Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1832-08-01

n Eastern States is about SlS 900. The pro
We fits of the bank in 1881, as shown in statement
to Congress- were about S., 500; of this there
accrued in the nine western States, about Sl $40
lie CAS- in the four Southern States, about 1852,
E. 507 and in the middle and eastern States, about
Y. 81 ,463O41.-As little stock is held in the west
1t is obvious that the debt of the people, in that
section, to the Bank, lis principally debt to the
eastern and foreign stockholders that the interest
they pay uponi it, is carried into the eastern States
e and into Europe; and that it is burden upon
: their industry and drain of their currency,
(which no country can bar without inconvenience
If and occasional distress To meet this burden,
g and equaize the exchange opera ions ofthe Bank
It the amount of specie drawn from those States
+ through its branches within the last two years, as
, shewD by its Official reports, was about $6,000,-
1000. More thar half million Of this amount
does not stop in he eastern States, but passes on
ito Europe TO ply the dividends of the foreign
Stockholders the principle of taxation recog-
nlzed by this act, the western States find no ade-
u quae compensation for this perpetual burden on
their industry, and drain of their currency. The
d Branch Bank at Mobile made, last year, $685.
j 40; yet, under the provisions of this act, the
!, State of Alabama can raise revenue from these
profitable operations, because not share of the
stock is held by any of her citizens. Mississippi
and Missouri are in the same condition in rela-
ton to the branches at Natchez and ST. Louis 4;
and such in greater or less degree, is the con-
dlton of every western State.
i The tendency of the plan Of taxation which
this act proposes, will be to place the whole U.
which the western States now bear to the eastern
/ When by tax on resident stockholders, the stock
of this Bank is made worth ten or fifteen per cent
more to foreigners than to residents, most of it
j will inevitably leave the country.
Thus will this provision, in its practical effect,
deprive the eastern, as well as the southern and
rlwestern States, of the of raising a revenue
, from the extension of business, and great profits
of this institution. 1t will make the American
people debtors to aliens in nearly the whole
t amount due to this Bank. and send across the At,
). lantic from two to five millions of specie every
: year to paw the Bank dividends.
o In another of Its bearings this provision is
n faught with danger. OF the twenty five direc-
9 tors of this Bank, five chosen by the Governs
e ment, and twenty by the citizen stockholders
e From all voice in these elections, the foreign
e stockholders are excluded by the charter. IL
proportions therefore, as the stock is transferred
e to foreign holders, the extent of suffrage in the
choice of directors is curtalicd Already almost
third of the stock in foreign hands, and not rep
e resented in elections. 1t is constantly passing
d out of the country, and this act will accelerate
its departure. The entire control of the institu-
n ton would necessarily fall into the hands Of the
e few citizen stockholders, and tie with which
h the object would be accomplished, would be a
temptation to designing men to secure that con-
troll in their own hands by monopoizng the re-
If naming stock. There is danger that President
and Directors would then be able to elect them
selves from year to year, and without responsible
d ty or control, manage the whole concerns OF the
h Bank during the existence OF its charter Ii Is
easy to conceive that great evils to our country
and its institutions might flow from such con-
+ centraton of power in the hands OF few men
e irresponsible to the people
Is there no danger to our liberty and independ-
ence in Bank that il its nature has so little to
= bind it to our country? The President of the
t Bank has told us, that most of the State Banks
= exist by it's forbearapce. Should its influence
e become concentred, as it may, under the opera
: ton of such an act as this in the hands OF self
h elected Directory whose interests are identified
h with those of the foreign stakeholder, will there
not be cause to trembe for the purity of our cleo
i tons in peace, and for the independence OF our
9 country in war? Their power would be great
e whenever they might choose to exert 1t; but II
: this monopoly were regularly renewed every nj
+ teen or twenty years. on terms proposed by thenl'
< selves, they might seldom, IN peace, put tor.n
their strength to influence elections or control the
, affairs of the nation. But, if any private citizen
= or public functionary should interpose to curiai
its powers or prevent renewal Of its privileges
+ it cannot be- doubted that he would be made to fee
r its influence
d Should the stock of the Bank principally pass
Il into the hands of the subjects of foreign country
and we should unfortunately become involved II
G a war with that country, what would be our con-
d ditionY Of the course which would be pursued
(; by Bank almost wholly owned by the subjects
It of a foreign power, and managed by those whose
it interests, if not affections, would in the sam'
e direction, there can be no doubt. All its opera
5, tons within, would be in aid of the hostile fleets
e and armies without; controlling our currency
Is receiving our public moneys, and holding thou
n sands of our citizens in dependence, it would bt
II more formidable and dangerous than the nava
e and military power Of the enemy.
h If we must have Bank with private stockhol,
a ders, every consideration of sound policy, and
i. every impulse of American feeling, admonlshes
that it should be purely American. Its Stockhol
70 ders should be composed exclusively OF our owr
citizens, who at least, ought to be friendly to ou
n government, and willing to support 1t in times
J. dif}icuItv and dancer So abundant is domesti;