would
be free from the objection we have just made, it would be liable to
another quite as great--the very one of influence which the president
has made to the bank of the United States--with this difference,
however, that the influence derived from the government funds is now
exercised by the Bank of the United States, and is a salutary check upon
that exercised by the state banks, but _then_, it would be added to that
patronage which is already thought sufficiently great for every
desirable purpose, and sometimes for purposes not desirable. The large
receipts of public money in our chief importing cities, would be
distributed among those banks which were most in favour with the
government, by which is always meant those that were its most zealous
and efficient supporters; and thus the revenue of the nation, that is,
the use of it, would be set up at auction, to be purchased by the
obsequious devotion of the state banks to the existing administration.
In a division of parties, not more equal than that we often witness in
our country, the vote of a single state may decide that of the Union,
and the vote of its principal city may decide that of the state. All
this is perfectly well known to some of the friends of the scheme, but
it is not so to those who are to pay for it, and who are less familiar
with the workings of the political wires.

There is another part of this notable scheme, (we mean no pun,) which
merits our attention. This new bank and its offices are to sell drafts
on each other for a premium, and as the bank itself is to issue no
paper, the drafts may be paid for in the notes of the state banks, "only
so long as they continue to be redeemed in specie,"--such are the
President's words. But suppose the very common case of a bank paying
specie to-day, and not paying it, and not being able to pay it,
to-morrow, what becomes of the public revenue then? To be placed no
doubt first to the account of "unavailable funds," and then, to the
credit of the treasury. When these new bureaux of finance are
distributed over the Union, and having no paper of their own, must carry
on their operations altogether in gold and silver, and the paper of the
banks in their vicinity, it is impossible that, with the highest degree
of vigilance, prudence, impartiality, and firmness, united, they would
always avoid loss. But does any one believe that this delicate and
important trust would always be exercised with impartiality and
fir