TYLER, John. Autograph letter signed ("John Tyler"), as former President, to Corcoran & Riggs Bank, Sherwood Forest, Charles City County, Virginia, 9 November 1846. 3 pages, 4to, center crease repaired, silked .
TYLER, John. Autograph letter signed ("John Tyler"), as former President, to Corcoran & Riggs Bank, Sherwood Forest, Charles City County, Virginia, 9 November 1846. 3 pages, 4to, center crease repaired, silked . A INSOLVENT FORMER PRESIDENT PLEADS FOR THE "INDULGENCE" OF HIS WASHINGTON D.C. BANKERS A long and painful letter from the former President to his impatient Washington bankers, pleading for still more lenience on a long overdue debt, and begging not to be forced to sell his lands. "If you were disappointed in not receiving a curtail on my note to you, how much more grievously was I. I had needed a large crop of wheat last fall, which...promised an abundant yield, and so it continued up to within a week of harvest when the rainy season commenced and instead of 3,000 bushels I made 1,000 of the most shriveled and miserable grain." Holding back some 300 bushels for seed, he sent the rest to Richmond "and obtained but 62½ per bushel for it. I have been this precise because I would not have you believe that I had been for a moment unmindful of my obligations to you. In truth I tried to raise the money for you when in New York...In the meantime I received the accounts from Kentucky of which I have already advised you and concluded to throw myself upon your indulgence until I could realize just expectations from that quarter. Your letter declines any cooperation in that matter and I have written to Gilford & Samuel...directing an unconditional sale of the land on the shortest possible credits. May I not hope that this will be effected at a day sufficiently early to enable me to take up the entire note when it comes again due. There are persons enough anxious to purchase, but I fear a sacrifice...I am prepared to meet any sacrifice sooner than disappoint you further. Will you then be content to let my note be renewed for the whole term?" He may be able to make a partial payment, but borrowing from neighbors is impossible as "all have experienced a common calamity..." Ironically, it was during Tyler's term that the Federal govenrment designated Corcoran & Riggs as the depsoitory for the government's funds. He managed to fend off the bankers and hold on to his Charles City County property until his death.
TYLER, John. Autograph letter signed ("John Tyler"), as former President, to Corcoran & Riggs Bank, Sherwood Forest, Charles City County, Virginia, 9 November 1846. 3 pages, 4to, center crease repaired, silked .
TYLER, John. Autograph letter signed ("John Tyler"), as former President, to Corcoran & Riggs Bank, Sherwood Forest, Charles City County, Virginia, 9 November 1846. 3 pages, 4to, center crease repaired, silked . A INSOLVENT FORMER PRESIDENT PLEADS FOR THE "INDULGENCE" OF HIS WASHINGTON D.C. BANKERS A long and painful letter from the former President to his impatient Washington bankers, pleading for still more lenience on a long overdue debt, and begging not to be forced to sell his lands. "If you were disappointed in not receiving a curtail on my note to you, how much more grievously was I. I had needed a large crop of wheat last fall, which...promised an abundant yield, and so it continued up to within a week of harvest when the rainy season commenced and instead of 3,000 bushels I made 1,000 of the most shriveled and miserable grain." Holding back some 300 bushels for seed, he sent the rest to Richmond "and obtained but 62½ per bushel for it. I have been this precise because I would not have you believe that I had been for a moment unmindful of my obligations to you. In truth I tried to raise the money for you when in New York...In the meantime I received the accounts from Kentucky of which I have already advised you and concluded to throw myself upon your indulgence until I could realize just expectations from that quarter. Your letter declines any cooperation in that matter and I have written to Gilford & Samuel...directing an unconditional sale of the land on the shortest possible credits. May I not hope that this will be effected at a day sufficiently early to enable me to take up the entire note when it comes again due. There are persons enough anxious to purchase, but I fear a sacrifice...I am prepared to meet any sacrifice sooner than disappoint you further. Will you then be content to let my note be renewed for the whole term?" He may be able to make a partial payment, but borrowing from neighbors is impossible as "all have experienced a common calamity..." Ironically, it was during Tyler's term that the Federal govenrment designated Corcoran & Riggs as the depsoitory for the government's funds. He managed to fend off the bankers and hold on to his Charles City County property until his death.
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.jpg "Source: Christie's")
.jpg "Source: Christie's")
