With great respect and esteem, &c.
ROBERT MORRIS.
CIRCULAR RESPECTING THE NATIONAL BANK.
Philadelphia, June 11th, 1781.
Sir,
No doubt you have seen in the public papers, the plan for establishing a National Bank, the necessity of which everybody sees, that allows himself the least time for reflection on the present state of public credit. All the public bodies in America have, more or less, lost the confidence of the world as to money matters, by trying projects and applying expedients to stop a course of depreciation, which original errors had fixed too deeply to admit of any radical cure.
It is vain to think of carrying on war any longer by means of such a depreciating medium, and at the same time an efficient circulation of paper that cannot depreciate, is absolutely necessary to anticipate the revenues of America. A National Bank is not only the most certain, but will prove the most useful and economical mode of doing so. It is, therefore, of the utmost importance that this first essay, confined as it is in point of capital, should be brought into action with the greatest expedition. I am sensible that plans of public utility, however promising and pleasing they may be on their first appearance, soon grow languid, unless it be the particular business of some man, or set of men, to urge them forward; this may be said to be my duty in the present instance. But as I cannot be everywhere, I must apply for support to gentlemen of your character and zeal for the service of their country, requesting in the most earnest manner, that you will urge your friends and fellow citizens to became proprietors of this bank stock.
Every subscriber will find his own interest benefited in proportion to the capital he deposits, and I dare say few will find the other parts of their fortunes to yield them so large or so certain an income as the stock they may have in the bank; and at the same time they will have the satisfaction to be considered forever as the promoters of an institution that has been found beneficial to other countries, and inevitably must be so in the highest degree to this; an institution, that most probably will continue as long as the United States, and that will become as useful to commerce and agriculture in the days of peace, as it must be to government during the war.
The capital proposed is but small, when the extent and riches of the United States are considered; but when put in motion, the benefits flowing from it will be so perceptible, that all difficulty about increasing the capital or securing its credit, will vanish, and we shall only have to appeal to the interest of mankind, which, in most cases, will do more than their patriotism; but there have been, and will continue to be, many instances, where interest is sacrificed to patriotism; and in that belief, I ask you to devote some of your time to this infant plan, which, as it gathers strength, may in the end prove the means of saving the liberties, lives, and property of the virtuous part of America. My good opinion of you is an excuse for giving you this interruption.
I am, Sir, yours, &c.