niversal one, of
equal and general value throughout the land, I am hard to be persuaded
that we shall see the day of our former prosperity. Currency, accredited
currency, and easy and cheap internal exchanges,--until these things be
obtained, depend upon it, the country will find no adequate relief.

And now, fellow-citizens, I will say a word or two on the history of the
transactions on this subject. At the special session of Congress, the
Secretary of the Treasury, Mr. Ewing, arranged a plan for a national
bank. That plan was founded upon the idea of a large capital, furnished
mainly by private subscriptions, and it included branches for local
discounts. I need not advert, Gentlemen, to the circumstances under
which this scheme was drawn up, and received, as it did, the approbation
of the President and Cabinet, as the best thing that could be done. I
need not remind you, that he whom we had all agreed should hold the
second place in the government had been called to the head of it. I need
not say that he held opinions wholly different from mine on the subjects
which now came before us. But those opinions were fixed, and therefore
it was thought the part of wisdom and prudence not to see how strong a
case might be made against the President, but to get along as well as we
might. With such views, Mr. Ewing presented his plan to Congress. As
most persons will remember, the clause allowing the bank to establish
branches provided that those branches might be placed in any State which
should give its consent. I have no idea that there is any necessity for
such a restriction. I believe Congress has the power to establish the
branches without, as well as with, the consent of the States. But that
clause, at most, was theoretical. I never could find anybody who could
show any practical mischief resulting from it. Its opponents went upon
the theory, which I do not exactly accord with, that an omission to
exercise a power, in any case, amounts to a surrender of that power. At
any rate, it was the best thing that could be done; and its rejection
was the commencement of the disastrous dissensions between the President
and Congress.

Gentlemen, it was exceedingly doubtful at the time when that plan was
prepared whether the capital would be subscribed. But we did what we
could about it. We asked the opinion of the leading merchants of the
principal commercial cities. They were invited to Washington to confer
with us. They expressed