James Madison Papers

Alexander Garrett to James Madison, 3 May 1827

Charlotttesville 3rd. May 1827.

Dear Sir.

A day or two after the reciept of your favour of the 18th. ult, I went to Richmond in the hope, that I should be able to make some arrangement either with the Literary board, or with the Banks, by which the loan, lately authorised by the Legislature, would be taken up on favourable terms to the University; The absence of Mr. Daniel from Richmond, prevented a meeting of the Literary board, on his return Mr. Johnson will procure a meeting & renew the proposition of loan, and will advise you of the result; fearing that nothing might be done with the Literary board, I applied to the Banks; neither of whom are disposed to take up the loan, at present; not for the want of a disposition to accomodate the University; but, as I believe, for the want of ability to do so at this time; they say they are, at present, pushed by the Northern banks, in whose favour the balance of trade now is; The Farmers bank I think would accomodate us in about July next, if nothing better can be done, Finding myself disappointed in all my hopes; I knew not where next to turn, untill consulting with my friend Mr. Jefferson Randolph who was with me in Richmond, when he proposed as one of the trustees of his mother, to take up the loan; if, on consulting with Mr. Trist he should advise it—since our return home, they have concluded to make a proposition for the loan, which they will forward to you in a few days; I mentioned Mr. Randolphs suggestion to Mr. Johnson before I left Richmond, at which he seemed pleased; and drafted a scheme for creating a stock, a copy of which Mr. Trist will send you: Most Respectfully Your. Most. Obt. Servt.

Alex: Garrett B. U. Va.

RC and enclosure (ViU). The enclosure is Thomas J. Randolph to the Rector and Visitors of the University of Virginia, date?

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