Note 11 — ELEVENTH CONGRESS.—THIRD SESSION. PROCEEDINGS AND DEBATES THE HOUSE OF REPRESENTATIVES. (continued 3)

Thus terminated the existence of the first Bank of the United States; but there was a fatal defect in terminating it in not providing a general currency in place of its notes, by reviving the gold currency and in not creating an independent treasury for keeping the public moneys. Those who terminated the existence of the second bank avoided these errors, and thereby avoided all the evils and embarrassments which followed the termination of the first one.