On the importance of checks and balances.
02/07/1788
https://www.congress.gov...
I transmit to Congress, for their information, copies of a letter from Admiral Cochrane, commanding His Britannic Majest...
I lay before Congress communications just received from the plenipotentiaries of the United States charged with negotiat...
We have seen them everywhere paying their taxes, direct and indirect, with the greatest promptness and alacrity.
The most the bank could effect, would be to keep the institution alive by limited and local transactions