Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1821-01-01

Why tien should this hcnse fake Il.
matter up, when the prop"sitiou sinh
n,i,tsd was az least of qursiionbse cL,
racter1 He knew of no motive wbi.L
could induce him u'tim ateIy to- ssnc,io,
the proposition but, beforc he SmlSI
even sote for an enquiry into it, he mps,
have much stronger reasons in ,s|
yor than had yet been assigned.
M. Trimble said he well recol!ect,d
the pru,erb which the gentleman hid
quoted to him. The example OF mu6
plying hanks, however, was set bv Il.
Congress, and the people of Kcntucl, (
but folInwed it; and that example hi :
a powerful effect. Whatever might j
thought of Congress immediately I
round the seat Of government, a,E
greater distance a very high opiDis |,
was entertained Of them; and Who's {
they established the twelfth bank wifi P
10 this District. the people at distaur,
thought it a wonderfully wise measure.
and the good people of Kentucky "a. +
lowed the example which Congress had !
set them. Congress, Mr.. r. said, bais'
set a pernicions example 10 this req i
pect, and ought to be prompt in ac 4
knowIedging their error and retractins i
it as far as practicable. The adoutioo /
of this resolution would be one strp 10.
wards doing so.
Mr.. Mercer said, il the subject had
been tho policy of multiplying banks, /
he should have thought hinsel: unhsp.
py in the Froverb he had brought tohs
aid. But the question was Of the al.
sence of specie, occaaioned by the cir.
culation Of small notes: and Mr.. NJ,
said, that he believed in the state in |!
which the gentleman from Kentucky
resided, there is not specie paying |
bark, whilsts there is not one in ope.
ration in this District which does not +
pay specie. Mr.. NJ. made some fur. |
ther remarks, in defence and support Of p
state banks, against the Bank Of the U. |
States. He was opposed to one bank
in a country, as he was to one head in +
a monarchy, &c. and was as much op.
posed as any one to subiectine the
State banks to the sway of the great
Banking Institution of the country.
Mr.. Burton said it appeared to bin
that the gentleman from Pennsy lvanla
(Mr. Baldwin, had placed this subject
on its proper basis. If Congress had
the power to interfere with the circula-
ton of One Dollar Notes of the State
Banks. it certainly had the same pow.
err in regard to all the Notes of State
Banks. Mr.. B. was opposed to the
resolution. The substitution Of specie
for small notes was matter to DO re.
gulated by public opinion. When spe'
Gle vanished, some years ago, the issue
of small notes was indispensable : on
the other hand, when specie became
plentiful in the cities, public opinion
there corrected the evil. If we adopt
the resolution, said Mr.. B. We at once
commence an attack on the state banks,
and there Is no knowing where 1t VIII
end.
MIR. Livermore said for his part,
that he considered it improper to at.
tempt indirectly a measure which could
NOT be directly approached. Such, het
said would be the effect of the adoption
of the resolve now proposed. Every
state in the Union had authority to do
by direct legislation, what it was now
proposed to do indirectly. MIR. L. was
therefore for leaving this matter Who'll
~ to the state Legislatures. In Penn
sylvania law had been passed prohl'
biting the circulation of notes for les
than five dollars. In other States tho
same had been done. In New Hamp'
shire, though attempts had been mad'
to effect this object. the laws had been
afterwards repealed. Let each State.
said Dir. l.. regulate this matter Tor
ITSELF 1t was not pretended, lie said
that the proposed measure was neces'
sary in aid OF the collection of the re-
venue. On the other hand, if it became
necessary to resort to internal TAXATION.
it would be indispensable to have small
biAs in circulation, without which the
revenue could not be collected. Silver
and gold, Dir. L. said, would forever
centre in the cities; they would not Fe'
main IN the remote parts Of the country,
and, in their absence, small bills were
indispensable. He hoped, Therefore.
that the country banks would not %
prevented from issuing them.