WHO'LL M. l0os.
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States having no banks but adjacent 10 those which
had Il follows, therefore, that there are and pro-
bably always will he local banks These local banks


are OTTER rivals. rot only acting without concert b.,
in col -ion with each other, and having very impe!


isc; knowledge OF the ge.eral condition the ~hoIe


circulation of the United States The of


monetary relations with inr,' en- Powers The iucvIiu-


h,e consequence u;isr be-. iueguIsri'y in their move
ments, disorder aud UnsOuudnesS IN the cur
rerc, and frequent explosions. The existence o.
local banks. under the authority and control ol me
respective States 6egc,s necessity tor II Unite;
States Bank. under the authority and cootro! ol h'
General Government. The whole power oi govern
mrnt is distributed IN the United StatcS between
The States and Ihe Federal Government. All thai
- general aud natonal appertains 10 the fedeta'
Government, all that is limited ami local 10 inv
STATE Governments. The States cannot perform


the duties OF the General Government. nor oughi
that 10 attempt 10 perform, nor can II so well exc
cule the trusts contidsd 10 the State Governments
We want a National Army, a National Navy, Ma
lisual Post Office establishment, National Laws
regulating our foreign commerce ant our coastihS
trade, above all. perhaps, we want National Cur
reucy The duty nj supplying these NatIonai


means OF safety. convenience and prosperity mus


be executed nv the General Government, or II VII


remain neglected and un'nldIlrd. The severn


States can no more supply National Currene,


than ttev can provide armies and navies Tor tle ma
.iona defence. The necessity Tor national !nSu


tuition does not result merely from The existence o.


local institutions, but II arises also ont oI the Ac
that all the great comn-rciai nations oi the Mufo
have t!,rr banks. England, France, AuSiIlf. kE''
sa, Holland and nli the great Powers -; Europe
nave their National Banks. IL is said that m"ne,
is power and that 10 enbody and concentrate Ii IL
4 bank is TO create great and dangerous power
8ut we may search the records OF history, and wo
shall find instance, since the first introduction o.
banking institutions, OF any one OF them having
N,,,l,t nf Ia
create confusion and disorder. Their we'll being
epends upon the stability OF laws and legitimate
and regular administration OF government. IL II


were true that the creation of bank is 10 embody
lnonsd power, is not such power III the hands OF
| the General Government necessary 10 protect tht
people against the ;nonicd power IN the form q
banking institutions in tho several States, and u
the hands OF Foreign Governments! Without 1t.
how can the commerce vi the United States copr
and compete with the commerce ot foreign power
having national banks In the commercial strus
sle- which are constantly in operation between M
tons shoud We not labor under great and decide
disadvantage, if we had M bank and they had thrr
| banks We all rccuect, a few years ago. when ..
was alleged 10 he tic policy ol the bank oi EnS-
land To reduce the price o great Southern sta
plc in order In accomplish that ohrct, The polc'
was adopted of refusing IN discount the notes ano
bills OF any English houses engaged IN the Amet''
IAN trade If q bank of the United States had bce
existence AT lIldt tIlilf u tpui" 'i''
some measure of countcraction; but there Wa


none and the bank of EugIand effected lis purpos-
IL has been asked. what, will Won have bantS
merely because the nonalches ei Europe nav e


mem Why not also Introduce their hing. LorJS
md Commons, aud their ail>locracy MS Is =
.-r, shallow mode of reasoning. might AK. u
urn, why have armies, nasies, laws regulating
rade or ANY olher n,tional institutions or nw- ii-
cause the monarchies of he old World have them
!yhy eat or drink. cuthe ur house onrsel'es, hr
| causc mnnarciS perform these operations I SUP
nose my self the cou,se Of true WISDOM AMI oi com
non sense 10 lie Ia draw from their arts, scirnc--
aud civilization, and political institutions, whatever
| good and avoid =" "hatevcr is bad


| Vince, eAcius..t 81 those who oppose the esrr
| ishmenr Of a Bank oil the Un'ted States upon con
| .lnrinnal ground, do We find the greatest oproel
| ion itl You are. irliow.,il2ens, perhaps no
ou.scsscd Of information. which | happen 10 have
| cqnlrrd. lh- greatest opposition 10 Bank OF tne
| ned States will he found Ia afls' ont OF f"reie'
| nfu-ncr and may he traced 10 the bankers rnd
| brokers OF Wal>trect III New-i ork, who are "sJ'
| ung foreign capital. Foreign Powers and foreign
.apiral see. th Satisfaction, whatever retards Ih
| ,rowh checks the prosperity, or arrests the pro
| ress OF this country. those who WELD that iUi.
| -cn capital, find from experience, that they car
| employ il to the best advsntaSe, IN disordcred
| -tatc of tho currency, and when exchanges are luc


uarirg and Irregular. There are sections o! the
1
yery where convertible into specie, on demand, -
| much us YOU al the South and we in the West II
l is Indispensable 10 our prosperity ANA, II hui


brethren at the North and the East, did rot feel the


want OF themselves since II will do them no pre-


lndice they ought, upon principles OF sympathy and
| mutual accommodation, 10 concur IN supplying
what is so essential 10 the business and industry


other sections OF the Union. Ii is said that the cur
I reucv and exchanges have improved and are i'm
| oroyipg and so they have and are. This improve


menii mainly attributable thr salutary operalionn


the rariifot 1872 which turned the balance OF oreigr


trade in our favor Bat such is the enterprise an'
| buoyancy OF our population that we nave 10 secu
ry for the continuation OF this state Of things. The
balance of trade may take another direction ne"
reyulsons in trade may take place, seasons OF dis
rress and embarrassment we must expect. Does
| any body believe the local banking system OF The
United States is competent to meet and provide o
these exigenciesl Ii is the part OF wise Govern


men TO anticipate and provide, as far as possible
i FIR all these contingencies. Ii is urged sgains
Banks that they are often badly and dishonesty ad
ninistered and frequently break, 10 The injury ant
preiudice of the community. am far from deny IN,


that Banks are attended with mischief and some in
\ convenience but that is the lot OF oil human insIl
i buttons. The employment OF steam is often attend
| ed with most disastrous consequences, OF which W
| have had recent melancholy examples. But doe
any BODY, thnt account, think of proposing Il
Il discontinue the agency OF steam power either oi
/ the land or the waterl The most that is though


Of is, that il becomes cur duty TO increase vgil"nc'
1 and multiply precautions against the recurrence q
accidents As 10 Banks, The true question IL
whether the sum of the inconvenience OF dispensing
with them would not be greater than any amount o
| which they are productive And, in any new char
ters that may he granted, we should anxously on


deavor to provide all possible restrictions, secunte
\ and guarantees against their Encouragement, which
reason or experience NAV suggest


| Such are my vewg Of the question Of establishing
Bank of the United States. They have been long


and honestly. and sincerely entertained BY me; bu
| do not seek 10 enforce them upon any others
| Above all. do not desire any Bank Of the lutte


States attempted or established, unless, and unit,
il il imperativey demanded, as | balieye denande
it will be, by the opinion ofthe people.


should have been glad, ieow-citizens, if ha
time and strength, TO make a full exposition OF m
| views and opinions upon all the grent measures an
questions that divide US and agitate our cour
Try. | should have been happy 10 hay
I been able To make a full examination Of IN
principles and measures OF our opponents.
we could find out what they are and contrast then
with our own. mean them no disrespect; woa
not use one word to wound the feelings oi any on
of lhe,n hut am really aud unaiiect-dly IenOfaD