In respect of the loss you made, by the bank stock, that I recommended you to buy of my cousin Zekiel Bigelow, in Wall-street, I did’nt tell the ginral any thing, because the deposites bein moved that proved a bad spickilation. But in respect of the Apalachi land co., I advise you to vest more largely, for the ginral says, that if I think best, he’ll establish a knavy depo there, and then it will be worth double.
J. Downing, major
2nd brigade.
CAUSE OF JACK’S DISGRACE.
It is proper to observe here, that the major was the owner of the stock above alluded to, as sold by his cousin, and that he was also a director and proprietor in the Apalachi land company. He was never publicly accused of being either a coward or janus faced, but his confession in this letter, with the unraveling it gives to the default, lays him open to the charge of both; for it seems that, while he was professedly the firm supporter of the bank, he was speculating on its stock, based on the expected removal of the deposites. And while the defaulter was consulting with his patron, how to get out of a dilemma, into which his personal devotion had led him, he was “flunked” by the major, his patron’s confidential adviser, in a “spickilation” which he had recommended to him as a means of relief, which made his situation much worse. And when we consider, that these things were done in the face of General Jackson, who was deeply interested, and his most devoted friend, we cannot wonder that the major looked round to see if the door was open, nor that he was shortly afterwards relieved from his high responsibilities.
Although the characters of public men, are public property, they should not be sported with, too rudely, and it is to be hoped, that for the honor of the major’s past reputation, he will be able to clear his skirts of this.
NON PLUS’D.
When the defaulter found himself deceived by the major, and his Wall-street operations all going against him, and he thereby involved in still greater pecuniary embarrassment, his soldier like spirit was roused within him, and as the general said, he would have “stood a shot with every man in the street, if that would have relieved him from his difficulties.” But he had been long enough there, to know that cold lead, although the heaviest of metals, was in fact but the lightest kind of argument, and his discretion, the better part of his valour, discovered to him, that if, among them all he should chance to meet a good shot, and himself receive a quietus, it would establish no truth but that of his real condition, and default. When this truth stared him in the face, he is said to have uttered horrid imprecations, and with alternating curses and relenting, to have bewailed his fidelity to his long loved friend and companion in arms, the general.
A GOOD FINANCIER.
Not that the general ever prompted him to such acts; they were volunteered by himself, out of pure love, from old companionship, and he never thought of the wrong, much less of his inability, to pay his expenditures, until the fatal truth was pushed upon his notice. How could he think of such a thing, when money was flowing through his hands, like water through a mill-race? how could he tell that there would be a balance against him? he had never kept an account in his life, nor even examined one. He was too liberal to be exact. When his shoemaker presented his bill, he looked at the foot; and if money was in his pocket he paid it, and if not, he kicked the impudent fellow out of the house, if he presumed to urge his suit, by any word of expostulation, or plea of necessity. It was unsoldier-like, and ungentlemanly to be exact in any thing, but the point of honor, viz.—if a man should say his coat was brown, when he knew it was black, call him out, and settle the truth by an exchange of shots.
And here I cannot forbear the remark, that, when government wants soldiers, they should look for fighting men. When they want judges and attornies, they should seek for those learned in the law, and when they want some one to take charge of financial affairs, they should seek those whose habits of exactness, promptitude, and experience in finance, give them some fitness for the duty.
IN A DEEP STUDY.