The only ground on which that custody can be desired by the banks is
the profitable use which they may make of the money. Such use would
be regarded in individuals as a breach of trust or a crime of great
magnitude, and yet it may be reasonably doubted whether, first and last,
it is not attended with more mischievous consequences when permitted to
the former than to the latter. The practice of permitting the public
money to be used by its keepers, as here, is believed to be peculiar to
this country and to exist scarcely anywhere else. To procure it here
improper influences are appealed to, unwise connections are established
between the Government and vast numbers of powerful State institutions,
other motives than the public good are brought to bear both on the
executive and legislative departments, and selfish combinations leading
to special legislation are formed. It is made the interest of banking
institutions and their stockholders throughout the Union to use their
exertions for the increase of taxation and the accumulation of a surplus
revenue, and while an excuse is afforded the means are furnished for
those excessive issues which lead to extravagant trading and speculation
and are the forerunners of a vast debt abroad and a suspension of the
banks at home.
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