The writings of James Madison, comprising his public papers and his private correspondence, including numerous letters and documents now for the first time printed. |
TO EDMUND PENDLETON.
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 | The writings of James Madison, |  |
TO EDMUND PENDLETON.[1]
Philadelphia, February 25, 1782.
Dear Sir,—You have been misinformed, I find,
with respect to that article in the scheme of the Bank,
which claims for it the exclusive privilege of issuing
circulating notes. It is true, Congress have recommended
to the States to allow it such privilege, but
it is to be considered only during the present war.
Under such a limitation it was conceived both necessary
to the success of the scheme, and consistent with
the policy of the several States; it being improbable
that the collective credit and specie of the whole
would support more than one such institution, or that
any particular State would, during the war, stake its
credit anew on any paper experiment whatever.
| The writings of James Madison, | |