Memorial of Albany, N.Y., subscribers to the directors of the Bank of the United States, 10 July 1826
July 10, 1826.
The memorial of the subscribers, on behalf of themselves and their fellow citizens of Albany, respectfully showeth:
That since the completion of the northern and western canals of this State, such facilities are given to transportation, that the qualities of county produce brought to this market from the interior of the State are increased to an immense amount, and when to this is added the produce which will be brought to this market from the fertile regions of the northwestern parts of Pennsylvania, the State of Ohio, and the Territory of Michigan, some idea may be formed of the amount of business which might be done in this place, was there a sufficient moneyed capital located here to give countenance and support to commercial enterprise. The capital of the banks located here under State incorporations, is entirely insufficient to afford the facilities to commercial enterprise, which the business of the place would warrant, and which the most cautious prudence would justify. The limited capital of our banks, forbids the extension of our trade, merchants of moderate fortune, are discouraged from taking up their abode amongst us, from a knowledge that the banking capital of the place is not adequate to the demands which are made upon it for the prosecuting of a sufficiently extensive business to render it profitable; and instances are not wanting of active, intelligent, and enterprising merchants, removing from this place to the city of New York, to participate in the benefits of the increased banking capital there, although their business, principally, has been continued within the interior of the State. The western world is pouring its treasures into the market of Albany, but its citizens are doomed with tantalized feelings, to behold a rich and profitable trade float past them to the city of New York solely for the want of a sufficient banking capital located amongst them. Could the produce brought to this place be purchased here, such part of it as is not wanted for home consumption, might be exported directly from here to a foreign market, (as far as navigation of the Hudson would permit,) and return cargoes calculated for the interior of the country, might be imported without being subjected to the expense of transshipment at New York, or the profits of the importing merchant there. These considerations have induced the citizens of Albany once more to ask for the establishment of a branch, or office of discount and deposite, of the Bank of the United States in this city.
It is hoped this application will be favorably received, as the same causes which render it desirable to the citizens of Albany, to have a branch of the United States' Bank established here, conclusively show, that it would be a source of profit to the parent institution. Indeed, it is believed, that a branch here would be more profitable, in reference to the extent of business done, than several of the branches located in seaport-towns. The local situation of Albany renders it an entrepot between the eastern States, and the western countries: between the south and the north, and consequently a very extensive currency would be given to the bills issued from a branch here, and the nature of the trade which would be prosecuted here, would, in a great measure, render bills of a bank established at this place, the circulating medium of the extensive regions, whose produce would be brought to market.
Inasmuch, therefore, as the establishment of a branch here would not only be highly advantageous to this city, but be a source of profit to the parent institution, we hope that the directors of the United States' Bank will establish an office of discount and deposite in this place.
|McMillan and Bagley||M. Van Buren|
|William Cook||Israel Smith|
|John J. Godfrey||Corning and Norton|
|V. W. Rathbone||J. Stillwell & Co.|
|W. and J. G. White||F. Backus|
|Wm. McHarg||Webb and Damm[er]|
|Hickcox and Lalryrang||James Stevenson|
|Wilder, Hastings, and Co.||B. F. Butler|
|Spencer Stafford||J. Hamilton|
|S. and H. Stafford||W. L. Marcy|
|G. and L. Blucher||S. De Witt|
|J. Pruyn||Isaac Denniston|
|Marvin and Raymond||J. and J. Townsend|
|Daniel Steele||Elisha Jenkins|
|A. and L. Lightbody||Charles R. Webster|
|Andrew Lightbody||James La Grange|
|Gerrit L. Dox||K. K. Van Renssalaer|
|Samuel Pruyn||Christian Miller|
|Humphrey & Co.||C. Humphreys|
|Maucius and LeBreton||Walter Clark|
|John L. Wendell||Alexander Marvin|
|G. McPherson||R. H. King & Co.|
|Wm. C. Miller||S. Van Renssalaer|
|Tilly Allen||Nathan Sanford|
|Lyman Root||R. M. Meigs|
|Joseph Denison||Richard Marvin|
|John Dow||C. and E. Egbutt|
|W. S. and E. C. McIntosh||Chandler Starr|
|Lamuel Steele||Isaac W. Staal|
|Wood and Acres||E. Baldwin|
|J. and H. Meacham||Cornelius Van Antwerp.|
|Charles E. Dudley|
Printed in Mackenzie, Life and Times of MVB, 79-80.