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Circular letter from Constable, Rucker & Co.
Constable, Rucker & Co.
1787
Volume 20, Pages 738-739

A Copy of the Circular Letter mentioned in the above Letter of Mr. Constable of the 11th Instant.

It is with great pain that we mention a late disagreeable event. Our Mr. Rucker, who had been for some time past established in London, came under considerable acceptances for Mr. Morris of Philadelphia relying for the discharge on funds to be derived thro’ Messrs. Le Coutents & Co., of Paris, from the Tobacco shipped by Mr. Morris in Consequence of his Contract with the Farmers General of France.

The weather last winter was such as greatly to impede the Shipments of Tobacco purchased by Mr. Morris’s Agents in Maryland and Virginia. The uncommon storms which raged in the European Seas destroyed some and injured many Cargoes, others were driven into the ports of Britain, Ireland and Holland, and detained for purpose of repairs to the Ships, &c. From all these Circumstances it happened that his Bankers in Paris became Considerable in Advance & in April last informed Mr. Rucker that he must not expect any further Supplies until more Cargoes should have arrived. Immediately on the receiving this Intelligence he proceeded to Paris but found on his arrival that the Changes in administration and Circumstances

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connected therewith had thrown everything into Confusion and Occasioned such a General Distrust that the most solid houses were obliged to raise money at a discount of from ten to twelve & half per cent. Being unable to prevail on Messrs. Le Coutents & Co. to make further advances and his acceptances being heavy he hastily determined to leave Europe.

In consequence he went back to London, Appointed an Attorney with Orders to continue his House & business, wrote assurances to the Bill Holders, his Bankers & others to be delivered after he should come away, paid his acceptances up to the fifth of May and embarked in the French Packet at Havre de Grace. His object in coming to this Country was to communicate to Mr. Morris the state of things in Europe and to forward the Cargoes of Tobacco so as to Place the needful funds in London for the discharge of the Bills drawn on him. He arrived here on the 26th of June and proceeded to Philadelphia, finding there that due provision for those Bills had been made the object of his Voyage is Accomplished and he will return by way of Paris to London and close all his transactions there in a proper Manner. With this View he is to embark in a few days in a vessel bound to Havre de Grace from Philadelphia, and in hopes he may reach London in season to prevent some of the disagreeable Consequences Naturally to be expected from his Precipitate Retreat. We make no reasoning on this subject but think it a duty to you as well as ourselves to make the Speediest Communication, assuring you at the same time that our funds are by no means diminished, and we trust that our Credit is not impaired for we feel ourselves worthy of Confidence and therefore expect it will be reposed in us. You will oblige us by bringing what we have said to the test of Enquiry as far as the Same may be Convenient, and by communicating to others the Result on any Proper Occasion.