The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-09-29
BANK OF THE UNITED STATES, !

September 9Th, 1888. J
DEAR Sri have had the honor of receiving your
favor Of the 10th ult. with copy Of the letter from
Messrs Story Lavergne and YOURSELF the subject Of
the resumption of specie payments by the banks OF New
Orleans. AS that letter contained specific informa-
ton to the extent to which the cooperation Of this
bank was desired it has been held under consideration
until similar arrangements made in other quarters
OF much greater pecunary embarrassment, and until the
approach Of the business season should show dis
nctly what was needed at New Orleans and how the
bank could be most useful there That time has ar
rived The object Of this bank for year past has been
to defer the resumption of specie payments, until it
could be safe and general throughout the Unionand
for that purpose to before the Southern
and South Western States had reached to their
coming crops as to be sustained by them in resuming
either directly with the aid of short ipaton
The period fixed by the Your late convention
adapted for that purpose which this bank has endea
vored to facilitate by two measures--frs Ivy large
loans to banks in those States where the difficulty Of
resumption was greatest; and second by advances to
the Government whose disbursements spread main
ly the South and West. To these must be added
the habitual business and issues of the bank in those
sections, which, combined with the extraneous issues
just mentioned will supply demand on the northern
atlantic cities Of many millions furnished by this bank
alone besides similar from other parts Of the
Union well as from Europe, and the great mass Of
claims which your exports already beginning TO
cumulate there. New Orleans is in the midst Of all
these operations, and will have ample share OF them
The improvement IN the currency around her, Will
lessen the labor Of rechying her own and without
presuming to offer an opinion upon subject OF which
the Committee Of Presidents have so much more means,
and more ability Judge than have, it appears to
that you have reached period Of the season. when
with the extraordinary advantages which nature and
industry have bestowed on New Orleans a resumption
of specie payments would be safe, easy and bene
fetal In that good work. the cooperation of this bank
will be cheerfuly given In addition to the indirect
facilities which have just stated are preparing
large amount Of the issues of the bank, which will be
sent to New Orleans, with instructions to use them
freely, not only in the immediate business Of the bank,
but whenever they can be made to contribute to the
defence Of the banks Of New Orleans. This effort
pray believe, will be cordial as trust it may be
effectual The Bank Of the United States has, in
forms Of its existence, been connected with New Or
leans from almost its first introduction into the Amer
can family and feels deep interest in its prosperity,
which we shall always be ready and willing to promote.
With great respect, yours,
N BIDDLE, President
SAML. J. PETERS, Esq, Chairman
Committee of Banks OF New Orleans, La.
At meeting OF the Presidents of the banks of this
city, on Tuesday the 18th Sep,ember-it was
Resolved That the communication Of the President
of the Bank of the United States at Philadelphia, Of
the 9Th inst, offering to cooperate with the banks OF
this city, in resumng their payments in specie at an
early day, and proferng the cordial assistance Of that
institution In maintaining thereafter specie payments,
fully meets the views OF the board Of Presidents OF the
banks of New Orleans and confirms their exalted OPT
Mon of the enlightened and patriotic policy, for which
that institution is so Justly distinguished.
BE il Resolved, unanimously
That the first Monday in January next, be and is
hereby fixed as the day Of general and unconditional re-
sumption Of specie payments by the banks Of this city,
Of all their obligations and each bank is recommended
TO adopt resolution TO that effect without delay, and to
communicate the same TO the Board Of Presidents.
b. MILLIGAN,
Chairman Of the Board Of Presidents
CHAs BRIees Secretary.