NEW ORLEANS, DECEMBER 14TH, 1857.| DEAR SIR:| UNDERSTANDING THAT YOU HOLD ACCEPTANCES OF MESSRS. BEEBEE & CO., OF NEW YORK, UPON BILLS OF EXCHANGE DRAWN BY ME, I TAKE THE LIBERTY OF PLACING BEFORE YOU A STATEMENT OF FACTS.| I HAD EVERY CONFIDENCE, UP TO THE TIME I RECEIVED THE VERY UNEXPECTED INTELLIGENCE OF THEIR FAILURE, THAT BEEBEE & CO., WERE RICH BEYOND QUESTION AND AS SAFE AS ANY BANK ON WALL STREET. I HAD TO MY CREDIT WITH THEM AT THE TIME OF THEIR SUSPENSION, OF CASH REMITTANCES [AND INTEREST IN MY FAVOR] THE SUM OF ABOUT $530,000... I HAVE DONE AND I AM STILL WILLING TO DO ALL THAT CAN BE HONORABLY EXPECTED OF ME TO PAY MY CREDITORS TO THE EXTENT OF MY ABILITIES AND TO OBTAIN A DISCHARGE.| I AM, YOURS RESPECTFULLY, H.B. MERRELL.

New Orleans: December 14, 1857. Printed broadside, 7.75" x 9.75". Several small holes [affecting one letter], light old folds, light scattered spotting. Signed in type by H.B. Merrell. Good+.

Beebee & Co. was one of the most prominent bullion dealers in the United States, with banking and exchange houses in Chicago, New York and Philadelphia. The Company failed during the Great Panic of 1857, and took Merrell down with it. The firm of H.B. Merrell & Co. is listed in the 1855 New Orleans Directory as a dealer of "Fancy French Goods, etc." This broadside letter was doubtless sent to Merrell's multiple creditors to explain his defaults and to promise payment under terms proposed here by Merrell.
An unusual, ephemeral illustration of the terrible effect of bank failures during one of America's most serious depressions. Item #27641

Price: $250.00

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