Gunston-Hall May 9th. 1782.
It was not until last Post that I received your Favour of the 15th. of April, or I shou'd have answered it sooner. I do not recollect that I had any other Hand in negotiating the Business you mention between you & my Neighbour Mr. Cockburn, than carrying to Wmsburg, & delivering you his Bills of Exchange, upon executing a Bond, which I drew according to the Terms of a written agreement. He had deliver'd me with the Bills; previous to this, I was not privy to the Transaction. I remember that immediately upon my coming to Wmsburg, I was offered twelve for one for the Bills, but having been drawn to you in consequence of a particular Agreement, I had no Power to dispose of them; and after having discharged my Trust in taking a Bond according to the said Agreement, my concern in the Matter ended. Yet as a mutual Friend, I wish it was in my Power to settle the Dispute between you, in the most amicable Manner; but I shou'd not act candidly, or consistently with that Character, in advising Mr. Cockburn to do what, in exactly similar Circumstances, I wou'd refuse myself, or in concealing from you my Sentiments on the Subject. In my opinion when the Bills were refused acceptance upon the Terms of the thirty Days Sight at which they were drawn, they were, as to Mr. Cockburn to all Intents & Purposes protested; unless you had informed him of it, and obtained his approbation of a second Presentation of the Bills, upon the Terms of so long a Credit as had been demanded by the Persons on whom they were drawn; in this Case he wou'd have been consenting to the Delay thereby occasioned, and must have abided by the Consequences, but without this I can't conceive that you had any Right to speculate upon his Credit & Risque; Loan-Office certificates, as well as Paper Money, daily depreciating, and now of so little Estimation, that for my own part, I wou'd almost as soon receive Payment for a Sum of Money in a Bundle of last Year's News-Papers. [three lines marked through]
The alternative you mention, in Case Loan-Office Certificates had been discharged in Gold & Silver at the nominal Value, instead of having depreciated almost to nothing, does not apply; for upon the Bills being refused acceptance upon the Terms on which they were drawn, you were released from your contract; and every thing afterwards was in you not only a voluntary, but an exparte Business; and it is evident that Mr. Cockburn is a very great Loser by the Delay, and you in the same Proportion a Gainer; because by the Depreciation in the intervening time, Loan-Office Certificates cou'd be purchased so much cheaper than before.
After such a Length of time, and the great Depreciation of Paper Money & Loan-Office Certificates, I do not look upon Mr. Cockburn's orders as a Violation of his Contract with you, but warrantable on the strictist Rules of Justice; and I am so far from apprehending him compellable to renew the Bill which was returned protested, that under all the Circumstances of this case, I have no Doubt but a Court of Equity would subject you to the Payment of the real Value of the Bills which were accepted upon the second Presentation, on Terms so different from those on which they were drawn, without Mr. Cockburn's consent or privity; unless there is something in his subsequent Settlement with you to prevent it of which I am unable to form any Judgement, having never seen the Settlement, and being unacquainted with the Circumstances attending it. I beg you will excuse the Freedom with which I have given you my Thoughts on this Subject; I have really observed in it, the Golden Rule of doing as I wou'd be done by: and whatever may be the Issue of the Dispute between you & Mr. Cockburn, I hope it will not interrupt the Friendship, I wish to continue between you, and Dr, Sir Yr. most obdt. Sert.
P. S. I have communicated your Letter to Mr. Cockburn, and he promises to give you an Answer.