674. BANK (U. S.), Subscriptions to.—
You will have seen the rapidity with which
the subscriptions to the bank were filled. As
yet the delirium of speculation is too strong
to admit sober reflection. It remains to be
seen whether in a country whose capital is
too small to carry on its own commerce, to
establish manufactures, erect buildings, &c.,
such sums should have been withdrawn from
these useful pursuits to be employed in gambling?
Whether it was well judged to force
on the public a paper circulation of so many
millions for which they will be paying about
7 per cent. per ann. and thereby banish as
many millions of gold and silver for which
they would have paid no interest? I am afraid
it is the intention to nourish this spirit of
gambling by throwing in from time to time
new aliment.—
To Edmund Pendleton.
Ford ed., v, 357.
(Pa.,
1791)
