JA63 1841 Henry W. Corbett Henry Failing First of Exchange Portland Oregon $2081 For Sale

1871 Corbett, Failing & Co. $2,081 Gold Draft - Portland, Oregon to New York
Pacific Northwest Financial and Maritime History
Type:\"First\" of Exchange (Banker’s Draft).
Issuer:Corbett, Failing & Co.
Location:Portland, Oregon.
Stamp:2¢ Orange Washington Internal Revenue stamp
Date:November 16, 1871.
Amount:$2,081.90 (Payable in Gold Coin).
Cancellation:Itis manuscript cancelled (hand-signed) with the initials of the firm and the date: \"C F & Co / 16 Nov 1871\".
Recipient:Messrs. H.W. Corbett & Co., 7 Barclay Street, New York.
Historical SignificanceThis draft for over $2,000 in Gold Coin was a staggering sum in 1871 (roughly equivalent to $50,000+ today). It illustrates the flow of capital from the burgeoning resource economy of the Oregon Territory back to the financial markets of New York.

Gold Coin Payment: The explicit mention of \"In Gold Coin\" is crucial. Following the Civil War, there was significant volatility between paper \"Greenbacks\" and gold. Specifying gold ensured the recipient received stable, high-value tender.

Maritime Commerce: The Barclay Street, N.Y. address was a hub for shipping and mercantile firms. This draft likely paid for a massive shipment of hardware or dry goods coming \"around the Horn\" to Portland.

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