An Attempt Tosecure The Release Of William Duer - Apr 22, 2009 | Scott J. Winslow Associates, Inc. In Nh
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AN ATTEMPT TOSECURE THE RELEASE OF WILLIAM DUER

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AN ATTEMPT TOSECURE THE RELEASE OF WILLIAM DUER
AN ATTEMPT TOSECURE THE RELEASE OF WILLIAM DUER
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Description
Manuscript document. One page, 6 3/8" x 7 1/4". New York. February 2nd, 1792. The document reads: "New York Mayors Court Of the Term of Tuesday the Seventh Day of February in the year of our Lord one thousand seven hundred and ninety two. City and County of New York said: William Duer is delivered to bail on cepi corpus to John Deu and Richard Fen of the first ward of the City of New York gentlemen. At the suit of Samuel Hopkins of a plea of trespass on the case " WILLIAM DUER (1747-1799) Revolutionary War soldier, financier, land speculator and aristocrat. Duer's financial downfall during the 1790s precipitated the first major US Panic, during which the market dropped dramatically and many investors were ruined. Having made a fortune in land and speculating on the Revolutionary debt, William Duer partnered with Alexander Macomb, one of New York's richest and most prominent citizens, and continued in the speculative markets during the American nation's early years. While Duer's speculations relied on a continued rise in value, the prominent Livingston family simultaneously sought to bring about a drop in prices. Withdrawing gold and silver from their bank deposits, the Livingstons caused a contraction in the local money supply, thus instituting a credit squeeze as banks hurried to call in outstanding loans. Duer, unable to pay his mounting debts, soon found himself in debtors prison, where, despite Alexander Hamilton's efforts to secure his release, he died in 1799. A fine document relative to both Duer's financial collapse, the catalyst for America's first major Panic, and later attempts to secure Duer's release from debtor's prison as he neared the end of his life. Tape repair to top and upper left edge. Bottom left and right edges trimmed, not affecting text. Else Fine.
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AN ATTEMPT TOSECURE THE RELEASE OF WILLIAM DUER

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Scott J. Winslow Associates, Inc.

Scott J. Winslow Associates, Inc.

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