Alexandria Gazette, Commercial And Political

ALEXANDRIA.
FRIDAY, AUGUST 23.

STATE BANKS.

The Convention of delegates from the Banks of New-York, Philadelphia and Baltimore, which lately met in Philadelphia, decided to postpone the resumption of specie payments until, at the earliest, the 1st of July next. The decision was communicated, as stated in an extract from a Baltimore paper, published in this paper on the 16th inst. to the Secretary of the Treasury; but we understand, that the Secretary was far from approving it, or suggesting, that in the discharge of his official duties, he could acquiesce in the proposed arrangement. The decision is in manifest collision with the measures of the Legislature, for establishing the Bank of the United States, and for the collection of the revenue, in the lawful currency; and Mr. Dallas's view of its effects may be collected from the expressions of a letter which he has addressed to the Bank Commissioners at Philadelphia; and of which the following is a copy—National Intelligencer.

Letter from the Secretary of the Treasury to the Bank Commissioners at Philadelphia.

Treasury Department;
15th Aug. 1816.

GENTLEMEN,

The information communicated to this Department renders it probable, that in the course of a few days, the sum of 8,400,000 dollars in gold and silver coin, and in the public debt, will have been actually received, on account of the subscriptions to the capital of the Bank of the United States, exclusively of the public subscription; and it will then be your duty to notify a time and place within the city of Philadelphia, for the election of the directors, who are chosen by the stockholders. As an incident, in the performance of this duty, it is presumed, that you will deem it proper to provide a suitable building for commencing the business of the Bank, at the place designated for holding the election, and conforming to the general nature of your trust, you will, no doubt, be disposed to make such other preparatory arrangements, as will facilitate and accelerate the operation of the institution. It is, indeed, of high importance to the people, as well as to the government that the Bank of the United States should be in an organized and active state before the 20th of February next, when the paper of the State Banks, which have not returned to metallic payments, must be rejected in the collection of duties and taxes; and when such Banks will, unavoidably, cease to be the depositaries of public revenue.

In this view of the subject, I am authorized by the President to recommend that you cause to be prepared such books, engravings, and paper, as you shall deem necessary for the commencement of the business of the Bank; as soon as the directors shall be chosen by the stockholders. If, however, an opportunity occurs, it will be proper to consult the directors who have been appointed by the government, although not members of your board, upon the measures pursued, in consequence of this recommendation.

With the advantages of the proposed anticipation, it is believed, that the Bank of the United States may be in operation before the 1st of January next; and a hope is still indulged, that the State Banks will either conform to that event, or adopt the period contemplated by the Legislature (the 20th of February) for a general resumption of specie payments.

I have the honor to be, Gentlemen,
very respectfully, your most ob't serv't.
A. J. DALLAS.

Messrs. Jones, Girard, Willing, Com'rs. &c.
Leiper, & Evans.