The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-13
REMARKS OF MR.. HENDERSON,


On the amendment 10 the Bank Bill 10 re-
strict the subscription and assignment Of
its stock 10 citizens Of the United States
Mr.. President; Called upon ty the honorable Sc
from South Carolina Mr.. Preston) 10 state my
reasons for the amendment | have Submitted TO ex-
cude aliens from subscribing for or holding stock In
the bank we are nov proposing to establish, VIII
briefly answer him, without intending 10 perpetrae
speech upon the Senate in doing have three rea
sons in support If this amendment The LIST involves
a question Of finance; the "a, question OF power (;
and the 81 question OF general policy
On the first point, the honorable Senator had argu-
ed in conformity leih the popular objection to the
proposed restricon that presents the isolated ques
ii n, whether we, who want capital, will or will not
avail ourselves of the capital of foreigners. And
fully concur in all he has said OF the benefit on the
hand, and the harmlessness the other, OF our
doing under all honest and proper circumstances
Nor would discourage in respect TO this measure.
care not how much of the foreigners capital be OBJ
tanned for investment in this institution, but do care
that the American citizen shall alone be permitted TO
make the investment OF this capital, when obtained,
In the stock of this bank. In form of the pending
charter contemplate the dividends of The institution
at per But this amount OF per cent. is great
er than the of interest for which money, IL Dor
rowed from Europe at ALL can be obtained. II Is e1-
pected the amount subscribed for by this Government
will be procured by loan from abroad at not exceeding
per mt. and perhaps less Hence, as question OF
finance to the legislator Is II not better for Us and the
country that the foreigner should draw less raIheI
than the greater interest upon hs money at among
us IL money be obtained by us from abroad at D
per cent. and by investment here it yields per cent,
do we not TO country and its citizens per
cent. which would otherwise leave country and
accrue In profit To the foreigner The question is
not hen whether We will exclude foreign capt.
tai but II is only TO whom will extend the night
of inresting such capital in the institution, and whom
we will permit TO derive the profit resulting from its
use ovel and above the rate of foreign Interest Mo
ney permanent investment is only worth per
cent. In most OF our country; why then extend
the foreigner TIE RIG ht to draw per cent BY sub
pton TO this stock la this view, therefore though
the negotlabliiy well the subscription of this
stock limited to our countrymen yet the rcsirc
ton apprehend must prove TO be good economy and
beneficial in It's aggregate result.
The question OF power is presented in the right we
propose TO invest these corporators with, TO hold land
| IN the several States. Cannot readily answer the
inquiry which the bill in its presen, form suggests,
whence the Congress of these United States derive
their power 10 incorporate aliens, and besto~ upon
them any franchise institutions aliens at ALL
much less do perceive au hority to invest aliens
incorporated with the right to hold lands irtthin the
sererai STATES | admit this encroachment upon State
sovereignty If it be such, not very potent or alarm
ing; but Ii it be encfoac hment, however small
and in this light am inclined to regard IL submit
to the Senate If we have any fair apology or that
weakest of all reasons in such case plausible
sity, for making il 7
My third reason for this amendment choose to rest
upon the broad basis of general POLICY We propose
tins bank necessary fiscal agent for the Govern
ment. Shall we acknowledge, by this act OF lncorpo
ration that, in the necessary execution of national
power is necessary 10 incorporate aliens, 10 aid
in the execution of such power Do not the feelings
of American citizen instinctiyely teach him that 1t
could have been designed and intended, in the
construction of the Government OF his country, that ii
To accomplish any OF It's important, and legitimate
functions by invoking in this form the assistance of
diieps2
Ii Is from patriotic nstinct-from feelings OF ma
tional pride and prejudice strong
and pervading was gotten up against both of the old
banks Why bapze this with the same odlous
of the British bank Believe, if you please, it
the mischeyous slang of the demagogue, TO create
false apprehensiUns and obloquy against those banks
Yet it had this fact on that foreign princes,
interest in those insti utions that people We're
perpetualy besought TO cherish and protect domes-
tic American Institutions, branch department oftheir
own Government. Institutions prominently disun
gushed by such corporators, can never he made
celtahle 10 the American people. No politician VIII
ever succeed in convincing them II is necessary
proper Ia invoke the aid ui many foreigners IN the
proper execution Of national duty. Such prejudice
deem it the wisdom OF the politician 10 respect 1t Is
apreudice the night side-it is American deserves
not to be concmned, and should not be disregarded.
Do not feel in sympathy with this imputed preu-
dice that it unseemly and unbeftting exercise Of
legislative powers in an American Congress to in
corporate aliens for the object proposed For self
prefer that In reality IN name, in its constitute ncy
in It's functions establish in good faith Fiscal
Bank ofhe United States
From he Rich mond Compilsr