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Editorial September 28, 1802

Alexandria Advertiser And Commercial Intelligencer

Alexandria, Virginia

What is this article about?

Editorial urges Congress to investigate the sale of U.S. bank shares, questioning motives involving Treasury Secretary Gallatin's failed Dutch loan, treasury deficit from tax repeals, and opposition to non-commercial revenue sources, highlighting substantial financial loss to the United States.

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Full Text

It is to be hoped, that when Congress next meet an inquiry will be instituted into the reasons which induced the sale of the bank shares belonging to the United States. Whether it was because Mr. Gallatin was disappointed in the negotiation of his Dutch loan, from want of credit—whether from the deficit in the treasury, from the repeal of the internal taxes—or whether from his opposition to the principle of the United States possessing any productive revenue not drawn from commerce. From what motive the transfer may have been made, certain it is that the United States have sustained a very considerable loss by the transfer, nor could they replace the stock, without the sacrifice of many thousand dollars.

(Gib)

What sub-type of article is it?

Economic Policy Partisan Politics

What keywords are associated?

Bank Shares Sale Gallatin Motives Us Treasury Deficit Internal Taxes Repeal Dutch Loan Negotiation

What entities or persons were involved?

Mr. Gallatin Congress United States

Editorial Details

Primary Topic

Inquiry Into Sale Of Us Bank Shares

Stance / Tone

Critical Of The Sale And Call For Investigation

Key Figures

Mr. Gallatin Congress United States

Key Arguments

Possible Motive: Disappointment In Dutch Loan Negotiation Due To Lack Of Credit Possible Motive: Treasury Deficit From Repeal Of Internal Taxes Possible Motive: Opposition To Us Holding Productive Revenue Outside Commerce Us Sustained Considerable Loss From The Sale Replacing The Stock Would Cost Many Thousand Dollars

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