The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-26
Mr.. lNGERsoLL. /.
LETTER FROM EX-PRESIDENT MONROE
TO SILAS L. BURROWS, ESQ
New YoRK. Jan. 20. 1881

New York Jan. 20 1881.
DEAR SIR The confidence have in your recli-
tude and patriotism will induce to give an explicit
10 the general interrogatories contained in
your letter of the 1th though fear that my continued
weak state of health will mike less satisfactory than
il otherwise might be, especially have of the
official documents with me which are calculated to
illustrate the subject 3vr
You ask me what is my opinion Of the effect which
the United States Bank has the national currency
and as TO the policy of renewing It's cllarterl-what
the situation ofthe Government without its aid during
the last warl-wha its general advantages in rcgula.
ting exchange IN facilitating remttances TO indsldu
ais, and its general Importance
When the cid United States Bank first nsti-
tutcd ! was Of those who voted against II in the
Senate doubted the power of the Government,
under the Constitution, TO make such an establish
mcnt, and was fearful that the influence which ii
would give 10 the Government over the moncyed con
of the Union would have very improper effect
on our free ~ stem. The bank was instituted soon
after the Government was adopted, and at a period
when the question Of the relative powers of the two
Governments excited great feeling, and divided the
Congress Of the Union into very jealous and violent
parties. ] was of that party which construed the
power Of the National Government strictly and sought
TO impose on it correspondent restraints. So far as
any change has since taken place in my opnoni has
been the result Of experience, and prompted by he
lief that such change would give strength to the sys
TEN, and not weaken or cndangcr II.
Between such bank and any arrangement which
the Government can make, the alternative must be,
hctHcc bank Of the Government itself, and under
it, exclusive control reliance It's own resources
and surplus funds, deposited IN a 10 produce
the best Get and dependence on the banks of the
several States. lhaSe no hesitation In declaring 1t
my decided opinion that neither OF these could
psh the great objects contemplated and that each OF
them liable IN other respects 10 the most serious OBJ
jections. To bank of the Government, this remark
applicable in both views and with peculiar force
the latter. IL confined to the metropolis il could moi
extend It's discounts beyond very limited circle nor
its agency deposit for the received in tn,
several States for rcmlttances 10 individuals and
for other objects II would be equally limited Such
institution requires an active supervision by those for
whose benefit II u intended The regular official
duties of all the Departments in the Executive render
It impossible for that branch 10 perform that service
without an interference with those duties To the injury
Of the public. IL branches should be established their
position might enable them 10 remedy some of the de
fleets stated, but they would accumulate others OF
much greater force The interference with the con
siuonal and regular duties Of the Executive would,
IN the same degree be increased But that - com
patatvey slight evil. A bank thus instituted beng
under the control OF the Executive by the appointment
of It's directors and IN all its operations might ~ e
hands of bad Administration, be welded as an w
slrumcnt 10 sap the foundation Of the Government y.
self Appeals would be made 10 the Government from
every pan OF the Union Tor its influence "a obtaining
discounts and thus seduction might be pfactIsed 70
4 great ettcni co. the worst purposes he iDilucnce
| would be rociprocal Those connected by such Tie
with the Government would H. looked 10 Tor support
/ al elections who would not iaI To render u. Thus
the revenue ohe nation raised 10y taxes ON the proper