hough they borrow at this low rate of interest,
and although they use all they borrow thus profitably, yet they cannot
pay the interest without "inconvenience and distress"; and then, Sir,
follows the logical conclusion, that, although they cannot pay even the
interest without inconvenience and distress, yet less than four years is
ample time for the bank to call in the whole, both principal and
interest, without causing more than a light pressure. This is the
argument.

Then follows another, which may be thus stated. It is competent to the
States to tax the property of their citizens vested in the stock of this
bank; but the power is denied of taxing the stock of foreigners;
therefore the stock will be worth ten or fifteen per cent more to
foreigners than to residents, and will of course inevitably leave the
country, and make the American people debtors to aliens in nearly the
whole amount due the bank, and send across the Atlantic from two to five
millions of specie every year, to pay the bank dividends.

Mr. President, arguments like these might be more readily disposed of,
were it not that the high and official source from which they proceed
imposes the necessity of treating them with respect. In the first place,
it may safely be denied that the stock of the bank is any more valuable
to foreigners than to our own citizens, or an object of greater desire
to them, except in so far as capital may be more abundant in the foreign
country, and therefore its owners more in want of opportunity of
investment. The foreign stockholder enjoys no exemption from taxation.
He is, of course, taxed by his own government for his incomes, derived
from this as well as other property; and this is a full answer to the
whole statement. But it may be added, in the second place, that it is
not the practice of civilized states to tax the property of foreigners
under such circumstances. Do we tax, or did we ever tax, the foreign
holders of our public debt? Does Pennsylvania, New York, or Ohio tax the
foreign holders of stock in the loans contracted by either of these
States? Certainly not. Sir, I must confess I had little expected to see,
on such an occasion as the present, a labored and repeated attempt to
produce an impression on the public opinion unfavorable to the bank,
from the circumstance that foreigners are among its stockholders. I have
no hesitation in saying, that I deem such a train of remark as the
message contains on this poin