In this state of things, it was imperiously demanded of congress to interpose the power vested in it by the constitution, and recover that control over the currency which it had suffered to be usurped by the states. The articles in that instrument granting congress the exclusive power of coining money, and prohibiting the states from doing it, and also from issuing bills of credit, rendered it apparent that the power of regulating the general currency was lodged with that body. This was the belief of the most able financiers of _that_ time, and adopted by those of the present. Acting under the influence of this belief, Mr. Madison had at the opening of the session of 1815–16, recommended ‘the establishment of a national bank,’ which ‘he regarded as the best and perhaps the only adequate resource to relieve the country and the government from the present embarrassment. Authorized to issue notes which will be received in all payments to the United States, the circulation of its issues will be coëxtensive with the union, and there will exist a constant demand, leaving a just proportion to the annual amount of the duties and taxes to be collected, independent of the general circulation for commercial and social purposes. A national bank will therefore possess the means and the opportunity of supplying a circulating medium of equal use and value in every state and in every district of every state. Established by the authority of the United States, accredited by the government to the whole amount of its notes in circulation, and intrusted as the depository of the government with all the accumulations of the public treasure, the national bank, independent of its immediate capital, will enjoy every recommendation which can merit and secure the confidence of the public. Organized upon principles of responsibility, but of independence, the national bank will be retained within its legitimate sphere of action without just apprehensions from the misconduct of its directors, or from the encroachments of the government. Eminent in its resources, and in its example, the national bank will conciliate and lead the state banks in all that is necessary for the restoration of credit, public and private. And acting upon a compound capital, partly of stock, and partly of gold and silver, the national bank will be the ready instrument to enhance the value of the public securities, and to restore the currency of the national coin.’