Payne, George E. Original Autograph Letter Signed by a San Francisco Merchant George E. Payne to His New York Partner (Most Likely, a Member of the Board of Directors of the Bank of New York, Charles P. Leverich), Talking about Early California Gold Rush Trade to San Francisco, the Voyage of the Barque Madonna, Cargo Prices, and the Sale of the Bark Hannah Sprague. San Francisco, 20 February 1850.

Quarto (ca. 28.5x23 cm or 11 ¼ x 9 in). Brown ink on bluish wove paper (bifolium). 2 pp. Addressed, docketed, and with a postal ink stamp on verso of second leaf. Fold marks, paper slightly age-toned, a couple of minor stains on verso of second leaf, otherwise a very good letter. An interesting letter illustrating a merchant's perspective on maritime trade between New York and San Francisco during the early years of the California Gold Rush. Written by local merchant George E. Payne, it is addressed to one "Charles P. Leverich, Esq."—most likely Charles P. Leverich (1809-1876), at the time a member of the board of directors of the Bank of New York and later its president (1863-1876). Payne writes about the "long voyage" of the Barque Madonna, and that he lost money due to the price of its cargo dropping significantly, and that he will not be able to pay Leverich until July, but he is trying to get "a small cargo of Flour, Barley & other articles of breadstuffs" from Valparaiso with which to pay Leverich. Payne also writes about the recent history and attempted sale of the Bark Hannah Sprague and suggests to Leverich that he buy it cheap and sell for significant profit. Overall, an interesting first-hand account of the maritime trade of San Francisco during the early years of the California Gold Rush. Excerpts from the letter (spelling original): "I wrote you per last steamer and advised the arrival of the Barque Madonna with my […?]. Her long voyage has caused me a large loss. had she have arrived in December I had then a party who was anxious to buy the […?] at a price that would have paid me a very splendid profit, but since then a large number of vessels have arrived & most all of them having a large portion of their cargos made up of lumber & […?]—and as most of them are anxious to realize, prices have gone down to such rates as barely cover freight. I succeeded in selling mine—but had to sell on credit of five months and shall not therefore have money to remit you until July. I am now trying to get a credit on Valparaiso or [Talquana?] & if I succeed I shall go to one or other of those ports & get a small cargo of Flour, Barley & other articles of breadstuffs & be back here about the first of July—and with them remit you the amt [sic] of the sale of the two […?]. The Bark Hannah Sprague was purchased in New York last year by a company who came round in her—they paid $18500—& put repairs to the amount of $9000—on her—the whole costing more than they had means to pay—they had her deed in the name of a […?] Mr Schanck of New Jersey who advanced them some $4500—they have tried to sell the vessel, subject to the claim of Mr Schank—she was sold to a party for $13500—but after the sale was made, some of the company would not agree to the sale <…> she is a good vessel and in case she could be got for $8000—I think I could make her pay her way home where she would undoubtably bring $15000 to $20000—if you choose to do so—I would like to have you purchase her for me if you can get her off Mr. S for $7000 to $8000—take title of course in your own name. Or it might be better security to you to have Mr. S send out a power of attorney to some good House here to sell her to me for a certain amount. $3000 payable here and the balances on her arrival in New York be having her insured to that city. By referring to the papers of Feby 1849 you will see who her agents were & learn of them all about her.".…