I beg leave to submit the enclosed plan for establishing a National Bank in these United States, and the Observations on it, to the perusal and consideration of Congress.
Anticipation of taxes and funds is all that ought to be expected from any system of paper credit. This seems as likely to rise into a fabric equal to the weight, as any I have yet seen or thought of; and I submit whether it may not be necessary and proper, that Congress should make immediate application to the several States, to invest them with the powers of incorporating a bank, and for prohibiting all other banks, or bankers, in these States, at least during the war.[32]
I have the honor to be, &c.
ROBERT MORRIS.
FOOTNOTES:
[32] See the Plan of the National Bank here mentioned, and also the Observations on it, in John Jay's Correspondence, Vol. VII. p. 444.
TO THE PRESIDENT OF CONGRESS.
Philadelphia, May 23d, 1781.
Sir,
As I have heard in times past, that the treasury has frequently been in want of hard money, to comply with engagements made with the approbation of Congress, and sometimes obliged to obtain it on terms inconsistent with the dignity of government, and not very consonant to the public interest, I would wish to guard against the like inconveniences by importing from foreign countries a supply at least sufficient to pay rents of the houses and offices necessarily employed for the Continental service; also to answer, as far as may be, the calls for secret service. And even if I could devise the means of obtaining it, I should suppose it would be agreeable to bring such sums as may answer other valuable purposes; but as it cannot be imported but at the risk of being captured by the enemy, and the danger of the elements, you will perceive the necessity of my being authorised by Congress to enter on and execute this business at the risk, and for account of the Continent, on the best terms in my power.