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for the firm to amount of from 36 to 37,500 $ part of which
were lost at sea after having been insured. Respondant here
states on authority that at the time Complainant made the
assignment to Respondant viz. on the 1st. June 1826, the
firm then owed in New York and Baltimore for goods purchased
in Sept and October previous by Complainant about 37.500
dollars which Respondant has insured at that amount at
the time that heavy purchase was made the firm then owed at
New York and New Orleans for former purchases then unpaid
to amount of 16,065$ for the payment of that amount Respondant
did pay the acceptances of La Ra Bayard & Co. and to
secure them, Respondant placed the policies of Insurance
in their hands, at the same time the firm owed large sums at
Mobile and elsewhere for merchandize, and at Selma to
planters for cotton purchased on credit. And also for debts contracted
by the firm of Wm. Read & Co. all of which Respondant has
has to pay since, showing by actual statement that at the time
the assignment was made viz. on the 1st June 1826 to Respondant
the firm owed 50 to 55 thousand dollars, merchandise debts
besides an individual debt due by Wm. Read and John Simpson
to Respondant for 7174.75 with more than two years interest thereon,
making the whole amount to be collected and to be paid over
60,000$ and not one dollar of cash or available funds to
begin with and in less than two weeks after the assignment
was made, Respondant was sued in Mobile by Henry Hitchcock
Esq for a large amount of debts sent out to him for collection which
compelled Respondant to make the deposit of J & E Owens
notes together with other notes then not due in security that
he might gain time to [resources?] from the debt due the firm
or of his own to pay the firms debt then all due and hanging
over him. Respondant did then go on to New York as stated in
complainants Bill, for the purpose of arranging and
settling the business of the firm, when to his great injury
and disappointment found that the House of La Ra
Bayard & Co. had failed after having received from the
underwriters 27.500 dollars of firms funds and then unable
to pay out anything. In that situation Respondant found
the affairs of the firm in New York he was obliged to