So it's one of those things where they take part of a quote and then graft onto it. Thanks for catching that. I was only looking at the first sentence. Here's the letter from The Life of Thomas Jefferson:
In a letter to Mr Gallatin of December 13th the President advised him that he should consider it inexpedient for the former to give any opinion in reply to a question from the president of the United States Bank whether it would be proper to change the manner of electing the officers of the branch institutions and this on the ground that the Government ought not by volunteering its sanction to disarm itself of any fair right of animadversion whenever that institution should be a legitimate subject of consideration What follows shows that his hostility to the Bank was quite as decided as on the first presentation of the question during General Washington's Administration that indeed it had rather gained than lost in intensity He wrote:
From a passage in the letter of the President I observe an idea of establishing a branch bank of the United States in New Orleans This institution is one of the most deadly hostility existing against the principles and form of our Constitution The nation is at this time so strong and united in its sentiments that it cannot be shaken at this moment But suppose a series of untoward events should occur sufficient to bring into doubt the competency of a republican government to meet a crisis of great danger or to unhinge the confidence of the people in the public functionaries an institution like this penetrating by its branches every part of the Union acting by command and in phalanx may in a critical moment upset the government I deem no government safe which is under the vassalage of any self constituted authorities or any other authority than that of the nation or its regular functionaries What an obstruction could not this bank of the United States with all its branch banks be in time of war It might dictate to us the peace we should accept or withdraw its aids Ought we then to give further growth to an institution so powerful so hostile That it is so hostile we know 1 from a knowledge of the principles of the persons composing the body of directors in every bank principal or branch and those of most of the stockholders 2 from their opposition to the measures and principles of the Government and to the election of those friendly to them and 3 from the sentiments of the newspapers they S ipport Now while we are strong it is the greatest duty we owe to the safety of our Constitution to bring this powerful enemy to a perfect subordination under its authorities The first measure would be to reduce them to an equal footing only with other banks as to the favors of the Government But in order to be able to meet a general combination of the banks against us in a critical emergency could we not make a beginning towards an independent use of our own money towards holding our own bank in all the deposits where it is received and letting the treasurer give his draft or note for payment at any particular place which in a well conducted government ought to have as much credit as any private draft or bank note or bill and would give us the same facilities which we derive from the banks I pray you to turn this subject in your mind and to give it the benefit of your knowledge of details whereas I have only very general views of the subject. Affectionate salutations.
(for some reason, Google Books won't copy punctuation marks)
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