1837 BUFFALO NY LETTER PANIC OF 1837 MAD RIVER RAILROAD STOCK - TO SANDUSKY O

Description

3+ pgs. letter, approx. 8" x 10-1/4", dated at
Buffalo, NY, Nov. 28, 1837
, from James McKay to John G. Camp at Sandusky, Ohio.
The stampless folded letter has a blue BUFFALO/N.Y. double-oval and fancy "PAID" in scroll handstamp, and manuscript "18-3/4" rate.
The writer of this letter,
James McKay
, was a Col. in the NY Militia and a schoolmaster. He built a residence (but never lived in it) which became "The Castle" at Fort Porter, and is now part of "The Front", a 50 acre park in Buffalo designed by Frederick Law Olmstead.
The letter is to
John G. Camp
, born in Buffalo, he moved to Sandusky, Ohio in 1834; He was an attorney and banker, and was heavily involved in securing subscribers for railroads, particularly the Mad River Railroad and the Indiana Railroad.
Great content
, in which McKay, who had subscribed for 00 worth of Mad River Railroad stock, having given his note for the amount, but
"the change of the times and of my circumstances in consequence thereof render it now altogether impossible for me to pay this amount"
- the "change of the times" being the
Financial Panic of 1837
. He is being sued by the bank for the amount, and a judgement is about to be entered against him, and is asking John G. Camp to intervene with them to either give him more time, or find a buyer for the stock he pledged to buy.
Includes:
"Dear Sir,
I need not remind you of the circumstances attending the subscription which I made for 00 worth of Mad River Rail Road stock, nor of those attending my giving you my note for the amount now due, being 50and the interest. Suffice it to say that the change of the times and of my circumstances in consequence thereof render it now altogether impossible for me to pay this amount. I have written several times to Mr. Lockwood, Mr. Follet, and to the Cashier of the Bank of Sandusky, but the determination seems to be to press the prosecution of these suits to Judgement and thereby very much distress me. I write to you upon this subject as a friend, and one too who has some heart, and I frankly and truly tell you if this suit is pressed, it will force me to make an assignment of my property to pay my other debts, and I do not hesitate to say too, if my property is taken from my own hands and my own management, I cannot vouch for its paying even my other debts, so the Bank of Sandusky will only distress and very much injure me without in the least benefiting  themselves. Now my dear Sir, I have placed this matter before you just as it is, and I ask you to assist me in this matter. I have paid 0. I will pay 0 more and then assign my scrip to the bank or anybody else who will pay the balance. Or if the bank will wait six months I will endeavor to pay them, at least half the amount, if I can be permitted to manage my own affairs. I have every prospect of being able to raise a loan as soon as money becomes a little better, but if I have judgements against me, it of course prevents it entirely, or if I am obliged to assign.
Will you have the goodness to see what can be done in this matter? See if my shares can be sold at any price and I will endeavor to make up or secure to the Bank the deficiency. I am willing to make any sacrifice I can bear.
I trust I shall hear from you ere long, as a judgement will soon be entered against me, and I must do something before it is done. Do have the goodness to do all you can and also to answer this.
Very truly yours,
J. McKay"
Fine.
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