This transfer of the principal when completed would occasion an exportation of three millions of dollars annually for the interest, a drain of coin without example, and of the consequences of which no calculation could be made.
The banishment of coin would be completed by ten millions of paper money in the form of bank bills, which were then issuing into circulation.

Nor would this be the only mischief resulting from the institution of the bank.

The ten or twelve per cent, annual profit paid to the lenders of this paper medium would take out of the pockets of the people, who would have had, without interest, the coin it was banishing.

That all the capital employed in paper speculation is barren and useless, producing like that on a gaming table no accession to itself, and is withdrawn from commerce and agriculture, where it would have produced addition to the common mass.

The wealth therefore heaped upon individuals by the funding and banking systems, would be productive of general poverty and distress.