Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1831-09-22
SlLA ) L. BUltROW5
CO... JAMES MONROE.
Late President of The u. S.
Letter from Mr.. Monroe.

New York January 2Ob, 1881
Dear Sir: Tho confidence | have Ia your
recliudr aud patriotism. Will induce me 10
give an explicit au.Wtf 10 the general interro-
gntoIies contained ia your letter on the 9Th
though fear that my Continued weak state OF
health will make il less satisfactory Than il 9TH
rrwise might be, especially rs have none Of
the official documents with me which are cal
cuia,eh to illustrate the subject.
You ask me what is my opinion OF the effect
uhch Tie u. States Bank has on the national
charter what the situation of the Govern
M mt with out It's AID juTing he last war what
us general advantages IN regulating exchange,
in facilitating remit'ances 10 individuals, and III
general Importance
When he old U. S Bank was frs, institu-
ted was oae of those who Y1ted.again,I il III
| the Senate. donbied the power otthe Govern
neut under The Cons tuition 10 make such an es-
enlistment, and was fearful that the iniluence
y bich il would give 10 the government over
| the monsygd concerns VI tho UHion, would
have "a very impIopeI effect on our free sys
TEN, The Bank was instituted soon after the
Goyernnen, was adopted aud al period when
! tb. question of the relative powers Ut the
| two Governments excited great feeling, aud
divided the Congress and Ia Union into very
! Jealous and violent parties. was OF that pa =
| ~ which construed the power OF the Naliona'
Government stic'ly, anu sought 10 Impose on
/ IT corresr undpnt restraints. % iar as any
caange has since taken place in my opinion. II
mas been ,he result OF experience, and prompt
cd by a belief that surh change wooli give
| Strength 10 lhe systedi' daI not "e@Aeh or en-
daosern.
Betw cen such Rank, and any arrangement
which the Government can make, the alerna'
! tive must be betNce0 a Bank VI the govern
ment itself, and under lis exclusive control, d
! reliance on its own resources and surplus funds,
dpposi ed IA u manner 10 produce tue oest
effect, and n dependence on the Banks of the
Sc, eral States. | have no hesitation IN decldc-
ing il as my decided opinion that neither OF
these Could accomplish The great objects con-
te,nplated, aud that ca oh of them is liable in
other respects TO the most serious objections.
10 ii bank Of the Government, this remark is
applicable in bUtlr views. and win peculiar
(urc. in The alter II confined to tina metro
polls. it coul not extend its discounts beyond
II very limited cirLle, nor is agency as dtpOS.
1t Tor the revenue received IN the several States
mol ior leniiltdnces 10 indy iduals-& Tor other
ohiec,s it would be equally limited. such an
institution requires an active supervision by
those lor whose benefit ii is intended. The
regular Official duties of all the Departments ia
the Executive render it impossible tor that
I
reference with those duties 10 the INJURY oil the
public. II branches should be established, their
position might enaule them to remedy spme OF
the defects stated, but they would accumulate
others oCmach greater force. The interference
with the cons ituuonal aud regular dulles OF the
executive would ia the Aame degree, be increds-
ed. But that is comparatively slight ev'l
hank thus instituted being under the control
lof the Executive, by the appointment oil its
Directors aud 10 ali its operations. might, III
the hands Of d bad administration, be welded
as an instrument to sap the Foundation Of the
Government itself. Appeals would be made IL
the Government from every part OF the Union
for its influence ia obtaining discounts. aud thus
AS euuc,on nigh, be practsed TO great eAtrnl
for the worst purposes. The influence would
he reciprocal. Those connected by such Z
lie with the Government would he looked &c
for sunpert al. elections, who would not idil Il
render H. thus the revenue Of the nation, rails
ed Inv taxes on The proper objects 10 supper
their free Government, might be made al in
struuent TO It's overthrow.
The second alternative suggested, reliance
on the surplus funds, for The Accomplishment
of the obiects contemplated, il must be obvious
must TAIL in every instance. The revenue OF I
1;oyern,nen, is generally lin,i ed 10 certal'
= specifi ed objects according to an estimate TO
each, and 10 which II is appropriated III