Econlib

The Library

Other Sites

 Front Page arrow Titles (by Subject) arrow GALLATIN TO MADISON. - The Writings of Albert Gallatin, vol. 1

Return to Title Page for The Writings of Albert Gallatin, vol. 1

Search this Title:

Also in the Library:

Subject Area: Economics
Subject Area: Political Theory

GALLATIN TO MADISON. - 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.

About Liberty Fund:

Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals.


GALLATIN TO MADISON.

New York, 21st August, 1810.

Dear Sir,—

I enclose a letter from Mr. Duval on the subject of Brown’s estate. I cannot recollect whether his account, &c., were sent to Mr. Pinkney, but will write to-day to have it done. The report, by the last arrival from England, is that he has recovered a part of the money from Brown.

I received last night the Batture paper, which I will return whenever I shall have read it. Is it intended as a brief for the lawyers, or for publication?

It is extremely difficult to make, at this moment, any general alteration in the deposits of public money; for as we grow poorer we are, on the contrary, obliged to concentrate what is left by drawing from the other banks, such as the Manhattan, &c., and by the end of the year we will probably be reduced so low as to make the deposits of no importance to any bank. I believe also that the lessening of discounts by the Bank of the United States has not produced the effect you apprehend, as it is but trifling, and is far exceeded by the new discounts made by the new banks created since spring in New York, Baltimore, &c. But there is a general diminution of specie; and there may be partial inconveniences to State banks resulting from that source. If instead of a general observation the place or places whence the complaint has arisen are made known to me, a temporary remedy may perhaps be administered. I have already been applied to by the Bank of Columbia, where the evil arose from Davidson’s harshness and littleness, and have acted upon it.

Mrs. G. presents her affectionate regards to Mrs. Madison.

Respectfully and affectionately yours.