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Lot 296
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Rare LA Purchase John Armstrong Signed Bill of Exchange Paying Off American Merchant Despoiled by French Privateers!
Rare LA Purchase John Armstrong Signed Bill of Exchange Paying Off American Merchant Despoiled by French Privateers!
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Description:

Rare Louisiana Purchase John Armstrong Signed Bill of Exchange Paying Off American Merchant Despoiled by French Privateers!

A rare Louisiana Purchase-related Bill of Exchange signed by John Armstrong (1758-1843), the U.S. Minister to France from 1804-1810, as "John Armstrong" at lower right. September 2, 1805. Paris, France. Partly printed and partly manuscript on laid watermarked paper with a deckled right edge. Bearing a partial French hand-stamp along the left edge. Expected wear including flattened folds, else near fine. Trimmed to an overall size of 8.5" x 5.625." Accompanied by a PSA/DNA Letter of Authenticity issued at auction in April 2005, along with supporting purchase history documentation.

This same item sold at the Heritage-Slater Americana sale, "Historical Manuscripts & Autograph Auction," on April 13, 2005 for over $3,200 (including a 15% buyer's premium.)

This sight draft, numbered 582, directed Treasury Secretary Albert Gallatin to pay 7,000 francs to American merchant James Barry, "in pursuance of a liquidation by the Government of France, in this case provided by the Convention between the United States and France, of the 30th april 1803 -- the 10th of floreal year 11…"

Besides being very uncommon, these bills of exchange illustrate one of the oddest aspects of the Louisiana Purchase: the United States ended up paying its own citizens for French-caused wartime damage! This was because a portion of the Louisiana Purchase was financed by the United States assuming French debts owed to U.S. citizens. These French debts were almost always indemnities for lost or damaged vessels, cargo, and crew commandeered by French privateers during the Quasi-War with France (July 1798-September 1800).

The Louisiana Purchase Treaty was signed on April 30, 1803 (10 Floréal l'An XI in the French Republican calendar). According to its terms, the United States agreed to pay the French First Republic $15 million or 80 million francs in exchange for over 820,000 square miles of the Louisiana Territory, stretching from the southern provinces of Canada south to Louisiana, west of the Mississippi River. The purchase represented a great bargain for the United States--nearly doubling its land area, and encompassing parts of 15 of 50 future states--but it was still an onerous sum. The United States subsidized its significant territorial expansion by taking out bonds from British and Dutch banks, and by taking on outstanding French debts due to American citizens.

Thus it was that U.S. Minister to France John Armstrong directed the U.S. Treasury Secretary to pay 7,000 francs to James Barry (ca. 1755-1808), the Irish-born merchant, landowner, and diplomatic attaché. Barry was an international and cosmopolitan man, having lived in Bombay, London, Portugal, Baltimore, Washington, and New York City. In the early 1790s, Barry had represented Portuguese national interests in Maryland and Virginia, first as Vice Consul and later as Acting Consul General. Barry relocated to Washington, D.C. around 1800, and soon became one of its most prominent and affluent citizens. Barry's mercantile business was anchored in the lucrative East India trade, and also connected with European, Caribbean, and South American markets.

It is likely that Barry's credit of 7,000 francs was related to three war spoilation claims involving James Barry from 1796-1798, which were reported to the U.S. government and can be found in the Congressional Records. In 1796, the James Barry co-owned ship "Brothers" from Philadelphia destined for St. Barthélemy was waylaid in the Caribbean. No monetary amount was filed for this claim, but we know the lost cargo was sugar molds. The following year, the James Barry-financed brig "Paramaribo" carrying Spanish royal tobacco from Baltimore to Cadiz was captured by French privateers, with a claim of $4,985 in damages. James Barry also had an interest in the Baltimore snow "Fanny," which in 1798 was commandeered on its way to La Guaira, Venezuela carrying $10,000 worth of flour and almonds. For further information on James Barry's spoliation claims, see Greg H. Williams, "The French Assault on American Shipping, 1793-1813: A History and Comprehensive Record of Merchant Marine Losses" (Jefferson, NC: McFarland & Company, Inc., Publishers, 2009), pp. 88, 143, 275.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

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September 6, 2023 11:00 AM EDT
Wilton, CT, US

University Archives

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Bid Increments
From: To: Increments:
$0 $99 $10
$100 $299 $20
$300 $499 $25
$500 $999 $50
$1,000 $1,999 $100
$2,000 $2,999 $200
$3,000 $4,999 $250
$5,000 $9,999 $500
$10,000 $19,999 $1,000
$20,000 $49,999 $2,500
$50,000 + $5,000