The State legislatures should be immediately urged to relinquish the right of establishing banks of discount. Most of them will comply, on patriotic principles, under the convictions of the moment; and the non-complying may be crowded into concurrence by legitimate devices.
About this quote
- What does it mean?
- He urges state legislatures to stop chartering discount banks.
- In plain terms
- States should not make new discount banks.
- What can you take from it?
- Stop states from chartering discount banks.
Where it applies
Putting it to work
Questions to consider
- Should states charter banks?
- How to regulate state banking?
Another view
States often resist losing financial control.
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