ca. August 1816
It appears that Dr. Flord returned to New Orleans on the 3d of July, and that the bank subscriptions were opened. The amount is not expected to exceed $300,000 at that place. The general deficit will probably be $3,000,000, but it will be immediately supplied by companies already formed. Mr. Girard alone will take $1,000,000, if he can obtain that sum.
I am anxious to receive your sentiments upon the expediency of persevering in the treasury proposition for commencing coin payments of small bank-notes on the 1st of October. I think the banks here would be obliged to acquiesce. There is a danger, however, of a failure of current means of paying taxes in the interior; and the merchants would be glad at this crisis, to seize any pretence for refusing to pay their bonds. I am, dear sir, most respectfully and faithfully yours,
A. J. Dallas
Printed Source--Alexander James Dallas. Life and Writings of Alexander James Dallas. ed. George Mifflin Dallas (Philadelphia: J. B. Lippincott & Co., 1871)..