McMinn_Letter_003_48195

Knoxville 18^th July 1817

To Samuel Jackson Mathew Aiken. James V. Anderson John M^cAlister John G. Eason and John Kennedy esquires directors of the Holston Tennessee bank.

Gentlemen Your Joint address of the 3^rd Instant is now before me, to which I beg leave to submit the following reply. Its with great satisfaction I observe your resolution for avaling your selves of the benefit of an institution which cannot fail in producing much public good. It will meet considerable aid from the adjoining Counties, but its best guarentee [sic] will be found to arise from your commercial capitol and the industry and enterprise of your own Citizens which from the best and most recent account are not surpassed by any of your neighbours in this section of Country

But to give you an explicit answer to your request. I am compelled to say that I have borrowed seven thousand five hundred Dollars since I came into office to meet payments due

On the enstolments [sic] of the Stock subscribed for by the State of Tennessee to that Bank, and have therefore to Say as the agent and Guardian of the people, that I humbly concieve myself bound by the ties of duty and to avoid every act which would increase a debt upon the Treasury now unable to meet its engagements, more particularly as the regular meeting of the General Assembly is at hand, To the consideration of which Honorable Body I ^will recommend a carfull [sic] examination of the Banking system, with a hope that as our institutions, are yet in a state of Infancy, we may profit by the experience of our neighburing states and under my present impressions will endeavour to point out the advantages, which I have for some time believed would result from a consolidation of the present Banks and the establishment of one State Bank, and a sufficient number of Branches to accomodate the people in those Counties whose capitol and commerce would justify the organiza =tion of a Bank

I should feel myself much honord [sic] with an acknowledgement of the receipt of this and with the opinion the Bank may entertain

of a Consolidation of the Banks

I have defered [sic] writing for some days with a view to obtain the favour of M^r Brown to hand this letter to some of the members

Very respectfully Gentlemen I remain your ob^t Humble servant

Jos. M^cMinn

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