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New York 27.t March 1792 _
My dear Sir
Your Letter of Sunday, was brought to / me yesterday morning about eight OClock with its / inclosures, I immediately delivered them, the one addres- / sed to Mr. Seton the other for Generl. Schuyler _ I called / upon Mr. G. Verplank, the President of the State Bank,/ he appears, perfectly to coincide, in opinion, of the / propriety of giving aid to the Dealers, as far as is / consistent with prudence_ Schuyler thought there / woud be no impropriety, in mentioning to the Dealers / the loan which has been negotiated at Amsterdam / on behalf of the U.S _ & the good disposition wh: / prevailed, between the two Banks, with you, to / afford assistance, to the Dealers, within the bounds / of discretion_ the circumstance of this Loan I found / was no secret, [inserted: among them] who pry into, & some how or other find out every thing_ Bronson lately from Philadel - / phia told me the Trustees were equally divided in / opinion
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about the propriety of purchasing more of the / Debt, & that Mr. Jay was sent fo_ Another Dealer con- / nected with his freinds in Philadelphia, told me that / he had heard Burrall was to bring on here for this Department, only 100,000 Doll’rs._ & asked if it was _ / true, I answered of course, I knew of no particular _ sum, & that he had better information, than I was / possessed of, & cut the matter short, either thro’ Clerks / or Low know not, but the Dealers do get at, a great / deal of Information _ Our Sales of Stock, begin here _ / at Noon, formerly they were in the Eveng _ Upon commu - / nicating publickly to the Dealers, as I met them, the / Loan in Holland, & my opinion of the probability of / aid from from the Bank’s, joined probably to what / they knew, & personally offering to give 22/, for six / per Cent, on any Person’s taking my Bills on London / well indorsed in payment _ six per Cents which had _ / before the Sales, sold at par, rose to 20/.[8]d _ & half / shares in the National Bank, wh: were sold in the _ Morning
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at 46, pr. C’t. advance, rose to upwards, of 50_ / so that if they remain here, there will be no necessity of / Mr. Seton’s coming forward into the Market, _ but if / he retains the power to do it, & the Harpies know it _ / there will be no occasion I hope for his assistance _ / In the Evening last night at the Coffee House, little or none / of funded debt was sold, that I could hear of _ but half / Shares, could not be had at 57. Cash _ I heard it frequent- / ly offered, & refused _ The difference then, between the / Morning & Evening in the price of half Shares, was / from 46, pr. Ct. advance to 57, Cash _ and all this has / been effected by the arrival of your dispatches, to Seton / Schuyler & myself _ I think the fit of despondency is _ now over, but I hope Seton will remain armed with / powers, to defeat any Schemes of the Harpies _ The Dealers last Night had a meeting & appointed / a Committee, to confer with the Directors of the two / Banks, The Propositions which they are to hold out / I hear in general is to offer, funded debt, at your prices / as pledges for their discounts _ & they are to sign an / Agreement
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P Livingston/ XX / 27 March 1792. [impt] Agreement to bind themselves not to draw any Specie from / the Banks, on account of the discounts which they shall obtain / and in giving checks to each other, if any one, shall part / with the Check _ except to those, who engage by the agree- / ment, not to draw out Specie, he shall be deemed, infamous _ / & held up _ & that no one of the signers of the agreement / will deal with him _ This may last sometime, but the / Banks cannot with any degree of certainty depend [inserted: long] upon / it, If it shall answer, for a time, & not violently _ raise Stocks, beyond its real value, it will have the / desired effect. I inclose you a Slip, cut out of _ / Child’s Paper of Yesterday_ I saw Duer in the Gaol _ / [inserted: on Sunday] The Baron, Walker, & several other Gentlemen were _ / there, Lady Kitty, _ Madam Duval _ & other Ladies _ / I pitty poor Kitty from my soul, she bears it like an / Heroine _ Duer was, perfectly composed, & in better / spirits, than I have seen him for some time. I took _ / an opportunity to enquire about the Money of the Jersey / Manufactoring society _ he say’s all is right. Low promi - / sed to write you on monday last about it in detail / wh: I suppose he has done. _ I am with the greatest regard_ Yours sincerelyPh: Livingston
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