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Subject Area: Economics
Subject Area: Political Theory

GALLATIN TO WM. L. MARCY, Governor of the State of New York. - Albert Gallatin, The Writings of Albert Gallatin, vol. 2 [1879]

Edition used:

The Writings of Albert Gallatin, ed. Henry Adams (Philadelphia: J.B. Lippincott, 1879). 3 vols.

Part of: The Writings of Albert Gallatin, 3 vols.

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GALLATIN TO WM. L. MARCY, Governor of the State of New York.

New York, 9th April, 1838.

Dear Sir,—

I hear with regret that the committee of merchants who had gone to Albany have returned without doing anything decisive, and without even addressing you a letter which might lay the foundation of a message to the Legislature if that message appeared to you proper. It is also reported that it is intended to postpone the subject till after the meeting of the bank convention; but for what reasons I do not understand. For that Philadelphia, and of course Baltimore and some other places, had determined not to resume, was known at Albany; and the want of co-operation on the part of Philadelphia alone would render the aid of the State necessary. On the other hand, the knowledge that the State of New York would support the banks in their earnest effort to resume specie payments cannot fail to have a powerful effect on the convention; it will encourage the timid and decide the wavering. I am so well satisfied of this, and, now when there is not time for a decisive action of the Legislature, that even your message would be sufficient to produce that effect, that if you think it necessary as a basis for recommending the measure to the Assembly, you may consider yourself at liberty to communicate the letter of the bank committee of seven to you. For the reasons stated in my letter of the 27th March, I would rather, if it can be avoided, that that of the committee should not be published; but, if necessary in support of your immediate message, I would waive the objections.

I have the honor to be, with great respect, dear sir, your most obedient servant.