Note 199-5 — Chapter VI

Think of the English creditors in Portugal and the Genoese in Corsica (Steuart, Principles, II, ch. 29.) Considered simply from an economic standpoint, the Edinburg Review, XX, 358, very clearly demonstrates that England should recruit her army from Ireland, where wages are so much lower than in Great Britain. But how dangerous in a political sense! In 1832, one-fourth of the stock of the United States Bank was in the hands of foreigners, and hence its opponents nick-named it the "British Bank." By the rules of the principal bank in Philadelphia, in 1836, only American citizens were allowed a vote in its proceedings. Similarly in the case of the Bank of France. (M. Chevalier, Lettres sur l'Amerique du N. I, 364.) It may be remarked in general, that the older political economists have based correct political views on false economic principles, while the more modern ignore them entirely.