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Accession Number 1999.8.47
Catalog Number 1999.8.47
Object Name Letter
Date 1839/10/19
Scope & Content [Front Cover]
Messrs Sublette & Campbell
St. Louis
Missouri


Philadelphia Oct. 19, 1839
Messrs. Sublette & Campbell
Dear Sirs
At a special meeting of the directors of the Farmers & Mech. Bank held this day it was agreed to authorize you to procure species for the bank; and I am requested by the Cashier to explain to you, the views of the board, in relation to this operation.

It is presumed that you can sell dfts. at one days on the F&M Bk, payable in current bank notes, at a prem. for the currency of your vicinity. You can purchase specie with the currency, or your drafts, (as you deem best for the bank) on such terms that the entire cost, will not exceed five per cent premium, including your charges, at St. Louis.

The motive for directing you to value at one days sight is to enable you to advise the bank of the number & amount of each draft before its maturity - and you will therefore briefly write to "Wm Patton Jr Esq. Cash-" once a week or oftener.

In case you should purchase at distant points, you will effect insurance to St. Louis, at one of your best Ins. offices

You will ship to New Orleans, by good boats in sums not exceeding $20,000 on board any one boat & advise Mr. Patton immediately, so that insurance from St. Louis can be made here.

It is contemplated that sometime will be required to effect the object of the bank in procuring sufficient species to enable it to resume, whether other institutions around it, do so or not. The route via New Orleans is therefore adopted, as our rivers & canals will probably be closed before you can be prepared to make a shipment.

The signature of your R.C. is known at bank, and in case your W.L.S. signs the drafts, you will please send his signature on the corner of your next letter to me.

In former letters (anticipating this movement) I suggested the necessity of secrecy & dispatch - and have only to repeat my wish to that effect. You are the only agents employed by the bank, and in reposing the confidence it has done in your operations, I feel assured you will proceed in such a manner as to meet the expectations of

Your friend
Hugh Campbell




Gentlemen Farmers & Mechanics Bank
Philadelphia Oct. 19, 1839

I am authorized by the directors of the Bank to honour your draught at one days sight to the amount of One hundred thousand dollars & therein enclose my official certificate to that effect. By referring to the letter of H. Campbell to your address, accompanying this, you will be in possession of the views of the Bank - I have nothing further to add except that R J Palfrey, Esqr, Cashier of the City Bank of New Orleans, is my correspondent there & to whose care be pleased to direct any shipment on account of this Bank.
I am, with respect
Your ob Serv
W Patton Jr.
Cashr
To
Messrs Sublette & Campbell
St. Louis
Collection Deibel