James Madison Papers

To James Madison from William Crawford, 31 March 1814

From William Crawford

Washington March 31st. 1814


If the liberty so frequently taken in addressing you privately, on subjects of national concern, had proceeded from vanity or selfishness, I could not indulge a hope that they would meet with a favorable reception. But an earnest desire to promote the public welfare governing all my communications I am again encouraged to address a few observations to you on the subject of our present fiscal embarrassments.

Learning that much diversity & perplexity of opinion prevails & that bank facilities are not to be obtained—and knowing that any proposition for relief from the establishment of a national bank will meet much opposition—permit me to suggest the propriety of issuing out money, on the faith of the government, under the authority of law, to meet the existing & ensuing emergencies of the government—say in sums of ten millions every six months—specifically secured on taxes already laid or hereafter to be laid for its redemption. Such a plan, if properly digested, will, it is presumed, meet as little opposition & answer every purpose of government as effectually as any other that can be proposed. Apprehensions of depreciation may be done away by the view taken of the subject in a report & the public mind guarded against those alarms which selfishness or hostility may attempt to raise from by past experience. I am Sir With high respect & esteem Your fellow citizen

Wm. Crawford


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