Letter from Frank Otard to Otard Dupuy & Co concerning Canadian case sales, a draft for Barsalou and US monetary policy, 1863-02-03
Frank Otard reports sending about 550 remaining cases to Gillespie in Montreal, remits a draft for Victor Barsalou and discusses exchange, paper money, banking proposals and the danger that inflation will obstruct imports from Europe.
Commercial correspondence
French
Frank Otard
Otard Dupuy & Co
New York, New York, United States
Cognac, Charente, France
New York–Cognac; redistribution to Montreal
Cognac trade
Brandy cases
Montreal
Drafts
Victor Barsalou
Exchange rates
Paper money
Banking
Imports
New York
United States
New York 3 Fevrier 1863
[[label: Address panel]] Messrs Otard Dupuy & Co Cognac Charente France.
[[label: Documentary page 2]] New York 3 Fevrier 1863 Messrs Otard Dupuy & Co Cognac Je vous confirme, Messieurs, ma lettre du 27 Janvier et ai reçu depuis votre amicale du 15 ditto, ainsi que Mon Compte et, que j'ai trouvé correct après examen; la seule remarque que je ferai seulement, est que la somme de f 4938.88 produit de la vente des caisses expédiées pour votre maison, est complètement à votre disposition, le change étant si élevé je n'ai pas osé vous acheter des francs pour ce montant, mais je me tiens complètement à votre disposition à ce sujet, le change est onéreux, mais le sera t'il longtemps? C'est une question difficile à résoudre et je ne tiens nullement à en avoir la responsabilité, par suite de la variation du change Je vais envoyer environ 550 caisses qui me restent encore à vendre pour mon compte à Messrs Gillespie de Montréal, en les priant de vous en faire les remises, au fur et à mesure que les ventes s'effectueront. Evidemment le commerce de caisses n'a pas cours dans ce pays.
[[label: Documentary page 3]] Je m'empresse de vous remettre une traite à 10 jours de vue p 5.000.- pour le compte de notre ami Barsalou et dont veuillez me créditer. Nous sommes toujours sur le qui vive au sujet du nouveau projet de Finances, les uns veulent une plus grande émission de papiers monnaie, les autres veulent adopter un nouveau projet d'associations de banque, somme toute il ne se fait rien, mais comme le Congrès sera dissous d'ici le 4 mars, il est probable que toutes les questions qui agitent le pays seront résolues d'une manière ou d'une autre. L'emprunt n'est plus possible, il n'y a donc que la circulation de papier monnaie qui ait chance de réussite; cette mesure aura pour effet de rendre les rapports entre l'Europe et l'Amérique de moins en moins possible, attendu que l'importation deviendra une impossibilité. Agréez, Messrs l'assurance de mon entier dévouement Frank Otard
[[label: Documentary page 2]] New York 3 February 1863 Messrs Otard Dupuy & Co Cognac I confirm to you, Gentlemen, my letter of 27 January and have received since your friendly one of the 15th ditto, as well as My Account and, which I found correct after examination; the only remark I will make merely, is that the sum of f 4938.88 proceeds of the sale of the cases shipped for your house, is completely at your disposal, the exchange being so high I did not dare buy francs for you for this amount, but I hold myself completely at your disposal on this subject, the exchange is onerous, but will it be so for a long time? It is a difficult question to resolve and I do not wish in any way to have the responsibility for it, as a result of the variation of the exchange I am going to send about 550 cases which I still have left to sell for my account to Messrs Gillespie of Montreal, asking them to make the remittances to you, as and when the sales are made. Evidently the trade in cases is not current in this country.
[[label: Documentary page 3]] I hasten to remit to you a draft at 10 days sight for 5,000.- for the account of our friend Barsalou and with which please credit me. We are still on the alert on the subject of the new Finance project, some want a greater emission of paper money, others want to adopt a new project of bank associations, all in all nothing is being done, but as Congress will be dissolved between now and 4 March, it is probable that all the questions which agitate the country will be resolved in one way or another. The loan is no longer possible, there is therefore only the circulation of paper money which has a chance of success; this measure will have the effect of making relations between Europe and America less and less possible, given that importation will become an impossibility. Accept, Messrs the assurance of my entire devotion Frank Otard
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Every complete capture, documentary role, address panel, date, names, organizations, commercial context and material postal evidence was independently checked against the authoritative images and related Cognac correspondence; unresolved readings remain explicit. Date evidence: The dateline reads New York 3 Fevrier 1863 and the address-side docket gives the same date. Origin evidence: New York is written in the dateline.
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3 documentary sides: Documentary page 1; Documentary page 2; Documentary page 3; 3 digital images.