Henry Clay letter to Nicholas Biddle, 28 May 1828

(Private) Wash'n. 28th. May 1828

My dear Sir

You may have observed in the Telegraph of the 20th inst. an article, taken from a K. paper, in which a formidable array of my mortgages and debts is made with a view of making me out a bankrupt. Among the mortgages are two, one to the Bank of the U.S. to secure payment of $22,000, and the other to J. Harper Cash r . &c to secure payment of $1666.66.

The latter is wholly discharged. Of the former debt all is paid but about $4000 to meet which there is deposited with the Lexington office paper payable to me, and which becomes due this fall. I have every reason to anticipate its punctual payment, and thus the entire extinction of the mortgage. The truth is that my private affairs, materially affected by a responsibility I incurred about ten years ago, as indorcer, have been in a state of progressive improvement since, and now stand better than they have done during any portion of that time. They are such that, if I were to die tomorrow, my resources are abundant to meet all my engagements, and to leave my family comfortable.

I have thought it might be benefitial to me if you would cause a paragraph to be unveiled, in some paper in your City, making concisely the above statement in regard to the two mortgages, or simply saying that a small balance only is due on the large mortgage which paper is in deposit to meet this fall, and that the small one is discharged. It would be no more than an act of justice to add that, in all my relations with the bank, I have practised the greatest fidelity to my engagements; and that whilst most of your Western debtors have been allowed to pay off their debts in property, no such easement was ever extended or asked by me. I presume the returns from the office at Lexington are such as to admit of the insertion of such a paragraph which might be signed by yourself or Mr. M'llvaine, 1 or be published as upon the authority of the Bank, without any signature.

I do not owe any bank in existence a cent, except the small balance due to the Lex'n. office. Instead of being indebted to the Bank of K. (which is one of my enumerated creditors) subsequent to the date and after the payment of my mortgage to that institution, it became indebted to me to the amount of $10000 for which I actually sued it.

I hope you will excuse the trouble I give you, and believe me, with great respect,