James Madison Papers

To James Madison from Albert Gallatin, 22 January 1813 (Abstract)

§ From Albert Gallatin

22 January 1813, Treasury Department. Submits statements in conformity with the resolution of the Senate dated 20 Jan.1 “For all the Treasury notes which have been disposed of, credit has been given, by the respective Banks, to the Treasurer of the United States, on the days from which such notes, respectively, were dated & commenced to bear interest.”2

RC and enclosures (DNA: RG 46, President’s Messages, 12A-E4). RC 1 p. For enclosures, see n. 2. JM transmitted Gallatin’s report in a letter to the Senate dated 23 Jan. 1813 (ibid.; 1 p.; in the hand of Edward Coles, signed by JM). Printed in ASP description begins American State Papers: Documents, Legislative and Executive, of the Congress of the United States … (38 vols.; Washington, 1832–61). description ends , Finance, 2:600–601.

1On 19 Jan. 1813 James Lloyd of Massachusetts introduced the following motion, which was approved on 20 Jan.: “That the President of the United States be requested to cause to be laid before the Senate an account of the sale or disposition of three millions one hundred and eighty thousand dollars of Treasury notes, subscribed for by various banks, as stated in the annual report of the Secretary of the Treasury, with the time and terms of sale to such banks respectively; and the state of their several accounts with the Treasury Department, from the time of such sale or subscription, to the first day of the present month of January” (Annals of Congress description begins Debates and Proceedings in the Congress of the United States … (42 vols.; Washington, 1834–56). description ends , 12th Cong., 2d sess., 54, 57).

2Gallatin enclosed a one-page statement “exhibiting the weekly state of the Treasurer’s account with sundry Banks purchasers of Treasury Notes, from the dates respectively when such purchase was made, to the 4th. Jany. 1813, taken from the weekly returns of the Treasurer of the U. States to the Secretary of the Treasury,” and a statement of “3,180,000 Dollars in Treasury Notes, sold to, or contracted for by sundry Banks, previous to the 4th. Decr. 1812; shewing the time when the same were sold or contracted for, the days on which they were dated, and on which their amount was credited, or engaged to be credited to the Treasurer of the United States.” The participating banks are listed as “State Bank Boston / Manhattan Company / Mechanic’s Bank New York / Trenton Bank / Bank of Pennsylvania / Farmer’s & Mechanic’s Bank / Union Bank Georgetown / Farmer’s Bank of Alexandria.”

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