Post-Revolutionary War Finance With John Nicholson

An autograph letter signed, "W. Stewart," concerning a variety of financial matters. 3pp, measuring 9" x 15", Londonderry, dated July 26, 1786. Partial separation along horizontal center fold, light toning and soiling, marginal repairs with glassine, a few minor losses, else good condition overall.

A wide-ranging letter written by a Philadelphia merchant, offering instructions to his partner and includes a reference to John Nicholson, then in his capacity of Comptroller General of Pennsylvania. Reading in part: "...You say the Interest you receiv'd for me was £1250, some mistake must have taken place as you ought yearly to get £1389. The loan office Certificates am[oun]t to 53600 Dollars or £20,000 t p[e]rc[en]t is £2300 - Depreciation Ones...52.5.3 Final Settlements...135.10.10. The Interest on the Depreciation ones is to be received by an Order from Mr. John Nicholson at the Comptrollers office, that or the final Settlements from the Treasurer of the Loan Office. I mention those things only to prevent your having more trouble than necessary in the receiving of it; & should any of the Certificates have the last years due on them, the two years can be received at once..." 

The same year as this letter, the State of Pennsylvania authorized Nicholson to collect taxes, and in 1787, he became escheator-general with the ability to liquidate estates confiscated from Loyalists. Unfortunately for Nicholson, he had an unfortunate penchant for mixing public and private finances which prompted the state to conduct a two-year-long investigation of his practices from 1792 to 1794. While he was never found guilty of wrongdoing, he resigned all of his public offices in 1794. Nicholson subsequently went into partnership with Robert Morris, helping fuel a speculative real estate bubble that would land them both in debtor's prison by the time the decade had concluded.

Walter Stewart (1756–1796) was born in Londonderry, Ireland, and settled in Philadelphia before the Revolution, opening the mercantile firm of Stewart & Nesbitt in partnership with Alexander Nesbitt. During the Revolution, he served with distinction in several Pennsylvania regiments and as aide-de-camp to Horatio Gates. After the war, he returned to his business enterprises in Philadelphia.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

WE PROVIDE IN-HOUSE SHIPPING WORLDWIDE!