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50 been, is therefore not a proper fiscal agent for the government of a democratic country; and the American people have reason to remember with gratitude Salmon P. Chase and the Congress of 1863 for having, in the greatest crisis of public affairs, given the country a national banking system equal to the United States Bank in efficiency, superior to it in safety, avoiding the evils of a concentrated money power, and, as subsequently perfected, entirely free from that flavor of monopoly which made the old bank in its time so odious.

Andrew Jackson's severest critics will have to admit that his war upon the United States Bank appealed to a sound democratic instinct, and negatively served a good end. But his most ardent admirers will hardly deny that the manner in which he accomplished the overthrow of the bank was utterly reckless, not only on account of the violence which was done to the spirit of the law, but also on account of the disposition which was made of the public funds. They were distributed among state banks, without any system, unless it be called a system that political favoritism had much to do with the selection, and that the deposit of the public funds became to a great extent a part of the executive patronage. Capital in the shape of bank deposits was arbitrarily located in different parts of the country, to be liberally used for bank accommodations, and this in constantly increasing sums as the public debt disappeared and the revenue surplus grew larger. Great rivalry sprang