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

We conclude the publication of this singular
State paper this day, and have extracted some
comments upon it from other papers. These ex-
tracts will be continued, and we would recommend
them to the particular attention of our readers.
They will be found, efectually to overthrow every
position on which dependence is placed in that
document, and to expose the sophistry of the wri-
ter, who is said to be no other than r. B. fancy,
Attorney General of the United States.
There is one part of the Message, on which we
are disposed to bestow passing notice, at this
time. because we have heard it spoken of by Jack
son men as being very conclusive in its reasoning
although it struck the most absurd part of the
whole document. We alude to the part which
treats of the holding of stock by foreigners and OF
its unequal distribution in the several States. The
Message seems to consider the stock held by for
egncrs as so much property, actually taken out oil
the country, and placed beyond the reach of our
taxation, and operating a constant drain to draw
of portion of our earnings. The reverse of all
this is true. The foreigner, in order to possess
himself of stock in the Bank must remit the
amount here in money, for which, he receives in
exchange, a certificate of stock, which is not of it.
self property, but the evidence of property, shew
ing that he has placed that amount in the Bank.
This money is loaned out, and thus becomes so
much added to the actual business capital of the
country, and increases. by SO much, the aggregate
of property which can levy taxes. Thus,
instead of Withdrawing much capital, and so
much taxable property from the country, as for
eigners hold Of stock in the Bank they in fact, add
so much to it.
The argument against the Bank, on the ground
that it draws away money from the Western States
to the Eastern States, and from the latter to Eu-
rope, in the form of dividends, presupposes that
money is not worth the interest which people pay
for it, If that Is true--if the western people, who
hire money at the Bank cannot so employ it as to
net them 6 per cent, then it does operate a
dram, to such amount as the income of the money
falls short of paying the interest they pay for its
use. But such is not the fact. There is a def
cheney of capital in the western country, and the
means of employing it are abundant and produc-
tive. When judiciously applied, it is estimated to
net, not less than from u to Is per cent on an
average. If man, then, hires 500, and realizes,
at the end of the year, an income Of Sl2 by it, he
can pay the interest and be worth Sc more than if
lie had not hired it. So that the lender instead of
draining him of his wealth, furnishes him with
the means of which he would otherwise be
destitute, of adding to it. The argument against
the Bank would apply just as well to the capital
list, who, instead of boarding up his treasures,
should Joan them out for fair interest, to enter
prsing young men, who had no capital of their
own and thus afford them the means of accumu-
lating fortunes for themselves. Should we not at
once, be struck with the absurdity Of the man who
should object TO such measure, on the ground
that the capitalist would constantly operate as a
drain upon the borrowers, by the requiring the pay
menL of interest from them. Yet the same absur-
dity is embodied into this Message and of such
stuff it is chiefly composed