anny manner to effect the previous part of the contract. I charge it most positively as admitted by the whole cabinet that the said privilege was in no manner whatever to effect the contract nor Lo impose any obligation on the contractors, to take one single Dollar more than they had teken of the loan unless they chose to do it. Othenvise why say "if taken" is to be at 50 cts an acres. If not taken then of course things remainded as they would have been had the privilege not been appended to the Contract. I conceive that I have been more prolix than necessary to clear up any ambiguity which may in your estimation have existed in the contract, but it is a matter of most importance & Justifies much pains to set right any mistaken impression I go more at length into the argument too, because of the Expression of mortification that the remainder of the loan was not taken before receipt of the Scrip signed common prudence would have prevented this, unless there had been some obligation existing to do it, for they were unwilling to invest farther for such scrip as was offered-Tho' for scrip refering to the contract for its rights, I believe there was not a single subscriber, who would not have taken up the whole amount to which he ,vas entitled-not one-I mistake there was one exception, one who objected to the compromise, who would not attend the meeting to ratify it. On all that I have said of the members of the meeting he must be considered as excepted. Yet all would have availed themselves of the sixty days allowed and before the Expiration of that time the authority of Mr. Toby to sell 500,000 acres more at 50 cts, of course destroyed all inducement for the subscribers to Embark any farther, and no reasonable man will invest, where he does not hope to beagainer. The first subscribers had raised their stock above par and hoped by taking the remainder of the loan to realize a handsome profit, but when the 500,000 acres came into market, that hope was destroyed, still however I have a letter now in my possession, receved within ten days from a Gentleman who knows of the said issue of 500,000 acres, and who still authorizes me to buy the original scrip at a premium, saying he will not buy of the second issue. He anticipated however, that scrip had been recieved and was expected and that no difficulty existed between the Government and the subscribers. I deem it hardly needful to say much in relation to the Governments undertakings to assume the loan upon interest as you proposed as one of the alterations. We refused to lend upon interest, we would not have ventured our money but for land, and upon the conditions of the original contract or the modified compromise, and we alone at that time could in induced to do it,
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