To Thomas Jefferson from Albert Gallatin, 15 October 1804
From Albert Gallatin
Oct. 15 1804
Dear Sir
The receipt for Louisiana Stock which we have in the Treasury and is enclosed is only that of Mr Livingston, which, in conformity with the contract of Baring with the French Govt. and Messrs. Pichon’s & Baring’s letters filed in the office, operated as a full discharge to the United States of their engagement to deliver Stock.
Mr Livingston had, besides this, become voluntary depositor of the Stock and of the bills given by Baring in payment. It appears by his enclosed letter that he had delivered both to the parties and has sent a receipt to the Secretary of State on that subject. But this was a personal responsibility of his with which Govt. had nothing to do.
It further appears by Baring’s letter (which is a private one to me) that the purchasers of the stock, Hope and Baring had anticipated their payments, which by the contract were to be made within two years, and had paid the French Govt. in full. With this we have nothing to do.
Mr Livingston’s letter is that which I had mentioned to you, and I enclose the copy of my answer which went by Mr Armstrong & was communicated to him, and which I had forgotten to send you before.
With great respect Your obedt. Servt.
Albert Gallatin
RC (DLC); addressed: “The President of the United States”; endorsed by TJ as received from the Treasury Department on 15 Oct. and so recorded in SJL with notation “French acquital for stock”; also endorsed by TJ: “Reciept from France of stock.” Enclosures: (1) Gallatin to Robert R. Livingston, 25 Aug., responding to Livingston’s letter of 3 May and expressing his pleasure that Livingston has been “relieved from the inconvenient trust” of the Louisiana stock; Gallatin addresses Livingston’s concerns about the congressional act settling American debt claims against the French government, assuring Livingston that, despite wording in the act seemingly to the contrary, the minister had never been personally liable for the certificates since he was acting solely as a courier; Gallatin states that he will follow Livingston’s suggestion that the stock’s debit and credit amounts be entered in the Treasury books on the same date so as “never to leave a charge against the Minister in account of the draft”; Gallatin suggests that in the future, and as “a caution against frauds,” the minister accompany receipts with a letter of advice; he further suggests that the minister advise Gallatin monthly on the drafts he is executing; Gallatin reminds Livingston that monies advanced to the commercial agents are charged on Livingston’s account and that receipts will be needed in order to obtain credit (, 9:971-3). (2) Receipt of Livingston, Paris, 25 Apr., for delivery from Lieutenant James T. Leonard of certificates of Louisiana six percent stock “to the amount of seven millions five hundred thousand dollars” (MS in DNA: RG 56, PFLP; in Leonard’s hand, signed by Livingston). (3) Livingston to Gallatin, 3 May, mentioned in Enclosure No. 1, has not been found.
Baring’s letter: Sir Alexander Baring to Gallatin, 25 July, explaining that Francis Baring & Co. received only partial payment for interest they considered due in full on 30 June (, 9:882).