691. BANKS, Depreciated Paper of.—
Everything predicted by the enemies of banks,
in the beginning, is now coming to pass. We
are to be ruined now by the deluge of bank
paper, as we were formerly by the old Continental
paper. It is cruel that such revolutions
in private fortunes should be at the
mercy of avaricious adventures, who, instead
of employing their capital, if they have any, in
manufactures, commerce, and other useful
pursuits, make it an instrument to burden all
the interchanges of property with their swindling
profits, profits which are the price of no
useful industry of theirs. Prudent men must
be on their guard in this game of Robin's
alive, and take care that the spark does not
extinguish in their hands. I am an enemy
to all banks discounting bills or notes for
anything but coin. But our whole country is
so fascinated by this Jack-lantern wealth, that
they will not stop short of its total and fatal
explosion.—
To Thomas Cooper. Washington ed. vi, 295.
(M.
Jan. 1814)
