What is the price of sixes in the market, and the different kinds? Louisiana debt is at par. but, as it is so soon redeemable, it is considered as a bank note bearing interest, and preferred by those who wish to have their money instantly convertible. Last quarter, say from 1st April to 16th June, it always was par, and interest, or very nearly so; a small amount might be had some day of pressure, but no large quantity. In the Philadelphia market, 1813 sixes have sold at par, interest 1st July, and 1004 is offered for 1814's; 1815's it is supposed would command 1004. At New York some 1813 sixes have been sold at 99. What amount do you suppose could be had at par, or par and interest, or under that rate? During pressure perhaps forty or fifty thousand dollars might be had under par; but if the Cashiers were authorized to give par and interest, I do not believe they could altogether obtain $ 500,000, the demand being steady for this debt. What amount of seven per cent. could be had, and its price? The present price is 1034 interest July. No amount could be had of this stock even in pressure, being rarely in the market. Forty or fifty thousand dollars might be had. What is the price of three per cent. debt, and what amount could be bad? Its present price is 62 per cent. or a trifle under, say 4 to 1 per cent. interest July. One hundred thousand dollars stock could now be bad, and perhaps two hundred thousand dollars additional gradually purchased, advancing to its par price 65 per cent. GENERAL REMARK. The demand is so considerable for funded debt, that if three or four hundred thousand dollars were appropriated to buying, from time to time, all within par and interest, I do not conceive it could be invested prior to January next, taking the range of all species of funded debt, and I believe the price would generally be above par and the interest accrued. Under par, an agent not known to the public, could best buy for the public. His purchases could be limited for the month, and he permitted a discretion under, or within, a fixed price. The place where his funds should lie could also be pointed out. [CIRCULAR.] Office of Disc. and Dep. Bank United States, New Orleans, Sd July, 1819. SIR: Being obliged to leave the city for one or two weeks in consequence of the indisposition of my family, all communications from this office during my absence, will be signed either by Benj. Story, Esqr. President pro tem. or by my son, J. D. Saul for me, whose signatures you have at foot. I am, very respectfully, Your obedient servant, JOSEPH SAUL, Cashier. BENJ. STORY, President pro tem. JNO. D. SAUL, for JOSEPH SAUL, Cashier. The Hon. Wм. H. CRAWFORD, Secretary of the Treasury. Bank of the United States, SIR: In compliance with the request contained in your letter of the 16th ultimo, I have the honor to enclose you herein, the first and second of J. J. Hoogerwerff's bill on Vankevisser Donepal and Browne, Rotterdam at 60 days sight, in favor of and endorsed by Jno. Donnell for 50,000 guilders, with my account and vouchers for the same. The third and fourth of this bill shall be forwarded as soon as they come to hand. SIR: I am concerned to state that one of the bills of exchange on England, purchased by me for public use, in March last, will probably be returned unpaid, viz: John Abm. Willink and Co. on D. and A. Willink and Co. of Liverpool, endorsed by John M. Ehrick, for £2,000 sterling. The drawers here, and the Drawees in Liverpool, have both failed; but I am happy to say that the endorser is perfectly good, although he will be subjected to heavy losses in consequence of the above mentioned failures, he having endorsed their bills gratuitously to a large amount. In this unexpected and unhappy event, Mr. Ehrick, desirous of limiting, as much as possible his losses, which will inevitably be severe, has already, on receiving advice of the failure of the House in Liverpool, written to his friends in England to protect this bill. But he is uncertain whether his orders will reach England in time to prevent the return of the bill. He has, therefore, requested me to submit to you the following propositions, viz: To pay immediately into the Treasury the cost of the bill, with interest from the time of purchase, which money to be refunded him, provided the bill shall be paid in England, on advice being received of the payment; or, To give satisfactory security that, if the bill shall come back under protest, he will immediately on its return, pay the same with interest, from the date of purchase, and charges of protest and postages. He is encouraged to hope that one of these propositions may be accepted, and that the Government will waive their right of claiming damages from one who, unfortunately, by an act of friendship, will loose in all probability, near £10,000 by these failures, which, altho he is able to pay it, will make a great and inconvenient inroad into his property. He also believes, that the legal right to damages, may, with great propriety, be relinquished in favor of an innocent indorser, not chargeable with any mismanagement, causing the failure, or having any knowledge or suspicion that the bills would not be paid, and who thereby becomes so great a sufferer. He therefore trusts, that the lenity of the Government will be extended to him in this time of unexampled mercantile distress. May I request as early an answer as your convenience will admit for the satisfaction of Mr. Ehrick. I am, most respectfully, yours, &c. WM. H. CRAWFORD, Esq. LYNDE CATLIN. Bank of the United States, July 8, 1819. SIR: I have had the honor to receive your letter of the 28th inst.* in which you have been pleased to agree that the sum of $ 12,613 58 should be transferred from the cash account between the bank and the Treasurer, to the account of special deposites, and that the Treasurer will be instructed to transfer it from the Bank of the United States to the Bank of Missouri. I take the liberty to say, that there are $52,000 more in like special deposite at the Bank of Missouri, which it would be desirable to include in that transfer. Your views in relation to special deposites shall be carried into effect. As we have no instructions to transfer to any particular points, I understand that your views, until we shall receive special instructions, will be carried into effect by putting these deposites into good money, at any of the offices of the bank, as convenience shall point out. The sum mentioned in your letter of 12th December, 1818, was * Ultimo. considered as cash early in January last, and will appear as such by reference to the accounts of the Treasury with the bank. I had some weeks ago directed inquiries relative to special deposites with the branch in Savannah, and information was received, at the moment of the recept of your letter of the 28th inst. stating that the deposite mentioned in your letter of the 4th December, 1818, had been collected, and it is now put to the credit of the Treasury as cash with the bank. In relation to the special deposite transferred to the Bank of Columbia; when the transfer was made it was done by a draft in favor of the Bank of Columbia for the whole amount, and was placed to the credit of that bank as special. It was found that, upon orders being given to the several offices to forward the sums in their possession to the Bank of Columbia, some part of it had been made available in good money. At the request of the Cashier of the Bank of Columbia, the amount was carried to the credit of that bank in reduction of its debt to this bank. A copy of the account is transmitted herewith, which will show the particulars of this transaction; which, it is hoped, will be satisfactory. I also transmit a statement of the remaining special deposites. Inquiries have been directed as to these, and as soon as their real situation is known, the necessary orders will be given to execute your wishes. I have the honor to be, sir, Your obedient servant, L. CHEVES, President. The Hon. W. H. CAWFORD, Secretary of the Treasury. |