University of Virginia Library

724. BANKS, Monopoly.—

The monopoly
of a single bank is certainly an evil. The
multiplication of them was intended to cure
it; but it multiplied an influence of the same
character with the first, and completed the
supplanting of the precious metals by a paper
circulation. Between such parties the less we
meddle the better.—
To Albert Gallatin. Washington ed. iv, 446. Ford ed., viii, 158.
(W. 1802)