Page:Inquiry into the Principles and Policy of the Government of the United States.djvu/379

Rh equal evidence that an order had obtained, what was previously the publick property.

Let us suppose that a legislature had in the publick treasury half a million of dollars. Could it make a bank by charter, and give it this money? Why not? The money belongs to the nation; and it would be a transfer from the nation to a corporation, of so much publick property, for no publick object.

If national currency is suppressed, and corporation currency interpolated, it will have the effect of transferring from the nation to the corporation, a much larger portion of private property, than this unjust and unconstitutional donation of half a million of the publick money. la a small transfer of publick and private property to a corporation, contrary' to our policy, but a great one consistent with it?

This argument cannot be eluded by the fact, that bank corporations supply their own stock or capital. It is not the property covered by that capital, supposing it to be specie, which is transferred by governments from nations to banks. That capital covers as much of the property of other people, without the help of law, as it ought to cover; and can only transfer the amount it represents. To this amount, and to no more of the property of others, are the holders of this specie capital, justly or constitutionally entitled. But the law steps in, unites these holders into a bank, and empowers this bank to issue twice as much currency as its capital, actually retained to meet its notes. Thus the effect of transferring property from the people at large to the bank must inevitably follow, by deranging so egregiously the fair and equitable value or level of national currency, as to make a portion of it in the hands of corporations, of double value to that which remains in the hands of the nation. And this enormous and exclusive appreciation of the value of specie or national currency, is gained by the privileged sect; whilst the money held by all not of