I should have noted, that about the year 1792 or 1793, I became jointly concerned with the Holland Company and sundry individuals in the purchase from the State of Pennsylvania of the whole Presque Isle angle, and of other lands adjoining to the amount of a million of acres. The association was called the Population Company, and was under the management of directors, who had a right to assess on the proprietors or associates any sums they might think proper to promote the settlements required by the patents. My interest was one hundred shares, or twenty thousand acres, for which I had paid, at the time I mortgaged to Cazenove, upwards of seven thousand five hundred dollars. The thing was considered as extremely valuable, and I have no doubt but my interest would, if I could have retained it five years, have been worth to me more than one hundred thousand dollars. Lands within the angle were last year sold at twenty dollars per acre.
Though it be obvious that no damages were due or could have been recovered by the Holland Company on the penalty contained in the covenants, yet I had several motives to urge me to some sacrifice in order to get rid of the business. First. I could not repay the advances made by Cazenove, which amounted to several thousand dollars. Second. I could not bear to give any uneasiness to Frederick Prevost, which might have been the consequence of a legal proceeding. Third. I was a little apprehensive of being sued on the covenants for payment of the purchase money. Cazenove, on his part, had but a single motive, to wit—he found that these lands were all I had to give, and that a suit would have produced only expense.
The aforegoing facts are substantially known to Le Roy, Bayard, and McEvers, and to Harrison and Ogden. The two last were consulted on the closing of the business in May and June last (1799). The former of them, Harrison, several times on the exchange of the bonds. I have not spoken to either of those gentlemen on the subject since the transactions took place; but any person is at liberty to do it who may choose to take the trouble.
I have given you a summary of my whole concern with Cazenove and the Holland Company, not knowing what part of it might tend to elucidate your inquiries.
By those who know me, it will never be credited that any man on earth would have the hardiness even to propose to me dishonourable compensations; but this apart, the absurdity of the calumny you allude to is obvious from the following data, resulting from the deeds and known facts:
That at the time the Alien Bill was under consideration, and long after, the bond, the covenant, and the penalty were objects of no concern, as we had reason to believe that the lands were or would be sold in Europe, so as to leave me a profit:
That Witbeck's bond was never given up, but exchanged for one more safe and valuable:
That I had not, nor by possibility could have, any interest in this exchange, as it was relieving one friend to involve another still more dear to me:
That, so far from any understanding between Cazenove and me, we had controversies about the very bond and penalty for more than a year after the passing of the Alien Bill: That no part of the penalty was ever due from me to the Holland Company; and that of course, they could never have demanded the bond, which was expressly a security for the penalty, and not for the payments:
That nevertheless I did finally give Cazenove a valuable and exorbitant compensation to induce him to cancel the covenants and discharge the penalty.