Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-10-11
WHOLE NO. 1872

the value Of money with them is at least
as high as eight. Nevertheless although
they borrowed n: this low rate Of interest,
and although they use all they borrow
thus profiably, yet they cannot pay the
interest without 'incOnrenieace j. aisfrcss;'
and then, sir, follows the logical conclu-
sion, that, although hey cannot pey eren
Me interest Tffh0m Inconvenience and DIS
f,'css, gel less nan four gears is ample lime
J6T tic Dumb 10 ,u.', ;ss LS .~I~ls, I'LL sa..;,a
cpai and interest, piihom causing more
Mon light pressure! This is the argu-.
ment. Then follows another, which may
be thus stated. 1t is competent to the
State to tax the property ofiheir citizens,
vested in the stock Of this Bank, but the
power is denied of taxing the stock offo-
reigners; therefore, the stock viii be
worth ten or fifteen per cent. more TO fo-
reigners, than to residents, and will OF
course inevitably leave the country, and
make the American people debtors to al,
lens in nearly the whole amount due the
Bank, and send across the Atlantic from
two to five millions of specie year, TO
pay the Bank dividends. Mr.. President,
arguments like these might be more read
lily disposed OF, were it not that the nigh
and official source from which they pro-
cecd, imposes the necessity Of treating
them with respect. in the first place, it
may safely be denied, that the stock Of
the Bank is any more valuable to To-
reigners than our own citizens, or an OBJ
ject Of greater desire to them, except in
sofar as capital may be more abundant
in the foreign country, and therefore its
owners more in want Of opportunity ofin-
vestment. The foreign stockholder eu-
joys no exemption from taxation. He is
of course, taxed by his own government
for his incomes, derived from this as well
as other property; and this is full au-
swer to the whole statement. But it may
be added, in the second place, that II is
, not the practice Of civilized States to tax
I the property Of foreigners under such cir
cumstances. DO we tax, or do we ever
tax, the foreign holders of our public
debt? Does Pennsylvania, New York,
or Ohio, tan the foreign holders Of stock
in the loans contracted by either Of these
States? Certainly not. Sir, must con-
fess had little expected TO see, on such
an occasion as the present, u labored and
! repeated attempt to produce an impress
sion on the public opinion, unfavorable
to the Bank, from the circumstance that
foreigners are among its stockholders.
have no hesitation in saying that deem
J such strain of remark as the message
: contains, on this point, coming from the
t Presiden, of the United States, to be in
I furious to the credit and character of the
= country abroad; because it manifests a
= jealousy, lurking disposition not to re-
e spect the property of foreigners, invited
n hither by our own laws. And, sir, what
: is its tendency but to excite this jealous
It ly, and create groundcss preiudiccsS
n From the commencement Of the go
J., vernmcnt it has been thought desirable
= to invite, rather than to impel, the intro
e duction of foreign capital. Our stocks
S have all been open to foreign subscnp-
c tons; and the State Banks, IN like man
i ncr, are free to foreign ownership
:. Whatever State has created debt, has
S been willing that foreigners should be-
n come purchasers, and desirous of it.
IS low long is it, sir, since Congress itself
1t passed a law, vestIng new powers in the
y President of the United States over the
IS cities in this district, for the very purpose
II of increasing their credit abroad, the bet.
y ter to enable them to borrow money to
= pay their subscriptions to the Chesapeake
$ aud Ohio Canal! 1t is easy to say thai
o there is danger to liberty, danger to indie.
d pendence, in bank open TO foreign
e observation-disclosures it is easy to say
, -
C perience proves any such danger. The
), foreign STOCKHOLDERS cannot be director
J. He has no voice even in the choice o.
e directors. His money is placed entirely
1t in the management Of the directors ap.
y pointed by the President and Senate, and
Il bv the American stockholders. So iai
e as there is dependence, or influence, ell
e ther way, il is to the disadvantage Of the
at foreign stockholder. lie has parted with
Of the control over his own property, instead
x Of exercising control over the property o,
rn over the actions of others. And, sir, lei
s. il now be added, in further answer TO this
Is whole class of objections, that experience
y has abundantly confuted them all. Thi:
tx government has existed forty three years
st and has maintained, in full being and op
l. Grafton, a Bank, such as is now propose,
N to be renewed, for thiry-six years out o
ef the forty-three. We have never for {
" moment had Bank not subject to every
e one Of these objections. Always, 70
of reigners might be stockholders, always
q foreign stock has been exempt from State
st taxation, as much as at present; always
,c the same power and privileges; Away
A IL Il. aI a