Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-06-24
p,ieable 10 all times and to Az circumstsn.
ces, and when these tail, the
"Pillard earth is rottenness.'
fBaltimsre Morning Chronicle.
BANKS VS.. SPECULATION.

ticle from North Carolina paper, IN winch
il is alleged, that the banks in that state,
have not the smallest design to refuse
prompt pay TO the holders OF their notes -
they only mean 10 guard their vaults against
the inroads of speculation! This Is text,
which may hereafter be found to speak vo-
lumes. We should be glad to know when
and how the banks of.Nortb Carolina deri.
we'd their right of Judging, whether this or
that holder of their notes is Spectator y!
Do their charters authorize them to refuse
payment to such as they shall deem to be
engaged in speculation ? Ordo their notes
promise to pay the bearer-Provided ne is
not Spectator They have not the
smallest design to refuse prompt pay to the
holders of their notes, mot they; but has
the Spectator, the hawking, bouncing spe-
culator, any right to hold their notes?
II is amusing, indeed, to hear banks
gravely talk OF restraining speculation Tor,
if there be any one thing, to which our pre-
sent distresses are te be attributed, it is the
ruinous practice adopted by these institu-
tons, OF discounting the accommodation
notes of men, who have no object but to
speculate. Many OF the persons who have
failed in this country, nay date their ruin
from the time, when they first began TO get
money upon accommodation, instead OF
raising 1t from the resources of their own
business. Procuring money so easily from
The banks, they cease to encounter the trou-
bic and yexation OF raising it from small
sums due TO themselves: They are tempt
ed TO take all they can get, even TO the
pledge of their last acre OF ground: they
engage largely in business, which, from the
accession Of capital and capitalists, is soon
rendered good for nothing prices all sink,
from the competition OF sellers: the man is
unable to procure even the first cost OF his
goods: his notes at the bank fall due: he
has not The funds TO pay them away goes
his property 10 the sheriff, and away goes
he to the tavern.
But this is not the worst The sober ira
der is Involved in the same ruin with the
speculator-and here we will give what we
conceive TO be the true history of the re-
cent fall in the price of cott,n. The spe-
culator, with his money procured upon &C
commcdation, goes into the market with
the regular trader over bids hun ant, by
a continuance of the competition, enhances
the price so much, that the prudent mer-
chant withdraws frem the contest. This
rise OF price was so great upon cotton, that
the regular dealers saw an advantage IN
bringing the article into our market instead
of carry ing it out. They, therefore, drew
the specie from The banks with their mo
ney carried it to India, and actually i'm
ported into this country immense cargoes OF
an article, of which we bad already too
much. The price fell to almost nothing
and cry of distress resounded from the
Atlantic to the Mississippi. Such are the
blessings showered upon US By the banks
And such is the the mode in which these
sober institutions have undertaken 10 put
down speculation!
These sentiments come home with the
lustre of conviction TO the heart Of every
man we are not led throughout all the
painful and Dedalian subtelties OF argumen-
tation-they sparkle with the lustre oftheir
own truth there is breathing honesty a.
bout them; they kindle and inspire the
same sentiments in others.
The following decision by the highest
judicial authority of this state, will neces-
sarily cause an important change in the
mode of proceeding by and against execu-
tors and adminstrator tors for the recovery OF
debts under fifty dollars. Hitherto, The
practice has been, 10 proceed by warrant
before justice OF the peace; the propre,y,
or rather the legality OF this practice, had
not been Questioned; but now the court of
appeals, having decided that a justice Of
the peace has no jurisdiction in any case
where an executor or administrator is pr
ty, all Legal claims for and against the es-
tates of persons deceased, must be sued for
in the county court. bali. Fed. Gaz.
From. The Ea,ton Star, Of June Is.
LAW INTELLIGENCE.
Burrows. adn'r oil Hale, appellant Eastern
IS. Shore
Howe, ex 'trix OF Howe, appellee. } Court