The probable sources are, the individual capital of our citizens,-that of foreigners, and our national treasury.

There are objections which lie against the two first. To the former of these, the magnitude of the undertaking is beyond the reach of their individual capital. This yet remains inadequate to the full improvement of our natural resources; consequently wholly incompetent to any capital undertakings of internal improvements, and probably will remain so for a century to come. Such an attempt at the canal would, for the want of effective capital, like many of those which have been undertaken in this country, have either to labour under a tardy execution, or obtain relief from the disgraceful aid of lotteries.

The calling foreign capitalists in to our aid is still more exceptionable. The object of investing their capital in our stock would be the double consideration of its permanency, and its premium at a per centage above what they could obtain for it in their own market; and, consequently, the immense trade of the canal would for ever be rendered tributary to foreign capitalists by an unextinguishable toll. America has already a large amount of foreign capital vested in, and drawing a revenue from, her stock and her new lands, for which she has not an adequate reciprocity of interest; and, unless our government holds in reserve the idea of the sequestration of foreign property, deposited in our country as the dernier resort, for the redress of foreign spoliations on our commerce, there call scarce be a palliative argument offered for its liberal toleration to foreigners, expressly foreign residents, who by their superior wealth are drawing large sums of profits from our best resources.

Beside the toll, there is another objection common to both these sources of capital : it is that prejudicial propensity to which incorporate bodies are subject, in their divergings from the common interest, and their tendency to monopolies.

Our government is constituted by a certain sum of power granted by each of its members in exchange for a certain sum of equal rights.

Incorporations and charter-parties are constituted by granting a fractional sum of these equal rights and endowing a few select members-generally the most wealthy, consequently the most influential-as their exclusive rights.

This sum of delegated power subtracts so much from that of the social compact; and these exclusive rights diminish, to their amount, the sum of equal rights.

The government which grants charter-parties, cedes so much of its own jurisdiction creates and erects so many little demi-sovereigns within itself. This it does at its own expense; for the sum of power in governments is like the sum of money at the gambler's table, where nothing is added or multiplied. The gains of one are but the losses of another. The joint interests of incorporate bodies, like partnership, produce a concert of measures. Being derived from government by an emanation of political power, they are very subject to re-act on the parent of its existence. Its effects are often pernicious. Fifty men associated for a common purpose, can out machinate five hundred unassociated ; and one bank association may buy or bribe two-thirds of the representation of the whole state. They must, indeed, pay for it, but others must pay them in turn ; and like the special immunities, the whole must come out of the people.

Let the government be liberal with its grants of incorporations, and it would eventually transfer its vital powers to, and its energies become absorbed in, these principalities. Thence our government would gently slide into an aristocracy. The one is the foster-parent to the other.

But another evil, more serious if possible, may be apprehended. Presume that our country abounded with a large amount of charter stock; although it was originally granted to native citizens, yet it was made transferable.

Should British agents and capitalists purchase up the major part of it, our government would become completely manacled with foreign control. This is the most vulnerable point of our government to British influence-their gold.

I have said more on the subject of incorporations than I at first contemplated; but I conceived the aptitude of the subject to the times rendered it somewhat pertinent to the main subject. I will here remark, in justification of our republican governments, that they commenced with extensive natural resources and advantages-with few hands, and a scanty capital. Incorporations become a necessary evil to aid the improvements of our infant country. Although their injurious, as well as beneficial, effects are obvious, yet, for the want of a sufficient amount of their stock, we may, for the present, allay our apprehensions of those direful evils. However, it would be but judicious and prudent in our government to limit the duration of their grants of charters, and privilege none but citizens to vote for, and to hold offices under, them.

HERCULES.