the public functionaries; an institution like this, penetrating by its
branches every part of the Union, acting by command and in phalanx, may,
in a critical moment, upset the government. I deem no government safe
which is under the vassalage of any self-constituted authorities, or any
other authority than that of the nation, or its regular functionaries.
What an obstruction could not this bank of the United States, with all
its branch banks, be in time of war? It might dictate to us the peace
we should accept, or withdraw its aids. Ought we then to give further
growth to an institution so powerful, so hostile? That it is so hostile
we know, 1. from a knowledge of the principles of the persons composing
the body of directors in every bank, principal or branch; and those of
most of the stock-holders: 2. from their opposition to the measures and
principles of the government, and to the election of those friendly to
them: and, 3. from the sentiments of the newspapers they support. Now,
while we are strong, it is the greatest duty we owe to the safety of our
constitution, to bring this powerful enemy to a perfect subordination
under its authorities. The first measure would be to reduce them to an
equal footing only with other banks, as to the favors of the government.
But, in order to be able to meet a general combination of the banks
against us, in a critical emergency, could we not make a beginning
towards an independent use of our own money, towards holding our own
bank in all the deposits where it is received, and letting the Treasurer
give his draft or note for payment at any particular place, which, in a
well conducted government, ought to have as much credit as any private
draft, or bank note, or bill, and would give us the same facilities
which we derive from the banks? I pray you to turn this subject in your
mind, and to give it the benefit of your knowledge of details; whereas,
I have only very general views of the subject. Affectionate salutations.

Washington, December 13, 1803.