« AnteriorContinuar »
Letters from State Banks.
State Bank, Boston, January 1, 1817.
‘SIR: We have the honor of sending by Col. Binney, the Navy Agent in this town, who has had the politeness to take charge of them, a trunk and box, containing all the old emission of Treasury Notes of the old account, which remained in this bank.
We should have sent them sooner, in compliance with orders from the Treasury Department, had a good opportunity presented. A statement is forwarded with them; but you will . to observe, that this statement contains a schedule of $384,000, exclusive of interest, of the new emission, the balance of which, after deducting commissions, is transferred from the old to the new account, in conformity to an arrangement expressed in our Cashier’s letter of June 15th last, and which received the approbation of the then Secretary of the Treasury.
The charge made for commissions will not be more than sufficient to cover those expenses which the situation of the bank made necessary, from its connexion with the Treasury, for employing agents at Washington, and the extra clerk hire, expense of stationery, &c. which has been employed while receiving them, and for the great responsibility of being accountable for such a very large amount. This compensation would have been nô inducement to the Direction of this bank, for the perplexing and very troublesome business of receiving these Treasury Notes. But, having received the revenues of the Government, in this quarter of the country, previous to 1814, and from our good wishes towards the Administration, we have been induced to lend all possible aid to the Treasury Department, without wanting a further remuneration than sufficient to anwer the expenses the Stockholders of this bank have been put to in consequence of this business. -
We have the honor to be, &c.
Hon, WM. H. CRAwford.
P. S. You will find the schedule of the contents of the trunk and box at "
the last of the book which will be handed you by Col. Binney.
State Bank, Boston, January 1, 1817.
Sin: The call for money has been so great in this place, sinceto that we have been induced, and in a manner obliged, to discount still the mercantile interest, to manufacturers, and others in business, to them to support the extreme pressure which they were under, and to be extremely injurious to be obliged to call suddenly on those person* We have now agreed to pay the interest of the public debt in.” not from motives of profit, but from an earnest desire to accomo Treasury Department. In doing which, it is certain we cannot reap any benefit, and as the time may soon arrive, when we mayo ed to pay over the balance which may be to the credit of the Tre Department on our books, to the Branch bank in this town, we do for above reasons, request of you, Sir, an assurance, that, when the time for you to change your deposites, that you will not draw from* thirty thousand dollars a month, till the whole balance is paid. The time has been, Sir, and did continue for several years, " institution had very large demands on the Treasury Depart. from circumstances, were obliged to wait and suffer great loss. We tion this, as giving us some claim for the indulgence we request. Your early answer to this will oblige us very much, that we " our measures accordingly. I have the honor to be, Most respectfully, Your obedient servant, WM. WA
P. S. In addition to the above, I would beg leave to observe, bank did loan to the merchants of this place $800,000, to enable pay their bonds to the Government; and to ease them, did ago call for more than 10 per cent, every sixty days, which will months for them to pay in; and it is well known, they could not
on without this accommodation.
.dllegany Bank of Pennsylvania, Bedford, January 3, 1
SIR. In answer to your circular letter of the 20th ult, I am ino by the Directors of this Bank to inform you that they are desirou.'" suming specie payments—but that they cannot, with safety, do” the city Banks set the example. . ** Alaotr
It is the belief of the Directors, that the city Banks will finditto" policy to meet the expectations of the Treasury Department, and co mence specie payments on or before the 20th February next "" should do so, this Bank will immediately take the same course.
Your letter would have been answered sooner, but the Directors await for further information on the subject of it from the Banks Eastwardly,
- the city Banks set ...- - o It is the belief of the Directors, uta: ... . - o policy to meet the expectations of the Treasury Depot.’ mence specie payments on or before the 20th February next. If they should do so, this Bank will immediately take the same course. Your letter would have been answered sooner, but the Directors awaited
for further information on the subject of it from the Banks Eastwardly, to