riched by foreign capital as well as its own; and the
benefit of these seven millions in stimulating the productive industry
of the country--in building ships, and wharves, and mills, and
manufactories, and steam-boats, is precisely the same as if they were
domestic capital, with the single difference of the interest. Ask the
owner of a thriving manufactory of woollens in Cincinnati, or of iron in
Pittsburg, if he had been assisted in his enterprise by a loan of
10,000, or 20,000 dollars from the Bank of the United States--and he
might answer, that, by the use of the money, in a few years, he had,
besides paying the interest, realized the sum borrowed. Ask him further
whether he would gain more by keeping the money longer, or returning it
to the European stockholder, and he would laugh at you, thinking your
question conveyed its own answer, as he had not chosen to return the
money.

The president's project then of a treasury bank, seems to be liable to
all the objections he makes to the present Bank of the United States, in
a tenfold degree, as to influence, by adding so enormously to the
executive patronage. It offers a far inferior substitute for the safety,
and the easy transmission of the revenue; and no substitute at all for
much of the accommodation now afforded to commerce, and the large amount
of active capital it would throw out of circulation.

In making this comparison, we have had no reference to the former
services of the Bank of the United States in restoring the currency of
the country to a sound state, or to its power of so preserving it, if
the country should be again involved in war. We have contented ourselves
with refuting the objections which have been brought forward against
that institution, under the sanction of the chief magistrate of the
country, and with pointing out to the unprejudiced mind the
inconveniences and serious mischiefs attendant on the scheme which has
been proposed in its stead. In our last number, we asserted that the
resumption of specie payments by the state banks, in 1817, was to be
probably attributed to the establishment of the Bank of the United
States, and we stated the facts upon which that opinion was founded. It
was, then, with some surprise, that we saw the position roundly denied
in a quarter (the North American Review) where we have been accustomed
to look for just views on all commercial affairs; and the resumption of
cash payments imputed to the resolution of con