From William Turpin
Charleston May 29th 1812
The 11.000.000 Loan not being fully Subscribed, I apprehend (at 6 Pr Cent) is owing to its not being Protected by Law from State & City Taxation, which we calculate as a deduction of one Pr Ct, consiquently would Subscribe as soon to a 6 Pr Cent Loan protected from Taxation, as to 7 Pr Cent not protected, so that its the United States that pays the Tax to the individual States, & Cities, and not the individuals, this ought not to be, if you recolect fully on this Subject in January 1809 I wrote to you believing that any hint for the Public Good would be acceptable from any quarter.1 Your Sincere Friend
RC (DLC). Docketed by JM.
1. Letter not found.
2. William Turpin (1755?–1835) was a Charleston merchant who also owned property and slaves in the South Carolina up-country. He had served in the South Carolina General Assembly in 1808–9, and throughout his life he frequently held local office. He subsequently provided for the emancipation of his slaves and moved to New York City, where he died (Edgar et al., Biographical Directory of the South Carolina House of Representatives, 4:574–75).