An Archive Of The Second Bank Of The United States Contemporary Copies Of A Negotiation With The Treasury Department

(SECOND BANK OF THE UNITED STATES). The Bank of the United States was the federal governments short-lived initial attempt as a central bank. The First Bank was active from 1791-1811, and the Second Bank operated from 1816-1836. Both versions, which acted as the governments fiscal agent, were highly controversial between those politicians in favor of central power and those against it. Neither had its initial, 20-year Congressional charter renewed.Archive. 8 pieces. 1829. A set of eight documents related to the Second Bank of the United States. There are six letters and two financial documents. All are handwritten, contemporary copies of the originals. The letters are between U.S. Secretary of the Treasury Samuel D. Ingham (1779-1860), President of the Bank of the United States Nicholas Biddle (1786-1844), and Acting President of the Bank of the United States Thomas Cadwallader. All concern negotiations for the Bank of the United States to handle the federal governments overseas disbursements. This correspondence pre-dates the Bank War - President Andrew Jacksons disapproval of the Second Bank of the United States that led him to veto attempts to renew its charter in 1836. However, the seeds of discord between the bank and the federal government can perhaps be read between the lines of this negotiation. The documents are in fair condition, with toning and losses or tears to the central fold of every page, sometimes repaired crudely with tape on the verso. Some words of text have been lost due to the damage, the extend of which varies from document to document:Letter. 1pg. July 24, 1829. Treasury Department. Contemporary copy of a letter written by Ingham to Biddle, requesting the Bank of the United States to handle overseas disbursements for the U.S. government. It is the desire of the Department to enter into arrangements by which all the public disbursements abroad may be made thro the Bank of the U.S. My present object, however, is to effect this only in relation to those for diplomatic purposes, and for the relief of Seamen.Document. 1pg. N.d. [1829]. N.p. Contemporary copy of a handwritten financial document entitled Bills of Exchange remitted to Europe for & on acct of the U States Department of State for 1825. 1826. 1827. 1828.Document. 1pg. N.d. [1829] N.p. Contemporary copy of a handwritten financial document entitled Estimate of the Sums which may be drawn during the year 1829 for Foreign intercourse. It is likely that this and the abovementioned document are copies of statements originally sent with Inghams July 24, 1829 letter. Letter. 1pg. July 27, 1829. Bank of the United States. Contemporary copy of a letter written by Cadwallader to Ingham. As Acting President of the bank, Cadwallader informs Ingham that he will put Inghams request before the banks board.Letter. 4pgs. July 31, 1829. Bank of the United States. Contemporary copy of a letter written by Cadwallader to Ingham, concerning the bank boards decision about Inghams request. On receiving from the Gov.t a statement of the Sums to be drawn for quarterly on the Secretary of State at Washington by the Diplomatic agents of the U.S. in foreign countries, the Bank will direct its own agents at London Paris or Amsterdam to pay punctually from quarter to quarter to the Diplomatic or Consular agent of the U.S. at or near those cities, the cash for his bills, making such payment in Shillings francs or guilders at whatever rate per Dollar the Gov.t may prescribe and to remit the bills immediately to the Bank of the U.S. on the arrival . Some of the text is illegible due to damage.Letter. 1pg. August 7, 1829. Treasury Department. Contemporary copy of a letter from Ingham to Cadwallader. The Treasury Department does not accept the Banks terms. The terms on which you propose to provide for the public disbursements abroad cannot be accepted. It appears to me that any advance of money which the bank may make abroad, it has always an equivalent in the possession of an equal amount of the public money for the same time at home, and that when the commission paid to its agent abroad, and the difference of exchange are allowed to the bank, it is fully indemnified, leaving nothing to be added but an allowance for its own trouble in transacting the business. It is evident, from the explanations which accompany your proposal, that the peculiar considerations arising from the pecuniary relations in which the bank stands towards the Government have not entered into your estimate of the subject.Letter. 3pgs. August 14, 1829. Bank of the United States. Contemporary copy of a letter from Cadwallader to Ingham. The bank responds to the Inghams complaints. perfectly aware of the advantages which the Bank derives from the deposits of public money, we are nevertheless of opinion that a full equivalent for those advantages is to be found in the bonus of a million & a half of dolls paid to the US for its charter, in its obligation to hold those monies at the order of the Gov.t, to give the necessary facilities for transferring them without charge from place to place within the US, and in its assumption of the arduous and expensive duties & responsibilities of the Loan office & pension agencies, by which the Bank has unavoidably incurred very heavy losses.Letter. 1pg. November 28, 1829. Bank of the United States. Contemporary copy of a letter from Biddle to Ingham. Biddle opens negotiations once again. In consequence of the personal explanations of the Treasy Dept during my recent visit to Washington in regard to the disbursements for diplomatic purposes in foreign countries, the subject has been resumed by the Bank, with the strong desire always entertained to carry into effect the financial views of the Department and to render the Bank instrumental to the safe and economical distribution of the public funds.Letter. 1pg. November 6, 1830. Treasury Department. Contemporary copy of a letter from Ingham to Biddle. Ingham finalizes details relating the arrangement the Treasury Department and Bank of the United States have come to.