Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-07-26


sible fol such violation OF their charter,
they are allowed to speculate and grow rich
on their own violated promises, while the
nation becomes bankrup, and undone. 1t
affords some consolation to find, that dill
ferent system of banking has, al length, ia
ken place; and that neay presidents and
new directors, are doing all in their power
to repair the injury done by their predeces-
sors. - t.HorH. enron.
From the National M,eNigencer.
The distress which perva!es every por.
lion of our country is variously accounted
for, according to the pursuits OF men, and
the condition in which they find their own
affairs. Few have the magnanimity TO &C
knowledge, it they are wise enough to dis
cover, the root of the evil as it personally
respects themselves. When you deal in
generals, indeed, when you Geclaim against
over-trading, against luxury and extrava-
pance. and recommend reform, &c. assent
is Welded with willingness, which would
be indignantly withheld, if you had said
TO your audience individually, you, sir,
have stretched your credit till ii cracked !;
uou have reveled TO your ruin in expensive
induIgencies or you have Iavished in all
The ostentation of purse-proud folly the
thousands for want of which your creditors
are heartbroken. A candid confession Of
error bespeaks forgiveness, and so!itits
comni.seration. He who sees his error
has halfattoned it. We do not IN that light
less admire the frankness displayed in the
following article, than we respect the bold
ness end eloouence with which tact and pro-
pbecy are united to enforce salutary truth,
in regard to our national policy, which
many of the neighbors of the writer have
vehement!y opposed. With such advocates
on our side, we have not a doubt OF the
success of the proposition for change OF
the mode of disposing of the public lands,
which was suggested in the last congress
by Mr.. King and Mr.. .Norroar-.in them
selves host-and which then recelred Tire
sanction of a great majority OF senate tho
defeated in the other house by the imme-
date exeytions OF general Harrison, and
Mr.. Jones OF Tennessee. On finding these
gentlemen so strongly IN opposition to the
measure, which our conviciioa SO decided
" favored, we had feared that a large ma
iority ofthe people Of the wsst" were against
it We are glad to be relieved IRON that
an,rebensiop, by successive indications 10
the contrary, among which Tue following
is particularly worthy ofpote:
From the Kentucky Reporter.
There is one cause in the western coun-
try, which has operated very powerfully
in producing the present state OF things
and which must continue to operate IN toe
same way mean, spscnlot'Ons IN me
pubTc lands. Capitalists, both real and
fictitious, have engaged very extensively
in this business The banks have consul
red with The government TO promote 1t;
the former by lending money to the spec"-
.alors, and the latter by its wretcbed sys-
lem of selling the lands on credit. Nearly
all the money which is paid, goes over the
mountains the government has but i'tt!e
use for it in the western country. As the
greater part still remains 10 be paid, II ioI-
jovs that This cause, like the balance at
trade, which has also brought US much IN
debt. mast continue TO operate, win IN
ere asing force, as long as the present sys-
TEN continues. lifts effect to increase 'he
scarcity of money, and The embarrassment
and BANKRUPTCIES OF the spectators ana
banks. were its only evils, should not
much deplore its continuance Tor ! have
no compasslon. neither for the banks nor
the speculators, when disappointed in their
schemes of profit and monopoly but Inc
scarcity of money which 1t Is producing
will hasten salutary change in the busl-
ness of the country, without causing any
evil to the people al large, but a mere 'em'
porary dizziness of times.
But there is another point OF view, IN
which tbe continuance of this system OF
credit and speculation is most deeply 10
he denyorcd. il is to my mind the most
portcnlous evil that ever eSisteo 10 Ane'
RIGA Il threatens dissolution efthe nn'on.
The debts which it has already Produced
will be source Of almost endless and IN
6n;,o amh,rrassments to The general go