These and other salutary
reforms may, it is believed, be accomplished without the violation of
any of the great principles of the social compact, the observance of
which is indispensable to its existence, or interfering in any way with
the useful and profitable employment of real capital.
Institutions so framed have existed and still exist elsewhere, giving
to commercial intercourse all necessary facilities without inflating or
depreciating the currency or stimulating speculation. Thus accomplishing
their legitimate ends, they have gained the surest guaranty for their
protection and encouragement in the good will of the community. Among
a people so just as ours the same results could not fail to attend a
similar course. The direct supervision of the banks belongs, from the
nature of our Government, to the States who authorize them. It is to
their legislatures that the people must mainly look for action on that
subject. But as the conduct of the Federal Government in the management
of its revenue has also a powerful, though less immediate, influence
upon them, it becomes our duty to see that a proper direction is given
to it.
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