... It is my fortune to have other subjects of confidential liaison with M¹'. L. which operate favorably as inducement to similar understanding respecting the bank. After arranging those subjects yesterday at his house where I saw him, when I was about leaving his study without mentioning the bank — for he had told me the day before that it would require some days, and I am very cautious not to torment him with it — he himself introduced it by saying, I suppose you'll see Riddle at Philadelphia and let him know how matters are as to the bank. No doubt, said I. Well then, continued he, I wish you would ascertain from him whether the bank will agree to the President's views of the terms for a new charter, and he proceeded to recapitulate them. As my memory might fail me in some particulars, said I, suppose I make a written note of them. Very well, he rejoined — and accordingly I sat down at his desk, made the enclosed minute, with his assistance, read it to him when done — and we parted on the footing of his unreserved declaration of his desire that I would submit them for your approbation or otherwise, as may be. Tho' I send the original protocol — as it may be called, which I have dated and signed that you may keep it in Rei Vei testimonium — yet I proceed to rewrite the items, as the memorandum made yesterday is not perfectly plain from the hurry of writing it.

1. Government to have no interest in the bank.

2. President of the U S empowered to appoint a Director at each branch so that government maybe represented at each.

3. States authorized to tax the property both real & personal of the bank within the said States in like manner as the States may tax other property within them.

4. The bank to hold no real Estate but such as it may be constrained to take in payment or security of its debts, and to be compelled by law to sell that within stated time.

The foregoing I understand from M'". L. are the President's terms.

5. A certain proportion of the stock or capital to be thrown open to new subscriptions, which may be done by prorata reduction of the present capital, or by addition to it.

This—5—is not die President's requirement: but Mr. L. seems to be very tenacious of it, always urging that it will facilitate very much the recharter.

6. The Directors to nominate annually two or three persons of whom the President to appoint any one as President of the bank.

This — 6 — neither the President nor Mr L. like. It is the suggestion of others — he said....