1

New York 24^th Ma[r?] 1838

(Private)

Dear Sir

After visiting Washington & Phila on the erand
of our [illegible], and being unsuccessful we came here,
where we have been indefatigably engaged for almost
two weeks in endeavoring to bring about a negotiation
in the fate of the State bonds. The time was, and
only a few months ago, when it might have been
done at once, and no favorable terms -- but in [some?]
sequence of the [illegible] of the sub-treasury bill, which
Lay struck a pa -- the prostration of business -- the
state of exchange both foreign and domestic -- and
determination of the Bank, [illegible] [to resume?] [illegible]
payment on the 10^th of [illegible] next -- and the effect such
[illegible] when the money market
thus is a [illegible] with those who have [illegible]
to make [illegible] of this character at this time.
We have been introduced to the principal capitalists
here, and to [illegible] of foreign Capitalists, to whom
the object of our [mission?] has been made known.
Like [illegible] fish in a stream, they suffer the bait
to [pass?] over them, without scarcely moving a
fin. This [illegible] is not the case with all.
The bait has been examined, and some seem
disposed to take hold. If these hands are [illegible]
chased at all, it is with the view to their [din?]