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Subject Area: Economics
Subject Area: Political Theory

GALLATIN TO SAMUEL B. RUGGLES. - 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 SAMUEL B. RUGGLES.

New York, 9th April, 1838.

Dear Sir,—

I am told that it is intended at Albany to postpone the consideration of the application for aid by the State of a sale of stock on credit to enable the banks to sustain specie payments till after the meeting of the general bank convention, which meets on the 11th inst.

If the committee of which you are chairman, and to whom was referred the memorial of certain merchants on that subject, is against the application, I have nothing further to say.

But if it is intended to report in favor of the memorial, permit me to say that it is of great importance that the report should be made at once, so as to produce the desired effect on the convention. There will be found in that body many timid and undecided men. The knowledge that the great State of New York will sustain and aid the resumption cannot fail to have a powerful influence; and the report of the committee, since it is too late to expect a timely vote of the House, will alone be of great utility to promote our object.

Yours, &c.