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{Some have claimed that the Southern States were
led into secession in order to allow the big companies in the South
to declare their huge debt to Northern banks to be debts to aliens
and this would allow the companies to default on them without
suffering from the action. The primary example of a company in great
debt to Northerners was the Florida RR and their announced debt is
detailed in the document below. The court action that required this
information is uncertain since the documents relating to it have not
been found.} |
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| This Respondent, David L. Yulee, President
of the Florida Rail Road Company, referring to his answer filed with the
Receiver in the month of January last, answers further, That the Course
recommended & asked in said answer, not having been acted upon by the
Court, so that the case has not been prepared as he hoped it might be,
in season for the present term of the Court, he has thought it
advisable, in order to facilitate the action of the Court, to specify
the debts owing by this Company to parties residing in the United States
(now at war with this Government) which were contracted on account, and
in behalf of the Contractors, Edward N. Dickerson & Co., |
| The obligations of this Company (Florida
Railroad) were given, but the Collateral Security, in every case large,
was furnished to the Company by the Contractors, to be placed with the
notes as security to the Company as well as the Creditor. |
| The Convenience of the Company name in
these cases was afforded to the Contractor for reasons useful to the
objects of the Company, but without any agreed pecuniary Consideration. |
| The following and the items of
indebtedness thus incurred, as existing on the 30th day of August 1861.
In all cases the notes are negotiable. |
| They owe to Vase Livingston & Co. of New
York City Twenty six notes of Five thousand Dollars each, Four notes of
Four thousand One hundred and One & 53/100 Dollars each. One note of
Four thousand one hundred and One & 59/100 Dollars. One note of Three
thousand four hundred, fifty eight & 93/100 Dollars. One note of Two
thousand two hundred, thirty four & 98/100 Dollars. Making in all, One
hundred and fifty six thousand, two hundred and One & 62/100 Dollars. |
| The twenty six notes of $5,000 each and
the note of $3458 93/, this respondent endorsed, with the above notes,
the said Vase Livingston & Co hold, as Collateral, One hundred and
ninety five thousand Dollars or thereabouts, of Internal Improvement (7
per cent) Bonds of the Florida Rail Road Company. |
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And this respondent further says that the said Notes and
Bonds were at one time in the possession of Dennison Wood & Co of
New York, but this respondent cannot say what was the nature, or
extent of their interest, therein. |
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They owe to the Ebbwvale Company Twenty seven Notes of
Ten thousand Dollars each, One Note of Seven thousand eight hundred
& Sixty two & 64/100 Dollars, and Five notes of Four thousand One
hundred and One & 53/100 Dollars each. Making in all Two hundred and
ninety eight thousand, three hundred and seventy & 29/100 Dollars. |
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With these Notes, the said Ebbwvale Company hold as
Collateral, Three hundred and eighty eight thousand Dollars if
Internal Improvement (7 per cent) Bonds of the Florida Railroad
Company. |
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The Ebbwvale Company is an English Company. They have an
agency in New York. |
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The original transaction, out of which this indebtedness,
and that preceding, grew, was with Vase Livingston & Co. of New
York. Joseph Finegan & Co purchased from them 8000 tons of Iron (by
a Contract dated in 1856) and gave them Notes, for the part
delivered, to Vas Livingston & Co. When Edward N. Dickerson and
Associates assumed the Contract, and extension was asked, and given,
and the Railroad Company gave them Notes in substitution, dated Novr
1st 1858. |
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So far as this Respondent understood the case, it seemed
that the Ebbwvale Co had furnished to Vase Livingston & Co. a part
of the Iron under the original Contract, but the whole business was
transacted in the name of Vase Livingston & Co. |
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When the extension was made, Vase Livingston & Co.
recognised the Ebbwavale Co as Holding the above proportion of
Interest. Whether the notes were made to the Ebbwvale Co direct for
their portion, or all the notes made to Vase Livingston & Co, and
the due portions assigned by them, I do not recollect. But whatever
was the shape of the notes, they were so made by direction of Vase
Livingston & Co who were the only parties known up to that time in
the transaction. |
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The Respondent is thus particular in his statement in
order that the Court may have all the facts he can furnish in aid of
its Judgment, whether the debt is of the Class subject to the
provisions of the Sequestration Act. |
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They owe to Riggs & Co of New York City Five Notes, One
of them for Thirty three thousand three hundred, and thirty three &
33/100 Dollars, and four for Six thousand six hundred and Sixty six
& 66/100 Dollars each Making in all Fifty nine thousand nine
hundred, and ninety nine & 99/100 Dollars. The said Riggs & Co hold
as Collateral, Fifty six thousand Dollars of he Internal Improvement
(7 pr ct) Florida Rail Road Bonds, and one hundred and six thousand
Dollars of Freeland (8 pr ct) Florida Rail Road Bonds. Making in all
One hundred and sixty two thousand Dollars. |
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Two of the firm of Riggs & Co, to wit, Geo. W Riggs and
Keichaeffer, reside in the City of Washington, District of Columbia,
Geo. W. Riggs as stated in another answer, this Respondent verily
believes, is in heart, and principle with the Southern cause. Mr.
Keichaeffer is a native of England, whether he has been naturalized
or not this respondent cannot say, nor is he able to give opinion as
to his probable feeling. |
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They owe to Elisha Riggs of
Five notes One of them for Five thousand five hundred and fifty five
& 55/100 Dollars, and the rest for One thousand one hundred, and
eleven 11/100 Dollars, each, making in all Nine thousand nine
hundred and ninety nine & 99/100 Dollars. He holds Twelve thousand
Dollars of Internal Improvement (7 pr ct) Florida Rail Road Bonds,
And Fourteen thousand Dollars of Free land, Florida Rail Road Bonds,
as Collateral. The transaction was made in New York, Mr. Elisha
Riggs was absent in Europe when this Respondent left Washington City
in February 1861. Whether he regards himself a resident of
Washington City or of any other place in the United States, this
respondent cannot say. |
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They owe to Gelpke Kuetzen & Reichelt, Nine Notes, One
for Twenty five Thousand Dollars, and four for Five thousand Dollars
each, and four for Six hundred and fifty Dollars each, making in all
Forty seven thousand, six hundred Dollars. |
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The said Gelpke Keutzen & Reichelt, held as Collateral,
Forty nine thousand Dollars, of Internal Improvement (7 pr ct)
Florida Rail Road Bonds, and Forty six thousand Dollars of Free land
(8 pr ct) Florida Rail Road Bonds, in all One hundred and Five
thousand Dollars. |
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The said Gelpke Keutzen & Reichelt claimed to have sold a
large portion of these Bonds upon failure to meet the payments as
due. But as no final account has ever been rendered by said Gelpke
Keutzen & Reichelt to this Company, on the Respondent, it is not
possible to say how the balance might stand upon account. |
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They owe to Harlan & Hollingsworth of Wilmington,
Delaware, Two Notes, One for One thousand four hundred and Seventy
one & 15/100 Dollars, and one for One thousand four hundred and
seventy one & 16/100 Dollars, making Two thousand nine hundred and
forty two & 31/100 Dollars. The said Harlan & Hollingsworth hold as
Collateral, Two thousand Internal Improvement (7 pr ct) Florida Rail
Road Road Bonds, and Four thousand Free land Florida Rail Road
Bonds. |
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They owe the Taunton Locomotive Manfg Co of Taunton Mass.
Two Notes for Three thousand eight hundred, and seventy eight &
03/100 Dollars each, Making Seven thousand seven hundred and fifty
six & 06/100 Dollars. The said Taunton Locomotive Manfg. Co, hold
Fourteen thousand Dollars of Freeland (8 pr ct) Florida Rail Road
Bonds, as Collateral. The Notes bear the endorsement of this
Respondent. |
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They owe M. K. Jesup & Co of New York, One Note for One
thousand six hundred and nine Dollars. The said M. K. Jesup & Co
hold Two thousand Dollars of Freeland (8 pr ct) Fla. Rail Road Bonds
as Collateral. |
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They owe Corydon Wyuch of New York Four notes as follows,
One note for One thousand eight hundred and thirty eight & 81/100
Dollars, One Note for Nine hundred & 65/100 Dollars, One note for
Three hundred and seventy one and 85/100 Dollars and one note for
Two hundred and fifty two & 28/100 Dollars, making in all Three
thousand three hundred and sixty three & 59/100 Dollars. The note
for Nine hundred & 65/100 Dollars is endorsed by this Respondent.
The said Corydon Wyuch holds as Collateral with said notes, in
different proportions, Nine thousand Dollars of Freeland (8 pr ct)
Bonds. |
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They owe George E. Dascomb ( assignee of Corydon Wyuch)
Two notes, One for Five hundred and thirty four & 26/100 Dollars,
and one for Five hundred and thirty four & 30/100 Dollars, making
One thousand and Sixty eight & 56/100 Dollars. He holds as
Collateral, Two thousand Dollars of Freeland (8 pr ct) Bonds. These
notes are endorsed by this Respondent. |
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They owe Danfoth Cook & Co., Patterson N. J. Six notes,
viz Two notes for Two thousand six hundred and ninety two & 51/100
Dollars, each, and four notes for Two thousand six hundred and
ninety two & 51/100 Dollars each, making Sixteen thousand One
hundred and fifty five & 10/100 Dollars. The said Danforth Cook &
Co. hold as Collateral, Twenty seven thousand Dollars of Internal
Improvement (7 pr ct) Florida Rail Road Bonds. |
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They owe to James Tinken of New York, One note for Eleven
thousand four hundred and forty one & 08/100 Dollars, and one for
One thousand four hundred and ninety eight Dollars, both endorsed by
the Wilmington & Weldon R. R. Co of N. C. Also one note for Two
thousand five hundred and sixty eight Dollars and one note for Ten
thousand and two hundred and seventy two Dollars, both endorsed by
the Wilmington & Manchester R. R. Co. of N. C. |
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These notes may have been reported for sequestration at
Wilmington N. C. by the endorsers. The Respondent has made himself
individually liable to the two indorsing Companies for their
security. |
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They owe Dean Reilhe & Co. of Philadelphia, Two Notes for
Nine hundred & 69/100 Dollars each, making One thousand eight
hundred and One & 38/100 Dollars. The said Dean Reilhe & Co hold as
Collateral, Six thousand Dollars of Freeland (8 pr ct) Bonds of the
Florida R. Road Co. -- These notes and {are}
endorsed by this Respondent. |
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This Respondent further answers that the Contractors,
Edward N. Dickerson & Co. having Completed their work under the
Contract with this Company, are entitled to a final estimate, and
settlement, but that until they, or some party representing them,
come forward to present their claim, and go into account, it is
impossible for this Company to deside how the balance of account
will stand; much depending upon the extent to which this Company may
be obliged to redeem the obligations assumed by them in behalf of
the Contractors, as will those before herein specified, as other
debts to parties residing in the Confederate states, on account, and
for the benefit of the said Contractors. |
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This Respondent further answers that the Florida Rail
Road Company, as securities for the Trustees of the Freeland Bonds,
and jointly with them, become indebted to John Elliott, Agent for
August Belmount & Co., Riggs & Co, and James T. Souther, in the sum
of Thirty five thousand Dollars, which was borrowed from those
parties to pay the interest warrants on the Freeland Bonds, which
fell due on the
1860. |
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And that your Respondent, in his individual Capacity
became security for its payment. -- That a trust deed was executed
by the Trustees to John Elliott to secure the debt and that this
Respondent, also to enable the negotiation to suceed, pledged a
large amount of his personal property by Mortgage. Ten thousand
Dollars of this indebtedness has been paid by the Trustees. Whether
any more of the debt has been discharged by the trustees, this
Respondent is not informed, but the said Trustees can answer. |
|
This Respondent further answers that the Florida Rail
Road Company is indebted to the following parties in the sums
severally stated, to wit, |
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They owe to Bush & Lobdell, Wilmington Delaware, Five
negotiable Notes as follows, One note for One thousand three hundred
and nine & 62/100 Dollars, One note for Two thousand nine hundred
and thirty nine & 69/100 Dollars. One note for Eight hundred and
eighty four Dollars, One note for One thousand three hundred and
twenty five &46/100 Dollars. And one not for Seven thousand five
hundred, and forty seven & 03/100 Dollars Making in all Fourteen
thousand, and five & 80/100 Dollars. Upon all these notes this
Respondent is endorser. |
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The said Bush & Lobdell hold, as Collateral, Eleven
thousand Dollars, of Freeland Florida Rail Road Bonds. |
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Two of the above notes, to wit, that for Two thousand
nine hundred & thirty nine & 69 Dollars, and another small note
(which, not recolected) are believed by Respondent to have been
assigned to toher parties in Wilmington Delaare. But the entire
transaction on the part of the Company was with Bush & Lobdell. |
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They owe to Rogers Locomotive Manfg Co. Patterson N. J.
Six Notes, One for Two thousand six hundred, and eighteen & 03/100
Dollars, One note for Two thousand six hundred and 98/100 Dollars,
One note for Two thousand six hundred, and forty seven & 87/100
Dollars, One note for Two thousand six hundred and thirty & 62/100
Dollars, One note for Two thousand six hundred and seventy seven &
72/100 Dollars, and One note for Two thousand six hundred and sixty
& 28/100 Dollars, making in all Fifteen thousand eight hundred and
thirty five and 50/100 Dollars. The said Rogers Locomotive Manfg Co.
hold as Collateral, Twenty seven thousand Dollars of Internal
Improvement (7 pr ct) Florida Rail Road Bonds. |
|
They owe to S. B. Bowles, New York, One note for Three
hundred, and four & 75/100 Dollars. |
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But in reference to this note, it is but proper to state
that a suit was brought upon it in the City of New York, against
this Respondent individually by the said Bowles, who alleged that
the said note was lost, and in the absence of this Respondent a
Judgment for the amount was obtained against this Respondent
individually, and which Judgment still remains unsatisfied. |
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The Books of this Company also show the following
Miscellaneous balance in favor of parties residing in the hostile
States, some of which it is probable had been paid. Namely, One note
of Oct 1st 1859, to J Stanton & Co at six months, for Five hundred
and twelve & 32/100 Dollars. |
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Balance to Credit of Carlos French of Seymoun Conn, of
Seventy nine Dollars. |
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Balance to credit of George Bailey & Co of Buffalo N. Y.
of Thirty Seven & 37/100 Dollars. |
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Balance to credit of American Bank, Note Co at N. Y. of
One hundred and sixty five & 02/100 Dollars. |
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Balance to credit of C. O. Jones New York of Two hundred
and seventy five & 67/100 Dollars. |
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Balance to credit of T. W. Wason & Co of Two hundred
Dollars. |
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Balance to credit of H. C. Jones, New York N. I. of
Twenty four Dollars |
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Balance to credit of Manhattan Oil Co. N. Y. of Nine
hundred and sixty nine & 57/100 Dollars |
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A part of the foregoing debts are more or less connected
with the adjustment of the accounts of Edward N. Dickerson & Co and
may, or may not be chargeable to him according to the principles of
settlement which may be adopted. |
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This Respondent further answers, that the annexed report
from the Secry & Treasr of this Company, under the seal of this
office, shows what stock is held by alien enemies, so far as the
records exhibit. But this Respondent has knowledge that the
Certificate for 1654 shares in name of E. N Dickerson was assigned
by him to James T. Souther, then of New York, subject, as Respondent
understood to be reclaimed by said E. N. Dickerson, upon his
delivering to said James T. Souther of a certain amount of full paid
Stock which he had contracted to him, the said Souther for valuable
consideration. |
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This Respondent further answering says, that he has
individually, an open account with Edward N. Dickerson and
associates, growing out of various negotiations made, and much
business transacted, for them, in aid of their operations, during
which he has paid out a large amount of money in their behalf, and
has received various amounts of money and Bonds from them, on their
account, all of which is subject to be accounted for in general
account current. |
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This Respondent is not able to state a balance with any
accuracy before comparison & adjustment of accounts with the said
Edward N Dickerson and associates, which has been prevented by the
pending war. |
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But as at present appearing, there is owing to this
Respondent by said E N Dickerson and associates a considerable
balance. Besides which, the said Respondent has also become
obligated by endorsements to a large amount, as will in the
Confederate, as in the United States, for account, and benefit of
said E. N. Dickerson and associates; and that these liabilities may
greatly swell the amount. |
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This Respondent, however, is ready and willing to go into
account, as far as he is able, under advise of this Court; and to
settle the accounts between himself, and the said Edward N.
Dickerson and associates, upon such principles of adjustment as may
be agreed upon with the Respondent, by the District Attorney and
Receiver, under direction of the Court. |
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This Respondent further answering says, that he has, in
his name 7,434 Shares of the Stock of the Florida Rail Road Company,
which are assignable to Edward N. Dickerson and associates, whenever
firstly, this Respondent has been paid the balance, which may be due
and owing to him from the said Edward N. Dickerson and associates,
and has become relieved from his personal liabilities on their
account, and secondly when the Rail Road Company shall have become
relieved of its liabilities on their account; the Respondent having
in mind, when these liabilities, and accounts were occurring, the
fact that he controlled a security which he held in his own name,
and possession. |
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This Respondent further answering, says that he holds
also the title papers of Edward N. Dickerson and associates to
various lots in Fernandina, assigned to them by Joseph Finegan & Co,
but he considers this property, also primarily liable to him, and
the Rail Road Company, as above, for his and their indebtedness, and
liabilities on their account. |
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This Respondent may possibly have made some omissions in
this answer, or some errors in amounts, but he is not aware of
having done so. |
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Should he hereafter discover any errors of omission or
otherwise, he will make further answer in correction. |
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D. L. Yulee |
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Presdt. |
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Personally came D. L. Yulee, who being duly sworn says on oath that
the foregoing answer made by him as President of the Florida Rail
Road Company is true and in all respects a full and complete answer. |
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Sworn to and subscribed before me |
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R. W. B. Hodgson |
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Receiver |
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Septr 12th 1862 |
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Office Secy & Treas Fla R. R. Co. |
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Gainesville Septr 8th 1862 |
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I hereby Certify that the amount of Stock issued by this
Company to persons who are now supposed to be alien enemies, amounts
in the aggregate to One Thousand six hundred and ninety four shares
of One hundred Dollars each, as follows |
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E. N. Dickerson |
1654 |
Shares |
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M. O. Roberts |
10 |
" |
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Masy Taylor |
10 |
" |
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J. J. Phelps |
10 |
" |
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Percy R. Pym |
10 |
" |
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I have been advised (though not officially) that some
time prior to the 21st day of May, 1861, the stock issued as above
to E. N. Dickerson, was by him assigned to J. T. Souther but whether
or not said assignment was an entire change of property or as
security for some engagement, I am without information. |
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Witness my hand and official seal this eight day of September A. D.
1862 |
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F. C. Barrett |
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Secy & Treasr |