It is fervently hoped that thus admonished those who have heretofore
favored the establishment of a substitute for the present bank will
be induced to abandon it, as it is evidently better to incur any
inconvenience that may be reasonably expected than to concentrate the
whole moneyed power of the Republic in any form whatsoever or under
any restrictions.
Happily it is already illustrated that the agency of such an institution
is not necessary to the fiscal operations of the Government. The State
banks are found fully adequate to the performance of all services which
were required of the Bank of the United States, quite as promptly and
with the same cheapness. They have maintained themselves and discharged
all these duties while the Bank of the United States was still powerful
and in the field as an open enemy, and it is not possible to conceive
that they will find greater difficulties in their operations when that
enemy shall cease to exist.
The attention of Congress is earnestly invited to the regulation of the
deposits in the State banks by law. Although the power now exercised by
the executive department in this behalf is only such as was uniformly
exerted through every Administration from the origin of the Government
up to the establishment of the present bank, yet it is one which
is susceptible of regulation by law, and therefore ought so to be
regulated.
Pages:
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264