Wilson Cary Nicholas to the President and Directors of the Richmond branch of the Bank of the United States
| Gentn | Richmond August 4. 1819 |
The depression of the price of produce, the suspension of the sale of property, some heavy disappointments, & the entire loss of confidence throughout the U.S. imposes upon me and every man in debt the obligation to husband his means so as to do the least injustice to his creditors. It cannot be right that with means adequate to the payment of all his debts (from the momentary depression of property they shou’d be so managed as to pay but a small proportion of them or to exhaust them by ruinous sacrifices to preserve his character for punctuality. Being unfortunately in this situation, I am constrained to stop payment. If I was alone [. . .] interested in the result, perhaps I cou’d not have taken this step. a sacrifice that I might possibly have made to my pride & my feelings, I dare not make at the expense of others. Probably I have delayed it too long, the only apology I can make, is, that I never believed until very lately that it was within the verge of possibility, that [other] any man cou’d suffer by me. My estate by any valuation that cou’d have been made of it until the last two months, wou’d have been thought more than adequate to pay my debts & to afford a very considerable surplus. My estimate of it last Jany was $350,000. It is my wish to convey my estate real & personal consisting of all my land [. . .] from ninety four to one hundred negroes, money due to me, all the stock upon my plantation & my house hold goods to secure the payment of my debts to the Banks, & to individuals but I can not with propriety do this, unless you will grant me a loan of twenty five thousand dollars. There are some liens upon my property but after they are satisfied there will be the most abundant security for the old & the new debt. The new debt shall be paid at the pleasure of the Bank For the old I hope you will allow my paper to continue with the present endorsers until there is a more settled state of things, with their responsibility & my conveyance the debt will be perfectly secure. It being notorious that property will not sell at present, I only ask as much time as much time before a sale takes place & such credit to be given as will ensure some thing like the value of the property. This is not more my interest than it is the interest of my creditors
Permit me to add that my knowledge of your course of conduct leads me to hope for every thing from your liberality