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Public Deposites in State Banks.
Treasury, is annexed at the foot of this letter;
No. 5. but the general items therein inserted, are poi in- BANK OF PENNSYLVANIA, March 13, 1811. tended to exclude any greater number of particulars which the bank may be in the habit of en- of the 8th instant, and of laying the same before
Sir: I had the honor of receiving your letter tering in statements of this nature. The statement may be put under double cover, the inner the directors of this institution. They have dione marked "prirate," and will be considered therein proposed, as per resolution, copy of which
rected me to inform you they accept the terms confidential.
is enclosed. With respect to accommodations, I allude at
As soon as we are 'notified of the banks transthis time only to the transmission of public moneys, which cannot be conveniently effected, unless will be taken to open a correspondence with them,
acting the public business, immediate measures some concert exists between the banks with which in order to facilitate the fiscal arrangements of public deposites will be made in the several sea- the Government. ports. On that subject it must be agreed by the Bank of Pennsylvania, to give credit to the Trea- States of Kentucky and Ohio enable us to com
Our present intercourse with banks in the surer of the United States, when the public service may require it, for the amount of such drafts ply with your wishes in taking drafts on Ken. as he may be directed to draw in their favor on tucky and Chilicothe. I have the honor to be, &c. the other banks doing the public business at the
JOSEPH P. NORRIS, P. B. P. several places where branches of the Bank of the
Hon. ALBERT GALLATIN, United States had been established. The names
Secretary of the Treasury. of these banks, and other details, will be hereafter given. But, in order to pave the way for a
A communication from Albert Gallatin, Esq. permapent arrangement, it is necessary to ascer. Secretary of the Treasury, addressed to the Presiain whether the Bank of Pennsylvania can con-ident of the board, being read, by which it apveniently transact the public business on that pears that, in order to a permanent arrangement principle, and an early answer on that subject for transacting the public business, and making will be eligible. It is proper to add, that it will this institution the depository of the public monot be expected that the bank should thus take neys, it is necessary to have an assurance that drafts on Norfolk, Charleston, Savannah, and such accommodations and facilities, as the public New Orleans, beyond a limited and very moder- service requires, will be afforded; it is, therefore, ate annual amount. But it would be an addi- Resolved, That the President be requested 10 tional inducement to make your institution a per- make a respectful reply to the said communicamanent depository of the public moneys, if they tion, expressing the disposition and willingness would also agree to take annually, in the same of this Board to comply with the requisitions manner, a certain sum in drafts on the banks of pow made, and which
hereafter may be made, by Chillicothe and Kentucky.
the Secretary of the Treasury, so far as the same I have the honor to be, &c.
is within the ability and resources of the bank.
Extract from the minutes.
JOSEPH P. NORRIS, P. B. P. President Bank of Pennsylrania.
BANK OF PENNSYLVANIA, March 13, 1811. Form of statement of the situation of the Bank.
No. 6. Bills and notes discounted
$165 TREASURY DEPARTMENT, March 11, 1811, Specie
Sir: The collector of Norfolk having commuDue from bank of (stating each bank from which
nicated to me a resolution of the Board of Di. a balance is due)
rectors of the office of discount and deposite of Bank notes of bank, (stating each bank,)
the Bank of Virginia, at Norfolk, of the 5th ioReal estate
stant, which I understand to imply a consent on 290
their part to receive the public deposites, I beg leave to request, as the Treasurer cannot keep a
bank book with your institution, that you will Capital paid in
direct your cashier to transmit to him, weekly, a Bank notes in circulation
50 Deposite to credit of Treasurer of the U.S.
statement of his account, crediting all sums reDo. of*
ceived, (specifying from whom, and generally on Do. do. individuals
what account.) and charging all bills paid. The Due to bank of, (stating each bank) •
bills are to be cancelled and transmitted with the Discount received-sundries
5 statement to the Treasurer; and I have also to
request that a copy of the statement may be, at 290 the same time, transmitted to the Secretary of the Treasury. I have the honor to be, &c.
ALBERT GALLATIN. Here insert particularly the amount to the credit of each public officer, (commissioner of loans, navy The President of the Office of Discount agent, military agent, purveyor, &c.) who may keep and Deposite of the Bank of Virginia, his account at the bank.
Public Deposites in State Banks.
tion, together with a printed copy of the act of STATE BANK, CHARLeston, S. C., incorporation, to the honorable Secretary of the
April 5, 1811. Treasury of the United States. Sir: On the first instant I had the honor or By order of the Board. acknowledging the receipt of your two letters of
FELIX WARLEY, President. the 13th and 19th ultimo, since which I have
No. 8. submitted them to the Board of Directors, who have passed the resolutioa I now enclose.
TREASURY DEPARTMENT, April 15, 1811. A desire and intention, expressed some years the 5th instant, and regret that the provisions of
Sir: I had the honor to receive your letter of since, by the principal stockholders, to establish a credit with the Manhattan Bank of New York, the charter of the State Bank should preclude and to enter into mutual arrangements so as to that institution from giving to the Treasury that give credit to the post notes of the two banks, accommodation in the transmission of public not meeting with the approbation of the Legis- moneys which may, at times, be indispensably lature, induced that body to impose the last en pecessary. On comparing, however, the probaacting clause in the printed copy of the charter of ble receipts at Charleston for this year, with the our bank, which I also herewith transmit, re- probable amount of demands against the Treasstricting us from giving credit to any bank or ury, payable at the same place, I think it imbanks established in any of our sister Siates. But probable that the expenditure should exceed the the Board does not see that, in the arrangements receipts; and as it is only in that case that it which you have stated, there would be any vio. would become necessary to provide for the defilation of this charter, as it is not their intention ciepcy, by giving to the Siate Bank drafts on to open any account with either of the Northern other banks, it is hoped that no inconvenience banks, but merely to take the drafts of the Gov. will, for the present, arise from the provision in ernment, payable at sight, which the bank must its charter which forbids giving credit to banks dispose of in the best manner possible ; and it in other States. With a view to permanent árwill be obvious to you, that the Government rangements for the ensuing years, I would sug. must always consider itself responsible for these gest the propriety of obtaining from the Legisdrafts until they shall be paid, even if they are
lature a modification in that provision, the object not presented for some time, and a failure of the of which I do not understand, and which would Northern bank should, in the meantime, take certainly impede the operations of the bank in place. This being understood, it cannot be said its relation with the General Government. that we give any credit to a Northern bank, or
In the meanwhile, presuming that the resoluthat we violate either the letter or the spirit of tion of the Board is, in every other respect, inour charter.
tended as an acceptance of the proposals of the I also deem it proper to state that there is no Treasury, and that the requested statements will doubt but that, if the clause alluded to shall here- be transmitted, the collector will be instructed to after be found to interfere with any arrangements continue his public deposites in the State Bank. which may be necessary to the accommodation
I have the honor to be. &c. of the Government, or io the benefit of the bank,
ALBERT GALLATIN. it will, on a representation to the Legislature, ai
Felix WARLEY, Esq., its next session, be repealed, as the State holds
President State Bank, Charleston, S. C. three-eighths of the capital of the bank. I remain
No. 9. very respectfully, &c. FELIX WARLEY, President.
TREASURY DEPARTMENT, March 28, 1811. The Hon. Secretary of the Treasury.
Sir: It having been determined that a portion
of the Treasury payments should be made through STATE BANK, CHARLESTON, S. C., the medium of the Bank of Washington, I have
April 5, 1811. now to state the principles on which it is expecte The committee to whom were referred the let- ed this business will be transacted by the bank. ters of the Hon. Albert Gallatin, of the 13th and 1. The bank to receive such sums as may be 19th ultimo, respectfully report:
offered by individuals who have payments 10 That ihey have taken the subject-matter of the make into the Treasury, and to pass the same to said letters inio their consideration, and recome the credit of the Treasurer of the United States. mend the adoption of the following resolutions, 2. As the payments thus made into the bank viz:
will fall far short of the payments that will be Resolved, That it is the earnest wish and de required to be made by the bank, on account of sire of the directors of this bank to enter into all the Treasury, the sums that may be necessary to such arrangements and accommodations as will meet these last payments will be supplied to the meet the views of the honorable the Secretary of bank by bills on Baltimore, Philadelphia, New the Treasury of the United States, and of the York, and Boston, which bills will be regulated, Government thereof, provided the same do not as far as practicable, by the mutual convenience violate, and are not repugnant to, the charter of of the Treasury in furnishing funds, and the this bank.
bank in receiving them at each of those places. Resolved, further, That the President of this 3. The payments by the bank will be made on bank do transmit a copy of the aforesaid resolu- | Treasury, War, or Navy warrants, directed to Public Deposites in State Banks.
the bank by the Treasurer, or on drafts drawn or Boston, (regulated by the state of the funds, at by him. The payment is, of course, always to the command of the Treasury at each of those be made in specie, if required by the holder of places, but accommodated, also, as far as practithe warrant or draft.
cable, to the convenience of the bank) for such 4. On Monday of each week a copy of the sums as may be necessary to supply the bank with Treasurer's account with the bank, for the pre- the means of meeting the payments of the Treaceding week, is to be sent to the Secretary of the sury. Occasional drafts for the collecting in of Treasury; and if the Treasurer shall find it more the revenue in Virginia, will be furnished as hereconvenient to receive a statement of his account, tofore. in ibat way, than to keep a bank book, the bank 3d. The payments of Treasury, War, or Navy will also furnish him with a similar copy. warrants, directed by the Treasurer to che Bank
5. At the end of every month, a statement of of Columbia, and of drafts drawn by him on the the situation of the bank, made out agreeably to bank, are to be made in specie, whenever the the annexed form, is to be sent to the Secretary holder shall require. of the Treasury. It may be enclosed in a dou- 4th. On Monday of each week, a copy of the ble cover, the inner one marked“ private," and Treasurer's account for the preceding week, is to will be considered as confidential.
be sent to the Secretary of the Treasury. The above are the most material principles 5th. At the end of every month, a statement of which regulated the connexion between the Trea- the situation of the bank, made out agreeably to sury and the late office of discount and deposite the annexed form, is to be sent to the Secretary at the seat of Government, and which it is desi- of the Treasury. It may be enclosed in a double rable should continue to be maintained with the cover, the one marked" private,” and will be conbanks transacting the public business here. The sidered as confidential. assent of your direction to them will be neces- 6th. The dividends on the public debt, payable sary, and ought to be communicated to me as at the Treasury, will be paid through the medium early as practicable. I shall, in the meantime, of the Bank of Columbia. The Register of the presuming from the resolution of the Board, al' Treasury has been directed to place the abstracts ready passed on the subject, that their assent for the quarter ending on the 21st instant, in the will be given, direct the Treasurer, on the first Bank of Columbia ; and the cashier of the late day of the ensuing month. to place in your bank office of discount and deposite, at this place, will bills on Baltimore and Philadelphia for twenty be directed to pay to the cashier of the Bank of thousand dollars, to form the first deposite on Columbia, twenty thousand dollars, to enable him which the Treasury payments will commence. to make these payments. The abstracts of divi. I am, &c.
dends, as well those returned unclaimed, from ALBERT GALLATIN. the Loan offices, as those for stock standing on Daniel CARROLL, Esq.,
the Treasury books, for past periods, which have, President Bank of Washington. heretofore, lain in ihe office of discount and deNo. 10.
posite, for payment, will be placed in the Eank of
Columbia, as soon as the accounts of the cashier Washington, April 3, 1811. of the office of discount and deposite can be made Sir: Your letter of the 28th of March has out and settled at the Treasury. For all sums been before the Directors of the Bank of Wash | furnished to the cashier of the Bank of Columbia, ington. They agree to the principles contained for the payment of dividends, he will be charged in that letter, relying always that we shall be on the books of the Treasury, and will render his treated with the same liberality extended to neigh- accounts for the payment at such times, and in boring institutions. I have the honor, &c. such manner, as the Comptroller of the Treasury DANIEL CARROLL, of Duddington, shall prescribe. The dividends being payable,
President. either to the stockholders in person, or to their Hon. ALBERT Gallatin.
attorneys, and many standing powers for this No. 11.
purpose being now lodged in the late office of dis
count and deposite, they have been directed to be TREASURY DEPARTMENT, March 28, 1811. delivered up for the purpose of being deposited in Sir: I have thought it proper to state the fol- the Bank of Columbia. But, as it may happen lowing as the principles on which it is expected that they will not be ready for delivery by the that the Treasury business will be conducied by first day of the ensuing month, you will direct the Bank of Columbia, and to request that the your cashier, until the powers themselves are resame may be submitted to the Directors, for their ceived, to receive a certificate of the existence and approbation, which, when given, you will please extent of such powers, from the late office of to communicate to me.
discount and deposite, as sufficient authority on 1st. The bank to continue to receive, as here- which to make the payments. It is proper 10 tofore, such sums as may be offered by individu- mention, here, that the powers given to ihe Presals, who have payments to make into the Treas. ident and Directors of the Bank of the United ury, and to pass the same to the credit of the States, or their cashier, or any of their officers, in Treasurer of the United States.
their official characters, are considered as being 2d. The bank to receive bills, drawn by the no longer of any validity. If any future question Treasurer on Baltimore, Philadelphia, New York, I shall arise as io the validity of the powers, the
Public Deposites in State Banks. Comptroller of the Treasury is to be applied to employed as the medium of the Treasury payfor a decision.
ments and receipts at the seat of Government. To avoid any confusion in the accounts be- Commencing on the first of April, the Bank of tween the Treasury and the Bank of Columbia, Washington and the Bank of Columbia will be which might arise from the establishment by the employed for that purpose, and the arrangement, bank of an office of pay and deposite in the City in relation to them, so far as relates to your office, of Washington, ii is to be understood that the is as follows: whole of the Treasury transactions with the bank Persons who have moneys to pay into the will be conducted through the medium of this Treasury, in this place, may pay into either bank, establishment in Washington, and that po ac- at their option. You will continue, as heretofore, count with the Treasurer is to he kept at the bank to give your check on the back of each warrant, in Georgetown. Bills drawn by the Treasurer, and will direct it as the holder shall choose, to in favor of the bank, will be in the name of their the Bank of Washington, through which all the cashier, for which credit is to be given him in Treasury business with that bank will pass, and Washington; and the warrants and drafts of the where your account will be kept; you will direct Treasurer will all be directed 10, and payable only your checks to the “ Bank of Columbia, Washin, Washington. It will follow that the balance ington." They will not be payable in Georgenow to the credit of the Treasurer, in the Bank town. of Columbia, is to stand, on the first of April, to As the new mode of keeping the accounts of his credit in Washington, his account in the bank your office, which will be put in operation on the at Georgetown being closed from that time. ist day of April next, will supersede the necessity I am, &c.
of that distinction which has heretofore been ALBERT GALLATIN. made in the payment of Treasury warrants, and John Mason, Esq.,
those from the War and Navy Departments, and President of the Bank of Columbia. as the use of checks, as distinguished from bills, No. 12.
will no longer be necessary, you will be pleased,
commencing' on that day, to discontinue their BANK OF COLUMBIA, April 5, 1811.
use. All your payments will then be made, either Sir: The letter you did me the honor to address by bills registered in the Register's office. where me on the 28th ult., on the subject of the Treasu, the payments are to be made at distant places, or ry deposites
, has been submitted 10 the first Board by sending the warrants themselves, for such payof Directors convened, after it came to my hands. ments as are to be made here, with your direction
I am instructed, sir, to transmit to you the en- on the back, to the Bank of Washington, or Bank closed resolution, and to assure you of the readi-. of Columbia. ness with which this institution will, at all times,
Treasury warrants, which are to be paid by bill, do whatever may on it depend, to facilitate the will contain the direction on the face of the waradministration of the funds of the Government, rant, and all such warrants will be directed to be aud to prove to you the confidence you have been sent in to you immediately, from the Register's pleased to place in it has not been abused.
office. War and Navy warrants, which are to be . With very great respect, &c.
paid by bill, are to be sent up to my office, and the JOHN MASON, President.
direction will be given on the warrant itself. Hon. A. GALLATIN, Sec'y of the Treasury.
I am, &c.
ALBERT GALLATIN. At a Board of Directors, held on Thursday, the
The TREASURER of the United States. 4th of April, a letter from the honorable the Sec
No. 14. retary of the Treasury, dated the 28th of March,
TREASURY DEPARTMENT, and addressed to the President of this institution, stating the principles on which it was expected
March 6, 1811. that the Treasury business will be conducted, by been this day directed to draw bills in your favor,
SIR: The Treasurer of the United States 'has the Bank of Columbia was laid before the board, and the same having been read and considered,
on the Maine Bank, for
$50,000 Resolved, That all and every of the terms and
Saco Bank, for
25,000 conditions prescribed by the Secretary of the Treasury in the aforesaid letter, be fully accept
75,000 ed; and that the President and Cashier take the requisite measures to comply with the same, and
By an arrangement with those banks, they are to carry into execution the wishes of the Secre- bound to place the amount of bills, drawn as tary in relation thereto.
above, in Boston, within sixty days from the time Test : WILLIAM WHANN, Cashier. when they are presented for payment. You are,
therefore, requested to accept a compliance with No. 13.
those terms, as good payment of these bills, or of TREASURY DEPARTMENT, any similar bills which may hereafter be placed
March 28, 1811. in your institution. But, in the meantime, it is Sir: It is proper to inform you, that, from the necessary that the amount should appear in your end of the present monih, the late office of dis-account with the Treasurer, to his credit, from the count and deposite in this city will cease to be time when you receive the bills from him. Care
Protection to American Manufactures.
will always be taken, that his drafts shall be so urer on the bank, that no payment by the bank, regulated, that no actual advance of funds by the on account of the bills on Collectors, which they Union Bank shall take place. I am, sir, &c. may have thus received, will ever be required till
ALBERT GALLATIN. the money has been actually received by the bank GEORGE BURROUGHS, Esq.
for them. A note of a single line, at the foot of Cashier Union Bank, Boston. the Treasurer's weekly account, stating the No. 15.
amount, either of bills on hand, unsold, or of Treasury Department, March 5, 1811.
notes for bills remaining unpaid, will always afSir: The Treasurer has been, this day, direct
ford the necessary indication upon this point, and ed to draw bills in favor of your institution, as
will be duly attended to.
In disposing of the bills, it is expected that the follows, viz: On the Collector of New Haven, for $50,000 bank will exercise a sound discretion as to the Do.
makers and endorsers of the notes taken in pay. New London, 6,000 Do. Fairfield,
ment for them, but the United States will remain
Bristol, R. Island - 35,000 responsible for any ultimate loss. Roger Williams Bank, Providence, for 45,000 first given has expired. If they are not then paid.
The notes are not to be renewed after the credit Newport Bank,
30,000 the amount will be refunded to the bank, and the
United States will pursue the necessary meas170,000
ures for recovering the sum due from the makers By an agreement with the two above-mention
and endorsers of the notes. ed banks, they are to place the amount of the bills
The ports on which the Treasurer will occadrawn on them in your hands, within sixty days will be Folly Landing, Cherry Stone, and East
sionally draw, in pursuance of this arrangement, after the bills are presented. The banks in New Haven and New London Washington, and Newbern, North Carolina. The
River, in Virginia ; Camden, Edenton, Plymouth, make remittances for the collectors in the same
terms of credit heretofore allowed, have been, for way, viz: in sixty days.
Drafts on the Collector of Bristol have been bills on East River, Camden, and Edenton, sixty usually negotiated through the banks in Provi- days, and for the others, ninety days. I have &c.
ALBERT GALLATIN. dence, and it is desirable that the present bill
RICHARD E. LEE, Esq., should take the same course, as a draft of specie
President, fc., Bank of Virginia, Norfolk. might produce pressure and inconvenience.
No. 17. As it is some time since similar drafts were furnished to your instilution, I have thought it TREASURY DEPARTMENT, August 2, 1811. necessary to remind you of ihe mode in which Sir: I have directed the Treasurer to draw a their payment will be effected. I am, &c. bill, in favor of your cashier, on the Collector of
ALBERT GALLATIN. Savannah, for twenty-five thousand dollars, for HENRY REmsen, Esq., President
which you will obtain payment, either by sending Manhattan Company, New York.
to Savannah for the amount, or in any other No. 16.
mode that shall be most convenient to your insti
tution. As this accommodation, in relation to TREASURY DEPARTMENT, May 2, 1811. the revenue collected at Savannah, is the only Sir: For the purpose of bringing into the ser one, in relation to the transmission of the public vice of the Treasury the public moneys collected moneys, demanded by the Treasury, from the at several of the small ports in Virginia and State Bank, I shall expect it to be continued; and North Carolina, near Norfolk, bills have hereto- that the bank will, from time to time, as the pubfore been drawn by the Treasurer upon the Col-lic moneys accumulate at Savannah, and as it lectors of those ports, and sent to the cashier of
may become necessary to draw for them in their the Office of Discount and Deposite of the Uni- favor, take the necessary measures, at their own ted States' Bank at Norfolk, for sale. A credit expense, of obtaining the payment of such drafts has been authorized, and they have usually been from thence. I am, respectfully, &c. disposed of without delay. Notes, at the terms
ALBERT GALLATIN. of credit allowed, are taken from the purchasers,
Felix Warley, Esq., with endorsers, to make them perfectly safe.
President State Bank, Charleston. It is desirable that the same facilities should be afforded by the bank now transacting public business at Norfolk ; and I will thank you to inform
PROTECTION TO MANUFACTURES. me whether the Treasury will receive them from your institution.
[Communicated to the House, January 29, 1812.] It is proper to mention, that, although the bank to the Honorable the Senate and the Honorable the is not actually in cash for these bills till the notes House of Representatives of the United States in given for their purchase are paid, yet, to accom- Congress assembled, the Directors of the New Hampmodate the Treasury accounts, it is necessary
shire Iron Factory Company beg leave respectfully that the Treasurer should be credited for them as to represent : soon as they are received. But care will always That said company own a very valuable bed of be taken so to regulate the drafts of the Treas- I primitive iron ore, in the town of Concord, in the