Administrative Papers, folder 017

Philada. Jany 28th 1802

Sir, By last Mondays Mail I received your favor of 10th Instant, wherein you request me to give you the prices of Stocks of the U. States, and my opinion as to the description that would be most eligible to vest the funds of the University in. — I observe that you would prefer such as are most permanent, and least liable to fluctuations. There is but one kind of Stock that can be considered permanent that is 3 p Cents and all are liable to fluctuate.

The following are the Current prices of the day 6 p Cents 99 ½ p Cent, or 20/ p Pound, nearly 3 p Cents 61 p Cent, or 12/2¼ p Pound 8 p Cents 12 p Cent advance 6 p Cents Navy, Par.

At the above rates the 6 p Cents will yield an annual Interest of about 6 p Cent, Three p Cents Ditto nearly 5 p Cent Eight p Cents (taking into calculation their redemption at par) Do about 5/3 p Cent Six p Cents Navy Do 6 p Cs These

There are the only Stocks that may transferable from the Treasury of the United States to the Books of the Commissioners of Loans in the different States when it is taken into consideration that the 6 p Cents are, by a law of Congress, subject to an annual reduction of 2 p Cent of the principal, and as it seems to be your wish to avoid the trouble and expense of a reinvestment of such annual payments, I am inclined to conclude that although they yield a better Interest than 3 p Cents you will reject them. — The eight p Cent Loan expires in 1808, affords an Interest of 5⅓ p Cent on the money laid out, & redeemable at par, renders them ineligible. — Navy 6 p Cents are redeemable at the pleasure of Congress. As permanency sums to be an object with you [I assume?] you will prefer to invest your money in three p Cents, which I must observe to you are always most in demand here, & not likely to be under the above quotation, on 12/– p Pound at least. The most favorable remittance would be notes of one of our Banks, but if not to be obtained the notes of the Branch Banks of the United

States, and of those the Branch at New York, or Baltimore claim a preference — The notes of any of the State Banks, except Penna., would not negotiate here without much trouble, and perhaps some loss. The Commissioners on the business will not be on the Amo. of Certificates purchased, but on the monies laid out — of this it is difficult to say what would be the lowest I could afford to do it all, [for?] when it is considered that beside the receiving & investing the monies here, I must forward the Certificates to my Correspondent at the City of Washington, to pass them through the Treasury & forward them to North Carolina, and with [page torn] him divide the Comm, I think it would not be done under 2 p Cent, but on this you had better consult with our mutual friend Mr. Hogg, who is a good Judge of the value of such services — My wish is to do it low as it can possibly be done. Mr Hoggs advice would also be useful as to the best stock to invest in

I am respectfully, Sir, your [most?] obt Servt Jno [Story?] Jr

Gavin Alves Esqr

John Story Junr Jany 28, 1802

Gavin Alves Esqr Hillsborough, North Carolina

recd.Feby 10th 1802

Raleigh, February 1, 1802.

Sir, THE interest of the University of North Carolina, and of Learning and Science generally, throughout our State, are concerned in the immediate sale of the Tickets herewith enclosed.

From a belief that no measure calculated to promote the prosperity and happiness of our country is indifferent to you, we take the liberty of requesting you will take charge of and make sale of the Tickets herewith sent you, at the rate of five dollars each; and that you will remit the proceeds in Bank Notes or large Bills, to BENJAMIN WILLIAMS, of this place, on or before the 15th day of May next, by Pst or other safe opportunity.

The Scheme of the Lottery mentioned in these Tickets, is already published in the Newspapers, and as the Drawing will take place on or about the first of June, it will readily occur to you that the Cash must arrive at Raleigh by that time; and it is to that end that we beg you to remit it as above.

Should it unfortunately happen, from any cause unknown to us, that you cannot render this very necessary service to the University of our State, then and in such case, we request you will return the Tickets without delay to us, in order that we may endeavour to dispose of them through the friendly assistance of some other person.

With respect and esteem your obedient servants, H. Potter [Henry? Seawell?] John Haywood Will. Polk