705. BANKS, Failures of.—[continued].
The banks have discontinued
themselves. We are now without any
medium; and necessity, as well as patriotism,
and confidence, will make us all eager to receive
treasury notes, if founded on specific
taxes. Congress may now borrow of the public,
and without interest, all the money they
may want, to the amount of a competent circulation,
by merely issuing their own promissory
notes, of proper denominations for the
larger purposes of circulation, but not for the
small. Leave that door open for the entrance
of metallic money.—
To Thomas Cooper. Washington ed. vi, 382.
(M.
Sep. 1814)
