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We have the honor to remain, sir, respectfully, your ture of the State of

has delivered to the obedient servants, J. BOORMAN,

thereof the sum of

dollars and
JAMES D. P. OGDEN, cents, the same being the first instalmeni, or one-fourth
CHARLES H. RUSSELL, part of the ratable proportion of the said State in the sur-
JAMES BROWN,

plus money in the Treasury on the 1st day of January, JAMES LEE,

1837 :
JAMES G. KING.

Now, therefore, be it known, that I,
GEORGE GRISWOLD, do hereby certify that the said sum of

dollars and JOHN B. STEVENS,

cents has been deposited by the Secretary of the Committee of the Chamber of Commerce, Treasury with the State of

and that, for the of the city of New York. safo-keeping and repayment of the same to the United To the Hon. Levi WOODRURI,

States, in conformity to said act of Congress, the State of Secretary of the Treasury, Washington.

is legally bound, and its faith is solemnly G.

pledged. And in pursuance of the authority of the act of

the Legislature aforesaid, for and in behalf of the said State, TREASURI DEPARTMENT,

1937.

I hereby affix my signature and seal in testimony of the Sir: Having been furnished with a copy of the law premises, and of the faith of the said State to pay the said passed by the Legislature of the State of

it

money so deposited, and every part thereof, from time to appears that you are authorized to receive, in behalf of that time, whenever the same shall be required by the Secretary State, the amount to be deposited therewith, by the pro- of the Treasury, for the purposes, and in the manner and visions of the act of Congress " to regulate the deposites proportions set forth and described in the said recited 13th of the public money," approved 230 June, 1836.

section of the act of Congress aforesaid, and by a requisition That amount has been ascertained to be

dol- or notice similar in form to that heretn annexed, addresslars, the

quarterly payment of which will be ed to the care of the Governor of said State. inade at the respective banks to which they enclosed trans

Signed and sealed this fer drafts, amounting in all to $

are directed,

thousand eight hundred and thirty upon your executing a receipt agreeably to the enclosed

Attest : form, to each of thein, for the sums received therefrom. I am, sir, very respectfully, your obedient servant,

The form of a requisition or notice for repayment will be Secretary of the Treasury.

substantially as follows :

TREASURY DEPARTMENT, P. 8. It may be useful, in the present embarrassed con

183. dition of the pecuniary concerns of the country and of the

To the State of banks, to suggest that, for reasons growing out of the de

Under the provisions of an act of Congress entitled “An posite act, as well as the existing liabilities of the banks, and the obligations required from the States to the Trea- June 231, 1836, and an act of said State passed

act to regulate the deposites of the public money,” passed sury, no one of the latter is required to accept, on the certain sums of money helonging to the United States havwithin transfers, any kind of money which is not available ing been deposited with the State aforesaid for safe-keeping and at par, and which it is not ready to account for in the and repayment, in conformity with the provisions of said same way when required.

act, said State is hereby notified that a portion of said Should any of the banks, therefore, on which the trang.

money, viz. the sum of $

is required to be refers are drawn, fail to deposite with you such money, they paid to the United States by the State aforesaid, for the may be returned to this Department, with a statement of purposes named in said act, anil in conformity with its prothe fact, in order that the case may be submitted to Con visions. gress at its approaching session.

Secretary of the Treasury. Form of a receipt by a State. Whereas, by the 13th section of an act of the Congress of Care of his Excellency, the United States, entitled “An act tu regulate the depos

Governor of said State. ites of the public money," approved the 234 of June, 1836, [The repayment of the said sum to the Treasurer of the it was enacted “that the money which shall be in the United States will be in one of the following modes, which Treasury of the United States on the 1st day of January,

this Department may in any particular case prefer and di1837, reserving the sum of five millions of dollars, shall be

rect, viz: deposited with such of the several States, in proportion to

1. By a request annexed to the above requisition to their respective representation in the Senate and House of place the same to the credit of said Treasurer in the Bank Representatives of the United States, as shall by law au of

on or before the

day thorize their treasurer, or the competent authorities, to re of

next, and to take duplicate receipts therefor; ceive the same, on the terms hereafter specified; and the

one of which receipts sent to the said Treasurer will be a Secretary of the Treasury shall deliver the same to such

sufficient voucher for the amount of said repayment on the treasurer, or other compelent authorities, on receiving cer

part of said State. tificates of deposite therefor, signed by such competent au 2. Or, ly a request written boy said Secretary on the thorities, in such form as may be prescribed by the Secre

back of a comnion Treasury warrant, directed to the State tary aforesaid."

for payment by said Treasurer, that said State would pay And whereas, the State of

has, by an act

the same; and which warrant, with a receipt of payment of its Legislature, passed on the

day of

thereon, will be a sufficient voucher as aforesaid. ] one thousand eight hundred and thirty

authorized and directed the of the said State to receive its pro

H. 1. portional share of the said surplus moneys of the United Circular from the Secretary of the Treasury with regard States on deposite with the said State, upon the terms to the receipt and transmission by mail of bank notes. specified in the said act of Congress :

TREASURI DEPARTMENT, And whereas the Secretary of the Treasury, in pursuance

September 22, 1789. of the provisions of the said act of Congress, and in con SIR: In consequence of arrangements lately taken with formity with the provisions of the said act of the Legisla- ' the Bank of North America and the Bank of New York,

at

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insisted upon.

for the accominodation of the Government, I am to inform course, contingent, it is not probable that they would obyou that it is my desire that the notes of those banks, pay- tain a ready sale, but at a discount, or upon long credit. able either on demand, or at no longer period than thirty | As they would also be more or less liable to accident, days after their respective dates, should be received in pay from the failure of expected payments, there would be ment of the duties, as equivalent to gold and silver ; and continually a degree of hazard to public credit. And, to that they will be received froin you as such by the Treasu- other considerations, it may be added, that the practice of rer of the United States.

anticipations of this kind is, in its nature, so capable of This measure, besides the immediate accommodation to abuse, as to render it an ineligible instrument of adminwhich it has reference, will facilitate remittances from the istration in ordinary cases, and fit only for times of necessity. several States, without drawing away their specie ; an ad. If the idea of anticipation should be excluded, then the vantage, in every view, important.

relying wholly upon Treasury drafts would be productive I shall ca : e you shortly to be furnished with indications of considerable delay. The knowledge that funds were in of the genuine notes as will serve to guard you against hand must precede the issuing of them; here would, of counterfeits, and shall direct the manner of remitting them. course, be some loss of time. And as the moment of deIn the mean time, and until further orders, you will please mand, created by the course of business, would frequently to receive them, transmitting to me a weekly account of elapse, there would as frequently be a further loss of time your receipts.

in waiting for a new demand. In such intervals the pubThe Treasurer of the United States will probably have lic service would suffer, the specie would be locked up, occasion to draw upon you for part of the compensation and circulation checked. Bank notes being a convenient of the members of Congress from your State. These species of money, whatever increases their circulation indrafts you will also receive in payment of the duties, or in creases the quantity of current money. Hence, the payexchange for any specie arising from them which shall ment of Julies is doubly promoted by their aid ; they at have come to your hands.

once add to the quantity of medium, and serve to prevent I am, sir, your obedient servani,

the stagnation of specie. ALEX. HAMILTON,

The tendency of the measure to lessen the necessity of Secretary of the Treasury. drawing specie from distant places to the seat of GovernOtho H. Williams, Collector

ment, results from the foregoing considerations. The of Customs for the port of Baltimore, Md. slow operation of Treasury drafts would frequently involve H. %.

a necessity of bringing on specie to answer the exigencies

of Government; the avoiding of which as much as possiExtract from a report of the Secretary of the Treasury of we, in the particular situation of this country, need not be

April 22, 1790, with regard to the collection law.
Sec. 30. This section provides for the receipt of the du-

1.
ties in gold and silver coin only. The Secretary has con-
sidered this provision as having for olject the exclusion of

TREASURY DEPARTMENT, May , 1837. payments in the paper emissions of the particular States, Sir: As the painful information has reached this Deand the securing the immediate or ultimate collection of partment, through the public press, that your bank has the duties in specie, as intended to prohibit to individuals suspended specie payments, the object of this letter is to the right of paying in any thing except gold or silver coin, learn, oflicially, if that fact has happened; and to receive but not to hinder the Treasury from making such arrange- such explanations concerning the reasons for it, and the ments as its exigencies, the speedly command of the public future course of your business, as it will be apparent are reources, and the convenience of the community, night so important for this Department to know, under the existdictate ; those arrangements being compatible with the ing liabilities and relations between you and the Government. eventual receipt of the duties in specie. For instance: the While, on the one hand, it is deemed proper that such Secretary did not imagine that the provision ought to be so indulgences should be granted by this Department to its understood as to prevent, if necessary, an anticipation of the former fiscal agents as they may request, consistently with duties by Treasury drafis receivable at the scveral custom- the laws and with the present state of the Treasury ; it must houses. And, if it ought not to be understood in this be apparent, on the other hand, that nothing can be grantsense, it appeared to bim that the principle of a different cd which is likely to endanger the safety of the public funds construction would extend to the permitting the receipt of and other important public interests. the notes of public banks issued on a specie fund. Unless The imperative provisions of the act of June, 1836, make it can be supposed that the exchanging of specie, after it it the duty of this Department to discontinue ordering any has been received for bank notes, to be remitted to the further sums of public money to be placed with ihe deposite Treasury, is also interdicted, it seems difficult to conclude | banks, after suspending specie payments. And hence you that the receipt of them, in the first instance, is forbidden. are notified that no more can be thus deposited in your in

Such were the reflections of the Secretary with regard stitution, provided such a failure to redeem your notes has to the authority to permit bank notes to be iaken in pay- | actually occurred. ment of the duties. The expediency of doing it appeared It is also made my duty as soon as practicable to sclect to him to be still less questionable. The extension of their other depositories, and place with them the money of the circulation by the measure is calculated to increase both the United States in your possession, as well as the accruing ability and the inclination of the banks to aid the Government.

but the Department will endeavor to draw out It also accelerates the command of the product of the reve the funds in your hands by warrants and transfers, reasonnues for the public service, and it facilitates the payment of able in their amount and in the periods of their payment. the duties. It has the first effect, because the course of Such warrants and transfers, it is trusted, you will at all business occasions the notes to be sent beforehand to dis- lines be anxious and able to meet, in a manner satisfactory tant places, and being ready on the spot, either for pay lo all concerned; not only with a view to fulfil faithfully ment or exchange, the first post after the duties become your contract, and relieve the Treasury and ils creditors payable, or are received, conveys them to the Treasury. from embarrassment and losses, but to exonerate yourselves The substitution of Treasury drafts, anticipating the duties, and sureties from consequences equally injurious, inevitable, could hardly be made without some sacrifice on the part and unpleasant. of the public; as they would be drawn upon time, ani I trust, further, that you will continue to regard it your upon the expectation of funds to be collected, and, of duty, while any public money remains in your possession,

Vol. XIV.-A 5

revenuc;

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to forward regularly, all the returns and statements which Merchants and Manufacturers' Bank, Pittsburg, Pa. are requireừ by your agreement—the mutual advantages Bank of Wilmington and Brandywine, Wilmington, Del. from doing which cannot fail to be obvious.

Bank of Delaware, Wilmington, Delaware. The Department will also feel much obliged if you will Union Bank of Maryland, Baltimore, Maryland. furnish, as early as practicable, replies to the two following Franklin Bank, Baltimore, Maryland. inquiries, in order that it may be in possession of such in- Bank of Metropolis, District of Columbia. telligence from you, in an authentic form, as will be useful Bank of Virginia, Richmond, Virginia. to the community and the States, and very material for Farmer's Bank of Virginia, at Richmond, Virginia. regulating properly the future measures of the Treasury. Bank of the State of North Carolina, Raleigh, N. Carolina. Those inquiries are

Planters and Mechanics' Bank, Charleston, South Carolina. 1st. Whether you expect to resume specie payments soon, Bank of Charleston, Charleston, South Carolina. and what mode you'propose to take fully and seasonably to Bank of Augusta, Georgia. indemnify,

1, secure, and satisfy the Government and the pub Branch Bank of Alabama, Mobile, Alabama. lic creditors for any breach of your agreement and bond ? Union Bank, of Louisiana, and branches, New Orleans, La.

2d. Whether, if you do not expect to resume specie Commercial Bank, New Orleans, Louisiana. payments suon, any particular time for it hereafter has been Planters' Bank of Mississippi, and branches, Natchez, Miss. yet decided on, and what special efforts or arrangements Agricultural Bank, and branches, Natchez, Mississippi. you intend to make for that very important object ? Union Bank of Tennessee, Nashville, Tennessee. I an, very respectfully, your obedient servant,

Planters' Bank and branches, Nashville, Tennessee. LEVI WOODBURY, Bank of Kentucky and branches, Louisville, Kentucky,

Secretury of the Treasury. Northern Bank of Kentucky, at Lexington, and branch at To the CASHIER of the

Bank.

Louisville, Kentucky.

Clinton Bank of Columbus, Ohio.
K.

Franklin Bank of Columbus, Ohio.
List of deposite banks discontinued under the deposite Bank of Chillicothe, Ohio.
act of June, 1836.

Franklin Bank, Cincinnati, Ohio. Mercantile Bank, Bangor, Maine.

Commercial Bank, Cincinnati, Ohio. Maine Bank, Portland, Maine.

Agency of Commercial Bank, at St. Louis, Missouri. Cumberland Bank, Portland, Maine.

Bank of Zanesville, Ohio. Granite Bank, Augusta, Maine.

Bank of Wooster, Ohio. York Bank, Saco, Maine.

Commercial Bank of Lake Erie at Cleveland, Ohio. New Hampshire Bank, Portsmouth, New Hampshire. Bank of Cleveland at Cleveland, Ohio. Commercial Bank, Portsmouth, New Hampshire.

State Bank of Indiana, Indianapolis, Indiana. Portsmouth Bank, Portsmouth, New Hampshire.

Illinois Bank, at Shawneetown, Illinois. Piscataqua Bank, Portsmouth, New Hampshire.

Bank of Michigan, Detroit, Michigan. Merrimack County Bank, Concord, New Hampshire. Farmers and Mechanics' Bank of Detroit, Michigan. Mechanics' Bark, Concord, New Hampshire.

* Bank of River Raisin, Michigan. Merchants’ Bank, Boston, Massachusetts.

L.
Commonwealth Bank, Boston, Massachusetts.
Franklin Bank, Boston, Massachusetts.

List of present deposite banks under the act of June, 1836. Fulton Bank, Boston, Massachusetts.

People's Bank, Bangor, Maine. Hancock Bank, Boston, Massachusetts.

†Brooklyn Bank, Brooklyn, New York. Phænix Bank, Charelstown, Massachusetts.

Planters' Bank Georgia, Savannah, Georgia. Bank of Burlington, Vermont.

Insurance Bank of Columbus, Georgia. Bank of Windsor, Windsor, Vermont.

Louisville Savings Institution, Kentucky.
Quinebaug Bank, Norwich, Connecticut.

Bank of the State of Missouri, St. Louis.
Farmers and Mechanics' Bank, Hartford, Connecticut.
Mechanics’ Bank, New Haven, Connecticut.

M.1.
Arcade Bank, Providence, Rhode Island.

To Collectors of the Customs. Rhode Island Union Bank, Newport, Rhode Island.

TreasuRY DEPARTMENT, Muy 12, 1837. Mechanics and Farmers' Bank, Albany, New York.

If the bank where you deposite should suspend specio Manhattan Company, New York, N. Y.

payments, you will yourself collect and keep safely in Bank of America, New York, N. Y.

your own hands, the public money for all duties at your Mechanics' Bank, New York, N. Y.

port, until further directions are given to you by this De. Seventh Ward Bank, New York, N. Y.

partment how to deposite, transfer, or pay it. You must, Lafayette Bank, New York, N. Y.

of course, continue to adhere to the existing laws of ConPhenix Bank, New York, N. Y.

gress, and the former instructions of the Treasury, in reLeather Manufacturers' Bank, New York, N. Y.

spect to the kind of money receivable for customs; and by Tradesmen's Bank, New York, N. Y.

which it is understood to be your duty to require payments Dry Dock Company, New York, N. Y.

to be made in specie, or the notes of specie-paving banks Merchants' Bank, New York, N. Y.

that are at par.

LEVI WOODBURY, Union Bank, New York, N. Y.

Secretary of the Treusury. National Bank, New York, N. Y. Mercbants' Exchange Bank, New York, N. Y.

M. 2. Brooklyn Bank, Brooklyn, New York.

Circular to Receivers of Public Money

eys. Commercial Bank, Buffalo, New York,

TREASURY DEPARTMENT May 12, 1837. Troy Bank, Troy, New York.

If the bank where you deposite should suspend specio Trenton Banking Company, New Jersey.

payments, you will keep in your own bands, safely, the State Bank, Newark, New Jersey.

public money you have in possession, or may hereafter reState Bank, Elizabeth, New Jersey. Girard Bank, Philadelphia, Pennsylvania.

* Discontinued by its request, before the suspension of specie psy. Moyamensing Bank, Philadelphia, Pennsylvania.

+ Reappointed when resumed specie payments.

mente

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Amount.

rants.

ceive, till further directions are given to you by this De

0. partment how to deposite, transfer, or pay it, or any por- Extract from Treasury report, April 22d, 1790, to the tion of it.

House of Representatives. You will report to this Department, weekly, the amount

As connected with the difficulties that have occurred on hand. LEVI WOODBURY,

.

in the execution of the laws, which is the subject of this Secretary of the Treasury.

report, the Secretary begs leave, in the last place, to men. N.

tion the want of an officer in each State, or other consider.. Circular instructions to Collectors of the Customs and able subdivision of the United States, having the general Receivers of Public Money.

superintendence of all the officers of the revenue within

such State or such division. TREASURY DEPARTMENT, June 9, 1837.

Among the inconveniences attending it, is a great diffiSIR: Should all the banks in your vicinity selected as depositories of the public money have suspended specie which are there collected.

culty in drawing from the more remole ports the moneys

As the course of business cre. payments at any time, so that you can no longer legally

ates little or no demand at the seat of Government, or in deposite in them, as usual, to the credit of the Treasurer,

its vicinity, for drafts upon such places, negotiations, in all public moneys received by you, except such sums as may be required to meet the current expenses of your of.

this way are either very dilatory or impracticable ; neither

does the circulation of bank paper, from the same cause, fice, the payment of debenture cirliticates by collectors, &c.

extend to them. This embarrassment would he remedied in other words, the sums you would formerly have placed by having one person in each State, or in a district of the iu bank to the credit of the Treasurer of the United States,

United States of convenient extent, charged with the rewill, under the present arrangements, be placed to his ceipt of all the moneys arising within it, and placed, in credit, in a separate account, on the books of your office. point of residence, where there was the greatest intercourse They will be drawn for, by him, in the following manner, with the seat of Government. This would greatly faciliand no other : Ist. By the Treasurer's draft on the officer having funds the Union, and would contribute to lessening the necessity

tate negotiations between the Treasury and distant parts of to his credit directing the payment; which draft will be re

of the transportation of specie. corded by the Register of the Treasury, who will authenticate the record by his signature. A private letter of ad

P. vice will be transmitted by the Treasurer in each case. Statement of the number and amount of warrants drawn

20. By a transfer draft, signed as above, and approved by on the United States Bank und branches, and the other the signature of the Secretary of the Treasury, for the pur banks, which were depositories of the public moneys, pose of transferring funds to some other point where they during the year ending December 31, 1834. may be required for the service of the Government. No deduction whatever is to be made froin the moneys

EASTERN STATES. placed by you to the credit of the Treasurer, except in one

Place.

No. of war of these two modes, until they can be lodged by you with some legal depository.

On payment of any draft, the party to whom it is paid will receipt it. You will note on it ihe day of payment, Portland

76 $142,020 00 will charge it on the same day to the Treasurer, and will Portsmouth

48

145,752 00 transinit it to him with the return of his account in which Boston

296 2,610,636 00 it is charged. In charging these payments, it will be proper Salem

56,960 00 to enter each draft separately, and to state the number and Providence

30

86,635 00 kind of draft, whether transfer, or on Treasury, War, or Newport

15

16,724 00 Navy warrants, and the amouni.

Bristol, Rhode Island

14

43,372 00 It is also necessary that the Treasurer's account be closed Hartford

14

129,499 00 weekly, with the conclusion of Saturday's business, and Middletown, Connecticut

2,215 00 transcripts thereuf forwarded in duplicate-one copy to the New Haven

43

64,328 00 Secretary of the Treasury, and one to the Treasurer. Burlington

41

78,885 00 When the quarter of the year terminates on any other day of the week, the account should be closed on the last day of

603 3,337,026 00 the quarter-leaving for an additional return the transac New London tions from that time to the close of the week : so that Bath neither the receipls nor payments of different quarters be included in one return. Punctuality in transmitting the

MIDDLE STATES. return is indispensable.

To produce uniformity in the manner of making the returns of the Treasurer's account, a form is herewith trans

New York

874 $6,275,628 00

13 mitted. For the purpose of binding, it is requested that Utica

8,278 00

21 they be made on paper of nearly the same size. Your Buffalo

9,490 00 Philadelphia

438 monthly returns must be rendered to the Department as

5, 156,161 00 heretofire.

Harrisburg

1

8 00

76

Pittsburg When the public money shall have accumulated in your

88,978 00 hands to an amount exceeding

237 dollars, you can make Baltimore

689,328 00 a special doposite of the same, in your name, for safe-keep- Washington

1,458 1,163,631 00

1 ing, in the nearest bank in which you have heretofore de- Georgetown

60,000 00 Alexandria

10 posited the public money, and which will receive the same,

2,041 00 to be held by it, specially subject to the payment of checks or drafts drawn by the 'Treasurer of the United States on

3,129

16,453,843 00 the officer by whom the same has been deposiled.

Albany
LEVI WOONBURY,

Newcastle
Secretary of the Treasury.

16

10

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Q. Comparative condition of deposite banks in certain particulars in November, 1836, and in March, May, July, and

August, 1837.

1st Nov., 1836. 1st Mar., 1837. Ist May, 1837. 1st July, 1837. 15th Aug.,1837.

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Condition of the deposite banks on or about June 15, 1837, in different sections of the country.

REGION IN WHICH SITUATED.

Specie.

Notes of
Due by

Due to Private
other b’nks. other binks. other b’nks. deposites.

Public Treasurer Circulaofficers of the U.S. tion.

New England States

$672,816 $1,083.811 $1,519,298 $1,242,997 82,013,211 8523,064 81,895,897 $1,660,966 New York

1,772,610 3,301,886 9,206,289 7,861,943 10,765,871 760,705 4,804,287 4,258,010 N. Jersey, Penn., Delaware, Maryland, Dist. Col. 741,557 1,393,242 1,977,216 2,382,537 2,487,014 | 1,763,546 2,849,455 2,237,932 Virginia, N. Carolina, South Carolina, Georgia 2,068,931 822,560 1,160,059 1,006,130 4,419,964 618,577 1,470,627 6,8 7,459 Alabama, Mississippi, Louisiana, and Tennessee 1,168,022 551,149 2,601,942 5,675,864 4,520,530 1,285,391 6,298,097 9,375,981 Other Western Staies, including Michigan 4,174,977 1,731,815 5,830,175 3,368,293 2,733,988 385,730 7,252,514 8,047,308

10,601,936 8,892,463 | 22,327,979 | 22,337,781 27,000,598 / 5,337,013 | 24,571,707 | 32,484,656

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