Of a National Bank.

It will be obvious, that according to the principles maintained in the preceding chapter, a National Bank, by which I understand a bank resembling, in its essential features, the Bank of England, or the late Bank of the United States, is neither necessary nor useful.

Such a bank has exclusive privileges, entirely inconsistent with freedom of competition. It always forms the strong hold, the impregnable fortress, the pride and reliance of the monopolists. It is worthy of careful attention, what rapid strides the English joint-stock banks have made since the Bank of England has been shorn of a part of its exclusive privileges. In like manner, the local banks of the United States have doubled in number and capital, since Jackson s veto upon the recharter of the United States Bank; and that too notwithstanding the gold currency party have acted in the mean time, in strict alliance with the monopolists of bank charters; and have most strenuously joined in the opposition to the creation of any new banks. These gold currency people bear a most desperate hatred to all monopolies, and so far they are right. But they have suffered the common fate of fanatics; they have allowed themselves to be spell-bound bywords; and to be made instru-