Lot 202

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Description:

MIRABEAU B. LAMAR, SIGNED BY PROXY, A REPUBLIC OF TEXAS $5,000,000 BOND, WASHINGTON AND PHILADELPHIA, MAY 16, 1838 - JULY 1, 1839, lithograph and manuscript ink on wove paper, unissued, No. 23, signed, "M. B. Lamar," President of Texas by his Commissioners, undersigned, "J. Hamilton," and "A.T. Burnley," and countersigned, "R.G. Dunlap," Minister of Texas to the U.S. at Washington, with embossed seal of Texas, below with attached sixty coupons with corresponding bond number to be redeemed January 1, 1840 - July 1, 1869 and be paid in one hundred pounds sterling, printed by Draper, Toppan, Longacre & Co., Philadelphia and New York, margins with an unnamed schooner at sea flying the Burnet Flag rondel opposed by a flowering cotton plant in landscape rondel framed within profuse feathery ornamentation, verso in English and French citations regarding Acts of Congress. 18 1/2" x 15" Note: The present document boasts an astounding $5,000,000 bond with ten percent interest. The bond was approved by Acts of Congress and the President of the Republic of Texas to raise funds for the foundling nation; it was created for explicit use by two land commissioners and a minister of Texas to acquire fiduciary support from international bodies. The three men were given permission to sign for the duly elected president. By the middle of Mirabeau B. Lamar's presidency it became evident that the lack of a Texas navy was a strategic disadvantage; his action was required. $5,000,000 was the largest sum the President of Texas was allowed to borrow. The symbolic clue of the unnamed vessel and cash crop pictured in the margin perhaps gives insights into the necessity of the international financial investment requests, highlighting the Republic of Texas' lack of maritime protections, but nevertheless unbridled potential for agricultural success. Only one other example of this amount is extant in the University of Houston digital collection (ID 1973-001, Box 2, Folder 89), and is also unissued. The Texas State Handbook Online sites that the second Texas Navy was commissioned March 1839. By December 1841 the document was null and void as Sam Houston succeeded the seat of President of Texas, providing a small window for such a rare and magnificent document of earnest presidential financial pursuits in the name of the Republic of Texas. Provenance:

    Condition:
  • Tears, cancellation marks, acid biting and yellow tone, tattered edges, Lamar signature signed by proxy. Unframed. Simpson Galleries strongly encourages in-person inspection of items by the bidder. Statements by Simpson Galleries regarding the condition of objects are for guidance only and should not be relied upon as statements of fact and do not constitute a representation, warranty, or assumption of liability by Simpson Galleries. All lots offered are sold "AS IS.”

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Bid Increments
From: To: Increments:
$0 $499 $25
$500 $999 $50
$1,000 $1,999 $100
$2,000 $4,999 $250
$5,000 $9,999 $500
$10,000 $19,999 $1,000
$20,000 $49,999 $2,500
$50,000 $99,999 $5,000
$100,000 $199,999 $10,000
$200,000 + $25,000