00 Pennsylvania Canal Co. Bond – Isaac Wister and Alfred Mordecai Sigs.

Description

00 Pennsylvania Canal Co. Bond – Isaac Wister and Alfred Mordecai Sigs.
Offered for your consideration is a large and attractive 00 bond issued in 1870 and signed at the conclusion by two former United States military officers. The central vignette depicts a tranquil rural scene, with a canal boat approaching a stone bridge, over which a steam train passes from left to right. Trees and mountains enclose the scene, while a building and two pedestrians complete the landscape. Surrounding this vignette, printed in a variety of fonts and sizes, are “
STATE OF PENNSYLVANIA
/
Bonds issued for Five Millions of Dollars
/
SECURED BY GENERAL MORTGAGE
”, as well as the serial number and denomination. Below this is a lengthy financial obligation which states (in part) that “
The Pennsylvania Canal Company acknowledges itself indebted in the sum of One Thousand Dollars, to the lawful holder and owner of this Bond … which sum said Company promises to pay … on the First day of July A.D. One Thousand nine hundred and ten (1910) and also Interest thereon at the rate of six per centum per annum …
”. This is followed by a statement indicating that
“… The principal and interest of this bond are payable without any deduction for any tax or taxes now or hereafter imposed thereon by the laws of the United States or of the Commonwealth of Pennsylvania …
”, as well one telling the purchaser that “
… This Bond is one of Five Thousand Bonds for One Thousand Dollars each …
” (this sound like a lot, but in today’s mass market, this is a very small number). The final paragraph instructs the reader to “
… Witness the corporate Seal of the said The
Pennsylvania Canal Company attested by the President & Secretary thereof this First day of July A.D. One Thousand eight hundred and seventy (1870)
”, followed by the signatures of “
A. Mordecai
” as “
Secretary
” and “
I J Wister
” as “
President
” (an additional signature of “
H J Lambaert
” appears at the bottom as “
Trustee
”). A blue “
00
” protectorate appears at the center. A decorative frame encloses all of the aforementioned material, with scrolls in the corners and “
UNITED STATES OF AMERICA
” at the top. The bond was printed by “
T. Sinclair’s lith. Phila
.”, as evidenced by their imprint at the lower left. A purple stamp, apparently for some form of transfer, can be seen at the lower right (due to the amount of ink used and the placement, this stamp is very difficult to read). This stamp, does, however, affect the Wister signature. The back features a short recapitulation of the bond terms (this would be the outside when the bond was folded), a resolution from the “
… Board of Directors …
” of “
… The Pennsylvania Rail Road Company …
” signed by two officers, and two large rectangles for the transfers of the bond (two entries are present, one of which is signed by Mordecai). Two United States Internal Revenue stamps are affixed, one to each side, both of which have been cancelled (the one on the front is a .00 “
INLAND EXCHANGE
”, while the one on the back is a 5¢ “
AGREEMENT
”). All of the coupons which were once attached to the bond have been redeemed, and are therefore, not present. An impressive piece that would frame nicely with portraits of Wister and Mordecai, both prominent military officers (see below).
Isaac Jones Wistar
was born on November 14, 1827 in Philadelphia, Pennsylvania, attended Haverford College, and received a Doctor of Science degree from the University of Pennsylvania. He began practicing law in his hometown, though in 1849, he moved to California as a miner in the Gold Rush. Apparently he was not too successful, as during his sojourn in California, he was occupied as an animal trapper, mountaineer, Indian fighter, farmer, and lawyer. With the outbreak of the Civil War, Wistar returned East and raised a company of men (they elected him captain), later to become part of the 71
st
Pennsylvania Infantry, originally called the 1
st
Regiment, California Volunteer Infantry. He was promoted to lieutenant colonel on June 28, 1861, and was with his men when they participated in the Union defeat at the battle of Ball’s Bluff on October 21
st
of that same year. During that action, the regiment’s colonel, Edward D. Baker, was killed, and Wistar was seriously wounded. Following Baker’s death, Wistar became commander of the regiment, and was advanced to colonel on November 11, 1861. The regiment participated in the Peninsular Campaign, though there is some question whether Wistar was actually present. He was in action at the battle of Antietam on September 17, 1862, where he was wounded in the left arm (he had previously been wounded in the right). He was promoted to brigadier general on November 29
th
, and assigned to brigade command on May 16, 1863. In July, 1863, Wistar was given command of the District of Yorktown in Virginia, though the following month it was re-designated as a sub-district of the Department of Virginia and North Carolina. He returned to the field in April, 1864, and participated in the Bermuda Hundred Campaign (he apparently performed poorly). He was relieved of duty, and his resignation was accepted on September 15, 1864. After his resignation, Wistar resumed the practice of law, and became a noted penologist. He served on several boards, and founded the Wistar Institute of Anatomy and Biology at the University of Pennsylvania. He authored several books, including an autobiography. Isaac J. Wistar died on September 18, 1905 in Claymont, Delaware, and was buried in the Wistar Institute in Philadelphia, Pennsylvania.
Alfred Mordecai
was born in Warrenton, North Carolina on January 3, 1804, and entered the United States Military Academy in 1819 (aged 15). Graduating first in the class of 1823, he was commissioned second lieutenant in the United States Corps of Engineers. He remained at the academy as an assistant professor of natural and experimental philosophy from 1823 to 1824, followed by a term as principal assistant professor of engineering from 1824 to 1825. In the latter year, Mordecai left West Point to become the assistant engineer in the construction of Forts Monroe and Calhoun at Hampton Roads, Virginia. In 1828 he became assistant to the chief engineer of the United States Army. In 1833 he was promoted to the rank of captain of ordnance in 1833, and became assistant ordnance officer at the Washington Arsenal. Following a one-year trip to Europe, Mordecai commanded the Frankford Arsenal until 1838, after which he was appointed assistant to the chief of ordnance in Washington, D.C. In 1842 he was made assistant inspector of arsenals, serving in that capacity until 1844, when he was placed in command of the Washington Arsenal. He remained at the arsenal during the Mexican War, though he was brevetted major on May 30, 1848 for meritorious service. In 1853, Mordecai was sent to Mexico to investigate the Gardiner claims, leading to the refund of 0,000 to that government. From 1855 to 1857, he was part of the military commission sent to observe the Crimean War (future General George B. McClellan was also part of the group). Upon his return, he was placed in command of the Watervleit Arsenal near Troy, New York. At the outbreak of the Civil War, Mordecai resigned his commission rather than produce arms which would be used against his Southern brethren. After the war he was engaged in several railroad related ventures. Alfred Mordecai died in Philadelphia, Pennsylvania, on October 23, 1887 and was buried in that city’s Mikveh Israel Cemetery #2.
The presently offered document exhibits signs of significant period use, followed by less than ideal long-term storage. Several storage folds, both vertical and horizontal, are present, as are some diagonal creases and scattered paper wrinkling. Small holes have developed at the junctures of the folds, two in the vignette, one above the protectorate at the center, and the other to the right of Mordecai’s signature (paper loss is associated with each of these holes). Sadly, each of the signatures is lightly affected by the folds as well.
Minor paper separations are noted at the edges, two of them strengthened with archival tape. An additional paper issue can be seen above the frame at the center, this being a hole repaired with archival tape. The bottom margin is irregular due to the clipping of the originally attached coupons (the other three sides are straight). Each of the affixed internal revenue stamps has been cancelled, though both are still sharp and colorful. The contrast is sharp and bold, with all of the printed and manuscript material fully legible. Light toning is present across the entire surface, significantly darker along the fold lines, especially when viewed from the back. Measuring approximately 13 x 18¾ inches, this piece would frame nicely, with many of its condition issues being hidden by the matting. An attractive document signed by two military officers.
A .95 charge will be added to the winning bid for postage and insurance.
A .00 charge will be added to any item picked up in person at our physical location.
If you have any questions regarding this item, please ask before purchasing.
Buy or Bid with Confidence – American Coins & Collectibles President Richie Self has worked 6 years as a paper money grader/authenticator. He has contributed to numerous reference books within the industry, as well as being a co-author of “The Comprehensive Catalog and History of Confederate Bonds, 2
nd
Edition” with Douglas B. Ball, Ph.D., Henry F. Simmons, M.D., Ph.D. and James R. Desabaye. Mr. Self is a life member of the American Numismatic Association, the Society of Paper Money Collectors, as well as numerous regional numismatic associations. He is an authorized submitter to NGC, PCGS, and PMG, a diamond founding member of Coin Dealers Helping Coin Dealers and a supporter of the Industry Council for Tangible Assets. American Coins and Collectibles can be found at many of the state and local coin shows.
American Coins and Collectibles
Shreveport, LA