John Jacob Astor, a New York City real estate mogul, writes to A.A. Albert Gallatin, Ambassador to the Kingdom of France and former Secretary of the Treasury, complaining of the economic havoc the Second Bank of the United States is causing:
[O]ur Merchants, instead of shipping Produce, ship Specie [lawful Money], so that I tell you in confidence that it is not without difficulty that Specie [gold and silver Coin] payments are maintained. The different States are going on making more Banks & I shall not be surprised if by & by there be a general Blow Up among them.
[added 8/22/2026]
Subsequent Events:
Authority:
Article I of Amendment
ccc-2point0.com/constitution-for-the-united-states
References:
Paul Johnson, A History of the American People, (New York: HarperPerennial, 1997), 286-87.
Current U.s. National Debt:
