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Letter to Editor
March 7, 1815
Daily National Intelligencer
Washington, District Of Columbia
What is this article about?
The letter argues that failing to establish a national bank will lead to evils, inconveniences, and great national loss, as foreigners will rapidly purchase US funds due to their superior security and interest rates, draining capital from citizens and retarding the value of agricultural products like tobacco, cotton, rice, and flour.
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OCR Quality
98%
Excellent
Full Text
FOR THE NATIONAL INTELLIGENCER.
NATIONAL BANK.
The failure to establish this greatly useful institution must prove productive of many evils, inconveniences, & great national loss. The two former are almost universally admitted, but the third, although some may not perceive, and others may possibly deny the fact, is not less certain, or more difficult of proof.
That foreigners will purchase largely into our funds and that very speedily, cannot be doubted; the security is better than that of any state in Europe, and the interest so much more considerable, the inducement is irresistable. This may not affect the stockholders who rely on income from the national debt, who think not of selling out, either from necessity or with views of speculation, but many must sell, and many more will do it from other motives, variously operating according to circumstances. All that may be so sold and transferred to foreigners before the national credit is fully and fairly re-established, will be so much lost to the United States, taken out of the pockets of our citizens and put into theirs: this diminution of means of capital will in its operation naturally retard the rise in the value of all the products of our soil. Tobacco, cotton, rice, flour, all will be affected by it, however imperceptibly. There is no axiom more clear than that the richer the country, the higher is the value of all the products of labor and the soil.
NATIONAL BANK.
The failure to establish this greatly useful institution must prove productive of many evils, inconveniences, & great national loss. The two former are almost universally admitted, but the third, although some may not perceive, and others may possibly deny the fact, is not less certain, or more difficult of proof.
That foreigners will purchase largely into our funds and that very speedily, cannot be doubted; the security is better than that of any state in Europe, and the interest so much more considerable, the inducement is irresistable. This may not affect the stockholders who rely on income from the national debt, who think not of selling out, either from necessity or with views of speculation, but many must sell, and many more will do it from other motives, variously operating according to circumstances. All that may be so sold and transferred to foreigners before the national credit is fully and fairly re-established, will be so much lost to the United States, taken out of the pockets of our citizens and put into theirs: this diminution of means of capital will in its operation naturally retard the rise in the value of all the products of our soil. Tobacco, cotton, rice, flour, all will be affected by it, however imperceptibly. There is no axiom more clear than that the richer the country, the higher is the value of all the products of labor and the soil.
What sub-type of article is it?
Persuasive
Informative
What themes does it cover?
Economic Policy
What keywords are associated?
National Bank
Foreign Investment
National Debt
Economic Loss
Agricultural Products
Us Funds
What entities or persons were involved?
National Intelligencer
Letter to Editor Details
Recipient
National Intelligencer
Main Argument
failing to establish the national bank will cause national loss as foreigners buy us funds, reducing citizen capital and lowering values of soil products like tobacco and cotton.
Notable Details
Foreigners Will Purchase Us Funds Due To Better Security And Higher Interest Than In Europe.
Diminution Of Capital Will Retard Rise In Value Of Products Like Tobacco, Cotton, Rice, Flour.
Axiom: The Richer The Country, The Higher The Value Of Products Of Labor And Soil.