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The drafts of which notice was given in the following letters, were afterwards recalled.

Name of bank.

No. of instalments. Date of

ter.

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recall of

drafts.

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The following postcripts were added to the letters: To those respecting deposites with the State of New York:

"The receipt will be countersigned by the Comptroller of the State."

To the letter of June 17, to Bank of America, Ney York, respecting transfer of $24,890 20, to State of Connecticut :

"This transfer draft has been issued in place of one for $16,964 09, of which notice was given you by letter dated June 16, and which has been recalled."

To letter of June 17, to Quinebaug Bank, respecting transfer of $25,000 to State of Connecticut:

"This transfer draft has been issued in place of one for $47,926 11, of which notice was given you by letter dated June 16, and which has been recalled."

To letter to Mechanics' Bank, New York, of June 20, respecting transfer of $270,000, to State of New York:

This draft has been issued in place of the draft for $230,000, of which notice was given you on the 14th instant."

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To letter to Manhattan Company, New York, of June 20th, respecting transfer of $240,000 to State of New York:

"This draft has been issued in place of the draft for $220,000, of which notice was given you on the 14th instant."

To the letter of May 20th to the Agricultural Bank, Natchez, respecting transfer of $127,445 10 to the State of Mississippi :

"Information having been received that the transfer draft in favor of Tennessee, upon your bank, for the second instalment of deposite, has not been honored, the draft above described has been placed upon it."

To the letter of May 30th to the Northern Bank of Kentucky, respecting transfer of $140,809 33 to State of Virginia :

"The amount of this transfer draft to the State of Virginia will be deducted from the transfer heretofore ordered to the Bank of Virginia; or, that will be recalled to this extent, provided you find that the meeting of both of them in a satisfactory way is very inconvenient."

To the letter of May 30th to the Bank of Kentucky, Louisville, respecting transfer of $135,000 to the State of Virginia:

"The amount of this transfer draft to the State of Virginia will be deducted from the transfer heretofore ordered

Deposite Banks.

to the Bank of Virginia, or the latter will be recalled to that extent, provided both of them are found to be very inconvenient to you."

To the letter of June 2d to Bank of America, respecting transfer of $50,000 to State of Georgia:

"This draft is issued in consequence of the recall of transfer drafts on your bank, issued in favor of banks in Georgia."

Similar postscript to letters of June 2d to Mechanics' Bank and Manhattan Company, New York, respecting tranfers to State of Georgia.'

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C 1.

BANGOR, MAINE, June 5, 1837. SIR: At this eventful crisis, we feel it our duty to give you frequent information of what we are doing, who have the direction of the People's Bank; therefore we would say, in addition to a former communication, that we have not suspended, nor shall we suspend specie payment, unless the Treasury draft on us for $21,000, payable July 1st, should be exacted in gold and silver. If, however, we should, by dire necessity, be compelled to change our course, we shall immediately communicate the fact to the Treasury Department. We thank you for the courteous and encouraging sentiments expressed in your last, while we, with assurances of our greatest respect, would subscribe ourselves

Your obedient servants, WM. D. WILLIAMSON, President People's Bank.

Hon. LEVI WOODBURY,

:

Secretary of the Treasury Dep't U, S.

C 2.

BANGOR, MAINE, June 10, 1837. SIR Having lately written to you, we should not address you again so soon, had not your communication of the 5th instant, received this morning, filled us with extreme anxiety; for by yours of 18th February last, the People's Bank were notified that $21,000 of the public money would be drawn for in favor of the State of Maine, to be paid on the 1st of July next; whereas, by this day's mail we are notified by the Treasury Department, that a tranfer draft to this State of $33,612 75, payable that day, is directed upon this bank, the former sum being thus enlarged considerably more than one third, and yet all to be paid within thirty days, a shorter period, if we are correct, than the one mentioned in our contract; and a sum, too, not inconsiderable for a bank of our capital, especially in these times. We apprehend most assuredly that there must be, in the multiplicity of your avocations at this juncture, something unintentional; for by ours of May 17th and June 5th we informed you that we had determined not to suspend specie payments, that we had in vault and at command sufficient specie to redeem all our bills in circulation, that a large amount of our loans was on short paper, payable in Boston, and that we should probably be able to pay the next Treasury draft of $21,000 July 1st, in the usual course of business, paying out such money we receive; and we respectfully inquired whether the draft for the sum last mentioned might not for a period be withholden or delayed, or some other relief or aid be conveniently afforded us in this emergency as to specie. In your encouraging reply, dated May 23d, you were pleased to approve highly of our "firmness and perseverance," and "heartily wish us success," assuring us the Treasury Department would at an early day apprize us of the course to be pursued as to to the transfers to this State, and adopt "measures as favorable for our bank as public duty will permit.'

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Now, the next communication from the Treasury De partment, this day received, advises us, as before stated, that we must pay $33,612 75 instead of $21,000, and

[25th CoNG. 1st Sess.

consequently, if we accept the draft, we must pay in such money as may be demanded. The State Treasurer will draw for it in favor of different towns, and in sums equal to their respective proportions, without mentioning any kind of money; and as gold and silver are the only constitutional tender, such will unquestionably be demanded, it being now at a high premium, and banks and individuals greatly wanting it. But specie cannot be procured, and therefore specie cannot possibly, to the amount of the draft, be paid. Must, then, the People's Bank, when it becomes due, suspend specie payments; after all its fortitude, its efforts, and its sacred regard for law and contract, honor and promptitude? Shall the prophetic surmises of foes be verified, and they tauntingly triumph over our well-timed exertions? Have we fought the good fight and kept the faith in vain? Or will it be no better for us, that we, in so good a cause, have stood firmer than others-this being the only deposite bank in all New England that has not suspended specie payments? Nor do we wish to be forced into that situation, by such suspension, which makes the duty of the Secretary of the Treasury to call the public funds out of the People's Bank, which has alone, at considerable sacrifice, in supplying itself with specie, endeavored to sustain itself and the good policy of the administration. Nothing could have occurred more unexpectedly than the enlarged call on us at this crisie ; for our paper on Boston, though undoubtedly good, is returning from day to day protested; every bill any one can get of ours is presented for specie, even change, and now this day, June 10th, we are directed to be ready to pay July 1st, $33,612 75 of $42,130 72, the whole of the Government's deposite in the People's Bank. It will thus be perceived that we are in an anticipated dilemma; therefore we would respectfully inquire, cannot another draft, to the amount of $10,000 or $15,000 be substituted for that of $33,612 75, or the latter be in part countermanded? Or, as we requested in ours of May 17th, may not the draft be withholden for a period? Or could not our bank have a Treasury draft for fifteen or twenty thousand dollars on some deposite banks that have suspended specie payments, or on some other receivers of the public money? In short, will the Secretary of the Treasury be pleased to extend to us the temporary relief, important in the present emergency, as it will, we believe, be consonant to the public good, and at the same time confer a favor on his unfeigned and abiding friends and obedient servants? In behalf of the directors of the People's Bank:

WM. D. WILLIAMSON, President. Hon. LEVI WOODBURY,

Secretary of the Treasury.

C 3.

TREASURY DEPARTMENT, June 17, 1837. SIR: I have to acknowledge the receipt of your letter of the 10th instant. In common with the proportion of all the other banks in Maine, that of the People's Bank was increased in the State transfers payable on the 1st July, in consequence of the non-execution of the outstanding transfer drafts from the South and West to Boston, and which reduced the deposites in that place so low as to render any considerable amount of transfer to Maine impossible. It was supposed that the State transfer upon your bank would be paid without inconvenience; but, upon your suggestion, that unless reduced, or a draft on Boston is furnished, its amount beyond the notice may interfere with your expectations and consequent arrangements, and is not satisfactory, I have directed the Treasurer to issue two transfer drafts in your favor on Boston for the amount of the difference between the sum you was originally notified to pay the State of Maine and the State transfer recently placed on your bank, payable on 1st July.

These transfers are on the Commonwealth and Fulton

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Banks for $6,000 each, payable on demand, and will ob-
viate the inconvenience of increasing your proportion of
the State transfers beyond the notice.
I am, sir, very respectfully, your obedient servant,
LEVI WOODBURY,
Secretary of the Treasury.

W. D. WILLIAMSON, Esq.,"
President of the People's Bank, Bangor, Me.

D 1.

TREASURY DEPARTMENT, June 17, 1837. SIR: To enable the People's Bank of Bangor to meet an excess in the amount of the State transfer draft beyond what it was originally notified to pay, I have directed a transfer in its favor for $6,000 upon your bank, payable on demand, which, I hope, will be met without inconvenience, as no State transfers for the July instalment will be place on your bank in favor of any State except Massachusetts. I am, &c., LEVI WOODBURY, Secretary of the Treasury. CASHIER of the Fulton Bank, Boston, Mass.

D 2.

TREASURY DEPARTMENT, June 17, 1837. SIR: In order to enable the People's Bank of Bangor to meet an excess in the amount of the State transfer draft placed upon it beyond its notice, I have directed a transfer for $6,000 upon your bank in its favor, payable on demand, which I hope will be met without inconvenience, as you will not pay any State transfers in July but to Massachusetts. I am, &c.,

LEVI WOODBURY, Secretary of the Treasury. The CASHIER of the Commonwealth B'k, Boston, Mass. E 1.

TREASURY DEPARTMENT, June 5, 1837. SIR: I will thank you to inform me, at your earliest convenience, whether your bank will be prepared to execute a transfer of the balance of public money to the State of Connecticut on the 1st July next, as a portion of the deposite then to be made with that State, and whether that would not be the easiest and best mode of closing up our affairs.

I am, very respectfully, your obedient servant,
LEVI WOODBURY,
Secretary of the Treasury.

PRESIDENT of the Quinebaug Bank,

Norwich, Conn.

E 2.

QUINEBAUG BANK,

Norwich, June 10, 1837. SIR: I forward our account with the Treasurer to this date. I have received your letter of the 5th instant, inquiring if this bank will be prepared to pay on the 1st July next the balance due the Treasurer of the United States.

I am instructed to say that, owing to the certainty of being deprived of the use of funds in July, by the failure of manufacturers and their factors in New York, it will be out of the power of this bank to meet your wishes; but we will endeavor to provide for a part of the balance. We should be obliged by having you draw for as small an amount as will consist with the convenience of the Treasury. I am, very respectfully, your obedient servant, F. A. PERKINS, Cashier.

Hon. LEVI WOODBURY,
Secretary of the Treasury.

E 3.

TREASURY DEPARTMENT, June 17, 1837. SIR: I have to acknowledge the receipt of your letter of the 10th instant, with its enclosure. After waiting what

was deemed a reasonable period for a reply to my letter of the 5th instant, I had ordered a State transfer draft to he placed on you in favor of the State, for the balance in deposite with you, under the belief that the payments might be more conveniently made to the State of Connecticut than upon warrants in favor of public creditors. A different opinion being expressed in your letter, I have recalled the State transfer for the whole balance on deposite with you, and placed one instead for $25,000, which, from the tenor of your letter, you will doubtless meet with convenience and promptitude.

I am, very respectfully, your obedient servant,
LEVI WOODBURY,

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RHODE ISLAND UNION BANK,

Newport, (R. I.,) June 3, 1837. SIR: I beg leave to reply to that part of your circular letter of the 18th ultimo, addressed to the cashier of this bank, which relates to its future course in regard to the remaining balance ($38,362 98) of your deposites in it, United States. which is now standing to the credit of the Treasurer of the bank will fall due in this month, and some of those must As only a few notes discounted by the be renewed, it will be extremely inconvenient to the bank to pay a part of said balance before the middle of next month. And as you have drawn from time to time war warrants on the Rhode Island Union Bank, in favor of the Newport Exchange Bank, by which the money required to carry on the public works at Fort Adams has been obtained, and those warrants have been regularly paid, I take the liberty of proposing that three such warrants be drawn by you, each for a third part of said balance, viz: the 1st payable on the 15th July, 2d payable on the 15th August, 3d payable on the 15th September, 1837.

If, having in view the public interests and the accommodation of this bank, under existing circumstances, you should think it proper to do what is here respectfully suggested, arrangements will be made in season to pay the warrants proposed to be drawn by you.

The cashier of the Rhode Island Union Bank will continue to make, weekly, to the Treasury Department, regular returns of the state of the bank, so long as any money belonging to the United States shall remain deposited with it. I am, respectfully, sir, your humble servant,

CHRIS. G. CHAMPLIN, President Rhode Island Union Bank.

Hon. LEVI WOODBURY,

Secretary of the Treasury.

F 2.

TREASURY DEPARTMENT, June 7, 1837. SIR: In reply to your letter of the 3d instant, I have to assure you that this Department will endeavor to accommodate you with regard to the payment of the balance, after meeting the $10,000 to the State on the first of July, as you have heretofore notified, by gradual draft for the amount, as near your suggestions as the wants of the public service may justify.

I am, very respectfully, your obedient servant,
LEVI WOODBURY,
Secretary of the Treasury.

C. G. CHAMPLIN, Esq.,

President of the Union Bank, Newport, R. I.

F 3.

RHODE ISLAND UNION BANK,

Newport, R. I., June 12, 1837.

SIR: I have to acknowledge the receipt of your letter of the 7th instant, and I thank you for the assurance it con

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