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Sale 38 Lot 1334

GEORGIA TRADES BANK OF THE UNITED STATES NOTES IN EXCHANGE FOR SHARES IN A LOCAL BANK A complex and most unusual financial A.L.S., 7pp. 4to., Milledgeville, Ga., Jan. 18, 1813, in which Anthony Porter explains how, acting on behalf of the State of Georgia, he traded part of the state's holdings of Bank of the United States notes in return for 1,000 shares in the Planter's Bank of Savannah. In this letter Porter relates that, on December 15 of 1812, the Governor issued him with an Executive Order giving him possession of: "...All the Bank Bills of any denomination or description..." worth $89,233.13. Mr. Porter was also empowered to use: "...all the stock of the United States now making a part of the Yazoo Deposit...exclusive of interest, in order that the same might be exchanged and acted upon in terms of a resolution of the Legislature approved on the 5th of December last...". The agent further states that though he was prepared to offer additional collateral as per his instructions, he was able to get the sellers to accept $30,000 in notes from the Bank of the United States for the 1,000 shares of the Planter's Bank, and to exchange the state's remaining bank notes for those of the Planter's Bank. Undoubtedly pleased with himself, Porter further states that: "....I likewise inclose the certificate of the Stock held by the state in the Augusta Bank, and the three certificates of United States Bank, amounting to $ 49,445.50, which last forms a part of the Yazoo funds, it not being necessary to use them...". It is interesting to note that while Porter's transaction with the Planter's Bank went far better than expected, he failed in the other parts of his mission, which were to:"...purchase at least four hundred gun locks of a good quality and on as moderate terms as possible....". It seems unusual to the modern reader that states would actively engage in activities such as the buying and selling of bank stocks, and it is almost certain that there is far more to these transactions than meets the eye. Moderate show-through of ink from verso on each page, else boldly penned and very good.
Estimate $ 300-400

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