arise
when other nations will not be compelled, for their own sales, to
minister to its wants_.'

Now this principle, enunciated twenty years ago by men, who now hold the
reins of the English Government, _is especially one for us to bear in
mind_. While England, from her limited surface, can never be independent
of other countries for the supply of food, we may say, and we can
demonstrate, that the United States can reach that preeminence to which
the great English statesman alluded--a preeminence which he would gladly
attain for his own countrymen.

To the General Government was confided by the framers of the
Constitution the power to 'coin money, and regulate the value thereof;'
and the States were forbidden to 'emit bills of credit;' from which we
may infer that it was intended to place the control of the currency in
the hands of the General Government. It will be generally conceded that
it would be wiser to have one central point of issue than several
hundred as at present. There should be but one form for, and one source
of, the currency. It should emanate from a source where the power cannot
be abused, and where the interests of the people at large, and not of
individuals, will be consulted.

The people have thus an interest at stake. It is for their benefit that
a national circulation, of a perfectly reliable character, should be
established. The remark made by Sir Robert Peel, in parliament, in May,
1844, at the time of the recharter of the bank, applies with equal force
to the national currency of this or any other country.

'There is no contract, public or private, national or individual,
which is unaffected by it. The enterprises of trade--the
arrangements made in all the domestic relations of society--the
wages of labor--pecuniary transactions of the highest amount and
the lowest--the payment of the national debt--the provision for the
national expenditure--the command which the coin of the lowest
denomination has over the necessaries of life--are all affected by
the decision to which we may come.'

Sir Robert Peel wisely comprehended the powers and attributes of a
national currency, and we may wisely adopt his idea that such a national
currency, controlled by the national legislature, for the use and
benefit of the people, is the only one that can be safely adopted.

* * * * *

The national banking system established by Congress