Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-06-03

hst doubt whether an additional dollar will II
&C shipped from the country III consequence Z
u the rejection of this bill. Certainly they ]
s4ll not to any great extent
VIII now, Er. President, suggest few
which ] acknowledge have
great influence on my r..ind IN deciding on the
Of the proposed renewal OF the |
charter ct the Car.b of the United States. !
DO it with great diiEdence, because I have |
net get heard Chcn suggested By any other !
gentleman; q least no. preC's " as 4 ey af- |
feet my .G:ld. l win, h>wever, present them |
to the Senate, and Go ;iot wish them to be
appreciated beyond what they are worth. in
the incorporation or 4 bank upon the prnci-
pies pow proposed, the great advantage to
the stockholders consists in legalzng their
crcofs, ard GuthOr;sing them TO draw AN ia
te;,ss! un II, as wei as on their naoHeY--indi-
siduais can obtain interest only Oh loan of
nioRcy--tnc bank is authorised to obtain in
te''es: on loan of c,.di', and that interest ac-
cording TO the reported dividends Of the Bank
OF the United States has been 8 per cent. per
aDi,um; aud il is probable it will continue
quite as high. This advantage is not confin-
Ell TO the Great arising from the mo,ley o7vn-
c.: 6ythe STOCKHOLDERS but also that which a.
r,ses from the delaoSits 2fmoaey BELONGING to
o:ae! heofle--noris this all it extends to the
cfedif which arises from the ezo51nons. aeto-
sic q f.tlbhc moz,cg 1t appears from the
Secretary's report, that seven tenths of the
whole stock are feld by British capitalists
perhaps the proportion is greater, bit COW
cred in some instances by American names.
Ii aiso. appears, that they will have enjoyed
tic iull term OF these incorporated advanta-
ses Gu the 4th OF March next; OF course, a
refusal 70 renew them cannot In any respect
be considered as departure from good faith.
Now can see neither the policy nor expedi-
eDcy OF extending these favors and advantt-
ses voluntarily TO these foreigners for twen-
T. years in exclusion Of our own citizens; at
least To the extent of the foreign capital now
invested IN the Institution. ! think, sir, at
the same time, can see very strong and pc
cuhar grounds of objection TO the poiicy and
c3<pediency Of this measure. Nay objection a
rises from the enormous British influence,
which notcrionsly pervades this country; and,
/ believe, Affects the proceedings OF govern
ent, SO seriously, that it can hardly be said
to be independent. l verify believe, that
this banetul influence has already driven the
government from measures which the best
interests of the nation required.
Whist we and G. Britain claiming exclu-
siVe dominion on the ocean, possessed of an
immense mercantile capital and pecuniary
resources almost inexhaustible, we find ma
ny Of her subjects intimately connected with
cur cidzens in commercial pursuits. We
ind many mercantile houses in that country
associated with mercantile houses in this, so
much so, that VIXEN we hear of great failures
IN Liverpool we may look out for SQUALLS and
breakers at New York. Not only has this
influence operated on the people generally /:
but state il as my firm conviction, that it has
operated and now operates On the govern
heat OF the United States. is this mercan-
tile connection the only source of nifueuce>
Nos at ali, sir; the Influence accrIing to G..
Britain from the identity ct language, from
reading British books, from the presidents
derived from her systems of ,iuiisprnssx nee,
inculcatedin early hfe-frpm internarisages
and various otLer circumstances, paralizes
the efforts 81 our country and almost reduces
It 10 q state OF Colonial dependence / consi-
der this bank as giving thar diversified iiInu-
ence Body and form for action. Have we
not peen tod that this bank has been so ope-
rative, as to elevate or depress the state
banks at pleasures As TO enlarge OF con-
tract the circulating medium. And is it
desirable that such an engine should o2cist in
the hands OF foreigners! Take away this
influence, and Great Britain would stand
nearly On the same footing ia relation to US,
that any other nation does. / have. not o.
verlooked the observations of the gentleman
from Georgia, in relation to this subject. He
observed, if there be any influence, it is reci-
procal; that these foreigners, having funds
in the II. States Bank, will use their best ex-
erticns to procure a respect for our rights
or to keep the two nations at peace. be-
lieve they will but whilst they may have an
influence in this country; they viii have
none in their own. The influence of seven
millions of dollars will not be felt in that
Country where $40 millions are annually X
pended; although it will have much weight
here. There Is then no such reciprocation
Of influence as the gentleman supposes. |
would ask the gentleman, how this influence
has been heretofore exerted in practice up
on the two governments? Has il been able
to induce @. Britain 10 relax i'll her hostility
against US in the smallest degree. Has It
prevented, or repealed the orders in council,
&C.! Has it saved from impressment one
American seaman! Did it prevent the at
tack upcn the Chesapeake; In short has it
restrained the hostile arm of Great Britain
from any hostile act, SIc.p On the other
band, now has it acted Oh our government
Has Il not been Instrumental in paralysing
every effort OF resisting these hostilitiesS Has
IT not cooled ne down TO q state ofhumble srit,.-
mission, &c. &c. Stc.! These arc its nattl-
rni practical efiec1s. and will continue 70 be
SC. an very far from wishing 10 interrupt
the harnsocy and friendship between the Il.
States ana Great Britain provided they
CaIi be preserved on honorable terms, but
not by submission brought about by British in
f'gsucs find have trespas5ed zoo ions on
TIC indulgence OF the Senate but beg to
be PERM .tcd TO reply to two observatiors.
. one. IT yyffcn has bgcu nnuch ,eI..d o.. II. -