William Graham Sumner

“ A reason for establishing the bank is "that the small sums advanced by the holders of bank stock may be multiplied in the usual manner by means of their credit, so as to increase the resource which government can draw from it, and at the same time, by placing the collective mass of private credit between the lenders and borrowers, supply at once the want of ability in the one and of credit in the other." In these passages he uttered the doctrines of bank inflation, which led Gouge to call him the "father of paper money banking in the United States." ”

“ April 30, 1781, he sent a paper to Robert Morris, containing a complete discussion of the financial situation, and the measures required. He wanted a national bank, the chief reason being "we have not a sufficient medium." The capital was to be £3 millions, lawful money, to be paid in landed security, specie, plate, bills of exchange, or European securities. About one-third was to be in specie. The United States and the States might subscribe not more than half of the capital. ”

“ Petitions were presented to the Legislature, March, 1785, for the repeal of the act incorporating the bank, on account of the financial, social, and political dangers connected with it. A committee was raised "to inquire whether the bank established at Philadelphia was compatible with the public safety and that equality which ought ever to prevail between the individuals of a republic." The committee reported that the bank, as then managed, was in every way inconsistent with the public safety, and recommended that its charter be repealed. ”