Alabama state intelligencer., 1831-10-08
Letter from Mir Monroe.
Nrw-YoRK, January 20tI,

Dear Str: The confidence have in yuur recttule and patriotism, will induce me to give an explicit answer to the general interrogaories contained in your letter of the 7h though fear that my continu ed weak state of health will make it less satisfactory than it otherwise might be, especially as have none of the official documents with me which calcula- ted to illustrate the subject
 You ask me what is my opinion ofthe effect which the United States Bank has the national curren- cy, and as to the policy of renewing its charter?- what the situation ofthe Government without its aid during the last war?-what its general advantages in regulating exchange, in facilitating remttances to individuals, and it's general importancel
 When the old United States Bank was first insti- tued, was one fthose who voted against il in the Senate. l doubted the power of the Government under the Constitution to make such an establish ment, and was fearful that the influence which it would give to the Government over the moned con cerns of the Union, would have a very improper eff feet our free system. The Bank was instituted soon after the Government was adopted, and at period when the question of the relative powers of the two Governments excited great feeling, and d- vded the Congress and the Union into very jealous and violent parties. was of that party which con strued the powers of the National Government strictly and sought impose it correspondent re- straints So far as any change has since taken place in my opinion il has been the result of expe- rience, and prompted by belief that such change would give strength to the system, and not weaken | or endanger it.
 Between such Bank, and any arrangement which the Government can make, the alternative must be between Bank of the Government itself, and un- der its exclusive control, reliance on it's own re- sources and surplus funds, deposited in manner to produce the best effect, and dependence on the Banks of the sevea a States. have hesitation in declaring it as my decided opinion, that neither Ol | these could accomplish the great objects contempa- ted and that each of them liable in other respects tb, Ho a Ot Government this remark is applicable in both views and with peculiar force in the latter If confined to the metropolis, it could not extend its discounts be- yond very limited circle its agency as deposit for the received in the several States-nor for remittances to ndividuas-and for other objects it would be equally limited. Such an institution quires an active upervison by those for whose bene fit it is intended. The regular official dutIes of all the Departments Tn the Executive, render it,mpos. sbe for that Branch to perform that service without interference with those duties to the injury of the public If branches should be established, their pO- ston might enable them to remedy some of the de. fleets stated, but they would accumulate others Ol much greater force. The interference with the con- stituonal and regular duties of the executive would in the same degree be increased. But that is com parativey slight evil. A Bank thus instituted be- | ing under the control of the Executive, by the ap poinlment of its Directors, and in all it's operations might ill the hands of a bad administration, be wleld l vernment itself Appeals would be made to the Government from every part of the Union, for its in fucnce in obtaining discounts, and thus seduction might be practIsed to great extent for the wors purposes. The influence would be reciprocal. Those connected by such tie with the Government would be looked to for support at elections, who would mol fail to render it. Thus the revenue of the nation raised by the proper objects to support the
 free Government might be made instrument tt its overthrow.
 The second alternative suggested, reliance or the surplus funds, for the accomplishment of the ob jects contemplated it must be obvious, must fail il every instance. The revenue of Government il generally limited to certain specified objects, accord
 ing to an estimate for each and to which it is appro priated The fund raised, sometimes falls short o the object It seldom exceeds it in any considerable amount. For the want of surplus 1t must lie idle
 in the Treasury until appropriated, and if appropri ated provision for emergency, for war for ex ample, it must still lie idle in the Treasury, unti that event occurs be loaned out It could not lis f idle. The whole nation would revolt against :, ant if loaned out, it might be impossible to obtain i when called for, and might even be lost. Ia thi
 raode the regulation of the value of the currency, O