Delaware gazette and peninsula advertiser. [volume] (Wilmington, Del.) 1814-1820, 1818-09-19

why should the whole body of the people have
to lose discount upon the very same money, fol
(which the institutions which issue it are recejv
ing ten or twelve per cent interest? The answe,
lis, say those who.are Interested in,this dspreci
lated medium, because we scorn 10 become tri
)butary to the naughty and overhearng Philadel-
lphians, THAR is, We refuse to pay legal interest
for just debt, to the Banks If thar ciry) who,
when their own paper was below par in New
York, wouldn pay interest to,the Bank in tiIar
+ place. But substantial reason existed why
they should not. Specie was not pald by eilher'
and they were equa " sovcnt a. present they
Twill pay interest TO the New York Banks for
1.-THE balances, il they do not redeem them ;
they have done so, and also TO each other. But
the fact is here-our Banks are not disposed to
do justice --they feel 10 inclination to do what
lis right: they cannot consent to reduce
their dividends have il from the best autho-
Irity, against which the assertions Of anonymous
ESSAYS in newspaper. will be unayang, that
some ef them, whose issues are not deserving
the name OF money, have now surplus over
their dividend to the amount Of fifty thousand
dollars, which is to be divided among The stock
holders at some future period, besides having d
Ivided niue OF ten per cent. per annun,, and re-
ceived their dividends half yearly. This surplus
would &gs more than paid an interest to the
Philadelphia Banks, vino have been issuing spe-
Gle, and ye' the majority of the people have
been sufferers, many of them to great alno1st,
through the cupiAny of those Unsuitable lovers of
honey--these heart devoted vo.arics Of Nam
mon. o shatae, where is thy bush!
! But it is TIE absolute duty of every institution
of this kind, ans at all events, to keep lis issues
/, on a par "ah specie.
i They could have done so, had they been will
ling to have had their profits diminished, as OBJ
vious justice required, and the company SIS.
tanned the loss, they have most unjus,ly and
Idishonoraby thrown upon the public.
/ BY their not performing this obvious act of
Justice. an abundance of evils of various kinds
have been inflicted upon the community; not
the least of which is the injury done to its moral
character /; this alone would amply justify iegis-
iia'ive interference for it is universally admitted
i that he who remains uncontaminated throue h
This corruption, must needs have had solid
foundation and staunch principles.
! The proposition of the writer Of the essay,
referred to above, to deprive of custom all
storekcepers, who do not feel wiling to transact
business in a continually huctuating, deprecated
currency. issued by the worthy establishments
aforementioned, is 80 very unjust, so extremely
liberal, that he must have been actuated BY
l.ime motive very dFeren, from those of hone j,
and probity, and W, g tness. If my conjecture BE-
correct concerning the author, he is decpl, IN
Iterefted in an institution, which has had mo.s
i,niluenee Than anr other in the s,ate, in keepinr
our bank paper below almost al! in TIE uni,e,
Estates.
The Brokers, as it would appear by some Of
he late numbers Of the Watchman, have been
'ery much blamed for merely indnlging very
inatural propensity Vu'tures can only be pre-
Ivented from feeding uron dead carcases, by
lplscing dead carcasses our of their reach Under
he siina'ion of things as they have been, for
10 get clear OF deprecated money without their
assistance and let No man Of sense pretend TO
say they make bad paper worse than it other
~ise would BET for they do not deprive the
Banks of any part Of their specie capital, and
kings would necessarily take precisely the same
COURSE if there were no. broker in the country
It is the Banks alone who are 10 blame, with
lhaving brough; on this pernicous state of affairs
Writers of Ordeals and Essays may abuse indi-
Ividuals, they may attempt by misrepresenta.
Ition of circumstances to hoodwink the public ;
lhu, i, will be fno avail, they will not succeed
We arc able to Judge for ourselves very correctly,
as to the real causes Of the difficulties under
which we labour.
Finally, it is only the expence, the tedious
fornalities and protracted issues of suits at law
in this state, which has saved the Banks from
utter run--for as to ability to comply with
their engagements, or sense of honor to make
their paper good, it is out of the question Our
only hope is in the justice of the Legislature at
its ensuing session.
INDEPENDENCE.
| -so SD s-rz~--
From Florida.