Circular letter in a secretarial hand, signed by Mason as president of the "Bank of Columbia," Gen'l Mason, John.

Circular letter in a secretarial hand, signed by Mason as president of the "Bank of Columbia,"

19 September 1823, to Clotworthy Birnie in Taney Town, Maryland; accompanied by a second letter to Birnie, from the Frederick Town Branch Bank, 4 October 1822. 4to. Two pages for the Bank of Columbia circular, approximately 200 words, informing Birnie that the bank's board had decided no dividend would be issued, as to put "all disposable funds toward the calling in of its current notes and providing for the debt due it to the Bank of the United States." 4to. One-page for the Frederick Town Bank letter, approximately 60 words, informing Birnie that his check of $150 presented to the bank had been paid, but owing to a cut in the dividend of the Bank of Columbia there was only $100 available and asking for a negotiable note to cover the other $50. "In April 1823, the Bank of Columbia made arrangements to pay its debt with the Treasury Department and the Bank of the United States, but did not fulfill its obligations. The circumstances surrounding the bank's failure are not entirely clear, but may have been caused by mismanagement, or poorly planned investments in real estate. The bank failed in 1824" (from the Library Company's abstract concerning their collection of the bank's papers). John Mason (1766-1849; merchant, planter, banker), son of Founding Father George Mason, played an active role in the War of 1812 in a number of high-level positions; he had large landholdings in Georgetown and northern Virginia and was president of the Bank of Columbia from 1798 until it failed in 1824. Very good and quite legible. Folded for mailing, each addressed on the verso of a blank integral leaf. (#6334). Item #58619

Price: $300.00

See all items in Americana, District of Columbia
See all items by ,