Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1835-01-13
COMMUNICATIONS.
\ rur rnrroR OF The ALExANDRIA GAZETTE.

TO THE EDITOR OF TIE ALEXANDRIA GAZETTE
have heard it stated, that the darkest time OF
the night is just before the appearance oil day.
let us then, persevere, and believe our capacity
sufficient in all things to accomplish our real
wants. | submit, for reflection, plan whicn
consider every way practicable, and one tnat
would furnish the necessary facilities to finish
the entire Canal-give the required and proper
means for commercial purposes-restore 10
healthy and extended credit our banking ope,,
rations and at the same time infuse new life and
value into the stock of the Canal. The plan Is
an exchange of credits, or banking:
1st. To establish Bank, TO be called the BANK
of the District of Columbia, with q capital OF
ten millions of dollars. The mother Bank to De
in the City of Washington, to be the Govern
ment or fiscal agent of the Treasury OF the y.
S.. one branch in Georgetown, and one branch
in Alexandria. ,
I'd. The United States to subscribe hve mil
lions of dollars, including the one million OF dol
lars of the Stock held by the U. States in the
Chesapeake and Ohio Canal. Washington,
two million of Dollars, including her one mil.
lion of Stock in the Canal; and Georgetown ana
Alexandria each half a million, including their
stock held in the Chesapeake and Ohio
Canal respectively. One million to be sub
scribed by individuals holding the stock OF the
solvent specie paying banks in the District, al
its cash yalue and the remaining one million 10
be subscribed by other individuals.
3D. The Branch in Georgetown to have ca
pital of two millions, to include whatever por-
ton that may be paid in by individuals OF tne
stock of existing banks there; and the Aiexan-
dria Bank a capital of four millions, including
her bank stock in like manner
4tb. All of the present Banks to wind up, and
to have, by law, proper time allowed them for
that purpose, and no other banking privilege TO
be granted during the time Of the bank now con-
tempated: That would insure high value on the
stock of the new Bank.
5th. The Parent Bank to be conducted by e
leven directors and president, three of whom
should be appointed by the President OF the U.
S., by and with the advice and consent of the Sc
nate-one of whom shall be a permanent resi-
dent in each town in the District; four by the
stockholders, to be residents of Washington;
and two at Georgetown and Alexandria each,
in like manner.
9Th. Each Office to be under the direction of
nine directors, including the PRESIDENT and all
directors, both as to the parent bank and branch
es to 90 out in the same manner as they now
do in the Bank of the U. S.
To some, this plan may be considered as VI
sionary and much easier put down on paper,
than il can be carried into execution: this may
be true, but | say to all such give us better
one. And say further, if the Government Il
mean two Branches) places any value, in ma
tional point of view, on the Chesapeake and D.
hio Canal, and desires its early completion, or
entertains any thing like lively interest for the
people, over whom they exclusively legisiate, l
know of no plan that would be more effectual,
and less burthensome to the public treasury
In fact, the Government so far as she would be
concerned, might do it, without advancing one
dollar in cash: use four million Of the stock now
held in the Bank of the U. S. In conclusion, |
will add, it has always struck me- that the Trea-
sury Of the U. States, always ought to have
fiscal agent at the seat of the general govern
ment, Of high responsibility. The Bank Of the
u States consider now as defunct.
A CITIZEN OF ALEXANDRIA.