TWENTY-EIGHTH CONGRESS, 1843-1845. 257 



this loan in specie or its equivalent. A decision is expected at an early day, and 

 any information previously desired will be furnished promptly by, 

 Very respectfully, your obedient servant, 



JOHN BRUCE, 



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

 Hon. LEVI WOODBURY, 



Secretary of the Treasury. 



D 24. NEW YORK, August 14, 1838. 



SIR: In accordance with the proposal made by you for State stocks, we offer 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, payab''* semiannually, 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, TOWNSEND & Co. 



Hon. LEVI WOODBURY, 



Secretary 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 dis- 

 posed 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. 

 Respectfully, your obedient servants, 



PARKER & Co. 



McOLiNTOCK YOUNG, Esq., 



Acting Secretary of the Treasury, Washington. 



D 26. PETERSBURG RAILROAD OFFICE, August 18, 1838. 



SIR: On the 8th instant I had the honor to address you, offering you $150,000 of 

 Virginia 6 per cent stock, at par. Since then I learn that my friend Wm. H. Mac- 

 farland, president of the Farmers' Bank of Virginia, had submitted a similar pro- 

 posal to you. His proposal and mine are for the same stock. Therefore, you will 

 serve both of us by accepting either his or my proposition. 

 Begging your favorable consideration, 



I remain, sir, with great respect, your humble servant, 



CHARLES F. OSBORNE. 

 Hon. LEVI WOODBURY, 



Secretary of the Treasury. 



H. Doc. 732 17 



