Washington Decr. 7. 23
After you left us on Court day, the parties, present, agreed to dissolve our ill fated Copartnery: and that each member should make arrangements for his particular Share, of the debt, which stands in the Bank, in the name of James Madison & Co—In passing thro’ Fredericksburg, I obtained the necessary data, by which to ascertain our respective proportions—Since my arrival here I have made the necessary calculations—which are transmitted in the enclosed Statement—By which you will discover that your balance is $1632.25. mine $2414.74—The difference between our balances resulted from an agreement on my part with John Henshaw (whose obstinacy threatened to give us some trouble) to take his part of the Subscription—he agreeing to pay me for So doing $450—Our Joint note in Bank becomes due on the 30th. of this month at which time our Individual notes must be presented—I have written to all the Subscribers requesting them to furnish their notes by that time and I expect it will be done.
It is understood that in point of accommodation the bank is to extend to us individually the Same that it was bound to do collectively—I have Sent you (for convenience) two notes adapted to our respective cases; to sign the one and endorse the other—before they come round we must make Some permanent arrangement to renew them without trouble—which may be Safely done by a Special agency. When executed Send them if you please to Mr Allen Fredg.—I offer you my best wishes