Thomas Jefferson Papers

Albert Gallatin’s Statement on the Bank of the United States, [after 26 November 1801]

Albert Gallatin’s Statement on the
Bank of the United States

[after 26 Nov. 1801]

Bills discd. & bills of exchange 13,640,582
Due by Banks # 804,690
 "   "   Govt.   temporary 2,940,000 } 6,030,756
funded debt 3,090,756
Specie #  5,246,863
Bank notes in circulation 5,081,713
Deposited vizt.
by Government 4,111,218 } 9,156.690
Banks 374,193
dividends unpd. 304,051
Individuals 4,367,228
# 14,238,403
Capital 110,000,000
Amsterdam loans    746,000
next dividend    400,000
Contingt. fund   338,488
# Specie 5,246,863
Bank  804,690
On hand 6,051,553
Due 14,238,403
Proportion 1 to 2⅓ – ½

MS (DLC: TJ Papers, 118:20337); in Gallatin’s hand; arranged by Gallatin with the debit column to the left of the credit column, with a wide arrow to the left of the debit column, perhaps indicating that it belonged under the credit column giving the statement as reproduced above; at foot of text: “State Bank U. States 26th Nover. 1801”; endorsed by TJ as received from the Treasury Department on 1 Dec. and “Banks” and so recorded in SJL.

Bills discd. & bills of exchange: Gallatin probably provided this consolidated weekly statement of the Bank of United States and its branches in response to TJ’s expressed interest in the bank statements and TJ’s previous effort to organize the information (see Notes on the Bank of the United States and Internal Revenues, printed above at 10 Nov., and TJ to Gallatin, 11 Nov.). Before compiling the statement above, Gallatin gathered information from the reports of the Bank of the United States at Philadelphia and the five offices of discount and deposit for the weeks ending 19 and 26 Nov. He organized it in tabular form, adding the amounts from the six banks in several categories, and thereby determined the totals for discounted bills, specie, and bank notes in circulation, for the deposits by government, banks, and individuals, and for other designations (MS in NHi: Gallatin Papers; printed in James O. Wettereau, Statistical Records of the First Bank of the United States [New York, 1985], 290–1). Gallatin used the consolidated totals of 26 Nov. to prepare the statement above.

1Gallatin first wrote “2” and then reworked the preceding figure to “1.” He then altered the sum below reworking the first digit from “3” to “2” to give the correct total.

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