250 CONGRESSIONAL PROCEEDINGS. 



D L, Tui;\>iKY [■KrxRTMKKr, Juli/ 14, 1S38. 



Sir: The public service at the West will pr()l)al>ly ie(iuire, in the course of a few 

 weeks, considerable sums of money for disbursements on account of the Army and 

 Indian Department. Should your bank find it convenient to meet drafts for any 

 part of the l^alance due from you to the United States, payable at its counter, I will 

 cheerfully direct the Treasurer to place such drafts upon you for such amounts as 

 you shall advise me immediately will l)e paid by your bank. They will probably be 

 required in specie. The sums paid will be cariied to the credit of your bank, and 

 stop interest from the date of payment. Should ycnir bank have at command State 

 stocks which it wishes to dispose of in discharge of its proportion of the two last 

 installments of the bonds of the State Bank of Indiana to the United States, and will 

 de; cribe their character, and the lowest price at which they will be sold upon pay- 

 ment in the mode mentioned, this Department, having funds to invest in State stock -^, 

 will be glad to receive a proposition on the subject at your earliest convenience. 



These suggestions are made under the belief tliat some benefit ma_v result to all 

 parties by such arrangement. 



I am, (fee, L. Woodbury, 



Secretary of the Treasury. 



President of the branch op the State Bank of Indiana, Madison. 



(A similar letter was addressed to president of the Bank of Michigan; president of 

 the Planters' Bank of Mississippi ; president of the branch of the Bank of the State 

 of Alabama, at Mobile; j) resident of the Agricultural Bank of Mississippi; president 

 of the Farmers' and Mechanics' Bank of Michigan ; president of the branch of State 

 Bank of Indiana, at Lawrenceburg; president of the branch of State Bank of Indiana, 

 at New Albany.) 



D2. 



Extract of a letter from the president of the branch hank, Madison, Indiana, dated Wash- 

 ington, August 3, 1838, in reply to the letter from the Department dated July 14, 1838. 



The branch of the State Bank of Indiana, at Madison, will furnish your Depart- 

 ment with Indiana 5 per cent internal-improvement bonds, principal and interest 

 payable in New York, to the full amount of the debt that branch owes your Depart- 

 ment, at par. 



Hon. Levi Woodbury, 



Secretary of the Treasury. 



I) ?,. Agriculturai. Bank, Natchez, July 26, 1838. 



Sir: Your favor of the 14th instant, addressed to the president of this bank, has 

 been received. After thanking you for the suggestions it contains, I am to inform 

 you that our agent in the North, Alvarez Fish, esq., formerly our president, is 

 instructed to open a negotiation for the purchase of $600,000 of the bonds of this 

 State, now being offered in the Northern market, provided he can dispose of them to 

 the Government in liquidation of the balance due the Treasury, and to correspond 

 with you upon the subject. Our directory feel somewhat sanguine of the success of 

 these negotiations, which will supersede the necessity of our making arrangements to 

 meet the drafts of the Treasurer here, and will be a more convenient mode of pay- 

 ment for us. 



Very respectfully, your obedient servant, 



A. P. Merrill, ('asJiic-. 



Hon. Levi Woodbury, 



Secretary of the Treasury. 



