660. BANK (National 1813), Unconstitutional.—[continued].
The idea of creating a
national bank, I do not concur in, because it
seems now decided that Congress has not that
power (although I sincerely wish they had
it exclusively), and because I think there is
already a vast redundancy, rather than a
scarcity of paper medium. The rapid rise in
the nominal price of land and labor (while
war and blockade should produce a fall)
proves the progressive state of the depreciation
of our medium.—
To Thomas Law.
Ford ed., ix, 433.
(M.
1813)
