Daily National Intelligencer

CITY AFFAIRS.

Messrs. Gales & Seaton:

It has much puzzled me, that at a time when specie is paid in all our banks, whose paper is better at home at least than any other, except that of the Bank of the United States, and quite as good as that—it has astonished me, I say, that the citizens should longer tolerate the utterance and circulation of the miserable ragged compound of paper trash with which we were completely inundated before the silver age returned. It requires nothing but concert among the dealers and market people, to banish it forever; and I hope this notice of it will be the means of inducing those who have it in their power, to take measures to accomplish so desirable an object.

I am no great financier, but I cannot help thinking it an unfortunate expedient our corporation has resorted to, in issuing a flood of paper as a substitute for a loan. The expediency of issuing due bills was unquestionable, when, three years ago, we were without funds or the means of obtaining them, and when the measure was necessary also in self-defence, against the torrent of similar paper from Georgetown, Alexandria, and fifty other towns. But, when the city taxes are rapidly collecting; when the credit of the city is such that it can borrow (and I think it ought to borrow) any money necessary for making proper improvements, beyond the amount of the taxes; I do not approve the notion of issuing paper, in the hope of making money by the wear, tear, and loss of the bills. It is a sort of tax on the public, more vexatious than a direct levy. In short I do not desire to see the town hall converted into a banking house, of which the Mayor is president, and Mr. Register the cashier. I most sincerely wish the corporation would call in all these bills, and that the citizens would then combine to receive in their business no paper of a less denomination than Five Dollars.

I am yours,
LOVEGOLD.