Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-08-28

scous oftho fact, that this is great national ques
ton involving the stability of our currency and di
rectly indirectly affecting tho business of every
Farmer, Merchant Manufacturer, Mechanic and
Laborer in the country; and accordingly we hnd
him calculating the Dollars rnd cents which GER.
tain hungry cxpectants for new Stock might have
made by creating a Institution, and that which
the present Stockholders toouid have made by
modified renewal of the existing charter. Thus we
told that the Foreign Stockholders mould have
realized large amount by the advance the Stock
incident to a renewal of the present charter, and
however beneficial that renewal might have proved
to citzens and government, owning near
ly four .ffths of tho capital-bowcvcr much the
prosperity of our country might have been ad-
vanced by 1.-THE solitary fact that a Foreign
or, an EngLishman, would have been benefit
ed, is ufcicnt cause to withhold it from own
citizens and dcrange the soundest currency in the
world. On the same principle should we refuse to
Partakc of the refreshing showers of Heaven, be-
cause thoy equally dispensed to all mankind; and
by the same sound reasoning we should have inter
dicted the of steamboats,, because however
ccssary to country, their utility has been
participated in by other nations!
We arc also gravely nformed-I believe for the
first time in tho history of tho word--that loan
by tho Eastern States to those of the West is cal
culaed to impovcrsh the borrowers, who must not
undertake any enterprise or engage in any advent
ure but upon capital absolutely belonging TO them
selves! The same principle is applied to nations,
and of course to individuals! Thus then has it
at length been discovered, that if A. be poor but
well calculated far any particular pursuit, he must
not borrow of Il. who is able and willing to loan
him capital, because the inevitable result of such
loan-no matter how successfully employed-will
be to mako him still poorcr! Was there ever a
greater absurdy7 and yet this really ridiculous
proposition has been gravely pcnned for adoption
by the President of the United States. He has
been induced to sign it--and il has gone forth to
the world as evidence of tho wisdom and intel
ligonco of ono who claims a recollection TO the
highest office in the gift of an Intelligent and en-
lightened people, This appears extraordinary
so utterly at variance with the most simple dictates
of common sense, that extract from the message
the paragraphs alluded to.
GAS little stock is held in the west, it is obvious
"that the debt of the people in that section to the
'bank is principally debt to the eastern and TO-
regn stockholders: that the interest they pay upon
sit is carried into the eastern States and into
Europe; and that it is burden upon their indus
"try, and drain of their currency, which coun-
''try bear without inconvenience, and occa-
''sional distress"
"The tendency of the plan of taxation which
'this act proposes will be to place the whole Uni
''ted States in the relation to foreign coun-
tries which the western States bear to the east
ern."
We are also informed by the writer of this message,
that it is highly injurious to interests as a ma
ton to employ foreign capital and that its tenden-
cy will be, to "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, topay the bank divi-
dends." But the same document apprises that
Jrom all uoice in elections foreign stoekhold
excluded by the charfer' and yet in the very next
paragraph we find the startling question, whether
with this stock in the possession of foreigners,
there will not be cause to trembtc for the purity of
our elections in peace and for the independence of
country in cdr?" If it the eopert object of
the writer, to make the President appear ridiculous
and his ungrateful conduct to his former friend
and benefactor, does not render the suppostion inn
! probablc-thep most assuredly, has he succeeded,-
for never was there presented to an intelligent pub
lie more ridiculous proposition, than that 'the
independence of our country in war" may I've
dangcrcd by Foreigners being permitted to hold
stock in institution, rom all voice in the elect
ion" of the directors of which. 'they are excluded
by the charter" Thus excluded the holders of the
American Stock, control not only their own but
possess an entire, perfect, and unlimited control
over that which belongs to foreigners; and common
sense should and does teach us, that if this
have any influence upon "the independence of
country in war;" it must be most salutary one.
Where mans interest is, there most generally,
his feelings, and if by the charter retain the
entire control of foreign stock it cannot be the in
tereSt of those who it, to embroil the country
in war, and thereby jeopardzc their property. The
argument is unsound, frivolous, and preposterous
and longer to dwell upon it would be insulting to
| the common sense of the reader.
But says the message the possession of stock in
the Bunk of the United States Ivy Foreigners, will
make the whole American people debtors to aliens
ana draln us OF our wealth TO pay the annual IN
ercst. Is this true? Is it the language of wisdom7
Does it evince honesty of purpose in him who
penncd it, prcical knowledge the part of
| him who adopted and signed it, Blessed by Pro-
violence with country as inexhausa able in its e.
sources, it Is varied in climate and almost bound
less in extent, it has long been the deliberately ex.
pressed opinions of the intelligent and enlightened
OF all classes, that require but capital to bring
forth and develope resources, to demonstrate to
the world that the United States possesses within
herself, all that is calculated to make her inhab-
tants great, prosperous, and happy; and that the
blessings which nature has bestowed upon her,
are only equnlled by the privileges secured by our
political institutions. We have been taught to
believe from infancy that the best interests of
the country would be advanced by offering induce
ments to foreign capital to be employed among us;
the whole tenor of our legislation has sanctioned
companies have succeeded in obtaining foreign loans
to construct works of local national nature,
it has Justly been boast that it beneficial
to every class of sociey, by leaving equal
amount of domestic capital to find other avenues
of employment-other SOURCES of investment.
When the present Bank was chartered, the
whole country felt deep interest in its success,
and were well that to resume specie pay
mens in the United States it necessary to sell
a portion of the stock 10 Foreigners and import
their specie. With this view, Mr. JOHN SERGEANT
was sent to London and authorised to make ar
engagements TO pay semannually in that city the di-
vidends the stock owned by Foreigners. This
arrangement not only received the sanction of the
Republican Administration of Mr.. MADISON, but
his mission considered object Of national in
terest and the state Of his negotiations and the
probability of his success made the theme Of news
paper congratulation throughout the Union. The
whole attention of the people without reference to
party, directed to this mission, and the slight
est rumors in relation to it were considered of the
greatest national importance. When at length it
knn hat he had nffp tod thp ohtp q