The possession and use of the property out of which this surplus was
created belonged to the people, but the Government has transferred its
possession to incorporated banks, whose interest and effort it is to
make large profits out of its use. This process need only be stated
to show its injustice and bad policy.
And the same observations apply to the influence which is produced by
the steps necessary to collect as well as to distribute such a revenue.
About three-fifths of all the duties on imports are paid in the city
of New York, but it is obvious that the means to pay those duties are
drawn from every quarter of the Union. Every citizen in every State who
purchases and consumes an article which has paid a duty at that port
contributes to the accumulating mass. The surplus collected there must
therefore be made up of moneys or property withdrawn from other points
and other States. Thus the wealth and business of every region from
which these surplus funds proceed must be to some extent injured, while
that of the place where the funds are concentrated and are employed in
banking are proportionably extended.
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