The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1832-07-24

west, il is obvious that the debt OF the people,
in that section, to the Bank. is principally a
debt to the, eastern and foreign stoc kholders,
that the interest they pay upon il, is carried
into the eastern states and into Europe and
that IL is burden upon their industry and q
drain OF their currency, which ne country
can bear without Inconvenience and occasion.
al distress. To'mcet this burden, and equal
izo the exchange operations of the Bank, the
amount of specie drawn from those states
through it's branches within the last two
years, as shewn by it's official reports, was
about S6,t'o0,000. More than half a million
OF this amount does not stop in the easter
states, but passes on 10 Europe to poy tho
dividends Of the foreign stockholders. In
the principle Of taxation recognized by this
act, the western states find no adequate com.
pensation for this perpetual burden on their
industry, and drain Of their currency. The
Branch Bank at Mobile made, last year, $05,.
l40 yet, under the provisions Of this act, the
state of Alabama can raise no revenue from
these profitable operations, because not a
share Of the stock is held by any Of her cti-
zens. Mississippi and Missouri are in the
same condition in relation TO the branches
at Natchez and st. Louis; and snch, in q
greater or less degree, is the condition OF
every western state.
The tendency Of the plan eftaxation which
this now proposes, will be to place tho whole
United States in the same relation 10 foreign
countries, which the westei states now boar
to tho eastern. When by a tax on resident
stoc kholders, the stock OF this Bank is made
worth ten or fifteen por cent. more to Tor
eigners than TO residents, most Of twill in
evitably leave the country.
| - 80, .ga Il
effect, deprive the eastern, rs we'll as the
southern and western states, Of the means OF
raising revenue from the extension of busl.
ness and great profits Of this institution. II
will make the American people debtors 10
aliens in nearly the whole amount due to this
Bank, and send across the Atlantic from two
to five millions Of specie. every year TO pay
the Bank dividends. e..f s,
In another of its bearings this provision is
!. fraught with danger. Of the twenty fivo
directors of this Bank, five are chosen by THO
Government, and twenty by tho citlzen
stoc kholdcrs. From all voice IN these elec.
Iiions, the foreign stockholders are excluded
by the charter. In proportion, therefore, as
the stock is transferred to foreign holders,
the extent Of suffrage in thc'cboice OF direc..
tors is curlnilcd. Already is almost third
of the stock IN foreign hands, and not repre-
sented in elections. II is constantly passing g
out of the country, and this act will nccele-
rate its departure. The entire control OIL the
institution would necessarily fall into the
hands OF the few citizen stockholders, aud
the ease with which the object would be ac-
com plishcd, would be atemptstion to design.
ing meu TO secure that control in their own
hands by monopoisng tho remaining stock
There 10 danger that q President and DIrec-
tors would then bo able to oIect themselves
from year to year, and without responsibility
or control, manage the whole concerns OF me
Bank during the existence bits charter. II
lis easy 10 conceive that great evils 70 our
country and its institutions might How IRON
such concentration Of power IN the hanos
; Of f6w men irresponsible 10 the people :.
L. there no danger TO our liberty and ipoe; e;
I, psDdeOce in Bsnk, that N iis nature nos %
il Ii,tle 10 bind !, to our couukan2. The Prcsi
dent of the Bank hes iol pos'os tn'