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THBCopy of Important 1858 Letter From Secretary of War Floyd to Bank of State of Missouri, Prelude to Financial Scandal that Eng
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About Auction
LiveSep 8, 2017 - Sep 9, 2017
Cowan's Auctions dawnie@cowans.com
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- Lot Description
Floyd, John B. (1806-1863). Politician who served as Governor of Virginia and later Secretary of War under President James Buchanan but was ultimately forced to resign on account of scandal and corruption charges. Copy of ALS as Secretary of War, 2pp, 7.75 x 9.75 in., "War Department, Washington." May 5, 1858.
The first letter sent by Secretary of War Floyd to the President and Directors of the Bank of the State of Missouri asking them to advance money to the firm of Russell, Majors, and Waddell, parent company of the Pony Express, and offering assurances that the money would be repaid.
Two years before the Pony Express began operation, Russell, Majors, & Waddell's finances had already started to unravel. The firm made its name as a freighting company having secured large government contracts for the transportation of military supplies to army outposts in the American West. Financial problems began to plague the firm first during the Utah War of 1857-1858 in which the company lost several wagon trains of provisions, equipment, and animals for which they were not reimbursed. Then, when the US government failed to appropriate funds to the firm for its 1857 military freighting contract with the War Department, the firm faced financial ruin. William R. Russell then convinced Secretary of War Floyd to write letters to bankers and financiers on the firm's behalf urging them to lend the company money with Floyd's assurances that it would be repaid, a move which ultimately led to the "Abstracted Indian Bonds" scandal, Floyd's resignation, and the collapse of Russell, Majors, & Waddell.
This letter, written on May 5, 1858, was addressed "To the President and Directors of the Bank of the State of Missouri." In it Floyd writes, that "The entire transportation of supplies for the army of the United States from the borders of Missouri and Iowa to the military posts upon the great plains, and to Utah Territory, has been confided to the firm of Russell, Majors, and Waddell, who have long been in the service of of this Department and given it entire satisfaction. As this Department will be indebted to these gentlemen to a far larger amount, I have accepted nine orders, two calling for the sum of one hundred thousand dollars each, three for fifty thousand dollars each, and four for twenty-five thousand dollars each...If you will advance the money upon their assignment of the orders to you, I will see that the funds shall be applied to their payment. This is unusual; but as the wants of the contractor are great, as I am informed, and as the Department is in no condition to make advances to them, I have thought proper to give you this asourance." This copy of the letter is then secretarially signed "Jno. B. Floyd Secretary of War."
Condition
Very good condition.
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