Jacob Barker to B[enjamin] F[ranklin] Butler, 16 June 1818
June 16. 1818
I am informed that the Troy Waterford & Lansingburgh Banks, take at par the ordinary notes of the W. & W. Bank & that the Albany Banks have it in contemplation to do the same, please confer with them all & know on what terms they will keep on acct with the Exchange Bank to exchange once in each month or oftener I will agree to receive at par all the W. & W. they may take during that time, on condition that they will agree to receive from me at par all the Platsburg money which I may wish to deposit, any balance that may be on either side to be paid in notes of such other Incorporated Banks of this state within three days from the day of Exchange as may be most convenient to the debtor Bank, in case of failure to make such payment, the deficiency to be paid in specie within thirty days from such exchange at the Banking House of the Creditor Bank. The exchange to be made in new york
illegible one month & at Troy the next, a months notice to be given of a termination of the agreement if either party should agree to it, all the notes recd within the month before which they are not to draw part with any of the notes they may receive, neither party to draw specie ^directly or indirectly^ from the other, it will be desirable for all the banks to agree to furnish one of them with all the bills the of the W & W Bank they receive illegible the others to so that I do all the business with them ^the^ one Bank, I illegible I prefer them not receiving the notes to making the arrangement & that but if they will receive them I should hope to illegible make the arrangement, I prefer making it with the Troy to the Albany Banks because I do not wish those Banks to receive the notes but if they will receive them I prefer making the arrangement with them to the Troy Bank & in this case I think you may make the arrangement with the Farmers & Mechanics Bank to rece make the Exchange with me & to receive from all the other Banks all the W & W notes they receive as a compensation for this those other Banks would gladly take all the Platsburg notes the F & M Bank might receive from me & others. Perhaps it will be best for that Bank to make this arrangement with me without letting the other Banks know they have any such arrangement or that in what manner they get clear of the W & W notes, confer freely with yr friend Olcot on this subject, the boats will be off without this letter if I do not close it.
The first two pages of this letter were in a clerks hand. The remainder in the hand of Jacob Barker.