the foreign exchanges are carried on by private houses, often, if not
generally, without the assistance of banks; yet they extend throughout
distinct sovereignties, and far exceed in amount the real exchanges of
the United States. There is no reason why our own may not be conducted
in the same manner with equal cheapness and safety. Certainly this might
be accomplished if it were favored by those most deeply interested; and
few can doubt that their own interest, as well as the general welfare of
the country, would be promoted by leaving such a subject in the hands of
those to whom it properly belongs. A system founded on private interest,
enterprise, and competition, without the aid of legislative grants or
regulations by law, would rapidly prosper; it would be free from the
influence of political agitation and extend the same exemption to
trade itself, and it would put an end to those complaints of neglect,
partiality, injustice, and oppression which are the unavoidable
results of interference by the Government in the proper concerns of
individuals. All former attempts on the part of the Government to carry
its legislation in this respect further than was designed by the
Constitution have in the end proved injurious, and have served only
to convince the great body of the people more and more of the certain
dangers of blending private interests with the operations of public
business; and there is no reason to suppose that a repetition of them
now would be more successful.

It can not be concealed that there exists in our community opinions and
feelings on this subject in direct opposition to each other. A large
portion of them, combining great intelligence, activity, and influence,
are no doubt sincere in their belief that the operations of trade ought
to be assisted by such a connection; they regard a national bank as
necessary for this purpose, and they are disinclined to every measure
that does not tend sooner or later to the establishment of such an