The enquirer. [volume] (Richmond, Va.) 1804-1815, 1809-07-04
L. SMITH, Stcfe.arv eff
State.
ALBERT GAIL. ATTN,
Secretary Of the Treasury.
G. a. RODNEY. .A,,or-
~ General IF fhe Um;ed States.

a:y General sf the Uni.ed States.
Letter from tie Secretary Of the Treasury, 10 the
president 81 tie Eant q tie United States.
URy-DEPARrMExr.
49,, March 21st 1909.
The commissioners of the sinking fund hay.
ing directed the reimbursement OF a sum not es
ceed'nS 2,250,O 0G dollars, or the new exchanged
siS per cent stock. and authorised in conformi-
~ with the 10Th section OF tine act making fur.
tner provision for the support OF public credit,
and for the reslern ption of the public debt. mas
sed the Sd of March, 1895, loan to the amour,
of principal thus to be reimbursed, beg leave
10 enquire, LIST. Whether the bank o, The United
states VIII be disposed TO lend that snm i'm two
equal instruments, viz. on tho 1st October ne.t.
ana on the lst january 1919, being the times nj
which intend to effect the reimbursement -
2ad'y. whether the bank will assent TO be te.
'inbursed the whole amo,rAt Of said exchanged
SIX Fer cent Stock, which they own at the times
above mentioned!
Tue two propositions may be considered as
independent one of the other: it ben,, however
understood. that if the bank does not wish ia
make the loan, 1t would suit government better
not to reimburse the bank exclusively, h,, only
according to lot, in common with other stoc;5hoj
ders.
II the bank will assent to make the loan Ilut
refuse 10 receive the reimbursement ESQ far only
excepted as may I've determined by ot) it viii
nor ne material that the sum lent should be paid
by the bank into the Treasury, precisely in wo
instruments as above mentioned. The times &
amounts of payments may in that case he ,rr,p.
ged when formal agreement shall be entered
into, SO as To answer the wants of the treasury
ana the convenience of tine bank Ii is onIv IN
case The bank will accede 10 both propositions
'hat as there will lie no real payments, but only
n pat1Dt r
stock, into temporary loan, it will be seen ne
cessary that the loan should be made on the same
days, and Tor the same sums as the reimburse
ments
If the bank Will accedc to both Droposals Il
will he seen by reference 10 the Sth section of
the act, supplementary to the act entitled " An
act making pruS ision for the redemption of ,he
whole of the public debt OF the United States -
passed an the 1lth February, 1907, that AN ex
elusive reimbursement of the exchanged six per
cent. stock, held by the bank, cannot take place
unless notice be given to this department in wr
ting OF the wish of the institution TO be thus re-
imbursed And that notice must reach me prior
to the SOth inst. as must otherwise determine bv
lot, what certificates OF that stock shall be REIN
bursed and give public notice thereof, in contor
nity with the second section of the same act
on or before the first day of next month l am
sensible that this is pressing for AN answer with
in shorter time than may he convenient; bit
u'uer ehe pressure OF current business, did not
attend to this operation, till within the last three
days. therefore request, that YOU vii, have
the goodness to lay the subject immediate civ be-
fore the board, and 20 favor ne with the answer.
If that answer be in the affirmative, will thank
you to enclose ii, the notice in writing, asking
tor the reimbursement, in order that such notice
unconnected with any other subject may be i'll.
ed as voucher, authorizing me to reimburse IN
conformity herewith.
have the honor to be, &c
(Signed)
ALBERT GALLATIN.
DAVID LENox, Esq
President Of the Bank of
-. @.