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

The following Essay, which appearedin the
National Inteliigencer, on the 18th May
last, is Inserted by order OF eorrespon-
dent.
now submit my proposition, which to
m. appears one Of the most important propes-
ling powers Tor society IN short, after years
a mature deiiberation. present it as the 4
main spring of every financial system.
I. Let Board be appointed by Congress,
10 consi., of any number approved of; the
Secretary of the Treasury always to he
President
Let this Board be authorised to form
National Currency, all above one COLLAR 10
be in paper, and one dollar tokens, and por-
,;ons Of dollar to he in mixed metals the
mode TO PREVENT forgeries shall be afterwards
given.
8. Let this Board lend these coins IN per-
pe,uity, alta, 8, or q per cent as Congress
shall resolve, to the several states. according
to their population, on condition that 'he
state governments lend the same TO assoc'a-
tions or individlduas, on income, yielding
securitie. at 5 per cent. the interest 10 DE
paid quarterly or annually, as may be deter
mined upon, and the principal not TO be re-
au;red willis, the interest shall De panctual-
B paid; the income yielding securities TO
be conveyed as the state shall direct, in a
deed oftrust, aud the property Immediately
10 be sold on failure of punctualty.
a. The amount to be loaned to the state
governments TO be limited by the rate OF in.
,erest which the national currency obtains,
or by an act Of Congress. The Board to
cease lending. when i, falls below 5 per
cent To truth. individuals will not apply
20 state governments when they can borrow
of others below per cent but, on the
contrary, will rather repay The loans from
the state government, by borrowing on low
or terms and the state governments viii do
the same.
5. The Board to subscribe portions Of the
interest received annually, to Incorporated
societies for roads, canals and bridges, as
Congress shall direct.
6. The Board to purchase government
stocks and other stocks, as Congrss shall
direct.
7. The currency to be received in all pay
m.nts by the government.
These are the outlines oi my plan, and the
principal object have in view, is, for the
community to have sufhciency of the circu-
Iating medium, withou, fluctuations in va
Tue. by excess or scarcity, and that the in
terest Of money may be low.
The manual labor OF this country, be-
heye to be greater than that of Great Britain ;
Sor here almost every man rs productivity
occupied, and il is difficult in all the Unite q
States to point out single man of pleasure /;
at any rate the fruges consumers nasi are ve-
~ few; whereas. in England, the state ere
ditors, the church establishment. the civil
list, The servants employed, sc. and their
large army and navy, make UP about one
half of its population.
Machinery supplies the place Of hands, 4
we send our cotton and wool, &c. TO De ma
auiactured ard purchase il ia lis imptered
stat., enhanced in value by freight out snc
home, by import duties on the raw material,
and export duties co the manufactured.
The question arises. how has England
been enabled to maintain all this machinery,
and money TO purchase raw materials from
all the world ? answer-lst. BY a good
constitution, securing property and Sdly,
by sufsciency OF Currency. We have a
constitution as good. and in our opinion,
better but We have not sufhciency of cur
rency-and the interest of money is much
higher.
When a manufacture is set up. the enter
prising individual must have suthciency OF
capital to build factory, aud to purchase
raw materials, and pay workmen, This be
can obtain in England. on good security, and
the lender Is content with the annual in,e-
rest and, instead of demanding the princi.
pal, regrets when he IS paid of. The ma
nufacturer thus is adding to the wealth Of the
nation annually, pays the farmer for wool,
&c. snd,he circulating medium is vivifying
industry throughout the nation.
Here banks at first encourage impnve-
neets, and promise what they term accom-
S,odos,o,. B,,s e,,on haU;n cpysailinr and