§ From William C. C. Claiborne
1 January 1805, New Orleans. “Great exertions are now making to revive the Louisiana Bank, and I understand the probability is, that the Capital required will in a few days be Subscribed.1
“My own doubts as to the Validity of the Charter are known, as is also the opinion of Some of the Officers of Government, that it was in itself a Nullity: But many Citizens seem nevertheless determined to adventure.”
RC (DNA: RG 59, TP, Orleans, vol. 6); letterbook copy (LU: Claiborne Letterbook). RC 1 p.; in a clerk’s hand, signed by Claiborne; docketed by Wagner as received 21 Feb. Letterbook copy dated 5 Jan. 1805.
1. For Claiborne’s earlier establishment of a bank at New Orleans and the administration’s disapproval, see PJM-SS description begins Robert J. Brugger et al., eds., The Papers of James Madison: Secretary of State Series (7 vols. to date; Charlottesville, Va., 1986–). description ends , 6:574 and n., 594–95 and n. 1; Jefferson to JM, 17 Apr. 1804, ibid., 7:73 and nn.; and Claiborne to JM, 25 May 1804, ibid., 7:253, 254 n. 1.