The State legislatures should be immediately urged to relinquish the right of establishing banks of discount. Most of them will comply, on patriotic principles, under the convictions of the moment; and the non-complying may be crowded into concurrence by legitimate devices.

Summary

This quote suggests that the power to establish banks of discount should be taken away from state legislatures. It argues that most legislatures will willingly comply, driven by a sense of patriotism and the prevailing beliefs of the time. Those that resist can potentially be coerced into compliance through legitimate methods. Overall, the quote highlights the importance of centralizing the control over banks of discount, potentially to ensure uniformity and effectiveness in the banking system across the country.

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