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    Speculation leading to the first financial panic in New York

    William Duer, (1747 - 1799) Signer of the Articles of Confederation, Autograph Letter Signed, "Wm. Duer", two pages, 10" x 8.75", Philadelphia, October 31, 1791. Headed "Confidential." Duer writes on land and financial speculation that would result in his personal ruin the following year that, in turn, resulted in the first financial panic in New York. He writes in part: "It is probably you may see before this Reaches you, a Printed Set of Regulations which are this Evening to be taken up by the Stockholders... It is in my Judgment crude and Undigested... I have seen the Committee; and instead of their first observation about Branches; I have got them to agree to a Recommendation of their being without delay Established... I have satisfied myself that after the second Specie Payment in January, Branches will be established -- will it not be therefore advisable for me to Cut quick out of the New York Stock; and still to lend my Force to the National Bank. before they raise -- the account of the Branches will produce and a Rational Grounds -- a considerable Raise -- On this Presumption I hold as the 100, I bought of Lewis.-- and if your Judgment corresponds as to mine, I wish you still to purchase about 150 Scrips... Scrip was here at the Noon Sales 155.-- and there appears a movement with the Pennsylvanians to purchase-- I have traced the Eastern Purchases: and find they are determine to hold in the Bank, as larger Interest than they have-- after all you must Judge whether they can be bought Lower by Waiting-" After mature Reflection, I think not, and therefore give you this opinion." " The panic in New York resulted in the loss of nearly $3,000,000 and ruined the fortunes of many investors. A excellent financial letter worthy of further research. Light creases, small hole at trimmed address leaf, else fine. From the Henry E. Luhrs Collection. Accompanied by LOA from PSA/DNA.

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    Auction Dates
    February, 2006
    20th-21st Monday-Tuesday
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