Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1822-10-15


served, the gains viii be w,,b,s adGns n.
hali per cent, per annum Of ' tba about
profits of the preceding per;ot zoe nOGln,I
every thing was hszarded anu 9 IN which
ally lost than all that was I ,b more acS.
gained. | should have had NUS no iniOmins1r
to make these comparisons h. had d'slPOstoa
been made necessary by faIsa sou They a@
and representations Of tie SAM Io stGa'elntss
looking at these results let i !, lacls. i
Eacttrlsed the different periods S'aNces Oh.
2. The other measure wiz,
particularly to ootice is the lo a,,n j., ! mel,
obtained in Europe. The ,o'n @hlcbr.
time tbs loan was projected gr rsI at de
rassment in all the concerns Of S'e Ssm eMb'.
but the pressing difficulty was ooNmets
soundness in The bark crcpI,1;le Tea u.
constituted TIE whole cnr rp,allCh which
country. The weakness Of I5s Of DE
the U s. has been exposed Tba Uans d
state banks was probably create a'' o Of he
they were mol subject 10 50 m sr,et' though
complicated dangers. The rsS, and Such
accommodating 10 tie credit Of he ss. '''
men', at various points, in pansr sT%ytH'
Immediately pressed upon the 1sn 'nai i
issued ii would not have been ,' t "hid
and yet to have discledied = i n"neuIsti
would have forced the crisis If SGISudtH5
soundnsss Of all the bank circpls,aae 10.
moment when it had norecupersr; "SI a
~, and must have ended IN co n,ms Iacpi'
alike disastrous to the bank and - ueactS
try. On the other hand to have ,y 'i ;e couN.
no pressure upon these bank. wo" 'II,p Gi
been to cherish and perperusIe e4 .pi l''e
crease the evil of an unsound cH sit M
The course TO be pursued bv t%Ii it
was subject Of great deIicacy . n,i ossS
Guilty. The situation OF the cour au Vim
exceedingly alarming. Vas
1t was not simply the present eviI Il
was dreaded-the county Was in IL i. lua
ney concerns in an extreme stale :" % p0'
haustion' 1t was drained Of ifs ,nec -, eI
the preceding year before the FIRST t met, -
ment OF the Louisiana stock becama ' n,r
bic. The sum necessary 10 make tbaP a'
ment, stood 10 the credit 1.-THE trea;nIv
the bank and was transferred 10 tho c,,I ~
OF the holders OF this stock. The As,.
of Barring, Brothers & Co. had. for ia ,'s.us
account at one mUmeLl, D2,4lO,000 .tS,
credit at the bank in Philadelphia, aa NJ ~,
the same day all the So ecie in tbe I h, ~
and all lis Offices did not amour, r., O'a ~
much. 1t was impossible to have p,id !,
and the bank was obliged 10 enrer min !,
contract to ray it in England by giyen|
tine, with interest, In excepting nj"
contract it employed the whole orepat;oO
of the next season of business in nrey.
exchanges and paid avery large amuunrG
interest Eand q the time this loan va,
projectedabere remained large baIsnr.
due to Barring Brothers 4. Co. on accom-,
of this contract. The country had bp,n
still further Invested OF its metallic basis in
the interim, and a pretence was onIywn.
ting by 100 many individuals and osnknp
institutions 10 stop payment To them +
might have afforded immediate relief and
profit, But to the bank oi tbe i. Stats
it must, as already sbewn, have caused IN.
evitable ruin At every hazard uwas oh,
Iiged TO continue lis payments lis ability
to DO so, depended On sustaining he ere.
diJ OF the couAy, and restoring the sound.
ness oi The currency.
fits own vaults had been better epler
isEed than they were, it could not have 70,
MISUNDERSTANDING ,lfbeagStFsHh!
BANK St0FstStatn, iIs,cfedft at aS line 90
pends Solely 0. prfncfPaIIypn the ,PgssB
lts own vaults, but on the general eel
Of the country sustained by the Usuaae9
and moral obligatIons-destroy these pa.
tically, ane all lis power becomes iseit,
ness. Thus it has, al any given DODat,
from 90 TO 80 millions OF dollars becoming
due TO it within 80 days, besides very
large sums standing IN balances against o.
Their banks, and further sums IN the notes
of other banks Now suppose at any mo-
ment, that state OF things should arse
which should destroy the genera credit VI
the country, and disable debtors, who 10
their turn depend on the same mean; Tor
their ability 10 pay, TO comply with Toe
first, and (empt them to disregard The las
of these obligations. what would be then
the situation of The bank Of Tie u. States
Yet that State OF things was on the point Of
taking place, when the loan IN question
was projected.
The country could bear no further ei'
hauston, however small, until 1t bsl
season TO recover But the second ~
stalment of the Louisiana stock was 10 DC
paid in few months and the sum 10 W
withdrawn by foreigners, exceeded po,
badly all the specie in the two great c! T5
OF Philadelphia and New York l9s
bank would have been bound TO pay ~
had it received the local paper 10 pay~su.,
Of the revenue and if il had refused =
we have seen the disastrous consequent
TO which it would have led. 1t was P%
ment which the country could oo'' a. ~.
time, bear, and heability OF The bank Wa "a
necessarily limited by the ability o. ", ,Ss
country. Hence, in general VIe"' ~
necessity and expectancy OF loan,
[To be concluded in our nst''J