24,322,235 18
______________

Which is, allowing 480 cents to the
sovereign, in sterling money L5,067,132 6_s_. 7_d_.

General Jackson has proposed another source of national revenue, in the
establishment of a bank; the profits of which, instead of going into the
pockets of stock-holders as at present, should be placed to the credit of
the nation. If an establishment of this nature could be formed, without
involving higher interests than the mere pecuniary concerns of the
country, no doubt it would be most desirable. But how a _government_ bank
could be so formed as that it should not throw immense and dangerous
influence into the hands of the executive, appears difficult to determine.
If it be at all connected with the government, the executive must exercise
an extensive authority over its affairs; and in that case, the mercantile
portion of the community would lie completely under the surveillance of
the president, who might at pleasure exercise this immense patronage to
forward private political designs. No doubt there have been abuses to a
considerable extent practised by the present bank of the United States in
the exercise of its functions; but how those abuses are likely to be
remedied by Jackson's plan, does not appear. For, let the directors be
appointed by government, or elected by congress, they must still exercise
discretional power; and they are quite as likely to exercise it
unwarrantably as those who have a direct interest in the prosperity of the
concern. I totally disapprove of the attempt to correct the abuses of one
monopoly by the establishment of another in its stead, of a still more
dangerous character; and I am inclined to think that if two banks were
chartered instead of one, each having ample capital to insure public
confidence, competition alone would furnish a sufficient motive to induce
them to act with justice and liberality towards the public.

In 1766, Kentucky was first explored, by John Finlay, an Indian trader,
Colonel Daniel Boon, and others. They again visited it in 1769, when the
whole party, excepting Boon, were slain by the Indians--he escaped, and
reached North Carolina, where he then resided. Accompanied by about forty
expert hunters, comprised in five families, in the year 1775, he set
forward to make a settlement in the country. They erected a fort on the
banks of the Kentucky river, and being joined by several o