1858 Ottawa, Illinois Bank Letter Demanding Repayment of Large Sum of US Dollars
10240On offer is a letter from the “City Bank of Eames, Allen & Co” of Ottawa, Illinois, demanding payment of an outstanding note. It is dated Sept 4th, 1858 and was addressed to Edward M Marchand. According to the letter, the note was due in May of 1854 and has an outstanding balance of $125.00 (or about $4,000 as of 2020). This was equivalent to about 12 weeks wages for an ordinary worker in America at that time.
The note reads:
Dear Sir…I would call your attention to your note due May 21/54 in which there is a balance of $125 --. We wish to get in all of these back matters. I trust you will give it your earliest attention.
For a historian, this is a sample of part of the on-going growth and development of the American credit system that ultimately laid the foundation for one of the greatest economies in history.
This document measures 10.75 inches by 8.5 inches. It is a single sheet bearing the letterhead of a bank and a stamp of the relevant department. The page is in good condition. There are clear fold marks where the page has been folded in half and then again in thirds. The contents themselves cover about 50% of the front page while the reverse is blank.
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