The writings of James Madison, comprising his public papers and his private correspondence, including numerous letters and documents now for the first time printed. |
TO WILLIAM H. CRAWFORD. |
The writings of James Madison, | ||
TO WILLIAM H. CRAWFORD.
Letter of P. of the U. S. Bank of Feby. 1, 1817, covering
negotiations and arrangement with Deligates of Banks from
N. Y., Phila. Baltimore & Virga. for resuming specie payments.
The letter & papers returned Feby. 4 with the following
note:
[February 4, 1817.]
The arrangement communicated by the Presidt.
of the U. S. Bank is so important an advance towards
a universal return of specie circulation, that the
Treasury sanction to it, under existing circumstances
is evidently proper. Serious difficulties will notwithstanding
remain to be encountered, if the
principal Banks in every State do not immediately
follow the example set them. Even in the States
comprising the Banks parties to the arrangement,
the payment of the internal taxes after the 20th
notes of their own Banks. In the other States the
payment in the legalized notes, will be generally
impossible for a considerable time.
The writings of James Madison, | ||