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Though always opposed to their creation in the
form of exclusive privileges, and, as a State magistrate, aiming by
appropriate legislation to secure the community against the consequences
of their occasional mismanagement, I have yet ever wished to see them
protected in the exercise of rights conferred by law, and have never
doubted their utility when properly managed in promoting the interests
of trade, and through that channel the other interests of the community.
To the General Government they present themselves merely as State
institutions, having no necessary connection with its legislation or its
administration. Like other State establishments, they may be used or not
in conducting the affairs of the Government, as public policy and the
general interests of the Union may seem to require. The only safe or
proper principle upon which their intercourse with the Government can
be regulated is that which regulates their intercourse with the private
citizen--the conferring of mutual benefits.


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