rejected in'congress,
was revived at the close OF the ses-
sion, when the tumult of accumulated
business rendered it necessary that
the interest of all the unincorporatcd
Banks within this District, and de-
pendant OF the National Legislature,
lmany of them, from their capital
and lrspectability, universally ac-
knoN,edged to be entitled to an act
of incorroratiom should be intimately
involved ard cOaprehended in one
general bill. In popular assembly,
and at such period, it is not ration
al to belle, the respective claims OF
tho petitionins Banks could be can.
vasscd, or the requisite information
obtained. relating to the manner of
their establishment and where
claims so reasonable were urged, and
a unitcd-interestso powerfully exert.
cd.... when the rejection Of one bank
from the bin, might easily produce an
embarrassment fatal to all that re-
NAMED. no Observation-Disclosures can
be derived from the attainment Of a
charter, however imposing il may
appear e; but, OIL the contrary, as the
notes Of the company, under the
sanction of its charter, may be issued
free Of individual responsibility, and
with less circumspection, their Cur
reucy becomes more hazardous. T.
ven the safeguard agaiustlaismanasc-
ment which might be interposcd by a
regard for private reputation, the
community is without while its direc-
ton remains concealed.
Permit me to add, that motive
not the least influential in determin-
ing this Bank to decline the reception
of the notes of the Franklin Bank,
is. that its very recent experience al
ords an example to deter it from re,
commencing, by its countenancc. 70
a remote circulation, the notes OF any
company or association, unless its
better knowledge OF circumstances
passing under its immediate obscrra-
ton induce belief that its EMS
sions Of paper arc sustained by al
f,t