hand at least one dollar of gold and silver for every three dollars
of their circulation and deposits, and if they will provide by a
self-executing enactment, which nothing can arrest, that the moment they
suspend they shall go into liquidation, I believe that such provisions,
with a weekly publication by each bank of a statement of its condition,
would go far to secure us against future suspensions of specie payments.

Congress, in my opinion, possess the power to pass a uniform bankrupt
law applicable to all banking institutions throughout the United
States, and I strongly recommend its exercise. This would make it the
irreversible organic law of each bank's existence that a suspension
of specie payments shall produce its civil death. The instinct of
self-preservation would then compel it to perform its duties in such
a manner as to escape the penalty and preserve its life.

The existence of banks and the circulation of bank paper are so
identified with the habits of our people that they can not at this day
be suddenly abolished without much immediate injury to the country.
If we could confine them to their appropriate sphere and prevent them
from administering to the spirit of wild and reckless speculation by
extravagant loans and issues, they might be continued with advantage
to the public.

But this I say, after long and much reflection: If experience shall
prove it to be impossible to enjoy the facilities which well-regulated
banks might afford without at the same time suffering the calamities
which the excesses of the banks have hitherto inflicted upon the
country, it would then be far the lesser evil to deprive them altogether
of the power to issue a paper currency and confine them to the functions
of banks of deposit and discount.