New York, 14th June, 1841.
Sir,—I had duly received the letter you addressed to me last winter, and had hoped that my declining to answer it would satisfy you that I had an insurmountable objection to any use whatever being made of any conversation that may have taken place between Mr. Jefferson and myself on the subject of the Bank of the United States. I will only say that the report which reached you was imperfect and incorrect, and that he lived and died a decided enemy to our banking system generally, and specially to a bank of the United States.
1843.
My last essay, the receipt of which you do me the honor to acknowledge, was written without reference not only to parties, but even to any general political views, other than the restoration and maintenance of a sound currency. Except in its character of fiscal agent of the general government, I attach much less importance to a national bank than several of those who are in favor of it; and perhaps on that account it is a matter of regret to me that it should continue to be, as it has been since General Jackson’s accession to the Presidency and not before, a subject of warm contention and the pivot on which the politics of the country are to turn. I am quite sure that if this take place and the issue before the people be bank or no bank, those who shall have succeeded in establishing that institution will be crushed. I do not doubt your sincerity and bravery, but the cause is really not worth dying for. Did I believe that a bank of the United States would effectually secure us a sound currency, I would think it a duty at all hazards to promote the object. As the question now stands, I would at least wait till the wishes of the people were better ascertained. So far as I know, the opponents are most active, virulent, and extremely desirous that the great contest should turn on that point: the friends, speculators and bankrupts excepted, are disinterested and not over-zealous.
I have the honor, &c.
Before dismissing the subject of finance, the following curious correspondence may properly find a place here. Albert Davy was United States consul at Leeds, England, and happened to be now in Washington obtaining a renewal of his commission:
ALBERT DAVY TO JAMES GALLATIN.
Very confidential.
Washington, 25th December, 1843.
My dear Sir,—I am induced to write you a few lines this evening very confidentially to state that Mr. Robert Tyler has just called on me to ask if I thought Mr. Gallatin would accept the Secretaryship of the Treasury for the remaining Presidential term, or, rather, whether his health would permit him to change his residence. He told me the President mentioned Mr. Gallatin’s name the first to fill that important post, which, I dare say, would be made very easy to him. This movement is of course in anticipation of Mr. Spencer’s leaving. As no one as yet is aware of it out of the President’s immediate circle but myself, I am sure you will see the necessity of not communicating this to any one but to Mr. Gallatin....