Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-03-29

aOle. lie was evidently dH dCute' u INV ~
observer of the characters of individuals and the
course of events; and his specuatons upon these
subjects are always ingenious. and generally cor
rect. We have no room to enlarge upon the
events Of his subsequent life; but we think II
proper to observe, that his biosrapher has sue
cessfully vindicated his claim to the honor Of be-
ing one Of the first to perceive the benefits which
would result to his native State from the con-
nexon of Lake Erie with the Hudson, and one
of the most jealous and effective agents in accom-.
plishing that splendid project.
Boston Dai. .Adv.
Extract from one of General Roots speeches
in the House of Representatives, at Washington,
on the Bank question.
.The Legislature of New York had instructed
her Represenatives-no,h had instructed her Sc
majors, and requested her representatives, to OPP
pose the renewal Of the charter of the Bank of
the United States 1t was, perhaps. fair pre-
sumption that thi. vote expressed the views of
the people of that State. Gentleman who belong
to distant quarters of the Union, who did not
know the management and machinery, which was
brought to bear upon that question who were lg-
norant of that stupendous power In combaa-
ton Of banks connected together under specl-
but delusive pretext of dfefy tand. all
moved by the same impulse, and directed to the
same object, by great central power, might IN
fer that the people OF that State desired the de-
strurtion Of the United States Bank. The Stock.
holders, the directors of these Banks, thus con-
nected. have a deep INTEREST in its prostraton.-
All the banks in this connection are authorized
BY the law creating the safety fund. and, as an
inducement flr the IN to come into the scheme,
are authorized TO take per cent. OH all dis
counts for than sixt days. Taken at nine
ty days, which l. the usual practice. it amounts,
to about "a per cent. per annum. Most OF the
country banks under this law, transact their bust
mess with what may be considered sort ut mo-
tier bank-the Mechaics and Farmers Bank at
Albany
If the Bank of the United States is destroyed,
what are the consequences? The immense re-
venue collected in New York, amounting to about
three quarters Of that OF the whole nation, must
be paid into the State banks. They would be
relieved from the operation Of the branches OF
the United States Bank at New York. Utica and
Buffalo Under their regulations only per cent
interest can be taken. Tie State banks are AL
monshed to do The same, or the branch banks
would get all the good paper, and the State banks
only the doubtful. 1t would be highly important
to heir interests to get these branch banks out OF
the way. Then usury shops would multiply
throughout the State under the safety fund. d.
recfrd by Commissioners appointed by the Banks
themselves to mouse out their faults. In the alb
sence of the Bank of the United States, these Ia.
stitntion, must be the drposiraries and disbuts-
ers of the public revenue For these objects they
must be, ONE in effect National Ba Ks. To all
practical purposes they are necessarily made so
Lv the government. These then National
Banks-iucOrporated by the State authorities
governed by managers beyond the control OF
the Treasury Department and of Congress-in-
sti n'rons .not subject to the law-nrither indeed
can BE- - These institutions, Government will
be under the necessity of employing in its f.
nancial concerns. The consequence will be.
il new York-without the mighty engine pro-
posed by Mr.. Tibbetts-the combination of
Banks under the control of the Commi, sioners
Of the safety Fund, would be placed beyond
the reach of examination of the proper depart
ment of the Government They will manage
your money as thev may think expedlent.--
The city of New York would become the mo-
ney market of the nafIon-i, will not be as in BY
gone DAYS. when Boston was the focus Of capt
tal-no, the sceptre has departed from Judah!
II was an Ill gotten ceptre-Psfabllshcd at the
time of :. Free frade and transfers rights
when the goods imported into The neutral bort OF
Boston were transported by land to every sec
ton of the cUuntry-whrn the difference ri cX-
change between Boston and this place was more
than 20 per cent. SIR. the general place of de.
post It the revenues of government. must be-
come The head quarters of the money market
| The soundness of currency at any point is cal
culated BY comparison of the exchange with that
place. The large commercial places in the
neighborhood will maintain a currency nearly
equal; how will it be with North Carolina or the
far wes,P In South Carolina, the great CONNER
cial transactions of Charleston would serve to
keep exchange more nearly squa!-b1t Cape
Fear and Fayetteville woud be far in arrear.-
| What is the difference at this timer Not long
since. the difference Of exchange between New
York aud North Carolina was from two to three
per cent How much would it be- in the absence
of a national Bank? In Georgia this difference is
generally something more, and IN Louisiana still
greater. Are gentlemen belonging to different
and distant quarters IF the Union willing to be-
come the fiscal tributaries to the city of New
York? Willing to promote the object which in