From Thomas Jefferson to Albert Gallatin, 11 November 1801
To Albert Gallatin
Nov. 11. 1801.
Th:J. to mr Gallatin
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, & 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 & of the public observations, & betray no secret as to any particular bank.
I inclose you a letter concerning Cherryston’s of which I can make little. the applications for monies due on appropriation 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 desireable. Dr. Tucker’s coming into office may be fixed for the 1st. day of December. health & good wishes.
RC (NHi: Gallatin Papers); with the composite table of returns from the Bank of the United States at head of text (see below); addressed: “The Secretary of the Treasury.” PrC (DLC). Enclosure not found.
I have brought them together as above: at the head of the text TJ reproduced the table he drew up from the weekly balance sheets of the Bank of the United States and its branches, the final section of his Notes on the Bank of the United States and Internal Revenues, printed at 10 Nov.
On 14 Nov., Gallatin notified 11 banks that the date of Thomas Tudor tucker’s coming into office had been set at 1 Dec. Gallatin ordered that on that date the balance of the public monies in the bank were to be transferred to the credit of Tucker and “a Certificate, sign’d by the Cashier, specifying the Amount of the balance” was to be forwarded to the Treasury Department. Monies deposited with the banks after 30 Nov. were to pass to the credit of the new treasurer (, 6:22). In printed circulars dated 16 Nov., Gallatin informed all revenue supervisors and customs collectors of Tucker’s appointment and included instructions for implementing the change (same, 6:44–5).