The Rise and Fall of William B. Nuttall A seven-part series – Part 5 of 7

Part V
The spring of 1833 brought sadness to the Nuttall home when their first child, a daughter, died in May, either during child birth or shortly thereafter. William, aided by his wife’s and Mother in Law’s assets, plunged further into land acquisitions, bank stock and other investments, all highly leveraged. However, what was probably the most fatal of all his ventures would be undertaken in November of 1833. Some background on this matter is both helpful and interesting.

There is no question that the Marquis de LaFayette emerged from the American Revolution as one of its most popular figures, beloved by the citizens of the New Republic. His military role and aid in recruiting critical French resources was well known and appreciated. Maybe less acknowledged was the $200,000 advanced by him personally to the cause of freedom for which he had consistently refused repayment. However, intervening years through the French Revolution brought a decline in his fortune due to imprisonment and confiscation of his estates during the Reign of Terror. With his condition at a low point, America reached out to help its old friend. First, Congress paid him his back salary as a major general during the war. Then, in 1803, they granted him roughly 11,000 acres in the newly purchased Louisiana Territory. However, the latter proved problematic, with conflicting title claims such that Thomas Jefferson and James Monroe led a subsequent effort to assist LaFayette. After considerable debate in Congress, $200,000 was awarded him in 1821 along with a township in Florida in 1825. The Florida location is said to have been heavily influenced by Richard Keith Call’s interaction with La Fayette during the latter’s visit to Washington. Comprising approximately 23, 000 acres and lying within the modern environs of Tallahassee, this gift was a far greater tribute than the earlier debacle in Louisiana. It was hoped that LaFayette would relocate and become a permanent resident of Florida. An ardent opponent of slavery, he embarked on a different course by attempting to establish a free colony of Norman peasants in 1831, whose objective was the cultivation of vineyards, olive groves, mulberry trees and silk worms. It is no surprise that this project soon failed and, by 1833, the township was available for sale.

Always vigilant of opportunities in real estate, William Nuttall, in partnership with fellow lawyer, Hector Braden and William P. Craig, crafted an offer for the majority of the tract amounting to 17,120 acres. The proposal was submitted to LaFayette’s agent, Colonel R.W. Williams, the terms of which featured an installment sale, secured by a purchase money mortgage payable over 10 years at 7% interest. The scheme was intended to produce a profit of sixty thousand dollars through sales of subdivided sections of the property. The deal was concluded on Nov. 18, 1833. Marketing was soon underway on a broad scale as evidenced by ads appearing in newspapers throughout Virginia, North Carolina, South Carolina and elsewhere. Regardless, this venture struggled and eventually capitulated when it was forfeited to the Union Bank in 1838. LaFayette never received all he was due, but, through the wise assistance of Colonel Williams, his heirs finally collected the balance of the original debt by 1856 when all of the township had been sold.