J[ohn] V[an] B[uren] to MVB, 28 February 1834
Feby. 28th. 1834
My dear Father,
I have just had a conversation with Saul Alley & M. Van Schaick, the latter of whom came here with me. S. A. is in favor of a State Bank with a capital of $10.000.000 the state to take from 3 to 5.000.000 of the stock. V. S. is against the plan, I fear, from a desire to see a Bank of the United States eventually supplying the place of this one. S. A. tells me that at a meeting at Tammany Hall the other evening a committee of 30 was chosen as I understood him to go to
Washington Albany, 28 of whom were unanimous in favor of the measure. V. S. thought that establishment of a ten million State Bank in NewYork would create jealousy in Pennsylvania. At all events, Alley informs me that a delegation of the party will go to Albany & consult with our friends. That they think the measure essential to quiet the present disturbed state of things & ensure confidence. I wish you would write me at Albany what your views are in relation to this matter. Would it embarrass the administration? or do harm in any other way politically? The commercial effect must be ascertained from the least interested merchants: for depend upon it in money matters, they are bitter disinterested merchants (if you can find them!) are better judges than politicians. This State Bank wd. <emit> no bills under $10. Any amt. of specie can be procured from liverpool in 70 days.
I have been here since yesterday morning trying to settle some matters with Buckner in which, I fear, I shall lose all I have, but I hope no more. B. <business> <is> bad & I shall have to hand him over to Cambreling. The Circuit Court is held in Albany next week & I must be there. The river is open. I came in the first boat.
Mr. Robert White informs me that money matters are getting easier here. The people are all getting out of debt. Few new contracts are made & tho’
there business is contracted the pressure for money is consequently relieved. He thinks in a few weeks the natural energies of the Country which have been crippled & cramped by the Banks, will recover their health & strength & that a prosperity even greater than before will be the result. Exchanges of all countries are <immensely> in our favor, (I believe more so than ever before) & I don’t see how happiness & prosperity can be much longer averted, even by so corrupt & desperate an Insn. as the U.S. Bank.
Had I written you that Mr. Bleecker (Harmanus) offered me the compliment of naming me as his successor as Regent of the University, which honor for forty good reasons I declined.
Love to the Major.
P.S. I shd. not be much surprised if the oppn. carry the Elections in this City in the Spring. They are making desperate efforts $5000 is already subscribed in Pearl Street & $20,000 is to be made up, I understa[nd]. Verily, they want a Pearl St. Bank. Rives’ course is admirable. I claim the merit of having predicted it 4 weeks since. What can Sprague <illegible> Southard &Co say?