Gazette Of The United States, & Philadelphia Daily Advertiser

Extract of a letter from New-York, dated January 11, 1799.

"I am happy to hear the electors of directors for the bank of the United States have confined their choice as much as possible to American born or old standing citizens. For although I am not afraid the English or any other foreign influence will ever predominate in the councils of our country to the prejudice of its interests, yet all foreigners should be excluded from legislative and monied institutions. The directors of all our Banks should constantly keep in view the interests of our own citizens, and when their paper is unexceptionable, a decided preference should be given to it. Nothing short of this determination will support the American merchant, who has now, and for some time past, been struggling against foreign competitors, with immense foreign capital and foreign influence.

With such advantages, aided by our bank accommodations, the small capitals of our own merchants are rendered insignificant and almost useless. The voyages which were undertaken, by a combination of our own citizens, to distant regions, yielded them a profitable encouragement, a support for their families, and employment for our vessels, and the specie capitals employed in our China trade was not greatly injurious to our banks. But if our banks are to promote the interests of temporary establishments, backed by foreign capitals, influence and information, which have already cut off consignments and commissions from many of our own citizens—establishments formed by short residence, and often only one of the partners a temporary citizen, holding vessels under our flag perhaps no longer than during the present war. If some check cannot be given by congress to trade thus conducted, our sea ports will become 'foreign factories,' and our youth, instead of being merchants, will be hewers of wood and drawers of water.

A voyage to China or India was formerly and is now undertaken by the united exertions and united capitals of our own citizens. The specie shipped is exceedingly limited in amount because our calculations do not extend beyond purchases of Teas, Nankeens, &c. &c. for our own consumption. But foreigners enter into this trade, with increase of capitals, specie from our banks, and probably with views hostile to these institutions, hostile to our small adventurers, and under our flag and with our specie to supply their friends in foreign ports.

In this city and perhaps in yours, foreigners are daily arriving. Before the late act of naturalization they soon acquired citizenship they were introduced into our families where they obtained a knowledge of characters and of our trade—they then commence an establishment with company added to their name, our vessels, and their clerk, which I am told is the fashion, or some half partner declares at the custom-house that 'no foreigner is directly or indirectly concerned.'

I have heard instances of some vessels being so secure from British capture as to encourage applications from Spaniards or their agents to cover their property. If the commanders of foreign armed vessels suspect this has been done in some instances, and aware of the facility of owning vessels, the consequence must be an examination of papers, a disgrace upon our national character, and perhaps war. How these evils are to be remedied is a consideration for our rulers, and deserves early attention."