The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-10-02
ONE OF THE sPECULATIONS OF MARTIN
VAN buren,.
"Sweet Auburn, loveliest village of the plain"

"Sweet Auburn, loveliest village of the plain"
GOLDSMITH.
The Albany Argus, in recent article, finds fault
with Mr.. Webster for borrowing money upon bond
and mortgage upon property which the Argus deems
inadequate security for the loan. Il is difiicuto con-
cciye how the public have any interest IN the mat
ter even were the allegations of the Argus true MI
Webster has been guilty Of evasion nay, more,
the person who advanced the money WIS and IS salts
fed with the security. Can the Argus say much
of of the Presidents speculations, to which We
will call its attention.
A few years ago, Governor Throop and Mr. Van
Buren, conceived the idea of magnificent speculation
in building lots at Auburn in this State Determined
realize the golden vision and regardless of the dan
gerous tendencies of associated wealth. they disclosed
the project to few of the faithful and finally formed
company, consisting of ten persons, including them
selves. Two of the members were clothed with the
power of agents and trustees being authorized to make
purchases and take the title in their own names;
they Purchased all the vacant and unappropriaed
lands in the vicinity of Auburn until the property of
the association encircled the whole village. The
trustees then borrowed hundred thousand dollars,
and gave bond and mortgage upon the lands for that
amount
AS these speculatons dreamed only of profits, care
taken to provide by legal instrument for sharing
the losses But alas! the golden bubble has burst
nder the pressure of the times the speculation turns
to be vainously bad one, and most of the asso-
ciates are now insolvent The mortgage in course
Of foreclosure and the trustees have called upon their
coparneTs TO sign agreement providing tor joint
liability of all the parties for any deficiency in the
amount realized by the sales satisfy the mortgage
Nothing, it would SEEM could be more fair and proper
and such it appears the opinion of all the associates,
save The President of the United States alone
refuses 10 subscribe TO such liability The effect OF
the position he insists upon is, that If the property
should sell for than its cost he would share
tenth of the profits and if the mortgage foreclosed
and the proceeds of the sale should not satisfy one
quarter of it, the trustees must look to the insoirent
associates sererdny not jointly, for an indemnify
"Heads win tails loose" probably the mode in
which Mr.. Van Buren, in his early years tossed up
coppers with the boys of Undertook.
One of the given by the President for re-
fusing to make himself responsible in the way de
sired that he has transferred the speculation to his
son John and that therefore the trustees should
| range the matter with him. Col. Brant, when he
found his looked alarming-when he had ar
rived at the conclusion that court martial was about
to pronounce him guilty of the charges ON which he
was arragned resigned. President Van Buren,,
with less praseworthy caution, resigned the
speculation he discovered that 1t would
evcntuate in loss instead Of profit.
Well, and what says Prince John, thus placed in
the footsteps of his industrious father The Prince
delicatcly nslnuates that he took the present of
share in the Auburn speculation for profit not loss
He therefore modestly declines being troubled with
any personal responsibility The trustees, yet,
stand unprotected by any acknowledgement of lia-
bty from either the President or his son; and they
will probably, when the deficiency by the snortgage
foreclosure ascertaned inrife the Executive of the
Union submit his to the decision Of the legal
| tribunals Of the State.
As all the associates involved in this dilemma
partsans of the President they may deem il advisable
at this trying period to endeavor to explain away
some of the bad not to say fraudulent features of this
Transaction Our statement of the matter IS we feel
assured substantially correct nor do think il will
be contradictcd though attempts may be made at eva
sion The trustees, we quite certain, have too
abandon or o.
the President and his from the liability which they
refuse voluntarily to assume.
If Mr.. Van Buren, carries his point he will save
himself and ruin his trustees. That he will save
himself if the law will permit him to do so, come
what may to Others, we have not the slightest doubt