e those
fluctuations in the standard of value which render uncertain the rewards
of labor. It was supposed by those who established the Bank of the
United States that from the credit given to it by the custody of the
public moneys and other privileges and the precautions taken to guard
against the evils which the country had suffered in the bankruptcy of
many of the State institutions of that period we should derive from that
institution all the security and benefits of a sound currency and every
good end that was attainable under that provision of the Constitution
which authorizes Congress alone to coin money and regulate the value
thereof. But it is scarcely necessary now to say that these
anticipations have not been realized.

After the extensive embarrassment and distress recently produced by the
Bank of the United States, from which the country is now recovering,
aggravated as they were by pretensions to power which defied the public
authority, and which if acquiesced in by the people would have changed
the whole character of our Government, every candid and intelligent
individual must admit that for the attainment of the great advantages of
a sound currency we must look to a course of legislation radically
different from that which created such an institution.

In considering the means of obtaining so important an end we must set
aside all calculations of temporary convenience, and be influenced
by those only which are in harmony with the true character and the
permanent interests of the Republic. We must recur to first principles
and see what it is that has prevented the legislation of Congress and
the States on the subject of currency from satisfying the public
expectation and realizing results corresponding to those which have
attended the action of our system when truly consistent with the great
principle of equality upon which it rests, and with that spirit of
forbearance and mutual concession and generous patriotism which was
originally, and must ever continue to be, the vital element of our
Union.

On this subject I am sure that I can not be mistaken in ascribing our
want of success to the undue countenance which has been afforded to the
spirit of monopoly. All the serious dangers which our system has yet
encountered may be traced to the resort to implied powers and the use of
corporations clothed with privileges, the effect of which is to advance
the interests of the few at the expense of the many. We h