Roger Brooke Taney to Thomas Ellicott Transcribed by Evelyn Van Derbeck Transcribed on Primary Source Cooperative 2022

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The Papers of Roger Brooke Taney 11 Oct 1833 taney-roger-brooke ellicott-thomas Roger Brooke Taney to Thomas Ellicott Library of Congress, Manuscript Division, Washington, D.C. Roger Brooke Taney Papers, MMC 2191; Folder 5

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Transfer Drafts Banks, Pet Economic Theory Bank War Treasury Department Removal of Deposits Postal Service Bank of the United States Bank Failures Currency Popular Will
Washington Octr. 11. 1833 My Dear Sir

I have but a few moments before the mail will close to reply to your letter of today – which I have read with pleasure – But the drft. you hold must not be used except in a case of clear necessity – And that necessity can only arise when a solvent state Bank would stop payment without aid from you – The contingency has not yet arisen on which you are authorized to use it – & I trust it will not be used. –

The order for transferring the accounts of the disbursing officers passed some days ago – And the transfer will no doubt be made without delay – But the order goes in the first place from my office & is then given directly to the disbursing officers from the head of the particular2 Department to which they are accountable – This takes time – as most of the expenditures are under the direction of the War and Navy Departments –

Upon reading over the letter I last wrote to you it occurred to me that writing in haste some parts of it might not be understood – but I had not time to correct it before the mail closed – I therefore do it now –

From the manner of saying in that letter that I did not shew to Mr Johnson & Mr. Perine my instructions to you, it might be inferred that I was not willing to communicate them to these gentlemen. I trust I was not so understood – I did not communicate the instructions particularly because the drafts were to be sent to you – and I knew that you possessed their confidence as well as mine – & knowing as you do the entire confidence which I always place in Mr. Johnson & Mr. Perine I presumed that3 if any action was supposed to be necessary you would communicate freely with them and shew under what contingencies you were authorized to act. – And as your Bank was the selected agent of the Department it was obviously my duty to leave with you the responsibility of deciding what aid was proper to be given – Because it was your Bank that was to be held liable in any event for the fidelity with which your the official instructions were adhered to.

Nor did I mean to say in my former letter that if the Bank of Maryland had heretofore weakened itself by imprudent speculations in Stock & a run was made on it – that you were on account of its former speculations to leave it to its fate. – It is no doubt the interest of the government & the people that the credit of the solvent state institutions should be sustained – and consequently4 it was the duty of the fiscal agents of the public to sustain them as far as could safely be done against the effect of any sudden panic – or any hostility directed against them. But I wish most distinctly to impress on you that the Government will not permit the advantages given by the public deposites to be used for stock speculations – nor to sustain stock speculations. – And although the selected fiscal agents are Bank corporations they will yet be expected to act on public and patriotic principles – and as the money deposited is derived from commerce & belongs to the public – it will be expected to be used for in a manner calculated to advance the general prosperity & convenience of the community among whom it is deposited, as far as can be done consistently with its safety –

I am glad to hear that the Bridge & Bank company are through their difficulties – & think you have done well in liberally supporting them.

truly yrs R. B. Taney

Autograph Letter Signed

Library of Congress, Manuscript Division, Washington, D.C.

Roger Brooke Taney Papers, MMC 2191; Folder 5

The letter is marked Private

Private / Thomas Ellicott Esquire / Union Bk of Md. / Baltimore

R. B. Taney / Octr. 11. 1833.

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