t? The President verily believes the bank has not the power to produce
the calamities its friends threaten. The funds of the Government will
not be annihilated by being transferred. They will immediately be issued
for the benefit of trade, and if the Bank of the United States curtails
its loans the State banks, strengthened by the public deposits, will
extend theirs. What comes in through one bank will go out through
others, and the equilibrium will be preserved. Should the bank, for the
mere purpose of producing distress, press its debtors more heavily than
some of them can bear, the consequences will recoil upon itself, and in
the attempts to embarrass the country it will only bring loss and ruin
upon the holders of its own stock. But if the President believed the
bank possessed all the power which has been attributed to it, his
determination would only be rendered the more inflexible. If, indeed,
this corporation now holds in its hands the happiness and prosperity of
the American people, it is high time to take the alarm. If the despotism
be already upon us and our only safety is in the mercy of the despot,
recent developments in relation to his designs and the means he employs
show how necessary it is to shake it off. The struggle can never come
with less distress to the people or under more favorable auspices than
at the present moment.

All doubt as to the willingness of the State banks to undertake the
service of the Government to the same extent and on the same terms as it
is now performed by the Bank of the United States is put to rest by the
report of the agent recently employed to collect information, and from
that willingness their own safety in the operation may be confidently
inferred. Knowing their own resources better than they can be known by
others, it is not to be supposed that they would be willing to place
themselves in a situation which they can not occupy without danger of
annihilation or embarrassment. The only consideration applies to the
safety of the public funds if deposited in those institutions, and when
it is seen that the directors of many of them are not only willing
to pledge the character and capital of the corporations in giving
success to this measure, but also their own property and reputation, we
can not doubt that they at least believe the public deposits would be
safe in their management. The President thinks that these facts and
circumstances afford as strong a guaranty as can be