THE BANK OF THE 'UNITED STATES.
IT has been stated, we believe correctly, that considerable sums. have been invested in the United States Bank on account of the English Tories. In so doing, these selfish, but timid and igno- rant men, paid an unquestionable though unwilling tribute to the superior stability afforded by free institutions to the rights of property, over that which is offered by despotic or illiberal govern- ments. It must have been solely with a view to the political state of Europe, that an investment in American funds was pre.. ferreti by the Tories. There could have been no expectation of profit. If any such existed, the President's Message, just re- ceived, will, we imagine, effectually disappoint them. It seems hardly probable that its charter will be renewed : its credit, during the remainder of its existence, must, at any rate, suffer severely, from the imputations on its solvency, which President Jacnsost has not scrupled to throw, in his opening speech to Congress. The winding up of its concerns cannot be effected without great loss. The expensive buildings, &c. belonging to the branch banks, will be found a heavy drawback, when the capital comes to be repaid. On the whole, we wish the English Tories joy of their unpatriotic speculation. The Bank of the United States, since its first establishment., has never been a profitable concern. Had it not been for the in- vestments of foreigners, principally English, its stock would not have maintained the price it has done. The Americans were too well aware of the many disadvantages under which this unwieldy establishment laboured, to look to it as affording the means of employing their capital profitably. The stock has never bees. really worth 100, though it has been sold for 140 dollars. It will be recollected that its establishment was a Democratic speculation.
Political feelings strongly influenced the original subscribers; and the directors were chosen as much on account of their De- mocratic bias, as for their property, integrity, or talent. The con- sequences soon became nearly fatal to the then infant concern. Large sums were embezzled by its officers ; and, but for the financial talent of Mr. LANGDON CHEVES, who was chosen Pre- sident on the emergency, the concern would probably have become bankrupt. A heavy loan from the house of BARING and Co., the stoppage of dividends for a considerable period, an improved system of management, together with the advantage of being the depositary of the national funds, has enabled this establishment to hold up its head to the present time. We suspect, however, that its days are numbered. It will be rather singular if the Bank of England should be de...-. priced of its exclusive privileges at the same time. •
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