Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1820-01-07

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the reasonableness Of these remarks, | am e.
qually frank to aver, that lift be the wish OF
the stockholders and the majority OF those
who are engaged in trade, that three or even
four banks should be chartered, that their
wishes ought to be aud viii be grati6ed by
the government. So long as capitalists asso-
ciating themselves together for the purpose
ofloaning money to those who need it, re,
deem their issues Instant when called up
pom so to do with the precious metals, so
long are they entitled to the protection and
patronage of their government and the thanks
Of that portion of society whose wants were
supplied nor is the extra expence incurred,
by increasing the number ofbanks, TIT sub
ject of legislation for the national assembly;
il is one, which applies to the parties con-
cerned and to them only.
Moned institutions, differ but little from
commercial establishments. The first re-
quires a statute law TO legalize its acts and
to enable it to sustain certain privileges in
courts of judieature the latter adapts itself
no: only to the common law, but TO the COM
mon and imprescrIptive rights and immuni-
ties of the citizen both buying and selling
for the purpose OF gain, altho' they differ as
to the nature and kind Of articles they deal
in and so long as this traffic will afford
them profit after paying all expences, so
long will they pursue it and no longer for
trade like water seeks its level, and If it
should attempt any thing beyond that, it
must of consequence react and return to the
fountain from whence il flowed. Wherefore
then should congress attempt to abridge the
expences ofthe enc and not the other and
more particularly the first, which has pre-
served good faith and runctuality to the
public, while hundreds of instances of the
latter, having failed to do SO.
1.-THE application went for an increase of
banks, then the question would assume
quite different aspect. but so far from wish
ing to augment, it asks for less than are al
ready created and If they have limited
their wants 10 the changes which have taken
place almost in every thing, il is at least an
evidence of their prudence and good sense.
1.-THE monied institutions are not in condi-
tion to grant as great facilities now as they
did formerly. the fault does not lie with
them it may be traced to the great politi-
cal and commercial changes in Europe
growing out of general state of peace
In this great political as we'll as commercial
change, it is true that we have sustained in
mercantile point OF view the loss Of the
carrying trade-the high price given for our
bread stufs and other surplus products--and
those who were deeply engaged in naviga-
tion found it necessary to project distant and
expensive voyages which required the use of
all the specie that they could possibly COM
mand.--Hence the necessity of brokers,
who in the prosecution Of their awful bu-
siness, necessarily called upon every bank
TO redeem IFS issues, as fast as they received
their paper, and in this general re-action--
in this general inverted order OF things, can
we be surprised, or can we censure them for
adopting the first and great law OF nature
i respectfully conceive
not, but on the contrary believe, that both
the heed and heart otevely good man would
join issue in commencing their prudence in
thus being prepared 10 meet the great and
crisis which was about to assai
them, with promptness and good faith 1t
is alledged by some. that the banks are un-
able to make new discounts, and that conse-
quently, they ought to wind up" III this
be the fact, ask where does the fault rest
Surely with those who owe them, and if the
feelings of shonor, pride and self-ntercst
cannot induce them to come forward and by
paying up even part of their debts, put the
machine once again in motion, where will
be the inducement 10 do so, when you at
temptto wind up" All things must wind
up, or in other words, must have an ending
as they assuredly had beginning, but the
Lord in his just and wise providence has IL
mited the time, and if, as Rosseau declares
in his Political Essays, that the voice of the
people is the voice Of God, then has the
time not yet arrived for winding up"
Revolutions like innovations are dangerous
experiments, whether political, religious, or
civil. and no wise and temperate govern.