London, 24th August, 1807.

SIR,

THE inclosed Circular Letter, addressed by the Secretary of the Treasury of the United States of America to the Proprietors of American Stock residing in Great Britain and Ireland, and the Act of Congress which accompanies it, will explain so clearly the nature of the proposal made by the American Government to their Stockholders, that in taking the liberty of recommending it to your attention and serious consideration, any further information from us appears unnecessary. The present mode of reimbursement for the Six per Cent. and Deferred Stock has long been with most holders a serious objection; it renders calculations of its value intricate, and by confounding the payments of principal and interest, the former is imperceptibly reduced in a manner not always intelligible to the Proprietor. You will please to observe, that this defect will be entirely remedied by the plan now proposed, and that it has the further advantage of securing the payment of interest at fixed periods, at a fixed rate of exchange.

The commutation of the Three per Cent. Stock for one bearing an interest of Six per Cent. at the price of 65, proposes an augmentation of interest favourable to the holders of that description of American debt.

JOHN HENRY PURVIAΝCE, Esq. the Gentleman appointed by the Government of America to effect this exchange and issue new Certificates, has opened his Office, No. 1, London Street, Fenchurch Street, where you will please to apply any day (Sundays excepted) between the hours of eleven and three, for such further information as you may desire on the subject.

We have the honour to be,

Your humble Servants,

BARING BROTHERS & CO.

Lane, Darling, and Co.
Leadenhall Street.