Biddle TO John McKiM jr esqr

Phil. Jany 18^th. 1830 Dear Sir

I have received your friendly letter of the 16^th. inst for which I thank you. You ask my opinion about the fate of the Bank. I will tell you very frankly. I do not think this attack upon it will do any harm, & I think it will rather benefit it. I think so for two reasons — First, that the ground of the attack (its failure to produce a sound & uniform currency) is well known by every man in the country to be unfounded, the currency issued by the Bank being more sound & uniform than that of any country in the world at this momentJ Second, the substitute proposed for it is one which no man who values the liberties of the country could agree to establish. These things will be perfectly understood before long, & cannot fail to operate in favor of the Bank. I think therefore that the Stockholders need be under no uneasiness. The Bank is at this moment in a high state of prosperity, having during the last year divided 7 per cent, & made all the proper reservations—and still retaining a surplus profit out of the years work of $223,000. What other Bank has done the same?