the city Daun It is the belief of the Directors, policy to meet the expectations of the Treasury Depar 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 enable them to decide with more certainty on what course should be pur sued. I am, sir, very respectfully, J. M. ESPY, Cashier. Secretary of the Treasury. City Bank, New York, January 3d, 1817. SIR: Samuel Flewelling, Esq., late Cashier of the Manhattan Company, has been appointed the Cashier of this institution, and will conduct its future correspondence. I have the honor to be, Your obedient servant, G. B. VROOM, Cashier. Hon. WM. H. CRAWFORD, Secretary of the Treasury. Bank of Augusta, 4th January, 1817. SIR: In reply to your favor of the 25th November, 1816, I have the honor to inform you, that there are no Treasury notes on deposite in this institution to the credit of the Treasurer." There are eight sealed packets in our vault, said to contain one hundred and forty-nine thousand six hundred and sixty-eight dollars of Treasury notes, for which Mr. Habersham, Commissioner of Loans, Savannah, has an order yet unpresented. These packets, in their present state, can be disposed of as you may order. I am, sir, very respectfully, Your most obedient servant, WY. H. CRAWFORD, Esq. New York, January 4, 1817. SIR: I enclose the usual statement furnished by the Manhattan Company, and beg leave to observe, that Mr. Flewelling, the late Cashier, who has been appointed the Cashier of the City Bank, has been succeeded as Cashier of the Company by Mr. Andrew Seaman. I have the honor to be, With great consideration, Sir, your most obedient servant, The Hon. WM. H. CRAWFORD, Philadelphia, January 4, 1817. SIR: Your letter, of December 20th, has been laid before the Directors of the Bank of Pennsylvania, and of the Farmers and Mechanics', and we have now the honor to communicate the result of their deliberations, upon the subject to which it relates. The Bank of Pennsylvania, and the Farmers and Mechanics' Bank, having united with the other Banks of this and the neighboring cities, in the determination to resume specie payments, on the first day of July next, a steady eye is kept to that object; and every exertion, consistent with the welfare of the community, and the safety of these Institutions, has been and will be made, to carry that determination into execution, at that time; or, if practicable, at an earlier period. It must be observed, however, that an attempt, on the part of any one or two Banks, to recommence the payment of specie, without a simultaneous payment by all the Banks of the same vicinity, could not but be attended with embarrassment, which would render a failure of the experiment almost certain. Could the Boards of Directors of these Banks perceive, in the present state of things, any new grounds for an application to the other Banks of this vicinity, to name an earlier day for the payment of specie than that already fixed, the measure would be urged, without a moment's delay. The opinion that there is not a sufficiency of the precious metals in this country, for general circulation, is fortified by the recent measures of the national Bank, and the participation of the Philadelphia Banks in the views of that Institution. Without a reasonable degree of certainty on this head, a return to specie payments must be regarded as a dangerous step. Notwithstanding the obstacles which, at this time, present themselves, it is hoped and believed that arrangements may be made, between the Bank of the United States and the State Banks, which will enable the latter to contract their circulation, without injury to the community; and will establish such a state of things as must give a due and proper sphere of operation to each institution. This, it is supposed, will be effected, as soon as the national Bank shall have loaned, in this city, upon real transactions, an amount not less than $2,000,000, exclusive of loans to complete the instalments of the stock of that Institution. The result here contemplated, it is believed, may be accomplished by the time when the issue of Mr. Sergeant's mission shall be known; and should that issue be favorable, there seems to be but little doubt that then may be the best moment for resuming the payment of specie. Prior to the time above looked to, it is confidently expected that the operations of the national Bank will have had a highly important and beneficial effect upon the exchange, throughout the continent. With these views, the Board of Directors of the Banks of Pennsylvania and Farmers and Mechanics' Bank, cannot consider themselves justified in entering into any arrangement founded upon an engagement to resume the payments of specie, on the 20th of February next. We have the honor to be, with great respect, Your obedient servants, JOHN NORRIS, President of the Bank of Pennsylvania. Hon. Wм. H. CRAWFORD, Secretary of the Treasury Bank of Utica, January 6th, 1817. SIR: I have had the honor to receive your favor, (circular) under date of 20th ultimo. This institution having, from its creation, kept the chief part of its funds in the city of New York, for the redemption of its paper there, by consequence has, and must continue, to adopt such decision, as to the time of commencing specie payments, &c. as may be adopted by the Banks in the city of New York, which are depositories of the national revenue. You will be pleased to consider the answer which they may give on this subject identified with our own. I enclose a copy of the state of the funds of this institution, together with a copy of the Treasurer's account current with us for the month past. Respectfully, your most obedient and M. HUNT, Cashier. The Hon. W. H. CRAWFORD, Esq Bank of Gettysburg, January 6th, 1817. SIR: Agreeably to your request, a copy of the account for moneys deposited in this bank for the United States, is enclosed. No deposites have been made here by any other collector than George Kerr, Esq. collector for the seventh district of Pennsylvania. His instructions were, to collect in the bank notes, receivable in the district in which he collected, in which description of paper, this institution agreed to receive it on deposite, and to forward to the Treasury Department, a statement of the situation of the bank, monthly. The deposites were made by the collectors at the end of every month, as will appear by the account. We would be very much obliged by being informed, as soon as convenient, in what manner, and at what time or times, these deposites will be drawn from this bank. I am, respectfully, Your obedient humble servant, ALEX. COBEAR, President of the Bank of Gettysburg. Hon. W. H. CRAWFORD, Secretary of the Treasury. New Hampshire Union Bank, January 7th, 1817. SIR: Enclosed, are statements of the accounts of T. T. Tucker, Esq. Treasurer of the United States, with this bank, to the 6th instant. I have also forwarded a packet, containing description lists of Treasury notes, received in deposite since 7th October. By an agreement made with the Hon. A. J. Dallas, Esq. on the 22d of March last, this bank was to pay to the United States, "an annual compo |
