Congressman Washington Hunt Writes to Comptroller A.c. Flagg About Erie Canal Finances: "The Securities Deposited With the Commissioners of the Canal Fund... Make the Debt Perfectly Secure, and Nothing Is Needed But Time to Turn the Debts and Real Estate Into Money... After My Return Home In the Spring, After the Adjournment of Congress, Intend to Make Vigorous Efforts to Dispose of the Property Held by the Trustees

Book Description

(1811-1867). A Governor of New York, Hunt was elected to Congress in 1842 and quickly became a vehement opponent of slavery. In 1850, Hunt was elected Governor after serving the previous year as comptroller. AZARIAH C. FLAGG. Flagg was the Secretary of State of New York from 1826 to 1833, then served as New York State Comptroller from 1834 to 1839, and again from 1842 to 1847. ALS. 2pp. 8" x 10". Dec 19, 1844. Washington. An autograph letter signed "W. Hunt" as Congressman to "A.C. Flagg" relating to the finances of the Erie Canal: "I intended to have seen you, when at Albany on my way here, in relation to the balance due to the Canal Fund from the old Lockport Bank. I called once at the Comptroller's Office, but was not to fortunate as to find you in, and subsequent engagements did not permit me to repeat the call. On most of the large debts of the old Bank, the Trustees have been compelled to purchase in and receive real estate, and frequently we had to take property that was encumbered for a considerable part of its value. The whole amount of money realized by the Trustees since paying off the Safety Fund has not been sufficient to cover the amount necessary to be advanced for relieving securities from previous liens. This has made it impossible to reduce the canal debt as we hoped and intended to have done. The securities deposited with the Commissioners of the Canal Fund, not to speak of other assets held by the Trustees make the debt perfectly secure, and nothing is needed but time to turn the debts and real estate into money. I have believed that neither the interests of the state or of the stockholders could be prejudiced by affording time to dispose of and convert the assets, without incurring unnecessary sacrifices. After my return home in the spring, after the adjournment of Congress, I intend to make vigorous efforts to dispose of the property held by the Trustees, to remove this indebtedness as speedily as possible, and I confidently believe we shall succeed in making such payments of the debt as will give satisfaction to the commissioners of the Canal Fund. I am compelled to request that you will afford this further opportunity to realize money from other assets in our hands, and upon my assurance that no efforts shall be spared, and the debt shall be speedily reduced after my return. I cannot but believe you will be willing to give the indulgence which the unavailable nature of the assets has rendered necessary. I might dwell on the difficulty we have experienced in managing real estate and real estate debts: but from your own observation of such matters you may infer all that I could say. I shall be at Albany early in March, when I will have a personal interview with you on this subject. The interest has been regularly paid. As to the recent deposits of canal tolls with the Lockport Bank and Trust Company, the cashier will pay very soon (if he has not already) the current balance, and he will prepare for the gradual re-payment of the tolls of 1843, which you stated to me last spring would not be required at present." The letter has fine paper with some short fold separations that affect nothing, and is in fine condition overall

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