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Updated: June 10, 2025
I instructed Nisbet to insist on his reducing his line as the notes matured, and, as he found it indelicate to speak to Meiggs, I instructed him to refer him to me; accordingly, when, on the next steamer-day, Meiggs appealed at the counter for a draft on Philadelphia, of about twenty thousand dollars, for which he offered his note and collateral, he was referred to me, and I explained to him that our draft was the same as money; that he could have it for cash, but that we were already in advance to him some seventy-five or eighty thousand dollars, and that instead of increasing the amount I must insist on its reduction.
The balance due depositors would run down to a mere nominal sum on steamer-days, which were the 1st and 15th of each month, and then would increase till the next steamer-day, so that we could not make use of any reasonable part of this balance for loans beyond the next steamer-day; or, in other words, we had an expensive bank, with expensive clerks, and all the machinery for taking care of other people's money for their benefit, without corresponding profit.
I instructed Nisbet to insist on his reducing his line as the notes matured, and, as he found it indelicate to speak to Meiggs, I instructed him to refer him to me; accordingly, when, on the next steamer-day, Meiggs appealed at the counter for a draft on Philadelphia, of about twenty thousand dollars, for which he offered his note and collateral, he was referred to me, and I explained to him that our draft was the same as money; that he could have it for cash, but that we were already in advance to him some seventy-five or eighty thousand dollars, and that instead of increasing the amount I must insist on its reduction.
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