February 4, 1817
The letter & papers returned Feby 4 with the following note.
The arrangement communicated by the Presidt. of the U.S. Bank is so important an advance towards a universal return of specie circulation, that the Treasury sanction to it under existing circumstances ⟨ ⟩ evidently proper. Serious difficulties will notwithstanding remain to be encountered, if the principal Banks in every State do not immediately follow the example set them. Even in the States comprising the Banks, parties to the arrangements, the payment of the internal taxes after the 20th. inst: will be distressing to many not posssessing the notes of their own Banks. In the other States the payment in the legalized notes, will be generally impossible for a considerable time.
DLC: Papers of James Madison.