ay would it make amends for the immense amount of
currency withdrawn from circulation? The notes of the United States Bank
in actual circulation, commonly amount to fourteen or fifteen millions,
exclusive of its drafts, which, to a certain extent, perform the office
of currency. As the new bank is to issue no paper, the chasm must be
filled, either with the paper of the state banks, or not filled at all.
If with the former, whence are they to derive their increased means of
circulation, seeing that nearly all of them have carried their issues to
the extreme verge of safety, and some of them, perhaps, beyond it? It
will, however, be said, that there will be new banks established--the
capital that is vested in the Bank of the United States will not be
annihilated by the termination of that establishment, but will seek
employment in new banks. Let it be so. In that case what becomes of the
increased profits of which many of the state banks have been dreaming,
and the hope of obtaining which has been so artfully appealed to?

But an addition to the state banks would fall far short of filling the
void. Much of the capital of the present bank was obtained from Europe.
We are told in the report of the committee, that foreigners own stock to
the amount of seven millions. Is it probable that these capitalists will
be as ready to venture their money in the state banks, as in one
chartered by the general government? Would they even venture it again in
a national bank, after we had shown so vacillating a policy? We
establish a bank of that description in 1791--we put it down in 1811, as
unconstitutional--we charter another, five years afterwards, 1816, and
discontinue that in 1836. Assuredly, after this experience, they would
prefer a somewhat smaller interest nearer home, rather than risk their
money in a country exhibiting so little stability, and where what had
been long determined to be legal by the highest authorities of the
country, is liable to be revoked on the first revolution of parties.

There are persons who will consider the withdrawal of seven millions
from our circulation, as no source of regret; and who think the money
paid for the use of foreign capital, is so much lost to the country;
for the truths of political economy are not obvious to all. But no one
who is acquainted with the elements of that science, will doubt, that a
nation, not having as much capital as it can advantageously employ, may
be improved and en