1

Teacle L. D.
Tomlinson's Hotel
31st Jany 1814
Sir
Upon my arrival in the City I was informed
that the subject of a National Bank was about to be discussed
in Congress, and considering the scheme proposed by its projectors,
as designed to compass a vast monopoly, and an important
source of revenue without an equivalent I took occasion
cursorily to draw up a plan of Finance embracing that
subject, which appeared in the National Intelligencer and
has been republished by several prints of various political
character but in the ardour of my zeal to submit that vision
to your consideration before the matter should have been dis-
posed of by Congress, it escaped me to notice a most essential
[auxiliary?] to the plan. to wit, the extension of emissions
upon the security of national domains, redeemable at a
distant date, say five years, with interest annually at the
rate of 1 1/3 cents [pr?] $100 [pr?] day equal to $4 80/100 [?] [pr Anm?]
for such facilities a capital of Sixty millions might
be readily commanded as computing the aggregate of Bank
stock at seventy-five millions, whereof 1/5 in specie is
amply sufficient to discharge any demand that in the
common course of commerce could be presented and
which is equal to the average portion of specie in the
different Banks, and nearly equal to their notes in cir-
culation - the remaining 4/5 or sixty millions in public
securities bearing interest and intrinsic solidity obviously
preferable to the notes of State Banks, of which that portion is
now composed, would consequently be thus invested
the correctness of this position is well known to Gentlemen
21.949