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[Page 10]
very much by Compelling the Person who takes them to Examine what Length of time Each has to Run & to Consider in what manner he is to get Each note it out of his hands if the time of its becoming an illegal tender is near at Hand.
but whatever the Steps may be in the Penal & Prohibitory Line, that it is Found expedient to adopt, the most Efficiencies the most usefull & at this time the measure of the most imperious necessity is, to Establish National Banks in Every County of England Scotland & Ireland under the immediate Controll, in England at Least, of the Bank of England as an integral. But of itself, if the Cumbrous & inactive body Can be inducd by any possible means to undertake the business, if not in such manner & under such Restrictions as men versd in mercantile & in monetary Concerns will Easily Suggest under the Controll of a new Establishment which the necessity of the time will if supported by a Refusal on the part of the Bank directors, Clearly justify notwithstanding the tenor of the bank Charter
Institutions of this nature supported the Banks on the Broad Basis of national Credit, Cannot Fail to Supersede in due time, and at no very distant period, all private Issues of Paper