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Subject Area: Political Theory
Topic: The American Revolution and Constitution

TO EDMUND PENDLETON. 1 - James Madison, The Writings, vol. 1 (1769-1783) [1900]

Edition used:

The Writings of James Madison, comprising his Public Papers and his Private Correspondence, including his numerous letters and documents now for the first time printed, ed. Gaillard Hunt (New York: G.P. Putnam’s Sons, 1900). Vol. 1.

Part of: The Writings of James Madison, 9 vols.

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TO EDMUND PENDLETON.1

Dear Sir,

You have been misinformed, I find, with respect to that article in the scheme of the Bank, which claims for it the exclusive privilege of issuing circulating notes. It is true, Congress have recommended to the States to allow it such privilege, but it is to be considered only during the present war. Under such a limitation it was conceived both necessary to the success of the scheme, and consistent with the policy of the several States; it being improbable that the collective credit and specie of the whole would support more than one such institution, or that any particular State would, during the war, stake its credit anew on any paper experiment whatever.

[1 ]From the Madison Papers (1840).