1James Madison to Charles J. Ingersoll, 2 February 1831 (Madison Papers)
I have recd. your letter of Jany. 21 asking 1. Is there any State power to make Banks? 2. Is the Federal power as it has been exercized, or as proposed to be exercised by President Jackson, preferable? The evil which produced the prohibitory clause in the Constitution of the U.S. was the practice of the States in making Bills of credit, and in some instances appraized property, "a legal...