Details
VAN BUREN, Martin (1782-1841), President. Autograph letter signed ("M Van Buren") as President, to M. Niles [probably Senator John Milton Niles (1787-1856)], Washington, 10 June 1837. 2 pages, 4to (9 7/8 x 7 11/16 in.), integral blank, labeled "Confidential" at top of page 1, in fine condition.
VAN BUREN ON THE BANKING CRISIS: "A SUBJECT...OF GREAT DIFFICULTY & DELICACY"
An excellent letter portraying the dilemma facing the new president. In his first year in office, Van Buren was forced to confront the complex monetary and financial results of Andrew Jackson's prolonged war upon the Second Bank of the United States, which had left the nation without the central financial institution necessary to stabilize and regulate the economy. In May of 1837, just two months after Van Buren's inauguration, the United States was plunged into a financial panic initiated by the refusal of major banks to convert paper currency into specie. Van Buren immediately proposed a system of subtreasuries, operated by the government, which would help to control the flow of paper money.
Here, he spells out the options facing the Congress and the Chief Executive during the early days of the Panic: "I send for your perusal & in confidence the enclosed papers. They relate to a subject which will occupy your attention at the coming session & which is one of great difficulty & delicacy. Recent results have opened the subject of the fiscal agency of the Treasury to the free action of Congress." He enumerates the Congress's options: "The choice would seem to be between 1st. a national Bank - 2nd. a continuance of the present system or 3rd. the adoption of a new one which shall separate the Government from the Bank. Mr. Davis favours the 2d but Mr. [James] Buchanan goes with spirit & firmness into the latter, as appears to be the case also with the great body of the Democracy of the north." Finally, the President asks Niles for advice, acknowledging that he has "high respect for your judgment and integrity."
Ultimately, Van Buren's Independent Subtreasury Bill was passed by Congress but was repealed shortly after he left the presidency.
VAN BUREN ON THE BANKING CRISIS: "A SUBJECT...OF GREAT DIFFICULTY & DELICACY"
An excellent letter portraying the dilemma facing the new president. In his first year in office, Van Buren was forced to confront the complex monetary and financial results of Andrew Jackson's prolonged war upon the Second Bank of the United States, which had left the nation without the central financial institution necessary to stabilize and regulate the economy. In May of 1837, just two months after Van Buren's inauguration, the United States was plunged into a financial panic initiated by the refusal of major banks to convert paper currency into specie. Van Buren immediately proposed a system of subtreasuries, operated by the government, which would help to control the flow of paper money.
Here, he spells out the options facing the Congress and the Chief Executive during the early days of the Panic: "I send for your perusal & in confidence the enclosed papers. They relate to a subject which will occupy your attention at the coming session & which is one of great difficulty & delicacy. Recent results have opened the subject of the fiscal agency of the Treasury to the free action of Congress." He enumerates the Congress's options: "The choice would seem to be between 1st. a national Bank - 2nd. a continuance of the present system or 3rd. the adoption of a new one which shall separate the Government from the Bank. Mr. Davis favours the 2d but Mr. [James] Buchanan goes with spirit & firmness into the latter, as appears to be the case also with the great body of the Democracy of the north." Finally, the President asks Niles for advice, acknowledging that he has "high respect for your judgment and integrity."
Ultimately, Van Buren's Independent Subtreasury Bill was passed by Congress but was repealed shortly after he left the presidency.
Special notice
This lot is exempt from Sales Tax.