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Letter to Editor
May 26, 1802
The Recorder, Or, Lady's And Gentleman's Miscellany
Richmond, Virginia
What is this article about?
A letter to the editors of the Baltimore Federal Gazette defends Timothy Pickering's integrity as Secretary of State by explaining that he could not have overcharged the government on exchange rates without detection, likening it to impossible overpricing of flour, and detailing the voucher process for bills of exchange.
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OCR Quality
98%
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Full Text
From the Baltimore Federal Gazette.
Messrs. Yundt & Brown,
HAVING frequently observed, in your Gazette, merit given to Mr. Pickering, for not applying to his own use a gain of 14,000 dollars, made on exchange during the time that he was secretary of state, permit me to observe through the same channel, for the information of your readers, (without any intention of insinuating that Mr. Pickering would have acted dishonestly if it had been in his power) that exchange is an article of commerce, which for some years past has been below par; that it was no more in Mr. Pickering's power to have charged the public more for exchange than he paid, without being detected, than it would be in the power of any officer, employed by government to purchase flour, to charge 12 dollars per barrel for that article, when the price is well known not to exceed 7 dollars per barrel.
When bills of exchange are purchased for the use of the government, a bill with a receipt for the amount is delivered by the seller; the bill and receipt are the vouchers for paying the account, at the proper office.
Messrs. Yundt & Brown,
HAVING frequently observed, in your Gazette, merit given to Mr. Pickering, for not applying to his own use a gain of 14,000 dollars, made on exchange during the time that he was secretary of state, permit me to observe through the same channel, for the information of your readers, (without any intention of insinuating that Mr. Pickering would have acted dishonestly if it had been in his power) that exchange is an article of commerce, which for some years past has been below par; that it was no more in Mr. Pickering's power to have charged the public more for exchange than he paid, without being detected, than it would be in the power of any officer, employed by government to purchase flour, to charge 12 dollars per barrel for that article, when the price is well known not to exceed 7 dollars per barrel.
When bills of exchange are purchased for the use of the government, a bill with a receipt for the amount is delivered by the seller; the bill and receipt are the vouchers for paying the account, at the proper office.
What sub-type of article is it?
Informative
Political
What themes does it cover?
Commerce Trade
Economic Policy
Politics
What keywords are associated?
Pickering
Exchange Rates
Government Finance
Bills Of Exchange
Vouchers
Secretary Of State
What entities or persons were involved?
Messrs. Yundt & Brown
Letter to Editor Details
Recipient
Messrs. Yundt & Brown
Main Argument
mr. pickering could not have dishonestly profited from exchange rates as secretary of state without detection, as the process involves public vouchers and known market prices, similar to government flour purchases.
Notable Details
Gain Of 14,000 Dollars On Exchange
Exchange Below Par
Comparison To Charging 12 Dollars For 7 Dollar Flour Barrel
Vouchers: Bill And Receipt For Government Payments