|
|
|
Communicated to the House of Representatives, April 12, 1814.
Baltimore, March 5, 1814.
Sir:
From the numerous calls for specie lately made on the banks of this State, and to the Southward, and which there is reason to apprehend will be repeated, great inconvenience must soon result, unless some measures are adopted to avert the difficulty of meeting those demands. The banks of this city have been, and still are, laboring under considerable inconvenience, from the circumstance of foreign gold coins not being a legal tender. They received those coins to a large amount, under an act of Congress which was suffered to expire, and are now unable to use them, notwithstanding the pressing demands upon them. A law giving some rate of currency to specie of this description, seems indispensably necessary, and would contribute materially to their relief.
Since the State of Maryland has been wholly deprived of commerce, the banks in the city of Baltimore have been gradually getting in debt to the Eastern cities, and payments are now required in specie, to an amount that will greatly exhaust their treasure — in the event of peace, the further demand for exportation will, it is apprehended, materially increase their embarrassments. In the latter point of view, the subject is peculiarly interesting to the banks of New York, Philadelphia, and Baltimore, inasmuch as they have subscribed largely to the late loans to the United States. Nearly one-third of the banking capital of Baltimore has been thus invested, and if, on the return of peace, specie should be permitted to be exported, the necessary consequence will be, that the increased demand upon the banks will compel them to throw this stock into the market at a very reduced value, much to their own injury, as well as to the injury of the nation. And it may not be entirely unworthy of consideration, how far the prospect of exporting specie, at the close of the war, may retard, or the prohibition to export may facilitate, such loans as the Government may hereafter wish to make.
Under these impressions, therefore, we take the liberty respectfully to suggest to you, the propriety of recommending to Congress, during the present session, to provide by law for giving a rate of currency to foreign gold coins; and to prohibit the exportation of specie for twelve months after peace shall be proclaimed. In the hope that, if these measures shall meet your approbation, you will submit them to the President, or give them such other course as may in your opinion best promote the objects we have in view.
We have the honor to be, sir, with very high respect and consideration, your very obedient servants,
| W. COOKE, | nk of Maryland. | |
| President of the Bank of Maryland. | ||
| WM. WILSON, | ||
| President of the Bank of Baltimore. | ||
| HENRY PAYSON, | ||
| President of the Union Bank of Maryland. | ||
| JAMES MOSHER, | ||
| President of the Mechanics’ Bank of Baltimore. | ||
| HEZ. WATERS, | ||
| President of the Marine Bank of Baltimore. | ||
| JOSEPH H. NICHOLSON, | ||
| President of the Commercial and Farmers’ Bank of Baltimore. | ||
| PHIL. MOORE, | ||
| President of the Franklin Bank of Baltimore. | ||
| WM. GRAHAME, | ||
| President of the Farmers’ and Merchants’ Bank. | ||
| JOHN DONNELL, | ||
| President of the City Bank of Baltimore. | ||
| President of the Commercial and Farmers’ Bank of Baltimore. | ||
The Hon. Geo. W. Campbell, Secretary of the Treasury.