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Sale 38 Lot 822

GEORGIA AND THE PANIC OF 1837: LEVI WOODBURY
(1789-1851) Justice of the Supreme Court and Secretary of the Treasury under Jackson and Van Buren. Good content L.S. 2pp. 4to., "Treasury Department", May 9, 1837, in which Woodbury, in the midst of the Panic of 1837, responds to a letter from Georgia Gov. William Schley seeking assurance that his state will receive previously scheduled payments from the Federal government. In part: "...[I] acknowledge the receipt of ...your letter ...asking for assurance that ...the two outstanding installments of the Surplus revenue payable to Georgia ... may be drawn from New York or Philadelphia...the amount of public money at these points has become so greatly reduced, partly by transfers in favor of the Deferite [sic] Banks in your state-and the revenue there has already fallen off so extensively, and will probably be still more reduced, that it now seems to be probable that a small portion of either of the two instruments in question will be drawn directly from either New York or Philadelphia. The sources from which the money will be provided to meet these payments have not been conclusively arranged, and cannot be, for some time to come...". While this was undoubtedly not the answer the Governor wished to hear, it was certainly a realistic one, and would be repeated in one form or another in the next few days as the crisis deepened. Fold separation repaired with archival tape on verso, else very good.
Estimate $ 150-200

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