(DOWNLOAD) "Spain v. Hamilton's Administrator" by United States Supreme Court # Book PDF Kindle ePub Free
eBook details
- Title: Spain v. Hamilton's Administrator
- Author : United States Supreme Court
- Release Date : January 01, 1863
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 73 KB
Description
The Republic of Texas, prior to its annexation to the United States, had issued a large number of bonds, which were due, unpaid, and the subject of speculation and purchase in different parts of the Union. Hamilton, who held a considerable amount of the bonds, had become familiar with the affairs of Texas, and especially with all that related to its debts, and was anticipating that if that republic was annexed to the United States, those debts would all be paid. He became, accordingly, an active and energetic advocate of annexation. The trustees of the Bank of the United States also owned a large amount of the bonds. But these had been pledged, in a greatly depreciated state, to a certain Wetmore, one of the defendants, as security for a loan which he had made to the bank. If, however, the bonds should be paid, enough would be obtained to pay the debt due by the bank to Wetmore, and leave a large surplus remaining. And Hamilton, being already the agent of some of the bondholders, and desirous to have the agency for others, applied to the trustees of the bank to represent them. On the 16th of October, 1845, the trustees accordingly wrote Hamilton a letter, in which, adverting to his knowledge of the fact that they had 'now only a contingent, resulting interest in the bonds, dependent upon the payment by us of the amount for which they are now held by Mr. Wetmore in pledge,' they say as follows: 'If you will devote your best efforts to securing the recognition and payment of said claims, and your effort shall be successful, then we agree to allow you a commission of 10 per cent. on whatever sum or amount of our claim, through your instrumentality, shall be recognized and paid over to us, over and above the amount for which the said bonds are pledged. The limitation of time during which this agreement on our part can with certainty be continued is only to the 20th of March next ensuing; but we are willing, with the concurrence of Mr. Wetmore, or in case we should then or sooner obtain the entire control of those bonds and securities now in his hands, to extend the said time to two years from this date.' The 20th of March, the first limitation, passed without the recognition by Texas of its bonds, and without the payment of the debt due by the bank to Wetmore. Of course Wetmore's legal right to retain the Texas bonds was continued, and Hamilton was left without any claim upon the bank for commission or compensation under the agreement.