James Buchanan.
[TO GENERAL PORTER.]
Senate Chamber, Washington, February 9, 1841.
My Dear Sir:—
The third crash of the Bank of the United States so soon after its resumption has taken us all by surprise. I sincerely hope that it has made its last struggle, and may now go into final liquidation. Whilst I regret the sufferings to which its stockholders may be exposed, I yet believe that its dissolution is necessary to the prosperity of the country. As long as it shall continue to exist, it will continue to derange the business of the country, and produce again and again those revulsions to which we have been subjected. It has ever been a lawless institution, and has done what it pleased, knowing that to destroy it would subject the people to evils which they would be unwilling to encounter. We ought to rejoice that it has now destroyed itself. I most sincerely hope that you may take this view of the subject; and adhere strictly, as I have no doubt you will, to your opposition to permitting the banks to issue notes under five dollars.
As a sincere friend, both personally and politically, I have deemed it to be my duty to make these suggestions, and I have no doubt you will receive them as they are intended.
From your friend, sincerely,
James Buchanan.
[TO GENERAL PORTER.]
Washington, February 17, 1841.