Gazette Of The United States

FOR THE GAZETTE OF THE UNITED STATES.

It is remarkable that the law for establishing the Bank of the United States, has not been found fault with in any other part of the union except in Pennsylvania, the state that is expected to derive the greatest benefit from the institution. The opposers, however are not numerous; and it is believed that all the publications against it, are the productions of an individual, who was supposed, until lately, to entertain more enlarged and just ideas on national subjects.

The opposition arises chiefly from an attachment to the bank of this state; a want of confidence in the resources of our country; and to a part of the stock which is to compose the funds of the Bank of the United States. But it has frequently and very justly been observed, that two millions of dollars will be a large sum for an active capital: and that the certificate part of the stock can certainly do no injury, even if it should not rise to par.

The reasons why the bank of this State was not made the bank of the United States are fully exhibited in the report of the Secretary of the Treasury, and were no doubt satisfactory to Congress, as they adopted his plan and passed the law by a large majority in both houses.

There is no doubt however, but the subscriptions to the Bank of the United States will fill rapidly, and the people of Pennsylvania may lament at a future day their having so little influence and so small a share in the administration of an institution founded in national policy, and productive of lasting benefit both to the union at large, and the individual stockholders.

That any of the public creditors should be even lukewarm in respect to the Bank of the United States is really a paradox.