- ciated bills. Their receiving the money of inferior banks
while at par, though apparently countenancing them, has been, in effect, the best means hitherto adopted for effecting their ruin. The receivers of revenue lodge the money received in the United States' Bank, whose officers almost immediately present the money to the Banks that issued it, and demand payment in specie, or bills of the United States' Bank. It has been in this way that many of the paper manufacturers were obliged to suspend specie payments; and it was partly on account of this mode of operating on local banks, that several State Assemblies voted an enormous tax to be levied on the branches of the United States' Bank situated in the respective States.—That tax was mentioned in a former letter, with a notice that the supreme court had given judgment in favour of the National Bank; and the reasonings on which the decision was founded, were published in a most luminous style. The supreme court being the arbitrator in all questions rising out of the constitution, Congress have the power of making the United States a party in defending against encroachments in the prerogative of the general government. In the present banking concern, they prudently decline interference, seeing that experience will soon open the eyes of a people who can, at any time, counteract the {197} abuse by excluding bankers, and their adherents, from State legislatures. On this occasion, there can be no necessity for forcing the interests of the people down their throats, nor can there be any danger that this infraction of the constitution will be perpetuated. That the present disorders in banking are not extended over the whole of the United States is manifested by the tables of exchange periodically published at New York. These show that the depressions of money are chiefly confined to the western country, where the substantial capital
