Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-02-25

Ing business upon Tue terihs VI no"'e'e o
count Tables, the magnitude Of the sum transfer
red. by this eleven days interest, from the capt
tai Of trading industry to that Of the money lend
ers, would appear truly surprising. ibel'eve the
extra profit of the United States Bank cannot De
much short Of SlOO, 900 per annum by this unjust
process. The renewed Charter Of that Bank
gives opportunity to correct, by law, this 'nPro-
per practice; the Banks ought to have, and then
will, procure an honest book Of interest.
am not the enemy Of Banks; quite the re-
verse; for that reason especially, am DESTROYS
that the Bank of the United States, which, is Of
importance equal to any in the world, should be
considered, in all respects, as fair and liberal in
conducting business as that Of England; that 1t
should discard MIR. Rowlett's notions of "equit-
able principles and follow the equity OF justice
and common sense.
have been borrower at Bank in years past,
although no, so now.-Fron experience consl'
der that Banks if we'll conducted, as think this
Bank has been, are powerful and prontao'e
aids to honest industry in every form that re-
ouires temporary assistance to capital For &C.
neral advantage hope the charter OF this bank
will be renewed; but with the Limitation to 0 per
cent per annum (S65 days. discount; calculated
strictly according to the English tables and the
practice of the Bank of England. A profitable
business can be done BY the U. S. Bank at S per
cent: let it be once upon certainty as to Its
continuance and it will soon make upon S per ct.
as good dividends as it now does upon per et.;
and the stock will increase in value beyond what
it has ever been since the time when SET of rash
and unprincipIed spectators in the stock ruined
themselves and nearly ruined the Bank OF late
years the prosperity Of this country has rapidly
increased. This Bank has evidently contributed
greatly towards that prosperity; and will conti-
nue. to promote it if conducted as it has been.
have not yet seen or heard Of any true fair rea'
son assigned for its dissolution; although have
seriously tried to understand the very whimsical
compositions o Mr. Senator Benton upon the
brought before the public BY the President of the
United States read with regret; for it was evil
dent that he did not understand correctly the
subject. His observations regarding its utility
we're in contradiction to facts obvious to all prac.
tica men. II I, as man of business, should
want money transmitted to Boston, New York.
New Orleans, or to other distant places north,
south or west-for my specie, for fair current
bank notes, or for the nett produce of my dis
counted notes eyen-the Cashier Of the u. S.
Bank at Washington will, for premium of J
per cent, often less than that, give me his check
upon the Bank where want to place my money,
payable to my order; his certificate OF deposit
payable to my order; so that for this triHlng con-
siderat;on can transmit my money in perfect
safety. This is to me great service cheaply
purchased. indeed. Compare this with the years
1914 to 1917. then knew bills or checks upon
New York command. in this place, premiums of
IL, Is and even II per CT; so that he who pur-
chased goods there was often stripped Of more
than double his profits By the medium Of pay
ment. Put down this Bank, and few months
will renew that disastrous course of business up
on scale infinitely greater than before. Refuse
the charter, and assureJly that refusal will be
speadily followed BY scene Of confusion and ru-
in that has never been equaled in this country;
dreadful as was the time between the death Of
the first and the birth of the present U. States
Bank. BY that refusal you will let in the nu-
.merous host Of State Banks, aud the pestent
fraternity eff prowling money brokers, to pillage
the whole tradin community. And then, be as.
sured, the mischief will soon extend itself to
the master of the plough. My motive will,
trust. be an apology for the freedom of thus ex.
pressing my sentiments on this important subject.
am. very respectfully,
Your obedient servant,
A CITIZEN OF ALEXANDRIA.
The National lntelligencer will please copy the
above.
lcOMMUNICATED.