Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-06-28
NeaU- York , June 90.
VIGILANCE BANK, 22d June, 1919.

EXCHANGE bANhs <<u OuuN3 AoAO'
Feeling the same moral obligation to pro-
tect the paper of the Washington & War
rem bank as that of this bank, although not
under legal obligations to do so, | have this
day hypothecated sufficient property to
pay the whole OF the debts Of that bank,
with interest at seven per cent. per an
mum, and have full confidence in being en-
abIed to do so within sixty days. For this
object | have real estate in this city, free
and unincumbered, to the value of near one
hundred thousand dollars am the own
er of two ships, soon expected from the
South seas, and Of nine other ships, some
OF which are very vaiuable-l have large
amount Of merchandise on hand, and debts
are due me to double the amount of the
debts of said bank, large proportion Of
which is in good endorsed notes-theret"re
every person who holds the notes of said
bank may rest perfectly satisfied that he
will, after very short delay, receive the
whole of his money. To accomplish this
desirable object, it has become necessary
for me to repair to Sandy HUI, and also to
suspend the business of the Exchange
bank for few weeks The v ashinglcn 4
Warren bank has not at any period since
its establishment been embarrassed-on
the contrary, it has, at all times, punctua|-
ly redeemed its paper therefore, the pre-
sentalarm is wholly to be ascribed to false
hoods and misrepresentation which have
brought ON me these dreadful consequences
after have redeemed by far the greatest
proportion Of notes which the Exchange
Bank had in circulation. Near four months
since observed the gathering of the COM
mercial storm, which is now raging, and
have been ever since cultailing my bust
ness, not doubling my ability to weather it.
AT tina, period | put stop 10 the emission
OF Exchange Bank Notes at all distant pla-
ees. except a few at New-Orieans, where
nv agent holds sufficient funds to redeem
all that he has put out in that quarter, and
those previously put out in the Southern
States have long since been forced back by
the course of exchange, and redeemed
Since the first of May, ultimo, have not
issued one tenth Of the amount OF Exchange
Bank Notes that had issued at all other
periods in the same length OF time, since
the establishment of the Bank, and the re-
turp OF Bills the last seven weeks has BEEN
so i,r mense that there is not large amount
left in the hands Of the community, all
which will be shortly paid in money with
interest from this day, or Immediately with
stock in the Washington and Warren Bank
at par--and risk nothing in saying that |
know this Stockto be good, although itcan-
not be at this time converted into money.
| beg leave to assure the public that have
done all that it was possible for man to do,
and tina, if they did bet know the amount
OF money have raised and applied for the
redemption Of notes unexpectedly sent IN,
they could not but be surprised al my per.
.ormanc. in times like the present. lhave
been extensively engaged in business in
this city Is years. during that time once
before was reduced to the painful neces-
si,y of suspending my payments-i had the
$. hsfaction Of resuming them in the short
space of three months, and of paying to my
then creditors twenty shillings ON the pound
with seven per cent interest Tor the delay,
which think have a right to claim OF the
public as pledge Of what they are to ex-
pee: in the present case. Intend making