682. BANKS, Abuses of.—[continued].
Everything predicted by
the enemies of banks, in the beginning, is now
coming to pass. We are to be ruined now by
the deluge of bank paper, as we were formerly
by the old Continental paper. It is cruel that
such revolutions in private fortunes should
be at the mercy of avaricious adventurers,
who, instead of employing their capital, if
any they have, in manufactures, commerce,
and other useful pursuits, make it an instrument
to burthen all the interchanges of property
with their swindling profits, profits
which are the price of no useful industry of
theirs. Prudent men must be on their guard
in this game of Robin's alive, and take care
that the spark does not extinguish in their
hands. I am an enemy to all banks discounting
bills or notes for anything but coin. But
our whole country is so fascinated by this
Jack-lantern wealth, that they will not stop
short of its total and fatal explosion. [43]
—
To Dr. Thomas Cooper. Washington ed. vi, 295.
(M.
Jan. 1814)
