I have received your letter. My purpose now is to inform you of a <first> <demand> <for> absolute authority that The Bankers in this City h are <illegible> lending <money> ^over^ 5 millions at this moment ^more^ than they did this day last year. Nothing can therefore be expected from the new movement proposed by the Union Committee

It is also undoubtedly true that The people without making a run are calling daily upon the City Banks for specie which they <retain> <illegible> of the <illegible> of these Banks The consequence of this is that the City Bank must be guarded and unable to extend relief to the country Banks in case of a new or extraordinary Presidential demand for specie.

The statements I make to you of facts I wish you would communicate to the President as my object is to inform him and I do not think it wd worth while to repeat my letters