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waste of his welds. Why should the one encounter, tion were practicable, would be to place ourselves the storm of the deep, or the other witness the in the situation of those, upon whose conduct re sweat of his brow, when, for their hardships and are called to pass, in the midst of the difficulties labor, they would be paid in a worthless currency, by which they were surrounded, and with no betof no intrinsic value in itself, and constantly un. ter view of the future than what their own judg. dergoing a depreciation in value? I entreat geniment could afford them. tlemen to arrest the evil now that they can "Sir, It is in the nature, too, of this enquiry, conduct. I was astonished at the argument of the honorable ed as it bas been, to group and connect together gentleman from South Carolina. He contended all the exceptionable acts tbat have been done by that the great object of the charter had been those to whom the management of the institution answered; that every facility had been afforded to has been confided; while, to use a bank phrase, it the operations of the treasury, and, therefore, that gives no credi: for those things which were right, no forfeiture bad ensued. What is this but to say and even entitled to some commendation. I wish, to the bank, take care only to be the glove to the sir, to be distinctly understood: I am not using the hand of the treasury; obey its wishes; facilitate its language either of complaint or censure. I only schemes and operations; and do whatever else you say, that, as the enquiry, from its nature, was in a please-you shall not be arrested: swindle, and great measure confined to the exceptionable acts, cheat; and deceive the unthinking penple of this it must necessarily present them in a body, with. country, without mercy and without end; only take out relief from their association with the mass of care to secure the smiles of the treasury, and all good deeds with which, in their order, they stood shall be smooth and well? Is it not actually grant. connected. This is a sort of judgment which none ing to the bank a patent to offend? It is only of us would be willing to submit to, or could es. necessary that it should apply at the patent office. pect to endure. Let tke life of any man, the most and receive its license under the sign-manuel of bonest and honorable, be exposed to the same kind Doctor Thornton. I cannot listen to such a position, of examination. Begin with his infancy, (to use I call upon the warmest advocates of this system, the language of the gentleman from Virginia,) and, although I am satisfied that that call is in vain, to following him through the different periods of his unite with me in this measure. You have been progress, put together, as constituting his history, disappointed in your wishes, in your expectations. wbatever, from the severest scrutiny, you can find, Instead of a system abounding in blessings, it has that has deserved reproach or censure. What ? been conver:ed into an instrument of corruption. dark exhibition would it be! Cold unfeeling speculation has usurped the placel Besides, sir, what is at least the test we apply! of honest dealing. Are we not too young to We set opinion against opinion, upon a subject of encourage such a state of things ? Our republic a very comprehensive arid of a very complicated can only be preserved by a strict adherence to nature, involving much detail, and every detail invirtue. It is our duty, if we consult our eternal volving more or less of speculative enquiry. good, to put down this first instance of detected! There are extrinsic difficulties, of no less magni. corruption, and thereby to preserve ourselves from itude. It cannot be devjed tbat there has been a its contamination. This bank is already interwoven vast deal of prejudice in the public mind, against with the affections of many; its influence will be. this institution, which, whatever may be our reso come every day more and more extensive, and, if lutions to the contrary, affects us insensibly, and we suffer this opportunity to escane, we may sigh when we neither know or suspect it. The sources over our unhappy condition, but that will be the of this prejudice are sufficiently apparent. only privilege which will be left us. Let my fate The state institutions have many of them been be what it may, I have discharged my duty, and I induced to regard the national bank as an enemy. am regardless of the consequences.
and the spirit of hostility wbich they have felt bas Mr. SERGBANT addressed the chair, as follows: had a most powerful influence throughout the com
Mr. Chairman-I must beg the permission of munity, with which they are so extensively and inthe committee, to offer 10 them some observations timately connected. It is in the ordinary course, upon the several propositions that are now submit too, of the operations of the bank, to give frequent ted for their consideration and decision.
offence to individuals. Every man who is refused The enquiry in wbich we are engaged is attend a discount thinks himself agrieved, and indulges : ed with some intrinsic difficulties, of no incoasi. feeling of resentment, not at all mitigated by any derable magnitude, and calculated very much to consideration of the circumstances that may here embarrass our deliberations, as they must have rendered it prudent, or even necessary, to reject been to embarrass the deliberations of the select his application. The same remark might be made, committee, to whom the examination of this sub- with equal truth, of every sort of accommodation ject was more particularly confirled. In the first which the bank is supposed to have the capacity to place, it is retrospective, and I admit it is necessa. afford, but which events, beyond its power to conrily so. We are called upon to take a review of the trol, do frequently oblige it to withhold. When management and conduct of the bank during all the directors, not very long ago, exercising a right the period of its existence, and we expect to find that no one denies to have belonged to them, and that the best has been done in every instance, exercising it under the compulsion of circumstan. which, with the full light derived from a know. ces so imperious, that every one now confesses they ledge of all that has since happened, appears to us could not bave refrained without a plain violation to have been possible. In this manner it is, that of their duty; when, I say, they determined tbat battles are fought over again in discussion; and, branch notes should thenceforth be paid only where whether they have been lost, or whether they have upon the face, they were made payable, there wu been won, it seldom bappens that those who thus an almost universal clamor. Sir, there is still anosit in judgment upon them cannot detect some er-ther source of prejudice. The bank has had the rors that have been committed-point out advanta. day of its begining. It is now in the day of its humiges that have been lost, and opportunities that have liation. But it has had the day of its prosperity. been suffered to pass unimproved. The just rule too-when success, even beyond the expectationa of judgment in such cases, if, indeed, its applica. of its most sanguine friends, seemed to crown its
operations. In that day-I appeal to many who their best and safest guardians-their natural are within hearing of what I state, and are able to guardians; and it is the right of the stockholders confirm its truth, as a mere matter of fact; I ap. (to delegate the authority to such directors as they peal to every one acquainted with our nature, to may think proper. This right is enforced and say whether it is not what would generally hap- secured by the power of election. Their servants pen--those who had themselves refused to sub are accountable to them precisely as we are to our scribe, and discouraged the subscription of others; constituents. If, upon a review of our conduct those who had thus neglected to avail themselves of here, they are not satisfied with our efforts to what then appeared to have been the golden op- serve them, they elect ng no more, but devolve portunity, suffered all the mortification of seeing the honorable trust of representing them in the their predictions continually falsified, and could councils of the nation, upon others whom they think scarcely avoid the influence of a certain deeply more worthy of their confidence. implanied kindred feeling, which is never more These provisions thus arranged and distributed, sharply exerted than when we see others profit by are of sufficient efficacy for all the purposes that what we have permitted to escape from ourselves. were designed to be accomplished. Thus arranged They did not avoid it.
and distributed, they are in harmony with each There are, besides, many who think that a na. Jother; and, wbile every interest is guarded by its tional bank, however organized, is impolitic and appropriate sanction, they all co-operate to secure unwise; and there are some who think it not with the common result-a faithful administration of the in the constitutional power of congress to estab. bank lish a bank.
If this be a correct exposition of the terms of Under the combined operation of such a mass of the charter, our enquiry ouglat properly only to be, causes, the committee had no doubt a difficult what alone it can be effectually, whether the char. task to perform, even if they had taken much more ter has been violated? Any other course will time for its performance than seems to have been inevitably lead us into difficulty. If we undertake allotted. If they have fallen into errors, it is not to examine the general administration of the affairs at all siurprising; but it ought to secure from them of the bank, or to investigate the conduct of par. some indulgence for error in others. It will at least ticular directors, we are involved at once in the entitle us to differ from them in opinion and free danger of an interference with the executive. To ly and fully to ca.vass the grounds of the report. that department it belongs to decide whether the
Before, however, I proceed to examine the re public duty has been performed. The officer at port, I beg leave to call the attention of the com- the head of the treasury must alsvays be well mittee to the authority under which we have been qualified to decide. None but a citizen of disacting, as it is to be found in the law for incorpo-linguished talents will be placed in that higli and rating the subscribers to the bank. The provi. responsible station; and, when there, bis official -sions of the charter, designed to secure the faith. occupations, the habitual tenor of his studies and ful administration of the bank, contain in them a reflections-his daily acquaintance with the ma. distribution of powers, just in itself, and perfectly nagement of the bank, in all its relations to the well adapted to attain the object. The power fiscal concerns of the nation, as well as his repeated given to this house, (section 23,) is confined to a inspection of the statements exliibiled, will enable .single point of enquiry, namely, whether or not him, better than any other person, to judge how the charter has been violated in order that we may far its concerns are faithfully administered towards be enabled to judge whether or not it is expedient the public. Are we not in danger, too, of involvto institute legal proceedings for its repeal. The ing ourselves in collision with the ju lici..ry? We examination we are authorized to make, is subor. are here entertaining a mixed enquiry, partly of dinate to tbis object; and, to my mind, it is quite expediency and partiy of charter right, mingied in clear that we have no right to pursue it further such a way that, in deciding whether the charter The care of the remaining interests of the govern- has been violated, we make no distinction between ment in the institution is confided to the executive. Jerrors, or, if you please, misconduct, in the manage. The president appoints the government directors. ment, and such offences of the corporation as The secretary of the treasury has an almost un would work a forfeiture of the charter. Indeed, limited power of examining the proceedings of the the distinction, obvious as it is, seems scarcely to bank. Weekly statements are to be made to him, bave been noticed, either in the report of the com. (sec. 11, art. 15,) and he has the right to inspect mittee, or in the debate that has taken place. The every thing except the accounts of individuals. great stress of objection has rested, not so much The purpose is manifest: It is, in the first place, upon the specific violations of the charter, alleged to enable him to judge of the conduct of the to have been commiiled, as upon the more com. directors appointed by the government. It is, in prehensive ground of mismanagemeni in the exer. the next place, to enable him to decide whether cise of indisputable charter rigiits. Suppose, then, the public interest in the bank, consisting of the that, under the impression of considerations like stock belonging to the government and the desihese, you send this corporation to the judiciary, posites of public money, are faithfully guarded. there to receive its trial; you may send it there The necessary sanction for enforcing the exercise with all the weight of prejudice arising from a vote of the power, is also confided to the executive. (of congress; you may, and you will, in some degree, The president has authority to appoint, and to him pre occupy the public inind, always deeply affected is given the authority to remove, the directors on by the judgments of their representatives, and voil the part of the government, (sec. 8.) A much may, and probably will, more or less, impair the more important sanction is the power given to the chance of a fair and impartial trial. Bui, when secretary of the treasury, by section 16, to with this trial sball comc; when the corporation shall draw the public deposites, laying before congress appear at the bar of a judicial tribunal, tbere will his reasons for so doing. The interests of the be än end to every question except ile naked ques. stockholders, which forin the remaining branch of tion of forfeiture; there will be an end to every this great national concern, were intended to be consideration ihat is foreign to that precise et. left to the care of the stockholders themselves, asl quiry, and then the consequence will be, that, fui.
SUP. TO VOL. XVI.
lowing a different rule of judgment, the judicial, and properly termed, an exparte enquiry, where Tribunal will probably arrive at a different result. the accused tas not an opportunity either of es. You are thus in direct collision. Different depart. planation or defence, and where the first no ice he ments of the government are placed in a state of receives is in the lieavy condemnatio" going forth hostili'y towards each other, the public mind is against him, under the respected authority of a irritated, and that harmony which we all know to committee of this honorable house. be of so much importance, in the structure of our Sir, other objections will readily present tben. government, is uselessly endangered.
selves to such an enquiry. We have no rule or Sir, we interfere to a most alarming extent, with principle to direct us, no more than one man would the just power of the stockholders. They are the bave in judging whether another managed bis cxclusive judges of whom they will have for estate to the greatest advantage. If the enquiry directors. They are the best judges. That sure were simply whether the charter had been violated, instinct, that keen, steady, and, as it were, we should have a comparatively easy duty.-- There inagnetic sense of their own interest," which every might, and from what has occurred, i think it mnan feels and obeys, in his own concerns, is the probable there would, be difference of opinion. best security to be relied upon for a careful and Sill, we should differ only about the application prudent selection. It is the right of the stock of established rules, and should be relieved from Lolders, by the charter, and it is almost the only the most unpleasant part of the present enquiry. right they have reserved. To the government they! But I know well, that every public body, bow. have conceded mucb; for themselves they have ever constituted, listens with reluctance and with retained only the power in question, to be exercis- some displeasure, to any argument or suggestion ed under sich modifications and restrictions as that tends to bring in question its own power. I congress thought fit to prescribe. -Upon the faith do not mean, for it is no longer material, to ques. of in urdisturbed and free enjoyment of this retion the power of this house, in its immediate adpublican richt, of choosing their own representa plication to the business in hand. It is too late. tives, they have embarked their property in the Still less do I mean to avoid the full examination institution, and would you, can you, without doing of all the grounds of complaint and censure that unjust violence to the compact you have made with are displayed in the report of the coinmittee. But thema impair or disturb the exercise of the power bave thought it right to submit, with candor and that belongs to them, of judging for themselves freedom, such observations as occurred to me. whom they will have for directors? Sir, I will upon the general nature of the authority possessed put to you what may at this moment, perhaps, be by this house, chiefly with a view to expose the deemed the strongest case, Suppose they choose mischiefs that might result from transcending it, to elect a brokor, or a speculator-can you say Every member will allow to them such weight as they shall not? Have you the power to tell them he thinks they deserve, and no more. what shall be the occupation, what the character I will now proceed to consider the subject, under of the men whom they are to employ? You may the two aspects in which it is presented by the com. think their selection unwise or impruden, but mitlee. they will answer you that they know their own in-. 1. As regards the general management of the terests, and are able to take care of them. That, institution. in the very instances you object to, though the II. As regards the alleged violations of the char. individuals may be obnoxious to the imputation of ter. being speculatórs or brokers, and you, on that ge- 1. We all of us remember distinctly the state of nern round, may think them exceptionable, yet things that existed when the law passed for incor. thry, the stockholders, have the means of knowing porating the subscribers to the bank of the United their individual characters, from various sources States. We had a currency, or rather. to speak inaccessible to you, and feel the fullest confidence more accurately, we had currencies local in their in their intelligence and fidelity to the instirution. circulation, and variously depreciated in different I do not now touch the question of elections; i: be parts of the union; in some quarters of the country longs to a different part of the enquiry.
as much as 20 per cent. We bad no general cur. i will make but one observation more upon this rency; none that would circulate freely every branch of the subiect. It is essential to the in. where. The evil effects were already very mani. terests of the stockholders, and it is no more than fest, and threatened to increase. To gay nothing just to the direciors, that the latter should be free, of the obstructions and difficulties that were While they are performing the duties that are thrown in the way of domestic commerce and es. assigned to them; that they should be free, not change, nor of the continual irritation that was Oc. ouls from all restraints except those to which the casioned by the changes in value that took place law subiec's them, but that they should be free at every step, taken by what was called money in from the apprehension of an unlimited and undefin. its progress either with travellers or traders, ed accountability. Many things are exclusively through different parts of the union--to say noth. confided to them, and must be so confided. Their ing of the effeci upon the credit of the countryown judgment, fairly applied, their own discretioni, bui, passing these by, as evils that were familiarly is ubat must suide them. Who will undertake an known and felt, there still remained one great office like this, if he is to act under the terror oi source of grievance and public miscbief, which it an investigation, that may put the worst construc- peculiarly became the duty of the government of tion upon well meant efforts; that may even expos: the United States to endeavor to rernove. The his best acts to censure, and which, governed by / revenue of the government was received in the no known rule in its course, and limited by no paper of the state banks; its debts were paid in measure in its result, is calculated to confound all the same paper. What was the consequence? Its distinction between The officer and the individual, funds were not transferable from place to place, between error and misconduct, and, by a basty according to its wants;- but confined in their use sentence, to inflict the keenest punishment that an to the local limits which bounded the circulation bonorable man can endure? And this, too, upoo of the paper in wbich they happened to be paid. what a member of the select committee has termed, There was nothing like uniformity in the payinent3
made to the goverpment. A merchant in Boston,, I will now proceed to shew what the bank hag owing precisely the same nominal amount, paid 20 done, considering, first in order, the national objects per cent, more than a merchant in Baltimore. There it was designed to accomplish. was the same inequality in the disbursement as in Among these, the most interesting, and in every the receipt of the revenue. The public creditor, point of view the most important, that which cliefly who had the good fortune to receive his money at induced the passage of the law, was the introduc. Boston, received 20 per cent. more than the tion of an uniform currency, in sufficient quantity creditor wbo was obliged to receive it at Balti-to answer the purposes of circulation, so far, at more or Washington. In addition to all the inevit. least, as to enable the government to collect and able evils that belong to such a state of things, disburse its revenue. I mean a currency as nearly (sufficient surely, if allowed to continue, to have uniform as the nature of things did admit. It can. endangered the well being of the union,) there was not be supposed to be within the power of any go. one, perhaps, also inseparably incident, that began vernment, or of any bank, to make a dollar at New. to manifest itself. I allude, sir, to the power it Orleans worih as much to a merchant in Boston, gave to those who were entrusted with the collec. as a dollar in Boston; unless, indeed, he has employtion and disbursement of the public money's. They ment for his doilar at New Orleans, in wbieh case bad the opportunity of benefiting themselves, and it may be worth more or less to him, according to of favoring their friends, at the expense of the circumstances. We might as well pretend to make treasury, and at the expense of the public creditor. « bag of cotton worth as much upon the plantation The very possibility of such an abuse was a suffi. where it is produced, as in the ware-house at New'. cient ground of suspicion. At the period we are York, or in the manufactory at Philadelphia. But speaking of, an oficer of the governinent found it this part of the subject has already been fully and necessary to ask of this house an investigation of ably handled by the gentleman from South Cirulina his conduct, in order that he might vindicate him. (Mr. Lowndes) who has shown conclusively that self from certain injurious rumors circulaied against the currency afforded by the bank of the United him, upon no better foundation than that I have States approaches nearer to uniformi'y throughout mentioned. The investigation took place; the result the whole extent of this great country, than has was satisfactory; and I refer to it only to bring into been atiained by nations possessing at least equal view one of the many kinds of mischief that grew advantages, and operaling within much narrower out of the disordered condition of the currency. (limits. Whether the state institutions would of themselves Neither was it understood or expected that the have corrected the evil, I do not think it necessary bank would be able to place, and to keep in cirto enquire. The government of the United States culation, every where as much as in each particular had no direct controlling power over them; and, if quarter of the union might be wished or wanted. they bad so far sacrificed their own interests, in This is impracticable in regard to states and dis. deference to the public good, as to restrict their tricts of country, as it is with respect to individuals. business, and, of course, their profits, it must bave A parent may give to a child a fortune adequate to been from a voluntary submission to motives of a bis support, and suited to his circumstances, but higher character than ordinarily govern the con- he cannot prevent him from wasting or par:ing with duct of individuals or bodies. But this I will say, it unless he imposes restrictions upon its use. The that, if they were to be brought back by any thing very phrase, a uniform currency, implies a currency deserving ihe name of coercion, it could not have that will pass every where: that will flow every been by a gentler coercion than that which has where, without any obstrucijon, but what arises been employed by the bank of the United States. from the expense of conveyance; of equal value Sir, when this subject was before congress at the every where, and for that very reason in unequal time of passing the act of incorporation, it was quantities. It is the precise distinction between thought by many that the destruction of the state the paper of the bank of the United States, and the institutions would rapidly follow the establishment paper of the state banks; which, having no currency of the national bank. I confess myself to have beyond certain local limits, remairs within them been one of those who were influenced by this ap. in greater abundance than is necessary. It is the prehension. I thought the new institution would same distinction which exists between either kind press heavily upon the old, and througb them of paper when not redeemable, and gold and silver. would press severely upon the community. I did we may illustrale it more clearly by an instance: not then see bow the great public views were to be A merchant in the state of Ohio makes a sale in realised, without departing from that course of Ohio, in order that he inay be able to buy in Baltilenity towards the state banks, which the interests more, or be sells in Balliinore that he may buy in of the community seemed most imperiously to re. New.York. H: wishes, in either case, to receive quire.
wbat will pay for lis purchase in Baltimore or The objects to be attained were thus immense: New York, and he carries from the place of sale the interesis to be conciliated were of the highest to the place of purcbase the amount that he has importance, and at the same time apparently irrecon- received. It has happened to most of us to have cileable. The task was a fearful one; and the man some experience of the nature of this distinction. ner in which it has been executed, wlien it comes Formerly, there was great complaint by travellers to be fairly developed, will seem little short of in some parts of New England, that the money, or marvellous. If proof were necessary of what was rather the paper, they received in one town would generally thought at the time, of the burden the not pass in another. There, I believe, the grievance bank had assumed, and of its capacity to bear that has cease!. But in other parts of the country we burden, we might refer to the history of the sub- experience it every day; being obliged continually scription at the opening of the books. Great doubts to enquire whether the paper put into our hands were entertained whether it would be filled. In in one place will be taken in payment in another, fact, it was not filled during the 20 days prescribed and feeling instantly the inconvenience, if, by mis. by the law. There reinained unsubscribed above takı, we carry it beyond the lildited bounds of its three millions of dollars, nearly the whole of wbicb] circulation. was taken by one individual at Pailadelphia.
Where ibe currency has the quality I have men.
tioned, that is, of uniform value, or nearly uniform, described, in the manner most advantageous to the the quantity that will remain at any given place union it was necessary, when the bank was organiz. depends upon the course of trade; the quality deed, to give, preference to those states against pends upon its solidity; it is only to be obtained whom there existed an unfavorable balance. It by buying or borrowing. The memorial to the would flow from them, in payment of their debts, Ohio legislature, or the report of a committee of (rataining, if they were prudent, what was required that body, (I do not know which, for I was not in for local purposes,) where it ought to go, that is, the house when it was quoted by the gentleman into the creditor states, and thus the creditor states from South Carolina,) complains, in substance, that be supplied. But, what was thrown by the bank sich a currency was furnished to them. That is into the creditor states would never find its way the amount of the complaint, for they say they to the debtor states, unless it were in the shape were tempted to employ it in purchasing from the of loans by them, which was not to be expected. cities to the eastward beyond what they ought to If an individuai, having a sum of money to lend, have purchased. A very singular complaint, indeed, was disposed to lend it to one of two persons, each which charges upon others the consequences of of whom he was equally inclined to serve, and in their own imprudence? The complaint should be, both of whom he had confidence as to their oltinate that they did not keep what was given to them, or ability to repay, if in that case he could lend it at least a portion of it, and use it, as they might only to one, and it so happened that one of them have done, in the payment of their dues to the go. was indebted to the other, would he be most likely vernment.". There is no doubt, however, that they to benefit both by lending it to the debtor; or by have approached, if they have not reached, the lending it to the creditor? The answer is obvions: true cause of their present embarrassments. This if lent to the debtor, he would be enabled to apply currency would not have wandered away, and left it towards payment of his debt, retaining what them destitute of the means of paying their debts, might be necessary for more urgent wants, the if their local circulation bad not been overcharged creditor would receive his money, and both would with state bank paper, depreciated from its abun- derive some advantage; if leat to the creditor, none dance-too easily obtained-supplying the purposes of it would find its way to the debtor. A different of local exchange, and failing when it was wanted course would, perbaps, have been more for the is. for the more extensive exchange to which the terest of the institution, as it is always better to United States' bank paper, from its uniform value, lend to the rich than to the poor; I mean better for was exactly adapted. The paper and credits af. the lender. But, if the object was to distribute an forded by the bank of the United States were thus uniform currency throughout the United States, banisbed by the local paper; they were sent off to there was no error. That such a currency has been perform the distant service of buying in the cities introduced, in sufficient quantities to answer allatke at the eastward, and the people of Onio kept noth-purposes of the government, cannot be controvert. ing to pay their debts but the paper of the state ed. It is undeniably proved by the fact, that the banks. This was their own fault, imputable to receipts and payments of the treasury are ever themselves alone. Time, economy, and the in- made in a currency of uniform value. Neither can dustry of the state, employed in producing what it be controverted, that such a currency bas been will buy money, or, in other words, what may be introduced into every quarter of the unión, in sushexchanged with those parts of the union where the cient quantity. If it has not remained in the places money has gone, will bring all right.
where it was introduced, that cannot be chargeable One of the charges made by the committee to the bank, for the bank had no power to prevent against the management of the bank of the United its migration or transfer. So far, therefore, as reStates, (and which this is the most fit place to spects this great object--an uniform currency-the notice,) is on account of tbe supposed excessiveness duty of the bank towards the public has been faithof its loans in those states and cities against which fully and fully performed. there was a balance of trade-those which, to Nearly connected with this object, was, the effort simplify the idea, were debtors, particularly in to make the branch notes payable every where, Kentucky, Ohio, in Baltimore, and Philadelphia. without regard to the place of payment indicted The argument they employ to sustain this charge, upon the face of them. It would undoubtedly have namely, that injustice was done to the states and been a great public convenience; but it was more cities which had the balance in their favor, or were than the public had stipulated for and more than creditors, has already been amply and conclusively the public had a right to expect. I think it easily refuted. It has been shewn, indeed it appears from demonstrable, that the system could not be acted the statement of the report itself, that these loans upon without great inconvenience and loss, and were in the highest degree beneficial to the creditor serious danger to the institution. It must be restates and cities, the money obtained by the bor. membered, however, that the practice of the late rowers going directly thither, and enabling them bank of the United States, whose notes were only to obtain specie from the branches, to be employed payable or receivable at the place where they were joy the manner most advantageous to themselves, made payable on their face, had been strongly, either by their banks or by individuals. “The though I agree unreasonably, reprobated. It must effect of these draughts upon the northern offices, be remembered, too, that many well informed men was, to compel the constant remittance of specie believed in the practicability of the plan first there, &c." (Report, p. 4) How, then, it can be adopted by the present bank, and probably nothsaid "that those places were made tributary to ing but experience, the most authoritative of all Baltimore," I am altogether at a loss to understand. teacbers, would have convinced them of their error,
But, considering the diffusion of an uniform Under these circuinstances the experiment was, currency throughout the United States, in suffi- perhaps, necessary to be made, in order that the cient quantities for public purposes, to have been, public might be fully satisfied. It was certainly as it is conceded to have been, an important public well meant and innocent. “Tbe wants of the counobject, it will be easy to show that the imputed 'try, and the interest of the bank, (says the presi. error is far from being censurable. To put in cir. dent, in his letter of the 4th of October, 1817,culation such an uniform currency, as bas been documents, p. 28,) require an extensive circula.