A very fine day. I went to the Office and found the town in much trouble and consternation in consequence of the failure of the Commonwealth Bank to meet its Notes. Thus has my conjecture been verified and an additional evidence been given of the insecurity of the public under the Associated system which I wished to establish.1 But although it gives me cause of real satisfaction to find myself justified in this manner, I am sorry to say that I feel as if my attempt to expose it had been attended with little or no success.
This day there was much running to and fro among the Banks and some symptoms of breaking the line, but nothing at all done. On the 3d day of this month I presented Mr. Brooks’ Check at the Boston 380Bank and they paid the greater part of it in Commonwealth bills. And this they call making good the currency of the Community.
Mr. Walsh came into the Office and talked. He seems much inclined to resume his ancient idle habits of life. Walk this fine day and Herodotus. Afternoon, the Father Jobert whose ideas upon Medals are very good. Evening at home, reading Lockhart’s Life of Scott after which continue my new draft.
It was “the insecurity of the public” under a makeshift arrangement of associated banks that CFA had sought to make clear.