"NEW YORK, _August 23rd, 1855_.
"MY DEAR SIR,--After I received your letter, some three months ago,
proposing to confess judgment to the Bk. of North America for the note
due to it, I saw Wm. Henry, who desired me, if possible, to get the
matter postponed, in order that some different arrangement might be
made. I applied to the bk., and they consented to some further delay,
willing to receive part payment and to renew the residue. But no plan
of that kind having been acted on, the bk. has been latterly speaking
to me every time I meet its officers, and urge some proceeding so
strongly that it cannot be further delayed.
"The bk. prefers an action which may bring in all the parties to a
confession of judt., and I have had Mr. Green take the proceedings to
save any unnecessary expenses. A copy of a summons and complaint is
sent, with an admission of service endorsed, which you will please sign
and return.
"At the same time, I cannot forbear expressing my regret that the
matter has not been put in a shape which would render this course
unnecessary. Persuaded in this instance, not without great reluctance,
to violate the rule on which I habitually and almost without an
exception in my whole life--act, and which requires me to refuse all
endorsements and suretyships--I feel that I ought to be prevented from
annoyance from this transaction. If I have submitted and am submitting
to have the trouble and care growing out of the affairs of the company
thrown upon me most disproportionately, it is simply from a friendly
disposition, as far as I can within any bounds of reason, to see
through a matter in which my friends are involved, and at least to get
it in the best shape I may for them. From the beginning I resisted
connecting myself with the enterprise, into which I was, nevertheless,
drawn; and except, for the considerations mentioned above, I would
dismiss the affair from my mind forever. Under the circumstances, it is
not strange that I feel that the trouble and care thrown upon me thro'
my regard for the interests of friends should not be added to by their
omission to take care of their confidential paper.
"Mr. Green has recently spent some days in Vermont in making
investigations into the circumstances under which the Stark Bk. became
the owner (if it is so) of your acceptance. The results are very
satisfactory. It will be necessary to make some additional inquiries
of the corresponding banks. I think we shall be able to show that the
Stark Bank took the paper for antecedent debt which will dispose of
their claims effectually and forever.
"Authority has been given to Mr. Thompson to sell 1,000,000 of the
bonds, as W. H. & Co. is dissolved.
"Very respectfully,
"S. J. TILDEN."