Endangered in the first place by their own mismanagement and again by
the conduct of every institution which connects them with the center of
trade in our own country, they are yet subjected beyond all this to the
effect of whatever measures policy, necessity, or caprice may induce
those who control the credits of England to resort to. I mean not
to comment upon these measures, present or past, and much less to
discourage the prosecution of fair commercial dealing between the two
countries, based on reciprocal benefits; but it having now been made
manifest that the power of inflicting these and similar injuries is by
the resistless law of a credit currency and credit trade equally capable
of extending their consequences through all the ramifications of our
banking system, and by that means indirectly obtaining, particularly
when our banks are used as depositories of the public moneys, a
dangerous political influence in the United States, I have deemed it my
duty to bring the subject to your notice and ask for it your serious
consideration.
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