The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-06-28

o"y way 10 OBTAIN any good they afford, &
YET avoid their deleterious effects, is to ge
foreigners to send their money here. ant
invest it in our funds. We get the benef
OF their money, whilst we are so far reno
we'd from them that they can have no opc.
ration US. For, sir, it is notorious to those
VINO are informed on the subject, that we
| reel ieS8 inconvenience or political influence
from foreigners who hold stock han from
natives who possessit. This inference mus.
be obvious when state, that Foreigners
VINO hold stock have no vote in the choice OF
directors.
I Again, sir, is not the critical s;tuatioo
IN winch we stand in respect to our foreign
relations particular reason why we shou d
nor at this time make experiments which
| may iJure the public revenue! If we EN-
torce our non-intercourse law, and ENGLAND
attempts to resist it and force her imports
| into our Country by Florida and our South
ern frontiers on one side and Canada and
Nova Scotia on the other. it's at least cues
tohable whether our revenue will not be
greatly diminished In our present unset
tiso SITUATION, with our merchants stagger-
ing under the weight of the non intercourse,
embargo and foreign spoiiation-is this a
momenr to try experiments that may he We
the effect OF reducing our revenue by Grip
ping our mercantile enterprise and forcing
oar merchants to withdraw their funds fro m
commerce, in order to pay their bonded
duties and bank debt. But will the iestruc
ton OF this bank rid us OF the dreaded in
naence OF foreign capital! No; you get
IN its stead an Influences infinitely worse
you encourage speculation, which will pro.
ouce an evil OF an infinitely more pestife-
rous kind If this bank be put down apo
Their ere long, have no doubt, will be ere
atsd-for that another bank must and will
be created, is ayowed by many who vote
against Continuing this, aud whenc YER this
takes place scene of stock jobbing will
ensue to an extent which cannot be now
Calculated. When a new bank and a new
stock is createa although by prohibiting
foreigners 10 be subscribers in the first in
stance, twill at first be taken up oy our
own Citizens, yet it the European capital.
ISL ma II 10 MS advantage to have money
| mere, ne comes and purchases our stock !.
our citizens in the subscription to the new
stock engage in a scene OF the most debasinp
! speculation our citizens afterwards sell
TINS Stock to foreigners, whose foreign in
huthce we wish TO avoid and after having
gone this vicious circle, we arrive precisely
at the point wher; we started The same
! forei gners wlo now have so much of this
bank stock, will re invest their money in the
| stock 4 the new bank 10 be created. This
dissolution oil The bank, then. is trying " lid,
! sequences convuisihg society TO its centre,
sporting with the feelings and happiness of
the country, impairiDg mercantile eredi and
enterprise, lnJuriEg the tranquility of ma
ny OF our most merltoriouS citizens who see
rum lowering over them from The measure
We deem Ike To adopt and after all this
IS done, we come round to the precise point
from which We commenced
1t has either suggested itself TO my mind,
upon reflection on the subject. or it is an
idea suggested by me political writer
(ahd ,hink the latter is the case.) either
Hume or Smith, or both, that gradual,
silent and almost imperceplible increase of
money or circulating medium has the hap
pest effects on society, and operates as
he most salutary stimulus to the exertions
ana industry OF nation, because it ope-
rates as gradual, though perhaps nomi-
nal premium to industry, by increasing the
price OF every article that is brought into
market and the influence which the dis
covery of the mines of South America had
on the European world by bringing into Cir
cuiation an increased quantity of the preci-
Gus metals, is instanced as well as | recol-
lect, by some of the economists, as an Illus
tration OF this observation for the increase
OF industry, OF the arts, and of all social
comforts which soon followed this event has
been remarked by several political writer's.
III this Invisible increase of the circulating
currency of a natiou, is, from the causes a
Dove mentioned, productive of such happy
effects, will not the immediate extinguish
Tnent or a great national bank, and the con.
sequent diminution Of the circulating cur
rency ofyour country, have an i'm mediatelv
opposite q baneful operation upon society
VIII 1t not produce temporary depression
OF prices OF many of the necessaries and
tuxures of life, and to a certain extent,
lessen and benumb the vigor and exertiuns
OF our citizens 1t is true, this effect NAV
be temporary, because new banks will re.
move the evil-but is there any reason to
produce this evil even for a moment, or. in
other words, should we produce this dele
ferrous effect foF one moment by the des-
truction OF one bank, that we, or the states
| by the erection Of new banks, may remove
the evil we ourselves have created This
seems to be producing calamity, that we
may either remove or mitigate it.
The bank, it has been objected, has been
used as an instrument OF improper polite al
influence.
! Let it be remembered, Mr.. President.
that / am not advocating the mere renew.
al OF the Charter of the bank of the u. s.
1 am only for re-chartering it on certain
conditions, or in other words, with a view
THAT 1t may subscribe 30 the amount of its
capital TO newly created bank on different
principles, of larger extent of capital. and
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