1

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