N[icholas] Biddle to MVB, 27 October 1826
Octor. 27th 1826.
My Dear Sir
Knowing that you feel an interest in the result of the recent applications from Albany for the establishment of a Branch Bank there, I write to inform you that the Board have this day adopted the report of a Committee who have for some time had under consideration the memorials from Albany. Troy and Utica and decided that it was not expedient at present to establish another Branch in the State of New York. This determination will I am afraid disappoint many gentlemen whom it would be very agreeable to gratify, but it has been made with much deliberation and entire unanimity and I am satisfied is in itself proper. The elements of the calculation as to success in banking are as you are perfectly aware, what additions and facilities can be afforded to the capital assigned, by public and and private deposits, and by circulation? Of public deposits there would of course be none, the Government of the U.S. receiving no revenue of any importance and that of the State being naturally deposited in the State Institutions. The amount of private deposits tho' dependent in a great degree on the general success of the Branch, could not be of much importance, and in regard to the circulation the most attractive view certainly of the question we are unable at present to keep pace with the demand for our notes at branches already established and where the facilities for circulation are at least as favorable as at Albany. There are several points in the Union where the Government is desirous of the establishment of the branches, and where the Bank may enjoy the advantages of a considerable deposit of public revenue. These seem to claim our first attention and to them the Bank is gradually extending its branches. But as in Albany this advantage is not present and as there are already there so many well established and well administrated Banks, the field of Banking operations seems to be preoccupied, and the addition of an office of the Bank of the U.S. is not in the opinions of the Board of Directors recommended by its tendency to accommodate the Government and the community or to protect the interests of the Bank itself. With these views they have thought it most judicious to abstain at the present from the establishment of an office at any of the points designated.
with great respect & regard