ileges, and, as a State magistrate, aiming by
appropriate legislation to secure the community against the consequences
of their occasional mismanagement, I have yet ever wished to see them
protected in the exercise of rights conferred by law, and have never
doubted their utility when properly managed in promoting the interests
of trade, and through that channel the other interests of the community.
To the General Government they present themselves merely as State
institutions, having no necessary connection with its legislation or its
administration. Like other State establishments, they may be used or not
in conducting the affairs of the Government, as public policy and the
general interests of the Union may seem to require. The only safe or
proper principle upon which their intercourse with the Government can
be regulated is that which regulates their intercourse with the private
citizen--the conferring of mutual benefits. When the Government can
accomplish a financial operation better with the aid of the banks than
without it, it should be at liberty to seek that aid as it would the
services of a private banker or other capitalist or agent, giving the
preference to those who will serve it on the best terms. Nor can there
ever exist an interest in the officers of the General Government, as
such, inducing them to embarrass or annoy the State banks any more than
to incur the hostility of any other class of State institutions or of
private citizens. It is not in the nature of things that hostility to
these institutions can spring from this source, or any opposition to
their course of business, except when they themselves depart from the
objects of their creation and attempt to usurp powers not conferred
upon them or to subvert the standard of value established by the
Constitution. While opposition to their regular operations can not
exist in this quarter, resistance to any attempt to make the Government
dependent upon them for the successful administration of public affairs
is a matter of duty, as I trust it ever will be of inclination, no
matter from what motive or consideration the attempt may originate.

It is no more than just to the banks to say that in the late
emergency most of them firmly resisted the strongest temptations to
extend their paper issues when apparently sustained in a suspension of
specie payments by public opinion, even though in some cases invited
by legislative enactments. To this honorable course