Alexandria Gazette, Commercial And Political

The Senate of the U. States were occupied yesterday on the discussion of the Loan BILL. After Mr. Smith of Maryland had concluded, Mr. Giles rose & in an able speech of considerable length advocated the passage of the Bill with the amendment proposed by the committee of the Senate; Mr. Giles was of opinion, that much difficulty would be experienced in effecting the loan, and stated a number of reasons for his opinion; grounded upon the scarcity of money—the pressure upon the Banks and their debtors, the depreciated value of U. S. stock, and the want of an adequate security to be given by the government to money-lenders. The "moral sense & good faith" of the government, he apprehended, would not be considered by them, a sufficient guarantee for the repayment of their money. Mr. Giles had not concluded, at half past 2 o'clock.