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

| floor, he should submit proposition fo- in-
structing proper committee to enquire into
the expediency OF p, ohibiting, prospectively'
the importation of distilled spirits and malt
liquors, aud sundry manufactured articles,
which come most in competition wish do
mestic fabrics.
| Mr.. Lowndes submitted the following re-
solution
RESOLVED, Tha, the committee OF ways
and means be instructed to enquire into the
expe diency of providing that the notes OF
no banks by which notes below the amount
Of S dollars are, or may be issued, shall be
taken in payment of duties or debts to the
government OF the U. States.
In introducing the resolution. Mr.. l.. ad-
verted to the yicousness OF the currency
where notes for dollars and parts of dollars
supply the place Of specie, as, where such
notes are issued, they always will. tie
spoke also of the efforts made in some OF the
states, and now making in Virginia, to 5a-
nish those notes from circulation-eforts
which were always vain, so long as such
notes were issued by nsighboring states,
&c. No authority but congress, he contend
ed, was competent to correct the evil in a.
ny manner; and, the object Of his resolution
being for inquiry only, he did not antici-
pate any sound objection to its adoption.
A short debate took place on this SUBJ
ject, which wsuld have grown into impor-
lance had the proposition been in all aftirma-
tive instead Of an inquisitse shape. The
general course of this debate was as sha-
dowed cut below.
Mr.. Storrs said he had no decided objec-
ton to inquiry into this subject, but he ho-
ped The house would reflect on the effect
which lie adoption Of the measure suggest.
ed would have, in giving a preference to
the notes Of the bank OF the u. States over
those of all other banks. He hoped that the
committee of ways and means, whose infor-
nation on such subjects was SO extensive,
would examine this question in all IFS bear
ings, and present their views OF il to the
house.
Mr.. Lowndes said it was hardly possible
10 suppose that the committee would not
know, as every member of the house would
see, that the effect Of the adoption Of such
a measure must be favorable TO some banks,
and unfavorable to others. Blu! Dir. L. said,
there are many banks, and those among the
best in the States, which do not Issue notes
of less denomination than FIVE dollars. 1t
was Tor the committee of ways and means to
inquire whether the government should not
lend its aid to produce uniformity in this re-
spect.
Mr.. Meigs agreed in opinion with his COL
league and was opposed even to authorizing
an enquiry into this matter. When this
great bank of the U. States bad furnished
the union with circulating medium OF e.
quail value in all parts of the union. he might
perhaps be inclined TO give it further facili-
ties /; but, for the present, be would not,
for one, consent to 60 further in this respect
than congress had already gone. The Sc
cretary Of the treasury had already tie
power to forbid the receptiss OF notes not in
good credit, BY the collectors, &c. which
be had duly exercised. If measure OF the
sort now proposed were to succeed, the
notes ola great majority of the banks in the
U. States would cease to be receivable in
payment OF taxes, and would be driven
from circulation. He could see no other ef-
feet which could flow from the adoption of
the regulation suggested in the resolve, but
togive an almost exclusive cir culation to
the notes of the bank of the U. States-and
be was therefore opposed to the resolve.
Mr.. Southland spoke in favor of the re.
solve. He thought it was bad policy ever
to have permitted the banks to issue notes
OF less denomination than FIVE dollars, and
believed that such issues had great agency
in driving specie from circulation few
years ago. He was Of opinion that e1clud-
ing the small notes from circulation would
restore specie to its former general cur
rency.
Mr. Lowndes spoke in reply TO Dir. Meigs,
denying that the particular object of bis mo-
ton was to benefit the United States Bank.
Suppose no such bank were in existence, ne
said, and the interest of the country requir-
ed that its currency should consist in part of
| gold and silver and MT of mana. uaa.alu