Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1818-02-24
Mfr. Snauden,

which the Ingenious essays oil cor
respondent have impaired no small
degree of interest. An enterprising
spirit. fostcrrd by the successful pro-
secution Of their commercial pursuits
hitherto, has melted a couple If gen.
tlemea to embark in an undertaking.
the novelty Of which, to us, with the
Immediate affects ascribed to it, and
the remote advantages dcrivable from
it, have united to engage this forcible
writer in an attempt to dissuade the
conductors Of our monied institutions
from course having a tendency to
impair its popularity. l am Persuad-
ed. sir, that a gentleman Of Merca-
tors courtesy, protesting to be infu-
enced, as | am sure he is, by an earn
est desire to advance the general well
fare. will not, for the sake of acquir-
ing a victory in argument, which his
skill NAV ensure to him. insist upon a
position that more just knowledge
of circumstances will, | hope. con-
vince him is untrue. Unless my
means of information are defective,
his impressions relating to the course
and tendency of our banking opeia-
lions at this cnnjuncture are CHROME
ons. lie submits it to the wisdom of
those who compose the councils OF
our mmied institutions, whether they
should nct-.efrain from making this
voyage a preteXt for keGry curtail-
ments. which NAV render ii unpopu-
lar, and wrest from the India adyen-
turers that share of countenance and
appreciation which their public spirit
and laudable design eutitle them to
claim. The sources Of Mcrrator's
information and mine must be widely
apart. am authorised. ! think. to
assert that since the contemplation Of
this voyage no positive retrenrhment
has been made by the banks. by a d.
intuition Of the aggregate sun of
their discounts. although tits crnrr
del that some ri these institutions.
and they in heir character not the
Feast liberal, have very recently de
clared it expedicnt TO resort rrlur
family to an equitable and moderate
cnrtailInent. with the view more ef-
fectually to forrify their credit against
the impression of an extraordinary
demand in season of universal hut
Temporary pressure. Naturally con.
nected with this course is prudential
reserve in granting new loans. whe
ther to facilitate commercial opera
tons, or to promote the interests or
convenience Of individuals, by nego-
tiating their notes of direct accommo-
dation. Few have felt more senSibly
the Inconvenience resulting from this
suspension than the writer of this ar
ticle, and no one more anxiously a.
waits the period when tic Indulgence
Of the free and liberal temper, which,
/ have supposed, has for many years
at least eminently actuated our hank
directors, shall be reconcileable in
their judgment with the admonitions
ofprudence and the maxims of sound
policy.
do not know, nor do I believe,
that this system of retrenchment, if
it can be denominatcd N system, has
been adrpted generally with US. 1t
has certainly been in no instance pur-
sued TO the extent Of a " heavy cur
tailment :" and from Mercator alone
have I learned that its tendency is to
render the China scheme unpopular,
by employing it as a pretext. We're
it really so oppressive as to realize
the apprehension of our panic struck
citizens, (whom l lament should so
causelessh admit these impressions)
it could not thwart the enterprise. for
the great Object Of the gentleman is
effeCtually obtained. No shadow of
obstruction has been interposed-no
measure adopted in anticipation that
could originate. as far as ! am inform
cd, the slightest delay or embarrass-
mcnt. Bnt. sir. if We admit, for the
sake of argument, that the curtaif-
ments have really been heavy. and
that their infIictors. after having given
the India project their sanction. are
inconsistent and unrandid enough to
attribute the necessity to the mnst su-
hordinate cause. when many substan-
tial and irresistible reasons might be
assigned in ifs Justification. I hazard
an Spinion that it dissatisfaction be
provoked, the complaint viii be d.
rccted energrtically against the hanks.