University of Virginia Library

730. BANKS, Power to establish.—[further continued].

I do not remember the
conversation between us which you mention
* * * on your proposition to vest in Congress
the exclusive power of establishing
banks. My opposition to it must have been
grounded, not on taking the power from the
States, but on leaving any vestige of it in ex
istence, even in the hands of Congress, because
it would only have been a change of
the organ of abuse.—
To John Adams. Washington ed. vi, 305.
(M. Jan. 1814)