Peter Buell Porter letter to Henry Clay, 20 August 1841

Niagara Falls, February 20, 1841.

Dear Sir, I wrote you from Albany, a few days since, on the subject of a National Bank, to be owned by the several States in their corporate capacities ; the capital to be raised on a pledge by each State of its interest, or the proceeds of it, in the national domain, guaranteed by the credit of the general Government, which would at once insure the realization of any desired amount ; the power of organizing and directing the operations of the institution to be divided between and exercised by the general Government and the several States, upon the great principle of separate and yet combined and harmonious powers now exercised in relation to other great interests.