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Subject Area: Economics
Subject Area: Political Theory

GALLATIN TO THE SECRETARY OF THE TREASURY. - 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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GALLATIN TO THE SECRETARY OF THE TREASURY.

Ghent, 24th December, 1814.

Sir,—

Our bankers at Amsterdam informed me at the beginning of November that no remittances for the payment of the dividend due 1st January next at Amsterdam on the Louisiana stock had yet reached them. To my inquiry whether they would advance the money in case the remittances did not arrive in time, they answered in the negative, and complained that they were already 280,000 guilders in advance for the diplomatic fund. I then wrote to Messrs. Baring to ascertain whether they had received remittances, and, in case they had not, how far they and their friends, the house of Hope, at Amsterdam, might be disposed to advance the money. Mr. A. Baring wrote me on the same subject before the receipt of my letter. Finding he hesitated, I applied to Mr. Iselin, of the house of Le Roy, Bayard & M. Evans, of New York, to make the necessary advance. He offered to advance 200,000 guilders, at 46 cents per guilder; and I was on the point of proposing to him, instead of 46 cents, the rate of exchange that might exist in America at the time of his being paid there by the Treasury, when I received a letter from Mr. Baring informing me that he would make the necessary advances in Amsterdam. I send copies of his letters, by which you will perceive the necessity of further remittances to him. You will owe him 400,000 guilders advanced in Holland, and a large sum for seamen and prisoners. When these are released, their support till shipped will be still more expensive than their allowance whilst in prison.

P.S.—The Amsterdam bankers are also very anxious to be reimbursed of their advances on account of the diplomatic fund.