Lengthy unsigned handwritten draft of a letter by James Monroe, three pages on two adjoining sheets, 8 x 10, March 1831. Handwritten draft outlining his views on the establishment of a national bank, penned as the 'Bank War' of Andrew Jackson's administration began to take shape. In part: "Your letter touches on a very interesting subject, one which is of the highest importance to the national prosperity and to the success of our free system of government itself. The great object of your inquiry is, whether a bank of the government, founded on the public’s revenue, and under its exclusive control is to be preferred, for all the national purposes specified, to such a bank as that which now exists, founded partially on the stock of individuals and exclusively under their control. I have no hesitation in declaring it my decided opinion that the latter is to be preferred…A bank of individuals founded on their stock and under their control, connected with the government on just and independent principles, would accomplish all…
A supervision by the government, of a bank of its own, whether confined to the city, or extended by branches to the states, would interfere with its other duties distinctly pointed out by the Constitution. It adds a new branch with powers of great extent and of a peculiar character. It is by a national bank as you suggest that this proper currency is to be raised, and sustained on a par with specie, that exchange is to be regulated, remittances made to individuals throughout the union, and what is of the highest importance, that loans be furnished, and obtained by others, in great emergencies, in war for example. In my judgment none of their duties could be performed with complete affect by a bank of the government. Personal interest would operate on some of the parties connected with it…
A bank established on the funds of the union, under the control of the Executive might by the abuse of the power, to which there would be great temptations, shake our free system of government if not overthrow it…a party might be formed repugnant to the Constitution and the safety of the republic…A century might elapse before these dangers would be realized." He continues with detailed thoughts on the merits of a bank founded on the funds of individuals. In fine condition, with slightly irregular light toning.
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