foreign  trade  between  any  of  the  countries  of  Europe,  in  propor-
tion to  the  population.  There  the  boundaries  between  the  dif-
ferent nations  makes  that  foreign  trade  which  here  is  domestic
trade ;  there  that  is  foreign  exchange  which  here  is  domestic
exchange.  That  the  internal  exchanges  of  the  United  States
are  accomplished  with  as  little  movement  of  'the  precious  metals
as  the  same  amount  anywhere  else,  is  probable ;  but  that  a  vast
amount  of  unnecessary  friction  exists,  which  might  be  saved,  is
very  certain.  It  is  not  the  friction  of  transmitting  gold  and
silver,  so  much  as  the  friction  of  credit ;  it  is  that  which  arises
from  want  of  concert,  from  want  of  information,  and  from  the
immense  number  of  agencies  employed  in  it.  A  system  is
needed,  which  only  the  power  of  the  national  government  can
give ;  a  power  certainly  within  the  letter  and  spirit  of  the  con-
stitution.
Foreign  exchange,  which^  like  domestic  exchange,  is  only  a
mode  of  setting-oflF  debts  against  debts,  by  the  mode  of  its  opera-
tion becomes  concentrated  upon  a  few  points,  and  in  few  hands.
