The writings of James Madison, comprising his public papers and his private correspondence, including numerous letters and documents now for the first time printed. |
 |
TO GEORGE W. CAMPBELL.
(Private.) |
 | The writings of James Madison, |  |
TO GEORGE W. CAMPBELL.[76]
(Private.)
I have had the pleasure of receiving yours of the
4th. inst.[77]
Altho' a just estimate by the lenders ought
to have afforded us better terms, yet under all circumstances
of the moment, the loan has been obtained
on terms equal to the public expectation, and
hope no difficulty will grow out of the individual
case you mention. The fulfilment of his former contract,
& the effect of his present offer in improving
the general terms of the loan were both in favor of
receiving his subscription. I do not see however
why he might not have disclosed spontaneously his
connections in the business. If there were grounds,
which I know of no facts to presume, for suspecting
a defect of responsibility, the danger would be that
an individual under such circumstances might take
the chance of a rise of Stock, without incurring more
than a failure otherwise hanging over him, in the
event of a fall of Stock. Having secured a livelihood
for the war for a few months, we shall have time to
deliberate on a further experiment, and with a prospect
of receiving from abroad imformation that may
enlighten our calculations.
Mrs. Madison returns her best wishes to Mrs. Campbell
who will please to accept mine also. We accomplished
our journey within the time allotted, but thro'
roads which made the utmost exertions necessary. A
very seasonable spring has given a fine countenance to
the country. I fear an exception is about to take place
in our Wheat fields which abound with the Hessian fly.
Accept assurances of my esteem and friendly
regards.
By the act of March 24, Congress authorized a loan of $25,000,000.
Campbell wrote to Madison, May 4, saying he had disposed of
$10,000,000 of the loan "at $88 in money for $100 in 6 per cent. stocks:
the government agreeing that if any part of the 25 millions authorized
to be borrowed for the present year should be given on terms more
favorable to the lenders, the benefit of such terms should be extended
to the persons then holding the stock issued for the present year.
. . . A considerable portion of it has been offered by public institutions
and individuals of whose ability there is no reason to doubt.
There is, however, a large sum (5 millions) taken by or in the name of
one man, Mr. Barker; who at an early day put in his proposal for that
amount on the foregoing terms. It is presumed he acts in conjunction
with others, or is supported by some public institutions which will enable
him to comply with his proposal."—Mad. MSS.
| The writings of James Madison, | |