Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-01-16
COMMUNICATED.

IL III. People of the United States.-No.i
The public mind, as well as my own, has been
more or less occupied BY those subjects OF ma
tional policy upon which the different Commit
tees of Congress are now engaged, and which, IN
a short time, will be presented TO the American
Delegation; and nv hope is, that public func'
,ionaries. whose deliberations ought to be exclus-
lively controlled by patriotic impulses, will not
become furnished BY the narrow principles OF a
contracted policy, which would produce no other
effect than to widen the breach between different
pa. ties, and discover those ties Of fellow feeling
which can only flourish in regions where mutual
fOrbearance exists.
The two principal subjects upon which the Re-
representatives. Of the people will be called upon to
decide, are "The Renearai of the Bank Char
ter of me United States" and such q modifica.
ton Of the Tariff law as may still the opposition
it has created, lull the prejudices OF individuals
who inhabit different parts Of our wide extended
country. and dignity the deliberations Of such
an august assemb!age.
Under such a hope, (as small as my talents are,
what I have to say upon the subject vii be in a
plain way expressed, the public good being my
polar star
Of tie Bank.-In order to be rightly inform
ed upon any subject. it is at all times desirable
so to define the terms we use in discussion, so to
unfold the character of a principle, as to render
it more easy TO trace the practical influence which
NAV result from it.
A Bank l therefore define to be "a corporate
body. authorized, by law, to receive annually
from ITS capital an interest which the same law
would call usury. if ~practised by individuals"
THIS definition will not be denied, when il is re-
membcred. that the Revenue of a Bank is de-
duoed from two sources, viz. the issue Of paper
currency. three times larger than its bona .fds
sto.M A Bank with one million of dollars in
its Golfers is authorised. upon such deposit, to
issue $4,000. 600 of paper. upon all of which it
receives an Interes, from the date Of issue; for,
if accommodation be afforded to any dealer with
tn Bank at sixty days credit, at the very time
the accommodation is afforded, the interest is de-
Quoted from the principal which is advanced.
= II may be proper here to remark, from the pre-
mi>e, stated, that three -fourths of the Banks is
SUE # paper is artificial; because, each note spe.
cities. it will pay off on demand to any individu.
al who holds it. The promise, virtually, is to
pay three millions Of dollars from a fund Of
l.0n0.0OO; the deduction is fair and incontrovert-
able, that every Bank, from the very nature of
its creation. is q bankrupt when it commences.
If Ne principle will hold good with individuals.
l c mot tell in what way the Bank can dispute
tn r.asoning: for. it it owes SIS. 90. 600, how can
the debt be discharged BY one million?
This artificial CHARACTER which the Bank pos
sesses. gives to 1t a power upon its creation. and
thyoushout its progress. to afford credit to indivi-
dua withoa, capital, who hazard largely in spe-
cule lions upon the basis At means thus fraudulent;
risk largely, because they have nothing at stake
except their morals, ard the morals of specuIa-