302 THE BANK OF THE UNITED STATES. 



England ; for the Bank of England, though in reality a common joint- 

 stock company, yet possesses the management, at a commission, of the 

 entire revenue of the British empire. Every shilling of the receipts 

 and expenditure of the excise, customs, post-office, and naval and mili- 

 tary establishments of the country, passes through the Bank of England. 

 The commission for the management of the national debt amounts to the 

 sum of 260,0001. per annum, and the entire profits of the Bank, derived 

 from its exclusive enjoyment of the business of the revenue, is believed 

 to exceed the sum of a million per annum, whilst the loss of its notes by 

 fire and other accidents by the public is known to cover the expenses of 

 the whole establishment. But the Bank of the United States possesses 

 none of the immense though iniquitous advantages of the Bank of Eng- 

 land, and though the Bank has undoubtedly possessed the management 

 of the comparatively smaller debt of the United States, even that source 

 of profit is about to be terminated now, since the whole of the national 

 debt will be extinguished in a single year. 



Thus have we proved the hollowness and insecurity of this institution, 

 which has swindlingly assumed the name of the United States ; and 

 most conscientiously do we believe, that should he continue to hold his 

 shares until the final winding up of the concern, the Marquis of Hert- 

 ford will not from his 800 shares receive a sum sufficient for the pur- 

 chase of a tar-barrel, with which to entertain his friends, at his villa in 

 the Regent's Park. 



It is certainly true that the stock of the Bank of the United States is 

 nominally at a premium in the various cities of the Union, notwith- 

 standing a miserable dividend of about three and a half per cent. But 

 this is owing to the universal delusion which exists with regard to its 

 stability, and the belief universally entertained that the Bank belongs to, 

 and is of equal strength with the government ; for persons will content 

 themselves with a very small dividend, under the false impression that 

 the capital is actually vested with the government. 



Therefore there is nothing disrespectful in these remarks to the 

 government of the United States, for the 35,000,000 dollars of Bank 

 stock, if virtually secured upon the revenue of the country, would be a 

 most unimportant sum ; and in the general crash of European govern- 

 ments, that of the United States is now the most solid governmental 

 security remaining in the world. Our object is to dispel the delusion 

 created by the name of the Bank of the United States ; and most sin- 

 cerely do we rejoice that all the intrigues of the Directors have not been 

 able to move the firm, enlightened, and patriotic ruler who now presides 

 over the great republic, and who at a single blow has levelled to the 

 earth this sink of mischief and monopoly. 



Here we think it indispensable to notice a circumstance which, though 

 occurring in England, has produced most injurious consequences in the 

 American Union, by giving an undue credit to the Bank of the United 

 States. We allude to the evidence upon this subject before the East 

 India Committee of the House of Commons, of Mr. Joshua Bates, a 

 partner in the house of Baring, Brothers, and Co., agents in England 

 for the Bank of the United States. It was stated by this person before 

 the Committee, " that bills of the Bank of the United States were regu- 

 larly preferred at Canton to any English bills, as a remittance to Eng- 

 land." As this evidence of Mr. Bates was extensively circulated in 

 America by the agents of the Bank as a proof of its stability and utility 



