Bank of the United States; Report[s, and Documents
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from ... Show synopsis This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1832 edition. Excerpt: ...intention to resume specie payments on the first of July, or on any other day. Of the correctness of this opinion, the board of directors are more competent to determine than I am, and will of course adopt such precautionary measures as the proba-"i/irt/ c-f such an event may require." On the 16th of January, he writes: "It is proper to stale that the city Bank and the Mechanics' Bark of New York, have resolved to resume 1 specie payments on the-J0i!i day of February next. If the other banks of that place refuse to come into the measure, it may be doubtful whether those two banks may not be induced to rescind their resolution, and enter into measures with the Bank of the United States, under the authority given to the directors in this letter." - On the 24th of Jmuary, 1817, he says: "Yet, it is manifest, that without the State banks can le brought into an arrangement by which their paper - can be received in payment of taxes, that there will be no meditim upon the 20th of February next, in which those dues can be paid." These declarations of the Secretary prove that he had been wholly unable to induce the State banks to resume specie payments on the iiOth of February, and the Bank of the United States, and the Bank of the United States alone, by calling a convention of the State banks, aud proposing terns of indulgence and of support, was enabled to accomplish that object in the manner already described in the answer to question 1st. But the resolution, a proper resolution in itself, was so ineffectual, that, from April 30, 1516, to January 24, 1817, the two Secretaries had made no progress whatever.towards executing it. Finally, the report of the Committee of Congress to investigate the affairs of..."