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Sign up freeGazette Of The United States
New York, New York County, New York
What is this article about?
A satirical letter from a debtor to the printer, describing his financial struggles after a 1775 lawsuit forced him to borrow money. He pleads for leniency from creditors demanding full payment on promissory notes, proposing alternatives like Mississippi land, and criticizes their impatience.
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MR. PRINTER,
By inserting this in your valuable paper, you will oblige a
Debtor.
TO ALL WHOM IT MAY CONCERN.
I am the younger of two brothers, and my brother inherited all the paternal estate—I was obliged to seek my fortune elsewhere. Accordingly I pushed out in a new country, and purchased a large tract of land of the Aborigines, and by my industry soon acquired a valuable estate; but I had scarcely began to enjoy the comforts of it, before my brother claimed it as his property, and in fine, in the year 1775, commenced an action against me with a view to wrest it from me, which necessitated me to borrow money on interest, from time to time, for about eight years, for so long was it before I recovered judgment against my brother. I promised my creditors, A. B. and C. to pay them severally or the "Bearer" the sums hired in about three or four years, at the rate of 6 pr. cent. pr. ann. but at the expiration of the time, was unable to perform my promises without utter ruin to myself—and I must acknowledge that they were very easy on my promising them to discharge the debts as soon as I should be in circumstances to do it. They now say that period is arrived, and claim my promise, urging their long patience with me, and some indeed have presented my notes, to whom they were not originally given, and plead that they purchased them, when the original holders would trust me no longer, through the apprehension that I should soon be a bankrupt, and that the same promises is made to them as "Bearer," as to the original possessor.
I am in such a perplexity that I scarcely know what I say or do—Sometimes I ask them to re-loan the money, and take one third of their debt in some fine land, which I have on the Mississippi, with no incumbrance but a few tribes of savages, who will easily be induced to quit it—and promise those who comply, that I will discharge my debts to them before any others, and threaten those who do not, that I will not pay them a farthing unless I shall have a surplusage after having paid off the re-loaners. At other times I tell them the "Bearer" has no right to more than the note cost him, and that I will pay the overplus to the original holder. In short I have tried several other plans, and sometimes say one thing and sometimes another, so that my creditors think I mean to jockey them, and declare they will bear with me no longer. They say that when I was poor, my professions were so fair, that they really thought me honest—but that now I am able to satisfy their demands, I discover what I am—and that unless I honestly discharge my debts, according to the face of my notes, they would not trust me another penny to save me from the gallows, which I think is very ungenerous treatment—for who, in these modern times, would not discharge his debts with as little interest and inconvenience as possible?
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Letter to Editor Details
Author
Debtor
Recipient
Mr. Printer
Main Argument
the debtor argues for leniency in repaying loans with interest to subsequent bearers of promissory notes, proposing alternatives like partial land payments on the mississippi, and criticizes creditors for demanding full payment after years of patience.
Notable Details