Meaning: The quote you provided is attributed to Martin Van Buren, the eighth President of the United States. In this quote, Van Buren expresses his belief in the importance and utility of properly established and conducted banks in the country. He acknowledges the significant role that banks play in the business and economic activities of the nation, emphasizing their usefulness when they adhere to laws and regulations and operate in a safe and beneficial manner.

During Van Buren's presidency from 1837 to 1841, the United States was undergoing significant economic and financial changes. The role of banks in the economy was a topic of great importance, and Van Buren's views on the subject reflected the broader economic and political debates of the time.

Van Buren's support for properly established and conducted banks aligns with the broader historical context of the development of banking in the United States. In the early 19th century, the country experienced a proliferation of banks, each issuing its own banknotes and conducting various financial activities. This period also saw the establishment of the Second Bank of the United States, a federally chartered institution that played a pivotal role in the nation's financial system.

However, the relationship between the federal government and the banking system was a contentious issue. Van Buren's predecessor, Andrew Jackson, had vetoed the rechartering of the Second Bank of the United States in 1832, leading to its eventual demise. This decision reflected the ongoing debate over the proper role of central banking and the extent of federal government involvement in the financial system.

In the quote, Van Buren's emphasis on banks conforming to laws and being found safe and beneficial reflects a concern for the stability and integrity of the banking system. During this period, the lack of a unified regulatory framework meant that the stability and reliability of banks varied widely. Instances of fraud, mismanagement, and bank failures were not uncommon, leading to public distrust and economic instability.

Van Buren's presidency coincided with the aftermath of the Panic of 1837, a severe financial crisis marked by widespread bank failures, collapsing credit markets, and a deep economic downturn. In the wake of this crisis, the role of banks and their regulation became central to discussions about financial stability and economic growth.

Van Buren's quote can be seen as a reflection of his efforts to address the challenges of banking and finance during his presidency. His administration grappled with the aftermath of the panic and sought to implement measures to stabilize the financial system and restore public confidence.

In conclusion, Martin Van Buren's quote underscores the importance of properly established and conducted banks in contributing to the business of the country. His recognition of the beneficial role of banks, provided they adhere to laws and operate safely, reflects the historical context of the development of banking in the United States and the challenges faced during his presidency. The quote encapsulates the broader debates and reforms related to banking and financial stability during a pivotal period in American economic history.