663. BANK (U. S.), Beginning of.—
A division, not very unequal, had * * *
taken place in the honest part of * * * [Congress
in 1791] between the parties styled republican
and federal. The latter, being monarchists
in principle, adhered to [Alexander]
Hamilton of course, as their leader in
that principle, and this mercenary phalanx,
[39]
added to them, ensured him always
a majority in both Houses; so that the
whole action of the Legislature was now under
the direction of the Treasury. Still the
machine was not complete. The effect of the
Funding system, and of the Assumption [of
the State debts], would be temporary. It
would be lost with the loss of the individual
members whom it had enriched, and some
engine of influence more permanent must be
contrived while these myrmidons were yet in
place to carry it through all opposition. This
engine was the Bank of the United States.—
The Anas. Washington ed. ix, 95.
Ford ed., i, 164.
(1818)
