The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-11-05
CONGRESS.
SENArE
UNITED STATES BANK.

s0 Some time since, we gave publicity to the fret
Speech OF Mr.. Brent on the Bank of the II. s.
Wishing to do justice all sides, We think proper
TO lay his second Speech before our readers.
Mr.. BRENT Mr. President, having been
prevented from finishing the remarks which
] had intended to make on the subject un-
der discussion when last had the honor to
address this body, from the late hour of the
day to which i was detained, 1 will avail
myself of this opportunity to make few de-
sulroiy observations which the want of time
prevented me from heretofore submitting to
your consideration. l formerly remarked
that many gentlemen had avowed that the
principal cause that induced them to vote
against this bill was the large portion of the
stock of the bank of the U. States which
was held by foreigners, which caused TO
reign influence to exist III this country,
which was Incompatible with its safety, and
that after the termination of this bank they
were willing to join in the creation of anc-
Their III which our own citizens only would
be interested. insisted that if it was desi-
rabie to get rid Of foreign stockholders
(Which did not believe) this could not be
effected by the destruction of that bank for
the reasons l then had the honour to sug-
gest. l will here add enc or more alditi-
onai reasons why entertain this opinion
1t foreigners can employ their capital here
to greater advantage than in their own coun-
pry, 1t will be impossible 10 prevent them
from subscribing to Che shares of the new
bank you create. II you propose TO do so
by prohibiting chem from being stockhoi-
dec., the law will be avoided by the sub
.scrlption being made in the name of Dur own
citizens, who VIII hold il for foreigners, or
cven u the shares should be wholly taken by
our citizens, they will afterwards sell to
tore gners-so that the same foreign infiu-
ehce exists Of such IS the effect Of stock
being ncd By foreigners,) nor, sir, is this APP
pretended foreign influence in any degree
dimaIsaed # this bank is destroyed and a
new bank should nos be created. In such
state II things those foreigners who, if there
existed a bank Of the q. Stiles, would have
invested their money in It's stock, now invest
the same quantity OF money in the state
Banks Of course the same extent Of f.
Teigh influence Gas far as foreigners holding
our suck produces this resuiC) in either state
OF things exists. This reasoning, Mr.. Pre-
sident, is addressed TO those only who are
so very apprehensive of the dangerous in
hdehce which the investment CT foreign ca
pital here produces. For myself enter
tain no such fears, and for the reasons
have heretofore had the honor of stating, do
very much question whether it is not most
tensively the stock of our banks.
Some gentlemen are anxious for the dis
solution OF the bank, because they are of O.
plnIon that banks of every kind and
under every modification arc injurious
Perhaps they may be So But does the
destruction OF this bank remove or diminish
the evil society is to suffer from the exls-
tence OF banks ? If this bank is dissolved.
the state banks will exist and new ones be
created to fill up the vacuum of bank Cir
cuatlng paper which is produced by the
dissolution OF this bank. If the community
is to be oppressed with such institutions as
banks to the same extent, whether or not
there exists national bank, is it not better
to have national bank than to put the GO
vernment to the necessity OF carrying Oh its
hscal arrangements by the Cooperation OF
state banks, Which are in no respect under
its control -
Among other reasons urged by the homo
rable gentleman from MARYLAND WHY there
would be no Inconvenience attending the dis
solution OF the bank OF the u. States, indeed
why there would almost be an advantage
from such a Hleasure--he insists there is ar
this time about 2O,0O0,000 Of dollars due our
merchants from those of England, and such
was the deraDged state of Che commercial
resources in chat country, that our merchants
Gould not now obtain payment OF their Bri-
tlsh debts, but that ON the dissolution of the
bank OF the y States this seven millions Of
stock which was held by foreigners would be
appieft Ill part payment to our merchants of
the debt due 30 them from the Bntisl1---so
that this money would not go out of the
country, but would be Immediately paid to
our merchants and so TO that extent to the
increase Of their resources.
Now, MIR. President, it appears to me,
notwithstanding the high respect ! enter
tain for the honorable gentleman's mercan-
tie and political knowledge that in this in
stance his opinion is not accurate. Either
the British merchants that arc indebted
70 ours are solvent or otherwise. If the first,
they can pay our merchants the 10000, 900
ewing them in the present state of things if
they are not solvent, is it TO be believed that
the stockholders, after receiving money from
the bank to the amount of their stock, will,
with this money, purchase bills which will
De protested for non-paymcnt! For such
must be the result If the British merchant is
not at present able to pay his debts to our
merchant. TO roe it seems most probable
that ON the dissolution of the bank one of
two events will take place. Either the Sc
ven millions, The amo.nt Of foreign stock,
viii be invested in our stste banks, or it will
be RENTED to Europe in actual specie. If
u should he invested in our STATE, banks