Biddle TO James Monroe
Phil. Jan. 31. 1819
My dear sir,
I have received by this day's mail your letter of the 29th announcing your having nominated me one of the Directors of the Bank of the U.S. I need not say that I consider this rememberance a proof of that uniform kindness & friendship on your part which I value so highly, and as such I beg you to accept my thanks for it. I have however little concern with Banks & have hitherto declined sharing in the management of the institution when it was proposed to me by the stockholders. Yet I am unwilling to avoid any duty by which you think I can be of service.
The truth is, that with all its faults, the Bank is of vital importance to the finances of the gov and an object of great interest to the community. That it has been perverted to selfish purposes cannot be doubted — that it may — & must — be renovated is equally certain. But they who undertake to reform abuses & particularly of that description, must encounter much hostility & submit to much labor. To these, the hope of being useful can alone reconcile me — and if I should undertake the task I shall endeavor to persevere till the character of the institution is reestablished.