On the contrary, it may, after a careful consideration of the
subject, be, I think, safely stated that at every period of banking
excess it took the lead; that in 1817 and 1818, in 1823, in 1831, and
in 1834 its vast expansions, followed by distressing contractions, led
to those of the State institutions. It swelled and maddened the tides of
the banking system, but seldom allayed or safely directed them. At a few
periods only was a salutary control exercised, but an eager desire, on
the contrary, exhibited for profit in the first place; and if afterwards
its measures were severe toward other institutions, it was because its
own safety compelled it to adopt them. It did not differ from them in
principle or in form; its measures emanated from the same spirit of
gain; it felt the same temptation to overissues; it suffered from and
was totally unable to avert those inevitable laws of trade by which it
was itself affected equally with them; and at least on one occasion, at
an early day, it was saved only by extraordinary exertions from the same
fate that attended the weakest institution it professed to supervise.
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