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Surname/tag: Merchant_John_Rathbone, John_Rathbone, Joseph_Rathbun, John_Rathbone_Letter
This letter was written by Merchant John Rathbone (1751-1843), from Manhattan, New York, to his brother Joseph Avery Rathbun in western New York. He had gone into debt to purchase a large tract of land, and was obviously in financial trouble. John is obviously very worried about his brother's financial situation, and has given it quite a bit of thought.
Addressed to: Joseph A. Rathbun, Township 4, Eleventh Range, Near Comisted Settlement, State of New York
January 3, 1799
Dear Brother, Scarcely a day has passed since I left you, without reflecting on the situation I found and left you in, with anxious concern for your present and future welfare. If I recollect right, you were in possession of between sixteen and seventeen hundred acres of land for which you were indebted, rising of $3,000, part of which already began to draw interest. There was due to you from Mr. Dana, $1200, which debt you looked upon to be doubtful. The interest, my brother, on so large a sum is a mischievous thing, unless a person has an income sufficient, punctually, to discharge it. There is no prospect, in my opinion, of lands rising again very soon, and should your land ultimately rise in value on account of settlements being actually made, I much fear that the time will be so far distant that the interest being added to the first cost of the land will over balance the price that it will then fetch. With this view of the subject my advice to you is by all means to compromise the matter with Col. Williamson and, if possible, prevail on him to take part of the land back again. Also, the note which you hold against Mr. Dana in payment, that you may be released from paying interest. I sincerely wish that you would get rid of the land altogether and would realize one-half the sum you supposed yourself to be worth when you left Wilksbarre; say $600, because I think your prospects of acquiring property would be much better than they are now. I am unwilling that you should spend your days in a wilderness deprived of many of the comforts of life, without being in a situation to acquire property. If you were in circumstances to add to your property rapidly, it would be some compensation for depriving yourself of the society of your friends and many conveniences which are only to be obtained in an old settled country. Having gone thus far I will venture to suggest two plans for your consideration, either of which, if adopted by you, I think, will be much to your advantage. The first is to come to New York; the second is to go into the Northwestern Territory. "Move to New York!" (say you). "What shall I do there?" Don't be frightened brother Joseph; there are many advantages in this city which the country people know nothing of. There are a multitude of people here whose abilities, either natural or acquired, do not exceed yours, and a great proportion of them are far inferior to you in point of knowledge; yet these people live and the principle part of them live very comfortably. If you were here with $1,500 in cash , I have no doubt that with industry and a common blessing, you might treble your property in seven years, and maintain your family. I have known some people in this city who have purchased a large quantity of wood, say several hundred cords, in the summer season and sold it out in the winter for double the money it cost them. We have a recent instance of it this winter and it has been the case heretofore since I have lived in this city. I could mention many other advantages or chances of acquiring property but shall not have room. I have lately had an offer of one-half of a brewery. The gentleman who owns it is an Englishman and is going to Europe; his partner who lives, and will remain here, is a very steady man, understands the business and wishes me to buy it. If you were here I believe I should (whether you had any money to advance towards it or not) put you into business. The profit issuing from the business (I am told) is generally about seven or eight hundred dollars a year. He seemed to be desirous that I would buy and that you would come and help him carry on the business, etc.; besides it is my opinion that you might get a living here by teaching music for a time, until something better offered. I now come to the second proposition, viz: the Northwestern Territory. I am, at present, the proprietor of 3,400 acres in the military tract in that country and am in daily expectation of seeing an advertisement in the papers requiring all the holders of military warrants to bring them to Philadelphia for the purpose of being registered. The advertisement is to be continued for nine months at the end of which the proprietors are to draw for priority of location; he who is so fortunate as to draw the first number is to take his first choice and so on in succession until all of the proprietors or holders of warrants have drawn and the remainder (which it is supposed will amount to one-fourth or one-third of the whole tract surveyed for this purpose) will belong to the United States. One of the surveyors of the tract has paid me a visit, who informs me that there is a great difference in the quality of the land, some parts of it are excellent and some are very poor. It will therefore be necessary for me, by some means, to obtain the needful information, that I may be able to make a judicious choice when my turn comes. If you will go into that country and spend the coming summer in exploring the land and keep a journal or minutes of each quarter township so as to enable me to choose the best land, I will give you one thousand acres for your services which shall be equal in goodness with my lands generally, and if you settle there will make you my agent to sell out the remainder of my land to settlers. Several members of congress are largely concerned in this tract of land whose interest it will be to use all their influence to promote the settlement of it, and it is generally expected it will settle fast as soon as it is drawn for. Then there is already a chain of settlements from Marietta up the Muskingum almost to the [Treaty of Greenville] line; and I am further informed that a considerable number of families intend to move onto the tract as soon as their lands are designated. If you should incline to explore the country I will give you a letter of introduction to my friend in Marietta, and I have no doubt I shall be able to find one or more persons that will accompany you in your business. Indeed it is my opinion that there will be twenty or thirty men out on the land next summer for the express purpose of finding out where the most advantageous situations are. I would suggest the propriety of your keeping the matter a secret if you intend to leave your present situation for perhaps you cannot make so advantageous a settlement with Col. Williamson if it is known that you are about to leave the country. I should have sent you some clothes but have had no opportunity; nevertheless if you can come and see me you shall not go away empty. With love to your dear wife and family, I am, Your Brother, JOHN RATHBONE. P.S. - Pray write to me as soon as possible after you receive this and inform me particularly how your affairs are; whether you found your cow that was missing when I left you, etc. |
Source
Newsletter: Cummins, Mary Anne, and Pantel, Julia, Contributors. " 'Merchant John' Rathbone Family's First Millionaire." The Rathbun Rathbone Rathburn Family Historian. Vol. 12, No. 3, July 1992. Pages 36-7, 41-3.
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