Jesse Hoyt to MVB, 29 January 1834

J[esse] Hoyt to [MVB], 29 January 1834

New york

Dear Sir

You have no doubt heard of the appointment of a Committee of the merchants to visit Washington with a memorial to Congress touching the Condition of "Commercial Embarrassment" The original committee was Composed of men, Every one of whom have always been & probably always will be opposed to the views of any Democratic administration. This ^It^ was supposed to be <illegible> by those who moved these proceedings that the Selection of the Committee was not very <fortunate> & hence they beat about to find some persons, whose political devotion had been & now was of a different character and two gentlemen were found of great respectability & <tolerably> large <fortunes> Mr Joseph Kernochan of the late house of Parish Kernochan <&Co> and Mr Elbert J Anderson of the house of Anderson Tiffany <&Co>. They both applied to me for letters of introduction to you, and as they are both my friends & neighbours I could not refuse to give them, & in these letters I have stated truly their characters moral & political. They are both what is ^are^ called Jackson Men, & of Democratic Stock, but both of whom have differed & still differ with the administration on the Subject it of the Bank They both believe that you and the President have the good of the country at heart and they have therefore great hopes in as much as they know better than both of you the true interests of the country, that they will have no difficulty in satisfying you that a national Bank must be created, and I cannot ^but^ believe they ought to have a chance to do so. But to be serious the distress among the merchants is truly appalling & it is not surprising that an effort is made for relief, and it is Equally surprising that so many of our inteligent merchants are made the dupes & tools of Mr Biddle, by which I mean that so many have been made to Sign the memorial that has been got up & <illegible> through the influence of the Bank. It is a <illegible> <illegible> my own personal knowledge, that very many who have signed the memorial are now & for a long time have been adverse to that institution but signed under the idea that it was an application for a new Bank You will see by the papers of today, that a public meeting has been called for tomorrow by our friends to Express a <sentiment> on this Subject. I have met our friends for several Evenings past to make arrangements for it, and it no doubt will be a large meeting & we intend to make it so large as to <End> it in the Park if practicable, and we hope by this course to Ward off some of the power of the Bank that is threatened to be influenced upon us, <illegible> ^for^ the success of the memorial, as to the procuring of signatures, has caused "the <illegible>" to be turned <illegible> another evolution or two, and new orders for <curtailment>, it is said has been <secured> at the Branch here. It is a <illegible> truth not to be concealed from those who are Especially charged with the responsibility of watching over the public interests, that if some course is not Speedily taken to arrest the panic there is great danger, if a total prostration of the Bank <illegible> of the Country and from the notion of its organization, at least in this state. It is privately talked off by some of our Sagacious friends, that the safety fund Law ought to be so amended as to take from the chancellor the power if given to him by that Law, in <lieu> of the suspension of Specie payments. And I heard ^it^ suggested this Evening that a plan would probably be set <on> <forth> to get up a run on the pet Banks, as they are called, for the purpose of helping along the arguments of the advocates of the Bank of the United States, There is no device within the range of human <invention> that will not be resorted to by these people to effect their objects, as long as there is a Shadow of hope. It is <then> of the first importance & as a means of <granting> public <sentiment> Excitement to stop the debate in Congress, & settle the question as to the deposits, which we suppose will also settle the question as to the renewal of the charter. Every days delay increases the difficulty, and the I dreadful apprehensions of the directors of all our local Banks, as to the Security of their own institutions, all of which have gone to their utmost Extent to supply a circulation, in as many a proportion as possible to the <Curtailments> of the Bank of the United states. I will ^not^ trouble you with details of this kind, <illegible> ^which^ you Can learn from other quarters if you wish to hear it. Messers Kernochan and Anderson are directors of different Bank, who <did> ^can^ represent to you the true Conditions of the ^local^ Banks ^<here>^ There is no change here, in relation to the present <illegible> <illegible> Banks, but among a <illegible> of nearly 200 persons at Tammany Hall last Evening, composed of "the very <illegible> of the family," I venture to say 19/20ths would rejoice if Congress would Create a new one, stripped of the objectionable features of the present. A very strong effort is making to incorporate the proposition in our proceedings of to morrow evening, which we are unwilling to do, least it would might interfere with the disposition of the questions <touching> the other. I confess myself a Convert to the doctrines of the Necessity of a national Bank, if we are to conduct our Commercial & Manufacturing & Argicultural <illegible> upon as large a Scale as our territory <illegible> population & position on the globe will justify, and when I tell you that the <net> Estate I now hold has been reduced in value in the 60 days from <$100> 100 to $50,000 Dollars, you may attach as much Confidence, or <illegible> any <Course> you please to the <illegible>, for <illegible> it is. You will <recall> recollect I even wrote you a letter & requested you to destroy ^it^ as I am now about to <illegible> <illegible> I request you to keep this. I then predict that before 5 years passes off we shall have a new National Bank, and that the Call will come in Such a manner from the people that their representatives will not fail to answer it. I will not trouble you with a <train> of argument by which I arrive at this conclusion, or anticipate the political revolutions that must happen preceding this event, but I only hold myself responsible for the prediction fulfillment of the prediction, without Ever committing myself to aid in the production of such a result.

I owe you an apology for this very long letter I only intended to apprise you of the circumstances under which I took the liberty to write the letters of introduction, but <illegible> I got upon the all Engrossing topic I have consumed some of the time I ought to have devoted to a <illegible> for my Speech for to morrow Eveng. If you undertake to wade through the Epistle I recommend that you get the Major to read it for you at Breakfast by way of Economy of time.

Very Respectfully

& truly

J Hoyt

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