thirteen millions of this debt bears an interest of but 3 per cent. This
part of the public funds is held chiefly in Europe by large capitalists,
it being preferred by them, because it could not be redeemed but at par,
unless with the consent of the holders, and it was hardly expected that
the government would choose to redeem it at par rather than pay so low
an interest on it. They thus thought that the owners of the stock had
the means of postponing its redemption in their own hands. For these
reasons this stock has always been something higher in the market than
any other, and it now sells at 93 dollars a share of 100 dollars, which
is about 3-1/4 per cent. At the price at which the commissioners of the
sinking fund are limited, they cannot buy this stock; but when all the
rest of the debt is paid, this must come next, and as soon as the
government offers to purchase, it will rise still higher, perhaps to
par. In that event, the government will have to pay upwards of thirteen
millions of dollars, drawn from the pockets of the poor as well as the
rich, which they might keep for ever, by paying an annual interest of 3
per cent, or 390,000 dollars.

Now the use of this money, has been of immense advantage to this
country, and may continue to be so, considering how inadequately many
parts of it are supplied with real capital. It will build ships--erect
mills and manufactories--salt works and iron works--and help to make
rail roads and canals, by which our free and industrious population will
be able to improve the condition of the country in bettering their own.
This money, too, does not consist of paper which we can create at will,
but of gold and silver, or their equivalents, which we must send out of
the country. Had it not better remain here? Every good economist will
say yes. It will be not difficult, we should presume, for the government
to make an arrangement with the bank to pay this 390,000 dollars, and
release us from our obligations, and to receive a less sum than the
thirteen millions. Their capital may be enlarged, and the rapid growth
of our country will soon require its enlargement. The holders of this
stock will indeed have a right to look to the United States for their
money, but that would make only a nominal difference, and they might be
offered stock of the bank in exchange on advantageous terms. Thus the
money which would be appropriated to the payment of this debt, might be
kept in the country and be