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Subject Area: Economics
Subject Area: Political Theory

GALLATIN TO A. C. FLAGG. - Albert Gallatin, The Writings of Albert Gallatin, vol. 2 [1879]

Edition used:

The Writings of Albert Gallatin, ed. Henry Adams (Philadelphia: J.B. Lippincott, 1879). 3 vols.

Part of: The Writings of Albert Gallatin, 3 vols.

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GALLATIN TO A. C. FLAGG.

Dear Sir,

I have directed Messrs. Wiley & Putnam, booksellers, to forward to you twenty copies of my last essay on banks and currency; and I pray you to accept one for yourself, and to have the goodness to distribute the others amongst such persons (legislators, editors, &c.) as, in your opinion, are disposed to investigate the subject. I am sensible of the intrinsic difficulties of the subject; that a paper currency, by whomsoever and however issued, will ever be a dangerous instrument; and that business cannot be carried on as advantageously for the parties concerned, or with equal safety to the public, by joint stock companies as when managed by the parties themselves. But efficient and perfect remedies for those evils, if there be any such, cannot be applied at this time, nor at any time, otherwise than gradually. My object has been only to suggest such provisions as, in the mean while, may be applicable to the present state of things, supersede the necessity of special laws, assimilate the chartered and the free banks, and do equal justice to all. If my health and strength permit, I will address to you some further observations on those topics. In the mean while, I embrace with pleasure this opportunity of renewing the assurances of my high consideration and sincere regard.

Respectfully, your obedient servant.

I hope that the Legislature will stop the farther increase of public debt, which is the road to ruin. Far better to lay equal taxes than to borrow in time of peace. The public is greatly indebted to you for having called their attention to the frightful amount of debt incurred by the several States.