Cannon_Letter125_49468

Philadelphia Gov. Cannon 13^th March 1838

DSir

We have just made a contract to have the state Bonds Engraved and after a careful examination of the charter we find a difficulty [presence?] as to the plan of payment of the principal, The charter [we?] express [terms?] have is discretionary as to when the interest may be made payable, and ^is [setent?] as to the principal

The question now arises are we at liberty to make the principal also payable at such place as we may designate - or are we to designate no place for the payment of the principal - or are we confined to the office of the Treasurer of Tennessee,

It is very important and induced we believe that our success depends as some degree on your discussion on thy [point? illegible] - We are sure the value of the stock would be greatly diminished if we should be [expelled?] to make the principal payable in Tennessee, on thy [illegible] we ask your immediate attention and hope to rec^d your reply by Express mail

As yet we have rec^d no [illegible] for the purchase of the Bond - It will be necessary to fix the interest at [Cpu? Circt?] I have no doubt at this rate we are not disposed to offer at this time more than one million which we hope will be sufficient to start

the last accts rc^d from [E?] are [rates? rather?] more encouraging in their character [illegible] an advance in value of all american stock had heavy opperations - The money market in this country at present is so unsettled that it is impossible to say what [Sunday? any day?] may bring [forth?] - This state of things [illegible] in consequence of the anticipated passage of the State Treasury Bill [illegible] of the [illegible] of [session?] payment by the New York Banks - Philadelphia will not follow the example as yet - or [Batten?] It is to be regretted that the Legislature did not authorise the Bonds to have been made payable in Europe for if so they could have been sold without the least difficulty now at 5 pCent [anew?] than we can possibly obtain from them accurately they can be made in the most acceptable [time?]

Very Resptfl yr Wm Nichol

N.B. If Gov. Cannon is not at home the centr^l Mg. Graham or Sec^t Lea will please give as these circumstances -

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W^m Nichol

Ans^d March 21. 1838 by L. Lea

Express 75 Gov N. Cannon Nashville Ten

If Gov. C should be absent Mgr Graaham or Lea will [open this?]