ature of the thing; while the discretion of the Government is the only
measure of the extent of the emissions by its own authority.

"The payment of the interest of the public debt at thirteen different
places is a weighty reason, peculiar to our immediate situation, for
desiring a bank circulation. Without a paper, in general currency,
equivalent to gold and silver, a considerable proportion of the specie
of the country must always be suspended from circulation, and left to
accumulate preparatorily to each day of payment; and as often as one
approaches, there must in several cases be an actual transportation of
the metals at both expense and risk, from their natural and proper
reservoirs, to distant places."

The report then goes on to explain the practical details of the plan
proposed.

The measure met generally with popular applause, but there were some who
doubted its wisdom. Among other difficulties that were thrown in its
path was a suggestion that a new bank was quite unnecessary, since an
institution was in existence which owed its origin to national bounty,
and which had already, upon more than one occasion, manifested both its
readiness and ability to extend a helping hand to the Government. With
this objection Hamilton dealt most courteously.

"The aid afforded to the United States," said he, "by the Bank of North
America during the remaining period of the war was of essential
consequence, and its conduct toward them since the peace has not
weakened its title to their patronage and favor. So far its pretensions
to the character of a national bank are respectable, but there are
circumstances which militate against them and considerations which
indicate the propriety of an establishment on different principles.

"The directors of this bank, on behalf of their constituents, have since
acted under a new charter from the State of Pennsylvania, materially
variant from their original one, and which so narrows the foundation of
the institution as to render it an incompetent basis for the extensive
purposes of a national bank.

"There is nothing in the acts of Congress which implies an exclusive
right in the institution to which they relate, except during the time of
the war. There is, therefore, nothing, if the public good require it,
which prevents the establishment of another. It may, however, be
incidentally remarked that in the general opinion of the citizens of the
United States, the Bank of North America