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but Tor the purpose of closing its concerns, its corptratc powers shall remain unimpaircd. APPROVED, March 2, 1881. sss-=--.zzs===-=sss=EsszsEz-

 UNITED STATES BANK.

 Letter ?t Thomas Jefdrsoa 10 Mr GallaiiR, The Attorney General having considered and decided that the prescription in the law for establishing bank, that the officers in the subordinate offices of discount and depo- site, shall be appointed 'on the same terms and in the same manner practised in the prin- cipal bank,' does not extend to them the principle of rotation, established by the legis- lature in the body of directors in the princi- pal bank, it follows that the extension of that principle has been merely voluntary and prudential act of the principal bank, from which they are free to depart. 1 think the | extension was wise and proper on their part, because the legislature having deemed rota- tion useful in the principal bank constituted by them, there would be the same reason for it in the subordinate banks to be established ed by the principal. It breaks in upon the e$f'rH dn corT8 so apt to prevail in perma- nent bodies it gives chance for the public eye penetrating into the sanctuary of those proceedings and practices, which the avarice of the directors may introduce for their per sonal emolumcnt, and which the rcsentments

 

 duly admitted, might betray to the public |; and it gives an opportunity at the end of the year, or at other periods, of correcting a choice, which, on trial, proves to have been unfortunate; an evil of which themselves complain in their distant institutions. Whe- ther, however, they have a power to alter this, or not, the executive has no right to de- eide and their consultation with you has been merely an act of complaisance, or from desire to shield so important an innovation un- der the cover of executive sanction. But ought we to volunteer our sanction in such case Ought we to disarm ourselves of any fair right of anmadversion, whenever that institution shall be a legitimate subject of con sideraticn l own, think the most proper answer would be, that we do not think our selves authorised to give an opinion on the question.

 From passage ia the letter of the Presi- dent l observe an idea of establishing branch bank of the United States in New Orleans. This institution is one of the most deadly hos tility existing, against the principles and form of our constitution. The nation is, at this time, so strong and united ln its sentiments, that it cannot be shaken at this momcnt.- But suppose a series of ofuntoward events should occur, sufficient to bring into doubt the com potency of republican government to meet crisis ot great danger, or to unhingc the con- fidence of the people in the public functiona- ries an institutionl ike this penetrating by it's branches every part of the Union, acting by command and in phalanx, may, in critical moment, upset the government. deem TO goUefnn1ent safe zohich i8 under he UaSSalage 1 of any scif-constituted, authoritica, or aHy other puthorfty Man Mat ofthe nation, or Hs reSular. functionariea. What an obstruction could not this bank of the United States, with all it's branch banks, be in time of war? It might dictate to us the peace we should ac cept, CT withdraw it's aids. Ought We then to give further growth to an institution so powerful, so hostile? That it is so hostile we know, 1. from a knowledge of the prin- ciples of the persons composing the body of directors in every bank, principal or branch :; and those of most of the stockholders: 9. from their opposition to the measures and princi- | pies of the government, and to the election of those friendly to them: and 3. from the senti- ments of the newspapers they support. Now, while we are strong, it is the greatest duty we owe to the safety of our constitution, to bring this powerful enemy to q perfect subor- dinaton under it's authorities. The first measure would be to reduce them to an equal footing only with other banks, as to the fla vors of the government But, in order to | pc able to meet general ComDlnatlon Of the banksl against us, in critical emergency, could we not make a beginning towards an Independent use of our own money, towards holding our own bank in all the deposites where it is received, and letting the Treas urcr give his draft or note, for payment at any particular place, which in well conduct ed government, ought to have as much ere dit as any private draft, or bank note, or bill, | and would give us the same facilities which we derive from the banks' pray you to turn this subject in your mind and to give it the benefit of your knowledge of details ;-- whereas, l have only very general views of the subject AHectionate salutations.

 I'll: JEFFERSON. | WASHINGTON, December 13, 1903.