Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-11-28
CONGRESS.
SENATE.
INVITED sT.aTEs B.aHK.

II
Hau intended to make on the subject under dis
cussiOn VIXEN last had the honor to address This
BODY. from the late hour Of the day 10 Which II
was detained, will avail myself of this opportu
nty to make feye desultory observations. +
isrmery remarked that many gentlemen had a.
viewed that The principal cause that induced them
TO vote against this bill was the large portion Of
the stock OF the bank Of the United States held
by foreigners, which caused foreign influence.
to exist II, this country Incompatible viii, It's
safety, and that after the termination az fl,is
bank they We're willing TO Join in the creation OF
another I'm which our own citizens epiy would he
interested. insisted that il it was desirable 10
get rid Of foreign stockholders (Which did not
bciievc) that this could not be effected by fke
destruction of that bank for tho reasons then
mad the honor to suggest. j will here add one
or moro additional reasons Why entertain this
opinion. III foreigners can employ Their. capital
here TO greater advantage than in then, own
country, it viii be impossible to prevent them
from subseribingto the shares OF the new bank
you create. AZ you propose to DO so by prohibit
ing them from being stockholders. the law will
be avoided by the subscription being made in the
name OF our own citizens, who will hold it fer
foreigners, OF even il the shares should be Who'll
ly taken by our citizens they will afterwards sell
10 forcignefs-so that the same foreign influence
exists (f such is the effect of stock being held
10y ioreigncrs,) nor, sir. is this apprchendcd To-
reign influence in any degree diminished IL this
bank Is destroyed and q new bank should not be
created. In such state oftliings those foreign
ers who, if there existed bank Of the u. States,
would have invested their money id its stock,
nSw invest the same quantity Of money in the
state banks. OF course the same extent OF To-
reign influence Gas far as foreigners holdiRs. our
stock produce this result) in either state of
things exists. This reasoning, Mr.. President,
is addressed to those only who are so very aDpre-
yestment Of fereisa capital here produces. For
myself entertain no such fears, and for the rea-
sons have heretofore hal the honor of stating,
do very raucll question whether it is not most
advantageous that foreigners should hold exteil-
siyely the stock of our banks.
Some gentlemen are anxious for the dissouti-
on ofthe bank, because they are Of opinion that
banks ofevery kind and under every modificati-
on are Injurious. Perhaps they may be SO. But
does the destruction Of this bank remove di-
ininisl the evil society is TO suffer from the ex-
.istence of banks2 If this bank is dissolved, the
state banks will exist and new ones be created TO
fill up the vacuum of bank circulating paper
which is produced by the dissolution Of ihis hank.
If the community is to bc oppressed with such
institutions rs banks to the same extent, whether
or not there exists national bank, is it not bet
fer 10 have a national bank than to put the go
yernBlent TO the necessity OF carrying on its fs-
cal arrangements by the cooperation OF state
banks, which are in respect under IFS control
Among other reasons urged by the honorable
gentleman from Maryland why there would be
no Inconvenience attending tie dissolution oitllc
bank of the United States, indeed why there
would almost be an advantage from such a mea-
surc--hc insists there is 1T this time about
90. 600 Of dollars due our merchants from
those of England and such was the deranged
state Of tie commercial resources in that c0un-
try, that our merchants could not now obtain
Dayment OF their British debts, but that on the
dissolution Of tie bank OF the United States this
seven millions Of stock which was held by TO
rcigners would be applied in part payment TO our
merchants of the debt due TO them from the Bri-
tisI,--sO tlat this money would not go out Of the
country, but would be Immediately paid 10 our
merchants and 20 TO that extent 10 the increase
OF their resources.
Now, Mr. President, il appears 20 me, not.
withdrawing the high respect entertain for the
honorable ,ycntlemans mercantile and political
knowledge that in this instance his opinion is
rot accurate Either the British merchants
that are indebted to ours are solvent other
wise. ~ thc first, they eau pay Our merchants
tic 20 ,G0O.GG0 they owe them in the present
state OF things; iftbcy are not solvent, 10 il 20 be
beiicved tllat flie stockholders, after receiving
money from The bank 10 the amount Of their
stock, viii, with this money, purchase bills
which will be protested Tor non paymcnt? For
sacli must he the result ii he British merchant
Is not al present able TO pay his debts 70 mcr-
chant. To fnc it seems most probable that or
the dissolution OF tbe bank one 0ftwO events will
take place. Either the seven millions, the IL
8noani OF foreign stock, viii BIC invested in our
slate banks. or il will be RENTED TO Europe in