Lot 115

Previous image preload Next image preload

Description:

Andrew Johnson Tennessee Bond with Interesting Backstory 

[ANDREW JOHNSON.] Printed Document Signed, State of Tennessee Bond, apparently unissued, for $1,000, January 1, 1857, Nashville, Tennessee. 1 p., 15.75ʺ x 7.25ʺ. With oval portraits of Benjamin Franklin, Daniel Webster, Andrew Jackson, and John Adams on borders and a central graphic of a train; also signed by Secretary of State F. N. W. Burton. Expected folds; minor edge tears on right; very good.

Excerpt
Know all men by these presents that the State of Tennessee acknowledges to owe to ______________ or order: One Thousand Dollars, lawful money of the United States, which sum the said State promises to pay in the City of New York, on the 1st day of January 1892, with interest at the rate of six percent per annum, payable semi-annually....

On February 11, 1852, the Tennessee General Assembly passed “An Act to establish a system of internal improvements in this State,” specifically to encourage the development of railroads. The act authorized the governor to issue bonds to the East Tennessee and Virginia Railroad Company of up to $8,000 per mile for procuring the iron rails, spike, and equipment for laying the track after the company had prepared the roadbed. The state held a lien on the railroad’s property if it failed to make payments sufficient to pay interest to the bondholders. After the Civil War, the state sold a large number of bonds to help rehabilitate the railroad, which consolidated in 1869 with the East Tennessee and Georgia Railroad.

Andrew Johnson (1808-1875) was born in North Carolina and was apprenticed to a tailor at age ten. Five years later, he ran away and eventually moved west to Tennessee, settling in Greenville, in the northeastern part of the state. In 1827, he married Eliza McCardle, and they had five children. He represented Tennessee in the U.S. House of Representatives as a Democrat from 1843 to 1853, when he was elected governor of Tennessee. He served as governor until 1857, and the legislature elected him to the U.S. Senate. When the southern states seceded, he was the only Senator from a seceded state to remain in the Senate. In March 1862, President Abraham Lincoln appointed Johnson as military governor of Tennessee. Republicans selected Johnson as Lincoln’s running mate in 1864, and he was elected Vice President. After serving as vice president for six weeks, Johnson became President upon Lincoln’s assassination in mid-April 1865. Seeking a rapid restoration of southern states, Johnson pardoned all Confederates, except leading civil and military leaders. However, the Republican-controlled Congress wanted a more rigorous plan that included civil liberties for newly emancipated African Americans. Johnson frequently vetoed acts of Congress, and his violation of the Tenure of Office Act in firing Secretary of War Edwin M. Stanton led the House to bring articles of impeachment against him in February 1868. In the subsequent trial, the Senate acquitted him by just one vote in May, and he returned to Tennessee when his term ended in March 1869. He died in 1875, just a few months after having been elected to the U.S. Senate.

Frank Nash Williams Burton (1822-1862) was from Madison County, Tennessee. Know-Nothings in the legislature elected him as Tennessee secretary of state in 1855, and he resigned on May 28, 1858, amid charges of embezzling from the state, and fled the country. He apparently embezzled $40,000, which he stashed in a bank in Liverpool, England. The press criticized Johnson for failing to take a bond, in the penal sum of $20,000, with sufficient securities, from Burton for the performance of his office, as the law required. Some speculated that Burton never signed a bond or that he destroyed it. At the end of May 1858, Johnson’s successor, Governor Isham G. Harris (1818-1897) offered a $500 reward for Burton’s return. Burton died in Shanghai, China, in December 1862, and his brother petitioned the state to clear his brother’s name if the money were returned. He managed to return the money in $1,000 bonds like this one.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

WE PROVIDE IN-HOUSE SHIPPING WORLDWIDE.

Accepted Forms of Payment:

American Express, Discover, MasterCard, Money Order / Cashiers Check, Paypal, Personal Check, Visa, Wire Transfer

Shipping

We do our own in-house worldwide shipping!

Applicable shipping and handling charges will be added to the invoice. We offer several shipping options, and remain one of the few auction houses who proudly provides professional in-house shipping as an option to our clients. All items will ship with signature required, and full insurance. Most items are sent via Federal Express, with P. O. Box addresses being sent through USPS. We insure through Berkley Asset Protection with rates of $.70 per $100 of value, among the lowest insurance rates in the industry. Our shipping department cameras document every package, both outgoing and incoming, for maximum security. In addition, we compare our shipping and handling rates against those of other auction houses, to ensure that our charges are among the lowest in the trade.

Upon winning your item(s), you will receive an invoice with our in-house shipping and handling fees included. ***We will ship to the address as it appears on your invoice, unless you inform us otherwise, immediately upon your receipt of invoice***

International shipments: In order to comply with our insurance provider, all international shipments will be sent via Fed Ex and customs paperwork will show a value of $1.00. International buyers should contact our office directly with any questions regarding this policy.

Third Party Shipping Option: If a third party shipper is preferred, the buyer is responsible for contacting them directly to make shipping arrangements. For your convenience, we have provided some recommended shippers. For your protection, we will require a signed release from you, confirming your authorization for us to release your lots to your specified third party Please copy and paste this following link into your browser: http://universityarchives.com/UserFiles/ShippingInfo.pdf. At that point, our responsibility and insurance coverage for your item(s) ceases. Items picked up by third party shippers are required to pay Connecticut sales tax. Items requiring third party shipping due to being oversized, fragile or bulky will be denoted in the item description.

Please see our full terms and conditions for names of suggested third party shippers.


After payment has been made in full, University Archives will ship your purchase within 5 business days following receipt of full payment for item.


Please remember that the buyer is responsible for all shipping costs from University Archives' offices in Westport, CT to the buyer's door. Please see full Terms and Conditions of Sale.

September 30, 2020 10:30 AM EDT
Wilton, CT, US

University Archives

You agree to pay a buyer's premium of up to 25% and any applicable taxes and shipping.

View full terms and conditions

Bid Increments
From: To: Increments:
$0 $99 $10
$100 $299 $20
$300 $499 $25
$500 $999 $50
$1,000 $1,999 $100
$2,000 $2,999 $200
$3,000 $4,999 $250
$5,000 $9,999 $500
$10,000 $19,999 $1,000
$20,000 $49,999 $2,500
$50,000 + $5,000