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Subject Area: Economics
Subject Area: Political Theory

JEFFERSON TO GALLATIN. - Albert Gallatin, The Writings of Albert Gallatin, vol. 1 [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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JEFFERSON TO GALLATIN.

November 11, 1801.

Specie.Due by Banks, and convertible into Specie.Discounts.Six per Cent. and Advances to Government.Notes in Circulation.Deposit of Government.Deposits of Individuals.Undivided Profits.Capital.
Bank U. S.5,000,0001,450,00012,150,0005,460,0005,200,0003,560,0005,240,00040,00010,000,000
New York531,819809,8942,718,736562,5631,027,000704,2801,390,0461,800,000
Boston649,009149,7361,791,143767,360955,365459,571700,000
Baltimore554,933232,5831,575,766938,025487,446435,249600,000
Norfolk780,169114,883491,790405,375445,797276,219250,000
Charleston941,500543,4141,968,0031,315,920412,3361,124,947600,000
8,507,4303,300,51020,695,4386,022,5639,653,6806,565,2248,926,03240,00013,950,000

The bank statements are new to me and present curious information: to obtain a general idea I have brought them together as above, very inaccurately, omitting some items I did not understand, lumping others perhaps ill understood; but such an abstract accurately made would be interesting. For this purpose it would require in the first place a judicious form to be devised, and that sent to all the banks with a request they would put their statements into that form. It would then be easy to generalize every set of returns, and at the end of the year to make an average from the whole. And why should not the bottom line of the yearly average be presented to Congress? It would give us the benefit of their and of the public observations, and betray no secret as to any particular bank.

I enclose you a letter concerning Cherryston’s, of which I can make little. The applications for moneys due on appropriations may certainly be omitted to be sent to me, as the effect appears in the weekly abstract of warrants. Those conveying information of what is passing or of the state of things are the desirable. Dr. Tucker’s coming into office may be fixed for the 1st day of December. Health and good wishes.