No explanation was ever given, it is believed, of the transactions between Colonel Burr and the Holland Land Company. It was his practice to let his actions speak for themselves, and to let the world construe them as they pleased. This was a great error, and was the source in after life of much trouble and suffering to him, yet he would not depart from it. A few weeks subsequent to this duel, however, be received from a friend a kind letter, asking confidentially an explanation of these transactions, to which he replied,
COLONEL BURR TO ——-.
New-York, 6th October, 1799.
DEAR SIR,
I cannot refuse to the manner of your request, nor to the friendly motives which have produced it, to satisfy your inquiries with regard to Witbeck's bond and the Holland Company.
In December, 1795 or 1796, I forget which, I entered into a covenant with the Holland Company for the purchase of one hundred thousand acres of land, at twelve shillings per acre, payable by instalments. The covenant contained a penalty of twenty thousand dollars; as security on my part for this penalty, in case it should become due, I mortgaged to Cazenove, or the Holland Company, twenty thousand acres of land in Presque Isle, being one hundred shares of two hundred acres each in the Population Company, and I assigned to him Thomas L. Witbeck's bond, payable to me, for twenty thousand dollars, as further collateral security.
In the fall of 1797 Cazenove joined with me in a power of attorney to James Wadsworth, then in Europe, for the sale of one hundred thousand acres, and, until the summer or fall of the year following, we had reason to believe that they were or would be sold, which of course would have terminated all questions about the penalty. Some time in the year 1797 or 1798, it was noised in Albany that Thomas L. Witbeck had given a bond for twenty thousand dollars, and his credit at the bank and elsewhere became affected by it. He wrote me often on the subject. In reply, I begged him to explain that the bond was not for the payment of money, and that, even if it should become forfeited, the twenty thousand acres of Presque Isle lands were alone a sufficient security. Witbeck, however, continued to be uneasy for his credit, and teased me to take up his bond by giving other security. I thought this rather unkind, and did not trouble myself about it. Indeed, I was in hopes that the sale of the land in Europe would have closed the transaction. Not long after this, I think in November last, Cazenove informed me that be had been applied to by Witbeck to change that security, and added that he was willing to change it for one of equal solidity, provided it would not impair his rights.
Witbeck's importunities continued, and he became so very urgent and repeated that I was finally (November last), long after the passing of the alien bill, induced to offer A. I. Frederick Prevost's bond in the place of Witbeck's. Cazenove took time to consider and inquire; and finding, in fact, that Prevost's bond was a much better one than Witbeck's, agreed to take it. Prevost accordingly executed to me a bond for twenty thousand dollars, of which Harrison drew a special assignment to the Holland Company. We made a memorandum that this exchange should not vary the rights of the parties (viz., the Holland Company and Aaron Burr), and Thomas L. Witbeck's bond was given up. In this transaction I never suspected that Cazenove imagined that he was doing a favour either to me or Thomas L. Witbeck, and I am confident that he never entertained so absurd a belief. It was with great reluctance that I gave Prevost's bond. I had claims on Witbeck which justified me in exposing him to some hazard. Prevost had a family, a clear, independent estate, and did not owe a cent in the world; but he had better nerves than Witbeck, and would not tease me.
About this time we learned that all prospect of selling the land in Europe had failed, and as I never had an expectation of paying except from the land itself, it became necessary to close the transaction. It should be observed, that soon after my contract with Cazenove he received orders, as he informed me, to sell no more under sixteen shillings (two dollars), and afterward I understood that he had raised the price to twenty shillings. In December last we had several conferences for the purpose of settling this business. I offered to give back the land and cancel the covenants. He talked of the penalty. I replied that be would only recover the damages sustained, which, by his own account, were nothing; for, as the price of the land was raised to twenty shillings, the Holland Company would, by their own estimation, gain one hundred thousand dollars by taking back the land. He appeared to feel the unreasonableness of his demand, and finally evaded my proposal by questioning his own authority. This I considered as a pretence; some irritation ensued, and we parted without concluding any thing.
Thus the matter remained until May last (1799), when our negotiations were renewed. After various overtures and propositions on either side, it was at length agreed that I should convey to the Holland Company, absolutely, the twenty thousand acres Presque Isle lands. That this should be received in discharge of the advances that Cazenove had made thereon, and in full satisfaction of all damages claimed on the covenants; and that thereupon the covenants should be cancelled, the bond of I. A. Frederick Prevost be given up, and the Holland Company take back their lands. This was accordingly done a few days before Cazenove sailed for Europe, which was, I think, in June last.