Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-12-17

suppose idtSo tuoo 'u Ss"SSs
twenty or more small tubes around it, With
\ connection from the central tube to each,
and suppose liquid let off from the central
tube to each, will not the liquid rise in all
the small tubes, according to the supply or
quantity admitted ? Is it not an immutaole
law of Providence, that an article will rise
in value a, il becomes scarce, and that II
will fan in value as it becomes plentiful,
and that the rise and fall is in exact proper
ton to diminution or augmentation And
does not this law regulate the value OF the
medium If attention be paid to
the rise and fall Of property, the quantity OF
currency will be found to effect it.
On this immutable principle | found all
my CONCLUSIONS specie currency and the
banking system has been proved destructive.
" Dextrum scylla latus, levum implacata
"Charibdis
4" Obsidet"
Finance has been termed a modern Eleu-
sinian mystery and, under this idea, many
are deferred from investigating the subject;
bu, persuade myself that can demonstrate
it to be most simple and comprehensive BY
a little attention.
MY proposition is now given, and re.
auest Parvus Homo to forbear little, till
I explain its modns operandi.
The following contrast of the present system with
the one have proposed, will, hope, place each
in proper point Of view -
Bank Of tie United States A .Nationol Currency
and branches, and state boad.
banks. 80
Ist The banks issue lst The board Will Is
notes promising pay in sue notes on the property
specie, which they cannot OF the nation, and recel'
command at all times, and yable in all payments to
commence with engage government whether
ments which they cannot these notes shall become
nerform like Bank of England
notes, the basis Of other
banks, is separate ques-
Cd The notes of the Sc I'd. The national cur
yeral banks and branches rency OF the board being
No, be;np receivable by all of one description, re-
all p, change and discount cevable every where,
become inevitable, which may be transmitted by
the parcnt bank has the post from one part OF the
mower to regulate for union TO the other, at We
merchants will generally ry little ezpence
demand the fixed rate of
tie bank, unless a very
great balance ofuade for
ceS bills into the market.
I'd The banks NAV, Sd. The board not ha-
whenever they please. call wing the power TO call ~
in notes, and depreciate its currency, cannot di-
the value of property minish the quantity OF the
thew are obliged 10 do so circulating medium to
when specie dimnishes, cause a scarcity, and 1t
and thereby cause meal can always circulate o
cuiable embarrassmentS sufficient quantity by
and losses to individuals loans 10 nates, by pur-
and To tie government. CndSeS OF S'oShS, &C
-lh Banks are compel 4th. The board has no
led 10 regulate their IL apprehension of BENG
mount OF notes exactly by drawn upon, and cannot
The quantity of specie, be- affected b. a dram OF
which NAV be Withdrawn specie; bat, Oh the con-
for expectation, or buried trary, can supply us
nv alarmists. place
nh During war, banks 9Th. During war, an
are particularly liable TO augmentation OF the cir.
great drains of specie, cuia,ing medium beng
and consequently ourtail absolutely requisite as The
the amount OF their notes government becomes a
when an additional guam purchaser OF food, OF ran
,i,y is much required men, OF labor, and OF az
AMI. af,c, all, they sus- iicss Iequirng great ex-
pend specie payments penditureS' the o' ara will
supply the requisite IN
Eth 4 drain of specic 9th. The board at this
during war; prevents the time Will iachtae the o.
collection of increased peralions OF the govern
taxes most burthe nsome lacnt and oil the people,
aud mos; ificult, as the and alleviate lis purthenS
banks are then diminish b. a suthceacy ol TIE
inc the circulating me Circulating medium.
dunn.
It'll. During war, banks 9TH. During war, inte-
Will uuCtuAtC
ment 10 borrow on the more tndn matt per cent.
most ruiuous terms. II is anu the government, du-
unnecessary 10 reier 10 in ring wal, car borro" al
stances abroad as Qua most an, dhihuht al per
own country supplies cent. Look at the pfl'
Thorn tiSG loans OF 80 nn!llunS
SterIns III one year dt D,
whist were borrow aus
al . per Ceat.
Sth. Banks are obnox- osil. As Ihe nation vii.
ious TO the people, as they 'o'a" .'e plohS VI 'he
obtain great profits from national currency, Tire
the INDUSTRIOUS Wit lout people vii approve oI II,
exertion The bank OF aud IL viii cein,nt the IL
Enslan anIsially divides non
lU per cent. and has 81
ven extra dividends to tie
amount OF !GeHty-aEle
niiiions sisr!sHg.
9TH The lands OF CO. 9Th. The government
yernment cannot DC paid viii oe enabisd ~ collect
tor, as tnefe Is MOI sS- Sie se''h'. .ii'h'N"s' CIV"
ficiency OF bank notes, ~li, be enabled 10 receive
and the duties are no, ca the three tour hundred
silly collected. mlions Oh doiid IRON
tie sales OF lanes, II II
throws ,e clTcu atIns me
diun aau'tdiiy INTO circu-
laIiJn, by MAX IL, ,aIais
pubuC Improvements
Gea oritaIn pays above
luU IuIilIons collars allu-
aliS STATE creditors, IN S
IS Ta.scd Dy taxes bu'