To James Madison from John O. Lay, 15 July 1825
From John O. Lay
Richmond July 15th. 1825
Sir
I duly received yours1 covering a Check dated 7th. inst. for $500. which is herewith returned you,2 the former Check in favor of —— Fowler for the same amt. on the Bank of Va. having (at my request) been paid by the Cashier of the Farmers Bank, who has also taken in another small Check of yours say $98. which was drawn on and had been paid at the Bank of Va. I presume through mistake. Your acct. therefore stands closed with the Bank of Va. & the Checks drawn on that Bank are paid at the Farmers.
If desireable I can hereafter have your funds placed in Bank at Washington without any inconvenience. Yours Very Respy.
Jno. O. Lay
P.S. There is a little improvement in the price of Wheat 93 cts. delivd. here, has been paid for several of the James River crops from below. In one instance a crop has been sold at $1. but on 12 mos. credit.
J.O.L.
RC and enclosure (DLC). RC docketed by JM. For enclosure, see n. 2.
1. Letter not found.
2. The enclosure (1 p.) is JM’s undated draft on the Farmers’ Bank of Virginia for $500 to be paid to the Bank of Virginia. Across the face of the draft is Lay’s note: “Not used Retd. by Mail 15th. July 1825.” In the left margin are computations in JM’s hand: “1549.57 May 15 1082.85 Bal. in B.V. 466.72.”