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My dear Sir
I have received this morning your letter of the 3Oth ulto. and have since had a long interview with Mr Rathbone to whom I explained our whole situation and views and to whom I must refer you for more particulars than I have leisure to give.
After a great deal of reflection, we are all satisfied that the best thing to be done is to do as little as possible. 1 The ex change operations are placed by the resolutions passed to day on a proper footing. We do not give any instructions as to reducing the local discounts, but we shall reduce ours at the Bank, and if you can gradually diminish yours without ex citing uneasiness among our customers it would be very good policy. Our wish is not to give an order to that effect lest it might create alarm, but to do it quietly and imperceptibly.
The subject which has given us more anxiety than any other is the treatment of the Branch notes. We are now satisfied that our best plan is to continue to receive them as heretofore and that your Office should do the same. The idea we have is this. The balances now in Bank will probably be absorbed by the disbursements of the Government and in the mean time the accruing revenue will be left with the new receiving Banks. There it may accumulate, and masses of it may be held sufficient to incommode some of the smaller Branches, to whom it may be suddenly sent. It is better for us therefore to absorb it if we can until the measures in operation at the Branches will reduce their issues so much as to make them not trouble us.
The closing of the mail so soon obliges me to stop.
- The correspondence of Nicholas Biddle Dealing With National Affairs 1807