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Subject Area: Economics
Subject Area: Political Theory

GALLATIN TO J. Q. ADAMS. - Albert Gallatin, The Writings of Albert Gallatin, vol. 2 [1879]

Edition used:

The Writings of Albert Gallatin, ed. Henry Adams (Philadelphia: J.B. Lippincott, 1879). 3 vols.

Part of: The Writings of Albert Gallatin, 3 vols.

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GALLATIN TO J. Q. ADAMS.

Private.

London, 13th September, 1826.

Dear Sir,—

I wrote this day to the Secretary of State announcing that this government is disposed to offer £250,000 in lieu of the indemnity which might be obtained under the slave convention. The fact is, that the inofficial proposal was received last afternoon, but marked as a private and confidential communication, not to be either made public or used hereafter in argument in case it was rejected. There was annexed an estimate in substance as follows:

Principal of claims, allowing all the indisputable and one-half of the doubtful,£180,000
one-half of twelve years’ interest at 5½ per cent., on the ground that two questions might be referred, whether interest or no interest, and whether at 6 or at 5 per cent., allowing half the chances to be ours,59,400
To cover, and will more than cover, the interest accruing on instalments payable after 1st May, 1827,10,600
£250,000

The instalments to be £100,000 on May 1, 1827; £100,000 on 1st November, 1827; £50,000 on 1st May, 1828.

Mr. Addington, who left the proposal whilst I was out, sent me a note stating he was not charged with any farther communication on the subject, and that Mr. Canning had informed him that the proposition in question was the only one he could have occasion to submit to my consideration. This is all I have to say in addition to the contents of my letter to Mr. Clay, to which I beg leave to refer. I am in great haste in order to be in time for this week’s Liverpool packet. With great respect, &c.

P.S.—I believe that the principal difference between the above estimate of principal, £180,000, and that of Mr. Cheves, £200,000, arises from the British government placing the Louisiana slaves, valued at about £32,000, amongst the doubtful claims, and of which (a reference having been asked on that point) we would have the chance of only one-half. I believe the estimate of Mr. Jackson of indisputable claims to be £140,000.