Signer of the Declaration of Inependence from Virginia (1736–1797). Third-person ALS, one page, 7.75 x 9.5, no date (but docketed September 3, 1788). Letter to Alan Montgomery and other auditors. In full: “Mr. Braxton’s Com’s to the Auditors—He now sends the Tobo. Books of WMB, MB & those of CB. In the latter will be found the Tobacco Bot. by N. Faulcon & that sold to Bromfield & Brault on his own Books. The Tobo. on KB Book bot. by N. Faulcon was intended for CB own use, but G. Morris thought as Faulcon’s whole acct. was to be settled on the new Ledger the Tobo. had better all be mentioned. Hence arose the deficiency which CB has to account for & this he is willing to do at the same price he sold, a contract for which CB has & will shew if required by the Auditors. The R.M. acct. current No. 2 is sent.
Mr. Braxton hastily admitted Yesterday the balance due on the black Ledger to R. page of £70.6.6 3/4 to be Specie, supposing it to be part of what he gave his Daughter. But upon looking at the Acct. Folio 107 he finds it is for other things & that the articles are not credited to Mr. Page until March & April 1777 & after which nearly make up the £70.6.6 3/4. From hence it will follow that the Money rec. of Mr. Page for Goods in WMB. Books was depreciated. Wednesday Morning.” Second integral page bears an address panel and docketing in another hand. Intersecting mailing folds, and a couple small creases, otherwise fine condition.
Braxton was a wealthy Virginian landowner who owned 12,000 acres of land and 165 slaves for the cultivation of tobacco. In 1775 he was appointed to the Continental Congress and signed the Declaration of Independence but was sent home when he challenged Adams' democratic ideas. When the Revolutionary War broke out, the Americans expelled British merchants. For Braxton, this presented a high-risk opportunity to trade tobacco internationally; he began to acquire tobacco for himself and his investors. Chairman Robert Morris of the Continental Congress' Secret Committee also tapped Braxton to buy leaf for the Continental army in a program which purchased tobacco and exchanged it for supplies. In response, the British navy set up a blockade to disrupt and halt coastal shipping while destroying the tobacco trade with raids and the bombing of ports.
The chaos of war and the lack of funding by the new government killed any profits the entrepreneurial Braxton made from the conflict. Congress exacerbated the problem by printing money and paying soldiers and farmers with inflated currency which quickly depreciated and left their accounts in arrears. The confusion which surrounded the buying and selling of the leaf is noted here in the accounting errors in N. Faulcon's purchase and sale. As mentioned in this letter to Montgomery and the other auditors, he "hastily admitted Yesterday the balance. due on the black Ledger to R. page of £70.6.6 3/4 to be Specie, supposing it to be part of what he gave his Daughter. But upon looking at the Acct. Folio 107 he finds it is for other things...." The currency depreciation coupled with the blockade sent Braxton heavily into debt and he was finally forced into bankruptcy. Pre-certified John Reznikoff/PSA/DNA and RR Auction COA.
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