It can scarcely
be doubted that the recent suspension of the United States Bank of
Pennsylvania, of which the effects are felt not in that State alone, but
over half the Union, had its origin in a course of business commenced
while it was a national institution, and there is no good reason for
supposing that the same consequences would not have followed had it
still derived its powers from the General Government. It is in vain,
when the influences and impulses are the same, to look for a difference
in conduct or results. By such creations we do, therefore, but increase
the mass of paper credit and paper currency, without checking their
attendant evils and fluctuations. The extent of power and the efficiency
of organization which we give, so far from being beneficial, are in
practice positively injurious. They strengthen the chain of dependence
throughout the Union, subject all parts more certainly to common
disaster, and bind every bank more effectually in the first instance
to those of our commercial cities, and in the end to a foreign power.
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