Legislation: National Bank Act of 1791 (Defeated)

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Mr. Speaker,

I stand myself fully opposed to the very idea of this legislation, for this legislation would destroy self-government and our already fragile fiscal stability.

As the Whig Paper the "Independent Chronicle" has stated, this legislation would seize from individual states their ability to manage their own fiscal affairs and instead subject this entire nation to having their fiscal affairs such as debt and funds managed by a group of elected elites, much like the nobility in nations such as Britain. 

In regards to our fiscal stability, this legislation shall create another large growth in federal expenditure, as well as put our funds in the hands of an unchecked nobility that will be completely free of review by the people and their representatives.  What is to stop this nobility from enriching themselves through leeching upon our nation's funds?  Should this legislation pass, it is almost certain that further taxation will be required on the people of this nation, in order to fill the pockets of these nobles.  It is truly unsurprising that the Gentleman from Pennsylvania proposed this legislation, and this should serve as proof that the Gentleman and his faction are loyal to the nobility of Britain rather than our United States. 

I urge my fellow Patriots and Deputies to strike down this legislation immediately, lest we subject ourselves to the same rule we fought to free ourselves from in our revolution.

I yield.