Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1833-11-29

ford relief. They could not afford it, hos.vsi
for the very same reasons which prevent The NJ.
sent Banks from affordingit There is DO oh'.
resource except the public monies. and thew ~,
not be used for any such purpose withou, ~.
ti,ost manifest violation Of law, and the pro,,.s
abuse Of power. 1t is, therefore, not to be eon
templated.
We may safely assume, therefore, that from
fifteen TO twenty millions Of dollars will be suuu
ally Withdrawn from circulation during the nsy,
four years. The effect Of this can be easily inns,
gned. To me it IS evident, that there Is no,
even now, circulating medium enough in IN.
country to supply the demands of its bushes,
and its enterprise. Be this as it may, however
the withdrawal Of so large sum Of money, 50 r.
pidly, from the ordinary purposes Of trade, can.
rot fail to produce the most disastrous conse.
unepces. The merchant will be the first 10 FL,
I, ,r. As the State Banks cannot cid him; A,
pe cannot borrow from one to pay another; h,
mast Withdraw the whole amount of his debt
from his active capital. Of course, he mus. cur
tail his business. or perhaps stop it altogether
But tine merchant will not be the only suGeru,
party Iii, the merchant in town who purchases
the produce OF the country; but IL, for want Of
Cdpitdl. ne eau uo putCHdsts price V
produce must fall. and with the fall Of produ,
wall be the tall of land and slaves The
farmer Is thus rendered unable to employ the me.
chanic: the mechanic, Of course, cannot employ
his ASSISTANTS; and thus the disasters Of the mer
camille community are felt IN every Identification
of society. This is SO obvious, that it need no,
be enlarged Oh. We may. therefore. safely 40
tcipste rents reduced produce which We canna,
seIl-laborers unemployed, and all the other evil,
which never fail to attend q sudden and yiolsn,
interruption of the ordinary course Of business
Not the least of these evils, will be the delay
perhaps the utter frustration-of all those works
OF Internal Improvement, to the completion Of
which all patriots are now looking with con6deOc.
and pride. II is altogether certain that there
will be no money to devote to rail roads and ca
mails
What, then, are Ne to dor We must slew
this subject as merchants, as mechanics, as larn
ers-and not as politicians. 10 this heavy pre-
sure upon our interests, we have no occasion 70
mnsle in the partIzan quarrels Of The hour
We can be sufficiently relieved, without castih:
odum upon the administration, and without e.
teriny in any manner, into the dispute bet~eer
the administration and the Bank. Whether he
policy of putting down the Bank altogether be
wise o. un~ise, is question upon which we may
well differ; and yet we may all agree, that II
is to be out down, it should be done in manns'
the least oppressive TO the people. II is not tie
mere closing the business Of this vast instlutloH
which is 70 produce ruinous results The cap,
tai now invested in il, will not be destroyed aut|
Of course will ultimately come again 10 cireO.
ton. The evils which we have to apprehend
will flow alone from the suddenness and rap
difv of the operation; from the withdrawal irOa
circuiationuf a large and important part Of o.
trading capital, before any means Of reinstatil;
It can be provided. The operation becomes lev
and less oppressive, in proportion as it is NOR
aud more gradual. The merchant who can COO
veniently pay ten or fifteen per cent per anou0
upon the amount Of his debts, may be utterly 70 |
ned by being compelled to pay twenty five Pc
cent. All. therefore, that we need ask, is lh,
the Bank may be permitted to close its concerns
in six or eight years, instead OF being compelled
to close them in four. The Bank may now do
business until the third Of March 1886, and may
use its corporate name for The purpose OF collect
ing its debts, &c. &c., until the third OF Marc '
1888. To extend the charter three or four ytin |
is all that we need require. II is true. that nh |
extension must be with the privilege Of d"Ingm
usual business; at least, to an extent equal oue
current expenses Of the Bank; Tor otherwise
would be an actual injury, instead 81 OentH
to that institution. BY these means i the e'a
ter be extended four years. only Twelve a0u
half per cent per annum, need be cut!aaeo'
stead of twenty five per cent. II II De as"
ed three years. a little more than touf,een
cent will be required annually; and u II DC
tended only two years, only sixteen anu w
thirds per cent annually, will be required.
extension therefore, even for the shortest W.
which can be reasonably contemplated
bring most important relief, not only TO Inc osy
ors Of the Bank, but also to the trading com"un1
and the several business classes OF the eounp,
propose therefore, that those who view
subject as | view it, should call meetings.
people. and pass the necessary resolution %
fec,ins their object Our application ''ou'u~
be to Congress or the President, but TO OUT y,
Legislature. We should represent 10 ths w. !.
truly and in good faith, the sufferIngs ~0.a
likely to result from the rapid closing Of w. ~,
siness Of the Bank, and we should INVOKE %
aid, 10 procuring the adoption OF such nea i".
By the Federal Government, as may Prop' :.
relieve Us. Let them instruct our Sena'Vr ',,r
request our Representatives, to o'e thsf S C."
~ 1