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My dear Sir
I had this morning the pleasure of receiving your favor of the 12th inst. & thank you for the suggestions it contains, which are I am sure dictated by the most friendly disposition to the Bank. The subject, as you may readily suppose, has occupied much of my thoughts, so that I am able to speak of it at once but after very deliberate reflection.
I am very sensible of the value to the Bank of the result contemplated & fully aware of the importance of what you mention in accomplishing that result. But the agency of the Bank in contributing to it is a matter of very grave consideration. When the Bank was denounced by the President, & all the influences of his patronage arrayed against it, it was an obvious duty not to suffer the institution to be crushed by the weight of power but to appeal directly to the country and as the whole channel through which the understandings of the community could be reached was the press, we strove to disseminate widely correct information in regard to the Bank. That object is accomplished. The Bank is fairly before the country and large majorities of both houses of Congress have decided in its favor. One individual has how ever opposed his will to the deliberate reflections of the representatives of the people and the question now is whether the Bank ought to exert itself to defeat the reelection of that person who is now the only obstacle to its success. On that question I have made up my mind that to interfere in the election would be a departure from the duty which the Bank owes to the country. The first law of its existence is en-\ tire and unqualified abstinence from all political connexions j & exertions. This it has hitherto practised, and whatever^ may be the consequences, must continue to practise. The temptations to a contrary course are I feel very great, but I believe it to be the duty of the Bank to resist them. If I could permit myself to do otherwise, it would have an additional satisfaction in the prospect of serving one who has I think been very hardly and unjustly treated by his political associates.
You will easily believe that I think our differences of opinion on this subject arise merely from our looking at the object from different points of view, for I think in my situation You would probably entertain the same sentiments. I shall always be glad to hear from you whenever you have leisure, & remain.
- The correspondence of Nicholas Biddle Dealing With National Affairs 1807