669. BANK (U. S.), Inflation projects.—
The Bank is so firmly mounted on us that
we must go where they will guide. They
openly publish a resolution, that the national
property being increased in value, they must
by an increase of circulating medium furnish
an adequate representation of it, and by further
additions of active capital promote the
enterprises of our merchants. It is supposed
that the paper in circulation in and around
Philadelphia, amounts to twenty millions of
dollars, and that in the whole Union, to one
hundred millions.—
To James Monroe. Washington ed. iv, 140.
Ford ed., vii, 80.
(M.
June. 1796)
