t, coming from the President of the United
States, to be injurious to the credit and character of the country
abroad; because it manifests a jealousy, a lurking disposition not to
respect the property, of foreigners invited hither by our own laws. And,
Sir, what is its tendency but to excite this jealousy, and create
groundless prejudices?

From the commencement of the government, it has been thought desirable
to invite, rather than to repel, the introduction of foreign capital.
Our stocks have all been open to foreign subscriptions; and the State
banks, in like manner, are free to foreign ownership. Whatever State has
created a debt has been willing that foreigners should become
purchasers, and desirous of it. How long is it, Sir, since Congress
itself passed a law vesting new powers in the President of the United
States over the cities in this District, for the very purpose of
increasing their credit abroad, the better to enable them to borrow
money to pay their subscriptions to the Chesapeake and Ohio Canal? It is
easy to say that there is danger to liberty, danger to independence, in
a bank open to foreign stockholders, because it is easy to say any
thing. But neither reason nor experience proves any such danger. The
foreign stockholder cannot be a director. He has no voice even in the
choice of directors. His money is placed entirely in the management of
the directors appointed by the President and Senate and by the American
stockholders. So far as there is dependence or influence either way, it
is to the disadvantage of the foreign stockholder. He has parted with
the control over his own property, instead of exercising control over
the property or over the actions of others. And, Sir, let it now be
added, in further answer to this class of objections, that experience
has abundantly confuted them all. This government has existed
forty-three years, and has maintained, in full being and operation, a
bank, such as is now proposed to be renewed, for thirty-six years out of
the forty-three. We have never for a moment had a bank not subject to
every one of these objections. Always, foreigners might be stockholders;
always, foreign stock has been exempt from State taxation, as much as at
present; always, the same power and privileges; always, all that which
is now called a "monopoly," a "gratuity," a "present," have been
possessed by the bank. And yet there has been found no danger to
liberty, no introduction of foreign i