Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-02-12

lie tlaS DetH tdIHGSliJ s"S"SS1' =" ~" 80"
cial capacity. in promoting all those nea-
sures Of precau;ion and OF expense incurred
by the importation Of sre''et winch were
indispensable to the safety O. the nsi''u-
ton hut WI ict. it was clearly foreseenwou!d
diminish the profits and DIVIDENDS OF the
bank, and greatly dePrcss, at least Tor
time, the price Of its stock. Your m emo
ria!ist further declares that his dealings in
the stock Of the bank were founded upon
his confidence in the prosperity and pro-
ductveness of the Institution, n the many
important advantages which, if fairly en-
ioyed, he believed it to possess over many
other institutions the market value OF whose
stock Appropriated to the highest rates
which that of the bank of the United States
had attained-and in the recollection OF the
fact, that, towards the close OF the charter
of the old bank, the government of the I.
States sold to Mr.. Barring the whole of the
public shares, at the rate of $50 dollars per
share tina; in regard to his public conduct,
as director of the bank of the U. States,
your memorialist does most solemnly as
sure your honorable house, that he has been
actuated by the purest motives, and with
perfect fidelity, diligence and zeal, has en-
ployed his best faculties and judgment in
promoting such me asures as he believed, al
the time, were best calculated to advance
the interest of the public, and Of the in,ti-
tuition that the private transactions which
have attracted the animadversions OF your
committee, have il. no wise Influenced his
judgment or decision upon the important
measures in which. as director. he has
participated that the reasons and mo-
tives assigned IN his written answers to The
questions put to him by your committee,
touching the proceedings of the bank. and
| those which are recorded in the minutes
and correspondence OF tn board of drec-
tors, are the tru" and only motive by which
he has been governed in his official conduct;
that, in advocating the loans on the pledge
of stock, he was influenced by the addi-
tional consideration that the original con-
sti.ution Of the capital stock Of the bank
| comprehended tWenty-eiSht millions iund-
ed debt; and seven million, IN money,
whereas, by the rise OF funded debt to and
above its par value, so large an amount OF
the latter was substituted for the former by
the subscribers to the b&nk, and so large
sum redeemed by the government, and
sold by the bank, to procure specie, as to
create an aggregate of upwards OF twenty
millions OF dollars in money. substituted for
so much Of the funded debt part OF the Ca
pital hence your mc'n"riallst, considering
the extreme facility when EanK acIommo-
dalton lad gwen to over~trading, and ITS
consequent effect upon mercantile credit,
believed mat al least Ten mi'''ohs OF no''arS'
ioanen on 'he P'euse Oh S'ocLs' ""''ia oes'
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