The Wisconsin Magazine of History, Volume 1, 1917-1918Various
History
The Wisconsin Magazine of History, Volume 1, 1917-1918
Various
Wisconsin -- History -- Periodicals
George Wallace Jones, in his _Autobiography_, tells of walking along a
street in Washington soon lafter the erection of Wisconsin Territory,
of which he was congressional delegate. Webster overtook him, invited
him to his house, and entered into conversation with him on the
subject of investments. Jones became one of Webster’s agents. In
cooperation with Webster he made about $20,000 and Webster sold his
holdings to the United States bank of Philadelphia for $50,000. Jones
states that Webster owed him $15,000 when he died, but as he had made
a good thing by him, he never pressed the debt.
With regard to the Madison investment, the amount should be $3,000 and
not $5,000 (this was a typographical error). In the biography of Jones
is a reference to a letter dated December 24, 1836 from Judge Doty
speaking of the association of proprietors for Madison and stating
that these were twenty-four in number, each of whom paid in $100. By
February, 1837, the dividends on the sales were $170 a share. On the
strength of this showing, Jones sold his share to Webster for “about
$3,000.”
The only thing that looks like political influence is in connection
with the entries of mineral lands in southwestern Wisconsin. Moses M.
Strong, whose papers are in the Society’s possession, came to
Wisconsin in 1836 as the agent of Hon. Henry Hubbard, United States
senator from New Hampshire, and made large investments for him and
some of his friends. Part of the entries made by Strong for Hubbard
were upon reserved mineral lands, which were not open to general
entry, but were leased by the government. Hubbard tried to get some
decision, the precise nature of which is not evident, from the United
States land commissioner, concerning these mineral lands, and in the
course of his correspondence with Strong he mentions Webster’s name,
and says he will see the commissioner. There is no evidence that this
was in any way an improper proceeding or influence.
Public-domain text, read in full here on John Shaqi.
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