t it is very possible I may
not understand it in all its parts, these schemes being always made
Unintelligible for the gulls who are to enter into them. The advantages
and disadvantages shall be noted promiscuously as they occur; leaving
out the speculation of canals, &c. which, being an episode only in the
scheme, may be omitted, to disentangle it as much as we can.

1. Congress are to receive five millions from the States (if they will
enter into this partnership, which few probably will), and five millions
from the individual subscribers, in exchange for ten millions of six per
cent, stock, one per cent, of which, however, they will make on their
ten millions of stock remaining in bank, and so reduce it, in effect, to
a loan of ten millions at five per cent, interest. This is good: but

2. They authorize this bank to throw into circulation ninety millions
of dollars, (three times the capital), which increases our circulating
medium fifty per cent., depreciates proportionably the present value
of the dollar, and raises the price of all future purchases in the same
proportion.

3. This loan of ten millions at five per cent., is to be once for all,
only. Neither the terms of the scheme, nor their own prudence could ever
permit them to add to the circulation in the same, or any other way, for
the supplies of the succeeding years of the war. These succeeding years
then are to be left unprovided for, and the means of doing it in a great
measure precluded.

4. The individual subscribers, on paying their own five millions of cash
to Congress, become the depositories of ten millions of stock belonging
to Congress, five millions belonging to the States, and five millions to
themselves, say twenty millions, with which, as no one has a right ever
to see their books, or to ask a question, they may choose their time
for running away, after adding to their booty the proceeds of as much of
their own notes as they shall be able to throw into circulation.

5. The subscribers may be one, two, or three, or more individuals, (many
single individuals being able to pay in the five millions,) whereupon
this bank oligarchy or monarchy enters the field with ninety millions
of dollars, to direct and control the politics of the nation; and of the
influence of these institutions on our politics, and into what scale it
will be thrown, we have had abundant experience. Indeed, England herself
may be the real, while her friend and trustee here s