Gazette Of The United States

FOR THE GAZETTE OF THE UNITED STATES.

MR. FENNO,

Some folks do indeed think it strange, that the article of the charter of the Bank of the United States, which excludes foreigners from voting in the direction of the Bank, is one of those which receives the fullest approbation among the most intelligent characters on the other side of the water, since it implies nothing less than that they are very well pleased at the prospect of possessing the very brilliant advantage of placing their money in the Bank without any controul in the direction of it. Really, Mr. Fenno, this is puffing with a vengeance; and more improbable stories must be told us to gain at least the credit of ingenuity in the narrator: The fact is, that the more this article is considered by foreigners or natives, the more exceptionable it must appear to both: To foreigners it is the denial of a positive right of managing their own monied transactions as they please; but to the natives it is much worse—it is the narrowing of the rights of election in the Bank— and by imposing a kind of torpor on all foreign stock, giving to the domestic part that is entitled to vote, an excessive, an undue preponderance—thereby placing the elections in the hands of a few, instead of placing it where it must be surely safest in the hands of all.

Pray Mr. Fenno, suppose the whole 25,000 shares should be purchased, as they certainly may be in process of time, by these very intelligent characters on the other side of the water, how are then the Bank Directors to be chosen, when there are no domestic voters to elect them. Indeed Mr. Fenno, if your intelligence be well founded, it is seriously alarming—for the more these transatlantic gentlemen purchase of stock, the more must it place the Bank at the mercy of the winds and waves of political faction in this country, without that common interest in its defence, so essential to its safety—without that ballast of general representation, which by competition at elections, could alone keep the ship steady in her motions.

That foreigners interested in our funds should be pleased with the establishment of a Bank, said to have the magic power of transmuting their paper into gold is not surprising, considering their very natural eagerness to see such an operation take place—that they should approve of our present excellent system of federal government, which has conferred such advantages on our country, and bids fair to elevate her to the highest pinnacle of national prosperity—neither is this surprising; for what man, possessed of the smallest spark of general philanthropy for the human race, would not rejoice at the present eminently prosperous position of this our dear asylum for the wretched and unfortunate of every nation; but that foreigners should approve the proposal of receiving their money into the Bank, without allowing them any share in the election of prudent Directors to conduct it—this will appear indeed still strange to some folks, who have observed how natural it is for all men to wish to have at least some thing to say in the management of what is their own.