To James Madison from Albert Gallatin, 19 April 1816
From Albert Gallatin
New York 19th April 1816
Dear Sir
Last Washington mail brought me the enclosed letter (returned) from Gen. John Smith of New York.1 Mr. Astor has never spoken to me on the subject. It would please me that he should be gratified in that respect. It will promote the filling of subcriptions, and he has a fair claim to that honorific distinction. In April 1813, when the federalists of New York refused to subscribe to the 16 millions loan, he came out with a subscription of more than two millions of dollars bottomed exclusively on his own resources & credit, and enabled me by that competition to obtain better terms from Parish & Girard. I know that amount was much more than was convenient and did much embarress him. Respectfully Your obedt. Servt.
Albert Gallatin
RC and enclosure (DLC). RC cover docketed by JM. For enclosure, see n. 1.
1. Gallatin enclosed a 5 Apr. 1816 letter he had received from John Smith, a Republican senator from New York, 1804–12. Smith requested that should a national bank be established, John Jacob Astor be appointed a commissioner to receive bank subscriptions. He noted that Astor was thinking of becoming a large stockholder in the bank. On 23 Apr. JM nominated Astor to be a director of the recently enacted second Bank of the United States ( 3:46–47).