731. BANKS, Precautions against.—
In
order to be able to meet a general combination
of the banks against us, in a critical emergency,
could we not make a beginning towards
an independent use of our own money,
towards holding our own bank in all the deposits
where it is received, and letting the
treasurer give his draft or note, for payment
at any particular place, which, in a well-conducted
government, ought to have as much
credit as any private draft, or bank note, or
bill, and would give us the same facilities
which we derive from the banks.—
To Albert Gallatin. Washington ed. v, 520.
Ford ed., viii, 285.
(W.
Dec. 1803)
