locked up as bank stock, to create a demand for bank paper. At compound interest, (specie being equal in value to bank paper) this use is worth above one hundred and ten millions, exclusive of the sum exported. Thus, by being deprived of its specie, for which it paid nothing, and supplied with paper at the price it costs, the difference to the nations in the present state of things, will amount in the next twenty years, to near three hundred millions of dollars.
If stock should cease to accumulate, such will be its operation; but as history, both here and in England^ ascertains its fertility in devices for its own increase, our calculation is probably too low. Let us however fix the amount at three hundred millions. The reader will recollect, that in treating of debt stock, we endeavoured to shew, that its interest was equivalent to the rent of land, and that to borrow was to sell. In that case, the nation is supposed to receive a price for itself or its land; in this, it pays the rent, interest or dividend, but receives no price. And it enhances the price of bank stock, for which it receives nothing, by subjecting itself to pay double the interest paid for debt stock.
That a banking system does amount in several views to a national sale of itself, the history of its infancy here, furnishes strong apprehensions. Church stock, and feudal stock, formed parties, which trafficked in publick rights; and parties have grown up with paper stock here. It has been said in the publick prints, that banks have already become instruments for influencing election, and that the Manhattan bank could have defeated Mr. Jefferson's. If one bank could deprive the publick of any degree of patriotism and talents, the whole system could expose it to any degree of vice and ignorance. Whilst I am writing, prices are offered to legislators for charters. What can be sold for these prices, except the people? What else have legislators to sell ? It is admitted, however, that it is as well to sell them, a3 to bestow them gratuitously.
In Rhode-Island, bank stock, to the amount of four millions, is said to have been created. She has near seventy
