ALS signed “Rob't Fulton,” three pages on two adjoining sheets, 8.25 x 9.75, December 28, 1813. Letter to Peter Jay Monroe, in full: "For three years I have had it in contemplation to purchase the Ohio coals for my steamboats, and should have done so had a bank not been thought of. When Mr. Jenet mentioned a mining bank I stated to him where coal could be had, but I never had an Idea that any bank or company should have the exclusive command of them, which might give them the power of putting my boats under heavy tax; nor can I sacrifice any sure interest in my steam boats, for the emolument of a Bank in which I do not clearly see how I am to reap any benefit. For the Coal and land, I have given 4000 and some dollars, the contract is with my attorney and 1000 dollars a year that is equal 1280 dollars a year my boats will in three years require 6000 Chaldron a year and probably more hence those coals would not cost me at the pits 22 Cents a Chaldron.
But as I wish to serve and accommodate the bank, one of the plans appears to me to be reasonable and will answer the purpose. The first, That I shall retain the right to take all coals which I may want for Steam boats or Vessels promised for 50 Cents a chaldron—I to dig and take them away, this will yield 3000$ a year.
Or, I to pay for the coal and land as per contract and let the Bank take as much as the director may think proper, at 75 cents a Chaldron—then if you, doctor Bruce and Dent wish to profit by them—and the price admits of it, you can add 75 cents which will make them at the pits cost 1 1/2$ yet deliver them here under 9 dollars which Selling for 12 would on 12,000 Chaldron give the Bank 36,000$ and you gentlemen 8400 dollars a year. Or, secure to me coals for my boats at 50 Cents a chaldron. We to pay the purchase jointly in 4 portions and charge the bank what the coals will bear, leaving a good profit for the capital employed, Which will always be good and patriotic, when they get 12 percent on the capital employed on this plan could bring 20,000 Chaldron a year. We shall gain from 20 to 30 thousand dollars and thus would become our particular interest to push to its utmost the coal trade and in part make it the principal object. A few individuals thus stimulated by our interest will do more and benefit the public more than if the whole were amalgamed with the Bank whose varied and new directors may not understand the business or feel the like interest to promote it. In very good to fine condition, with minor paper loss (and small tear) to the top of the first page. An enlightening letter revealing Fulton's business savvy as he attempts to secure coal reserves for his developing steamboat fleet.
This item is Pre-Certified by PSA/DNA
Buy a third-party letter of authenticity for
$150.00
*This item has been pre-certified by a trusted third-party authentication service, and by placing a bid on this item, you agree to accept the opinion of this authentication service. If you wish to have an opinion rendered by a different authenticator of your choosing, you must do so prior to your placing of any bid. RR Auction is not responsible for differing opinions submitted 30 days after the date of the sale.
