Page:Inquiry into the Principles and Policy of the Government of the United States.djvu/324

314 in a minority. And of course he must be affected by every law which may affect stock; not as the nation are affected, but as this minonty is affected. Executive patronage would become similar to legislative, if the president could both create offices, and bestow them on himself or his creatures, as the latter bestows charters.

Whenever legislatures, or men in power of any denomination, tan receive charters, exclusive privileges or emoluments which they create, they will incline to make them good gifts. Accordingly, bank stock is so manufactured as to sell at an advance, often as high as fifty per centum. Thus a legislator who creates, subscribes for and sells stock, converts by his own legal magick, every dollar he can raise, into nine shillings. This is undoubtedly a good thing for himself; if a miracle can be performed, and if laws for enriching orders, without labour or industry of any kind, will enrich the rest of the people, then it may be a good thing also for his constituents.

If it is, let nations rejoice, and look for the speedy accomplishment of their hitherto frustrated hopes, that oppression would cease. It will be both useless and absurd, that avarice should any longer pursue its tyrannical measures, after a mode is discovered of gratifying its lust, without putting the rest of a nation to any expense. Still more wonderful is this discovery; better than costless; it is said to enrich a nation, by enriching a paper interest. Oh happiness unlocked for! No longer remains then a motive for that mass of patronage and taxation, by which nations are enslaved. This beautiful system of banking enriches stockholders by dividends and the people by bank notes. Patronage is received and returned with mutual civility and profit. And avarice is at length converted into a blessing for industry.

Every word of this reverie must be credited, to justify banking. But although we may wish that it was as true as it is pleasant, yet it requires a very strong faith indeed to believe, that this political alchymy is less fraudulent