From George Washington to John Gill, 26 April 1795
To John Gill
Mount Vernon 26th April 1795
Sir,
Our conversation of yesterday, has been the Subject of consideration with me. What follows is the result of it.
I repeat now, what I said to you then; viz.—that renting the lands does not in the first place promote my Views—And in the second the measure may eventually be liable to serious disadvantages; for which reason, it would be much more agreeable to me to alienate the property altogether, and this I would do to You, upon the same terms I offered Mr Bailey, namely £900 down, and £900 more on a credi[t]1 to be agreed on, with interest regularly paid when it becomes due, in a manner also to be fixed.2
If this is incompatable with your Views, and renting only will answer them—at least for a time—I will tho’ reluctantly, agree to the following terms. namely, to receive £130 ⅌ Ann.; to cease on the payment of £2,000 in Specie or Current money equal thereto, at the time of payment which latter shall be done in ten Years, from the date of the agreement. And not only the land, but unexceptionable personal Security shall be given for performance of the Annual payment & the sum of £2000 within the time above mentioned; And moreover that if the Annual Sum of £130 shall not be paid within [ ] days after it becomes due it shall be optional in me to reenter, and take possession of the land, as if no agreement for it had ever taken place, And the full sum due thereon, arising from the afore mentioned rent to be paid not withstanding.
As there may appear something irreconcileable in these different propositions, an explanation, may be necessary; And thus I give it—£1800 one half or more to be paid down & the remainder in a short time, would enable me to apply the money to more profitable uses; than would result from the pos[t]poned payment of £2000 at the end of ten Years. And being assured by very good judges that I need not doubt getting five guineas an Acre for it in a very little time (which at the U.S. interest of 6 ⅌Ct would amount to £126 pr Ann.) £130 yearly rent untill the £2000 is paid, would hardly be an equivalent.3
If you incline to take the Land on either of these proposals the bargain may be closed, & writings drawn. If neither is acceeded to now, I shall hold myself free at any time Here after. I am Sir yr Hble Servt
Go: Washington
LB, DLC:GW.
John Gill (1765–1856) came to America just after the Revolutionary War to act as the resident partner of a London shipping firm. He remained a merchant in Alexandria until around 1800, when he moved to Baltimore. A John Gill, merchant of Baltimore, was advertised as bankrupt in 1803 (see Alexandria Advertiser and Commercial Intelligencer, 2 Feb. 1803; see also 631–32).
1. The letter-book copyist inadvertently wrote “credid.”
2. GW’s land on the north side of Difficult Run lay in what was then Loudoun but is now Fairfax County, Virginia. GW had recently received purchase offers from Pierce Bayly (see GW to William Pearce, 31 Aug. 1794, and 22 Feb. and 1 and 29 March 1795; and Pearce to GW, 15 Feb., and n.2). For Gill’s initial inquiry and subsequent offer to rent the tract, see his letters to GW of 28 May 1794, and n.1 to that document, and 26 March 1795, and n.1 to that document.
3. On 29 March, GW had written to Philip Richard Fendall and George Gilpin seeking their opinions on the value of the property. Fendall replied on 3 April that “£5.0.0 ⅌ acre is a good price” (see GW to Fendall, 29 March, n.2). Gilpin responded on 5 April: “I remember well the land you describe … it is in great part meadow land extreemly well adapted to Timothy Grass and commanded by a large and Constant Stream so that it may be laid under water at any time and of Course a good Crop ensured even in dry seasons, considered as land I believe it will soon bring the price you mention for lands here have just began to rise and A mill Seat On this land will be very Valuable it lays in a fine wheat Country and the produce must come by the mill or near it and the flour from the great falls be Carried to market at a small expence although it may not sell for more than £1500 now I think it will in two years bring £1800. Boats now pass through the locks and Great Quantities of produce come down the river from above and all this Country wears the appearance of industry and the farmers are growing wealthy fast” (ALS, DLC:GW).