Beckley had this from a merchant, who had a bond
discounted, and who supposes a million of dollars were discounted at the
bank here. Mr. Brown got the same information from another merchant,
who supposed only six hundred thousand dollars discounted here. But they
suppose the same orders went to all the branch banks to a great amount.
Eodem die. Mr. Brown tells me he has it from a merchant here, that
during the last winter, the directors of the bank ordered the freest
discounts. Every man could obtain it. Money being so flush, the six per
cents run up to twenty-one and twenty-two shillings. Then the directors
sold out their private stocks. When the discounted notes were becoming
due, they stopped discounts, and not a dollar was to be had. This
reduced six per cents to eighteen shillings and three pence; then the
same directors bought in again.
April the 7th, 1793. Mr. Lear called on me, and introduced of himself a
conversation on the affairs of the United States. He laughed at the
cry of prosperity, and the deriving it from the establishment of the
treasury: he said, that, so far from giving in to this opinion, and that
we were paying off our national debt, he was clear the debt was growing
on us: that he had lately expressed this opinion to the President, who
appeared much astonished at it. I told him I had given the same hint to
the President last summer, and lately again had suggested, that we
were even depending for the daily subsistence of government on borrowed
money.
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