Letter from W. M. Smith President of the Bank of Selma in Selma, Alabama, to Governor A. B. Moore.
Item
Identifier
RSG00248_f11_Q0000135295_Q0000135296
Title
Letter from W. M. Smith President of the Bank of Selma in Selma, Alabama, to Governor A. B. Moore.
Rights
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Type
Text
Creator
Smith, Washington M.
Date
1861 April 4
Description
From the Alabama Department of Archives and History Governor A. B. Moore Collection. Letter from President W. M. Smith of Bank of Selma to Governor Moore, replying to previous letter. Smith contests Governor Moore's decision to grant privileges to certain Suspended Banks, prohibiting the Bank of Selma from buying state bonds using these Suspended Banks' notes.
Format
letter
Place
Selma (Ala.)
Publisher
Alabama Department of Archives and History. (electronic version)
Contributor
Annika Myrup
transcription
Selma April 4th 1861
Govr. Moore
Dear Sir
Yours is at hand. I am satisfied that no blame attaches to the Execution in the matter mentioned in my last, and I hope you will not be annoyed by it -
Allow me to respectfully dissent from the justice of your Conclusion to give the preference to the Suspended Banks to Pay their notes into the Treasury - I Conceive that neither the law, or good Conscience entitles them to that privilige - They have been amply paid for their Patriotism indeed they could afford to donate to the State all they have promised as a lone
There are peculiar reasons why the Bank of Selma should have the preference When we put out Circulation it is bought up and returned for gold, And thus we are Compelled to bear the burden of exchange for the interior, while these banks are exempt from all liability, We are in fact Compelled to do what it is the duty of these Banks to do-
Now if we take our gold or Circul
lation to buy Bonds we have nothing left with which to redeem them that Circulation And must therefore either suspend or do no business- The result then of your preference amounts to this. We are not able to buy the bonds, and thus the state looses the sale of them, I wish to purchase about th three hundred thousand dollars of the Bonds of Ala, But your decision places it out of my power to do so at this time. I shall therefore be Compelled to do without them, or purchase them from others at Second hand, or purchase the Confederate state Bonds- I think when you come to reflect you will perceive that you or the State, is undr no especial obligations to the Suspended banks, and that you do injustice to the State by giving them a privilige which defeats the sale by the State of a large amount of Bonds- If upon reflection you should agree with me in my Conclusion I shall be Pleased to hear from you again
Yours truly W. M. Smith
Govr. Moore
Dear Sir
Yours is at hand. I am satisfied that no blame attaches to the Execution in the matter mentioned in my last, and I hope you will not be annoyed by it -
Allow me to respectfully dissent from the justice of your Conclusion to give the preference to the Suspended Banks to Pay their notes into the Treasury - I Conceive that neither the law, or good Conscience entitles them to that privilige - They have been amply paid for their Patriotism indeed they could afford to donate to the State all they have promised as a lone
There are peculiar reasons why the Bank of Selma should have the preference When we put out Circulation it is bought up and returned for gold, And thus we are Compelled to bear the burden of exchange for the interior, while these banks are exempt from all liability, We are in fact Compelled to do what it is the duty of these Banks to do-
Now if we take our gold or Circul
lation to buy Bonds we have nothing left with which to redeem them that Circulation And must therefore either suspend or do no business- The result then of your preference amounts to this. We are not able to buy the bonds, and thus the state looses the sale of them, I wish to purchase about th three hundred thousand dollars of the Bonds of Ala, But your decision places it out of my power to do so at this time. I shall therefore be Compelled to do without them, or purchase them from others at Second hand, or purchase the Confederate state Bonds- I think when you come to reflect you will perceive that you or the State, is undr no especial obligations to the Suspended banks, and that you do injustice to the State by giving them a privilige which defeats the sale by the State of a large amount of Bonds- If upon reflection you should agree with me in my Conclusion I shall be Pleased to hear from you again
Yours truly W. M. Smith
Subject
Moore, A. B. (Andrew Barry), 1807-1873;
Smith, Washington M.;
Bank of Selma (Selma, Ala.);
Governors--Alabama;
Alabama--Economic conditions;
Alabama--Politics and government--To 1865;
Banks and banking--Alabama;
State bonds--Alabama;
United States--History--Civil War, 1861-1865;
Selma (Ala.);
Dallas County (Ala.)
Smith, Washington M.;
Bank of Selma (Selma, Ala.);
Governors--Alabama;
Alabama--Economic conditions;
Alabama--Politics and government--To 1865;
Banks and banking--Alabama;
State bonds--Alabama;
United States--History--Civil War, 1861-1865;
Selma (Ala.);
Dallas County (Ala.)