The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-07-25

lures, they are the only judges to what ex-
tent it shall be exercised, and where it shall
be limited. All the Banks now existing I'M
der the laws of the State of New York, are
just as ;ruly monopolies, us the Bank OF the
United States is under the authority of the
nation. Congress are the Judges in one
case to what extent their charters shall lie
granted; the legislatures of the States are
the judges in the other.
But 1t is said, tina; " every monopoly, and
all exclusive privileges, are granted at the
expense of the public, which ought to re-
ceive fair equivalent" We presume the
word ,ehich here is intended to refer 10 the
public. The equivalent in the former char
ter, as well as that in the present, has heen
adjusted by Congress, the power that grants
its own fayors. and on its own terms. The
equivalent consists in the sum paid as bo-
nus, the services rendered 10 the govern
ment in the prosecution of its fiscal con-
Germs, in the positive profit which the ma
ton derives from the dividends on its share
of the capital, and on the agency which it
exercises in the management of is affairs,
&c. Is it for the government, or any branch
of it. to complain that in deciding question
of this sort, when the whole power of set
ting the principles of the measure is in the
hands of one party, that they have made
losing bargain for themselves.
But when the Constitution placed the
, power of disapproval in the executive, and
gave him the authority to return a bill for
reconsideration, was it ever before consid-
cred as coming within the spirit of that pro-
vision, that the President should descend to
a trainof remarks, not merely intended to
question the constitutonallty of the meas
ure, but as if he was the Legislative power,
to discuss all the minor points which his in
genuity could invent as in any way involv-
ed in, or connected with the subject? Nay,
what is still far more degrading, that he
would studiousR attempt to enlist against
the Legislative branch of the government
the soriid and vulgar passions, interests,
and prejudices Of the country? Nothing of
this sort has ever occurred, previously to the
existence of the present administration we
most cordially hope nothing of the kind may
ever occur hereafter.
One topic, which is urged with great
earnestness, Is the fact, that considerable
portion of the stock of the Bank is owned
by foreigners, and of course, that the divi-
dends upon lle capital must he paid to them.
| This is one Of the instances of I'D captain
dun reasoning to which we just alluded. If
foreigners own stock, they must have paid
for it-by plying for it, they introduced the
amount of j. as capital into our country, aud
the dividends upon it are the interest which
those who use their money pay for it. If a
foreigner had lent money to merchant in
the United States, for which the latter had
paid hin lawful interest, it would be diff
cult for person to discern any thing i'm
proper, or reprehensible in the transaction.
There is nothing worse than this in the case
under consideration. AS long as Banks ex-
list, their stock will be transferable being
transferable, it will be bought-and being
in the market, what can possibly prevent its
going by purchase into the hands of foreign
ers if they wish to possess it? And it is
very desirable that it should be so for in
this country we want capital; and if it can
be obtained at lawful interest from abroad,
it is great benefit TO ourselves. We pre-
sumo the stocks Of every government in
Europe, are held by foreigners. We doubt
whether any other sovereign besides ours
ever thought it dangerous practice.