284 CONGRESSIONAL PROCEEDINGS. 



legacy, advertised for investment in State stock, I offer one hundred and 

 fifty bonds of Virginia State scrip, of $1,000 each, bearing an interest of 

 6 per centum, payable semi-annually, and redeemable in twenty years. By 

 an act of the Virginia Legislature, passed last April, the board of public 

 works are authorized to pay the interest on this loan, in specie or its equiv- 

 alent. A decision is expected at an early day, and any information pre- 

 viously desired will he furnished promptly by, 



Very respectfully, your obedient servant, 



John Bruce, 

 President Winchester and Potomac Railroad Co., Winchester , Va. 

 Hon. Lkvi Woodbitry, Secretary of the Treasury. 



D 24. 



New York, August 14, 1838. 

 Sir : In accordance with the proposal made by you for State stocks, we 

 ofi'er you two hundred and fifty thousand dollars of bonds of the State of 

 Illinois, payable in 1860, bearing interest at the rate of 6 per cent, per 

 annum, payable semi-annually, in July and January, at the bank of the 

 United States in Philadelphia, or at their agency in New York, at the 

 option of the holder — at one hundred and four dollars for every hundred 

 dollars of stock ; the interest which shall have accrued from the 1st of July 

 last to be paid to us. 



We are, very respectfully, yours, Nevins, Townsknd & Co. 



Hon. Levi Woodbxxrt, Secreta/ry of the Treasury. 



D 25. 



New York, August 15, 1838. 

 Dear Sir : We have yours of the 13th before us. The stocks we hold 

 are the bonds of the State of Maine, payable in 1848, bearing an interest of 

 5 per cent per annum, payable in Boston, annually. They are worth par 

 here, for the purpose of investing in banking, under the general law ; but 

 if we could have an answer at once, we will sell .$170,000 at 98.} per cent. 

 This is three per cent, below the market price of the bonds of the States of 

 New York and Pennsylvania, which are only preferable to Maine as a 

 remittance to Europe. 



The financial condition of Maine is equal to any State in the Union ; her 

 whole indebtedness is but $554,000, and the banks are all obliged to loan 

 the State 10 per cent, of their capital, at 5 per cent, per annum. We can- 

 not hold ourselves bound for any given time to sell the bonds at this rate, 

 but will accept it, if not otherwise disposed of, on receipt of answer. We 

 know it to be a better investment than can be made in the bonds of any 

 State, especially such as are indebted to such an extent as to make the 

 prompt payment of interest and principal a matter of some doubt. 

 Kespectfully, your obedient servants, 



Parker & Co. 

 McOlintock Young, Esq., 



Acting Secretary of the Treasury, Washiyigton. 



D 26. 



Petersburg Railroad Office, August 18, 1838. 



Sir: On the 8th instant I had the honor to address you, ofi'ering you 



$150,000 of Virginia 6 per cent, stock, at par. Since then, I learn that my 



friend, Wm. H. Macfarland, president of the Farmers' Bank of Virginia, 



had submitted a similar proposal to yon. His proposal and mine are for the 



