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In a letter which I have written by this mail to Mr Poinsett, I have suggested a measure which I think would be a brilliant stroke of policy, & give immediate confidence to the country. It is simply this, that the Gov . should make the Bank of the U.S. the depository of the public funds, and without repealing the specie circular, authorize the reciept of the paper of the Bank for dues to the Government. You will see at a glance the advantages of such a movement. . . .
What prevents this ? Some old feeling of party ? Certainly not. We have fought out the battle with the last administration with what success it is not for me to say but at\ least we fought it fairly, and we do not wish to fight it over I with this administration.
I submit all these matters to you, and if, as I trust, you will see them in the same light, I would ask your immediate concurrence in carrying it into effect. I care not how it begins, or who proposes it, but if it be necessary for me to commence, I am agreed. I am too proud to think my step humiliating which may benefit this poor bleeding country of ours.
- Nicholas Biddle
- The correspondence of Nicholas Biddle Dealing With National Affairs 1807