The President is happy to perceive by
the report of the agent that the banks which he has consulted have, in
general, consented to perform the service on these terms, and that those
in New York have further agreed to make payments in London without other
charge than the mere cost of the bills of exchange.
It should also be enjoined upon any banks which may be employed that
it will be expected of them to facilitate domestic exchanges for the
benefit of internal commerce; to grant all reasonable facilities to the
payers of the revenue; to exercise the utmost liberality toward the
other State banks, and do nothing uselessly to embarrass the Bank of
the United States.
As one of the most serious objections to the Bank of the United States
is the power which it concentrates, care must be taken in finding other
agents for the service of the Treasury not to raise up another power
equally formidable. Although it would probably be impossible to produce
such a result by any organization of the State banks which could be
devised, yet it is desirable to avoid even the appearance. To this end
it would be expedient to assume no more power over them and interfere no
more in their affairs than might be absolutely necessary to the security
of the public deposit and the faithful performance of their duties
as agents of the Treasury.
Pages:
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49