Forrest, Nathan Bedford (1821-1877). Confederate Army general. Selma, Marion and Memphis Railroad Company $1000 First Mortgage Eight Per Cent Bond, No. 612, TWICE SIGNED ("N.B. Forrest") by Forrest as railroad president. Lithographed by Henry Seibert & Bros: New York. Issued September 1, 1870. 17 x 20 in. (uneven lower edge), matted to 21.75 x 20.5 in.
Recto features the bond with a vignette of a train at top center with a decorative green border. Signed by Forrest and the secretary. Includes 33 coupons for $40 each. Verso with guarantee signed ("N.B. Forrest") by Forrest and an "Endorsement by the State of Alabama" signed ("W.H. Smith") by the Governor of Alabama William Hugh Smith (1826-1899) alongside large red seal. With a contemporary inscription of sums showing past due fees.
Prior to the Civil War, Forrest had amassed his wealth through slave trading and from the profits of his cotton plantation worked by the enslaved. In an effort to rebuild his fortune after the conflict, he entered the railroad business. As president, however, the company went bankrupt in part due to speculative investments in railroads, which led to the Panic of 1873.
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