A RISKY WAR-TIME VOYAGE UNDERTAKEN WITH "EXPECTATION OF GREAT PROFIT" FOR PROMINENT PHILADELPHIA MERCHANTS 

You are aware the Expedition was undertaken in Expectation of great Profit, which realized, you are to Ship & Return of the schooner a cargo to cost Forty Thousand Dollars...It is possible that quite a different aspect may present itself on your arrival - a Peace may have taken place, or some other circumstance occurred to reduce the value of your cargo...If the War continues, it is almost impossible to suppose but that the cargo must sell to great advantage but should it prove otherwise, you will then be governed by our further instructions....

Letters of Instruction for Captain Thomas West of the schooner Calypso and Mr. James Latimer, supercargo for the vessel on its voyage to the Port of Morlaix, France. Signed by multiple individuals on behalf of shipping and marine insurance underwriters Savage & Dugan and by Captain Thomas West. Philadelphia, [Pennsylvania], 1 December 1814. 4pp, approx. 9 1/2 x 15 in. A fascinating document outlining how the schooner Calypso, operating as an American merchant vessel, was tasked with running the British blockade to deliver valuable cargo to Europe and returning with more goods for expectant Philadelphia merchants.

Founded by John Savage and Joseph Dugan, Savage & Dugan was a prominent Philadelphia firm extensively engaged in the West India and European trade as well as in underwriting. The firm owned a sizable fleet of merchant ships and held major financial stakes in them, while simultaneously acting as a premier private insurance entity. Sea travel was inherently dangerous, but in December 1814 as the War of 1812 waged on superseding the risk of shipwreck and bad weather was the very real danger of enemy capture. No doubt on account of this extreme war-time risk, Savage & Duncan indicate in the document that Latimer's insurance proposal for the Calypso's cargo was an astounding 20%, and the firm was prepared to pay a premium not to exceed 25% to underwrite the voyage.

Shepherding this valuable cargo aboard the well-armed Calypso was Captain Thomas West. West is directed via the letter of instruction to avoid privateering: "proceed with all diligence to the Port of Morlaix in France - altho your vessel is armed and has a Letter of Marque, yet your voyage being purely mercantile, you are to abstain from all manner of cruising with a view of capturing vessels of the enemy...." West is to be paid well for safely navigating through the uncertain waters: "On your safe arrival at your Port of Discharge, you become entitled to Five Hundred Dollars - as a Gratuity - for which you will apply to Mr. Latimer your Supercargo. Under the orders of this Gentleman you will act from the Time of your arrival in France or elsewhere untill your Return to this or some other Port in America."

Acting as supercargo, the business agent on board a ship who managed the buying and selling of goods, Latimer was give two pages of instructions from Savage & Dugan and the additional undersigned. On successfully reaching the Port of Morlaix, Latimer is to sell the cargo on board the ship "provided [he] can obtain a Handsome profit," and then use the profit to purchase French goods which will be brought back to Philadelphia for sale in the United States. If the vessel is not able to reach a designated port in France, then the cargo is to be sold in England and English goods are to be brought back to Philadelphia. These European goods would then be sold at a premium back in the United States, netting merchants a small fortune. Latimer is to use his "own discretion" as to the best plan of action as circumstances merit while on the voyage.

Significantly, the instructions to Latimer make clear one of the potential obstacles to a successful voyage and the expected profit - a peace between Britain and the United States. Unbeknownst to the parties involved in this venture, British and American diplomats were just weeks away from a negotiated end to the war. The Treaty of Ghent was signed on 24 December 1814, and ratified by the U.S. in February 1815. Unfortunately for all parties involved, this voyage very likely did not produce the "great profit" which had been anticipated.

A fascinating document outlining a high-stakes gamble and the fortune that was risked on a single trans-Atlantic cargo run.

[Manuscripts, Documents, Letters, Ephemera, Signatures, Autographs] [War of 1812, Privateers, Maritime, Business and Enterprise] 

Small loss near top center not affecting text, light chipping and dampstaining, some toning.