Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-05
The debate on the Distribution Bill was con.
tnued IN the House of Representative, Friday.
FOREIGN CAPITAL,

Iii hardly possible that greater falacy could
gain ioothold in the human mind, than that which
would prohibit foreigners from investing apitaI in
this country. IL is the conception fIhe lowest ig
norance or the most detestablc Demagoguism. We
believe it had its origin from both combined in the
person Of that stupid charlalan Thomas Ii. Benton.
He it was who first made the notable discovery,
that foreign Stockholders, who confded to us the
keeping of their money, without even voice in its
use or management, thereby acquired an absolute
Gonroul over us and institutions. He il was
who announced in the Senate Chamber, that these
same Stockholders might in of war employ oil
the money Of the country against us-forsettng that
the very declaration Of war would make all their
money ours during the continuance of hostilites-
aud the more they had the better for we could
fight them with their own capital and at their own
expense.
We were pleased to see Mr. Preston, the truly
noble Senator from South Carolina sustain the lust
and enlightened views on this subject and at the
same time administer a cutting rebule to his era
tic colleague, who had INDUCED in a wholesale i'm
puta,on upon the honesty of the people of this
country. We subjoin the passage between them :
MIR CALHOUN heartily approved Of the a.
mendnent that "alIens should be excluded rom the
purchase OF slbck.' lie uiu not MINK, however,
that much danger was to DC apprGhended on that
score, he did not see how any foreigner with the
least sense OF prOprety, could think OF taking stock
Ii foreigners would take his advice, they would no;
touch II. The stock would be no safer than other
banks and the whole had exhibited a state of rot.
tcnncss dsgraceful to the age.
MIR PRESTON thought the most obvious dictates
Of propriety would show that when capital was
wanted II should he taken from where Il could best
he obtained. The energies Of this great country
were more actively developed than the capital IN
the country could meet. Our Revolution had been
carried by foreign ipitnl. lie could see no rca-
son why we should cut ourselves OF from the so.
ceiy Of the world, when they have Il redundancy,
and an InsuiliCiency. lie could see no good
reason why capital should be more restricted than
articles of trade and commerce, IN a legitimate and
| fir way. Foreigners might be deferred by what
had been said; but he hoped the American Poo-
pie were not quite so degraded as had been insinu-
a,ed. Foreigners nigh, have had good cause foI
complaint; and II so, LEI them aspcrse; but God for
| bid he should do IT,
! There might have been times in our history when
foreigners had suffered, but there were others nsc
when they had made aud on the whole, all foreign
countries had made by us, and there WINS still faith
honesty and integrity enough in the country, to re
deem II from every imputa'ion which might he cast
| upon Il. lie had heard much from Senators about
Is -~~'-"t lnfi'nH md llliooe ,gere desrIy
indebted, but could those States be Centralized by
merccnnty Influence The capitalist who ri,kc1
/ ms All with was undor our control and NOT W,
under his. lie did not fear the foreign capitalists
ana such had been tho increase e our native pop,
ulalOn as 70 DEFY all the powers Of emigration Ia
reach ~ and We had nothing fear on the score OF
settlers either The whole monetary influence of
the world could not bow down the pride and riorv
OF The country, or subject 10 any foreign uguenrc
wh1leycr and The day had gone by when such al.
,usions should be made.