Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-05-28

While we are thus converting the labor of
the country into produce, and that again
into active funds, the necessity for new
impGrtations ceases I; because enough
goods are alleady in the country for
supply. Activity uiN he produced At home
and with ii general life aud circulation, in
spite of some unfortunate failures, which
result less, perhaps, from their own faults
than the error of the banks-becluse the
latter have given The bulk of their means to
a fee, instead of regarding their own IN
dependence and the benefits of diffu>ing
the use o; them, by general division of
discounts Much of these funds will. bow
ever, soon come again into circulation, hy
the changes that oye:-trading and ta'Sr
principles Of banking have produced. Spe-
, cie Cor its equiyaieni) will be brought back
| from tore gn countries by the exporting
merchant, the moment he can BUY it al lis
proper rate at home, nj have opportunity
10 underseII fore gner> in lhtiruwn mar
kets. Whie, instead OF the temptation to
export specie for benefit i'Wii be sus-
pended by tire low price of our own pro-
duce, and The luxury which gives cneou-
ragcmcnt 10 our iadia trade viii be cur
tailed, because our people will buy only
what they oynnt, and learn from necessity
the secret ofall wealth VIZ. to erpend less
than they earn.
But coming back 10 the point. Let the
indulgence proposed by the treasury 20
the merchants, in the payment Of their
bonds, be pressed let the merchants, as
have before said. have hme 10 dispose OF
the goods already imported then viii
cease the principal cause OF uneasmess at
present. The private banks will be re-
lieved from the exhausting calls on them
for specie 10 pay the treasury they will
| have II in their power to avert much evil
that is threatened. II cannot be believed
that the distinguished gentleman NOW at
the head Of the treasury, vii! oppose
fair investigation, or grant relief if it is
properly sought lie must know that the
bonds begin now 10 lay over, and are in
.creaans cuery hour. viii he be letter able
TO meet his project Of paying four millions
of coin to the, foreign creditor in October, by
persevering in the present system ? | un-
lertake boldly 10 predict that he will not;
and il he should ever find the means, thro'
the bank OF the United States, that ne will
regret it when loo late. Specie payments
must cease when extremity obligcs it. We
shall then begin to talk of preventing as
export But to use Vulgar phrase the
stable will he locked when the horse has
escaped" Then we may regret in vain
that we have neglected 10 profit by the ex-
perience and example of the rest OF the
world. We see by the last accounts from
England, that she dare not resume the
long suspended payment of specie, altro'
her exports exceed her imports III lie last
year, t:oenty millions stsrting.
the reiore respectfully suggest, that
few Of our most independent and Intelligent
merchants should Immediately meet to.
gether, ana among themselves select a de- ,
pulation Io lcGit on the secretary Of hs
treasury. This better judgment will best !
perceive that the only eifeCtual Resource is T,
to be found in this way. They are best ac-
qualnted witt The state Of the town, as well
asthe means relief. They VIII be emil
tied TO the gratitude Of the public for lit !
tie sacrifice OF their tine and ease, to be- ,
ne6l the community. A. CITIZEN.
Norfolk, .Hay "a.
We learn from Gibraltar that orders
have been issued by the Spanish authori-
fiog far h,t i,,pracsn,.nt in oil Morris