The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-09-29

The following correspondence between the Presi-
dsu,s Of the NswsOrean Banks and Nicholas Biddle,
Esq, we copy from the NJ o. Bulletin:
NEw oRLEAss, 18th june 1888
NJ BIDpLE, ESQ.
President ofths U. S. Bank Of Pennsylvania,
SIR-1he undersigned Committee have tho honor 10
transmit TO you enclosed herewith certain resolutions
adopted by the Presidents Of the Banks OF this city, on
the 10th inst
The preamble and resolutions perhaps sufficiently
explanatory 10 render any comments on them by the
undersigned unnecessary nevertheless they will make
few remarks, in order TO convey more distinct I'M
Outstanding Of their object.
Identified with the agricultural and commercial in
terests Of our country the Banks Of Louisiana
some time before the suspension of specie payments, IN
May, 1887, adopted policy similar TO that so efficient
ly maintained by your Institution They depended with
confidence the unbounded OF an enlighen-
ed and industrious people, for the remedy to the evils
inflicted them by those whose duty it was TO foster
and protect their interests after the suspension OF
specie payments occurred they looked forward as they
do now, TO the removal Of the which had pro-
duced it, ndispensably necessary before the pay
specie could be resumed with advantage to the
community with safety ID themselves
Until the establishment of National Bank, the
universal confidence accorded to the notes OF your In
stituon renders them an efficient substitute to ma
tional currency and it is deemed indispensable to
permanent resumption in January next, TO have
understanding with you, by which an amount OF your
notes may be furnished, sufficient TO meet the demands
that would otherwise have TO be paid in specie by our
banks.
At certain OF the year, you aware, the
balance Of trade in favor Of the West amounts 10 from
three to FIVE millions Of dollars; large portion Of this
is taken in small by persons who, possessing little
knowledge Of bills Of exchange or bank checks, take
nothing but specie or United States Bank notes, which
latter they prefer this demand alone is sufficient to
drain the vaults Of banks Il is true that they could
be replenshed from other sources and were this de-
mand the result Of an actual want of specie in the west
it would be the legitimate Of supply But as It
from the that the notes OF our banks
do pass current in those States, and that notes OF
general circulation be had the interests OF the
community could be in manner benefited by this
periodical drain Of specie from Louisiana Indeed IL is
very easy to prove that the substitution Of paper Of
general circulation for tho payment Of these balances
emnen,y beneficial to all the interests concerned
The United States Bank of Pennsylvania alone at
this time possesses the ability to furnish such a
rency; and the undersigned deem it unnecessary to
demonstrate to you, that in supplying an amount Of
notes sufficient to meet those and similar demands, and
to receive therefor European and Eastern exchange
drawn against exports, while you would efecualy
contribute to advance the prosperity Of the country you
would with equal certainty consult tho interests of the
institution over which you preside
Referring you, sir, to the enclosed resolutions, and
requesting reply at your convenience, we are, with
great consideration and respect,
Your obedient servants,
SAMUEL J. PETERS,
President City Bank
BENJAMIN STORY,
President Blk of Louisiana
H. LAVERGNE,
Pres. Consod. Association
Committee