741. BANKS, Sound Money.—[continued].
Let banks continue if
they please, but let them discount for cash
alone or for treasury notes. They discount
for cash alone in every other country on
earth except Great Britain, and her too often
unfortunate copyist, the United States. If
taken in time they may be rectified by degrees,
but if let alone till the alternative forces itself
on us, of submitting to the enemy for
want of funds, or the suppression of bank
paper, either by law or by convulsion, we cannot
foresee how it will end.—
To J. W. Eppes. Washington ed. vi, 199.
Ford ed., ix, 399.
(P.F.,,
Sep. 1813)
