0 Burlington College (NJ) Bond – One of 50 (Ser. No. 6)

Description

0 Burlington College (NJ) Bond – One of 50 (Ser. No. 6)
Offered for your consideration is a rarely seen 0 bond issued by the trustees of a New Jersey college, signed at the conclusion by a Civil War officer and future Minister to Spain. Unlike many other bonds of the era, this particular piece bears no vignettes or fancy embellishments (only the border features any design elements). Instead, the denomination, expressed as “0”, appears in the upper corners, with the serial number, “No. 6”, at the center. The body of the document states (in part), that “
… the Trustees of BURLINGTON COLLEGE, a corporation duly organized under an act of the Legislature of the State of New Jersey, are indebted unto J. HOWARD PUGH, or Bearer, in the sum of FIVE HUNDRED DOLLARS, in current funds of the United States of America, which the said the Trustees of Burlington College promise to pay to the said J. Howard Pugh, or to the bearer hereof, on the twenty=first day of August, which will be in the year one thousand eight hundred and eighty … with interest from the date hereof at the rate of SEVEN per cent. per annum …
”. It further states that “
… This Bond is one of a series of Fifty Bonds of Five Hundred Dollars each …
” and “
… that should any default be made in the payment of the said interest, or any part thereof … and should remain unpaid and in arrear for the space of thirty (30) days … the aforesaid principal sum of 0, with all arrearage of interest thereon, shall, … become and be due and payable immediately thereafter …
”. It was signed and sealed “
… at Burlington … on the twenty-first day of August, in the year 1875.
”, with the signatures being “
E. Burd Grubb
” as “
Secretary
” and “
John Scarborough
” as “
President
”. A dark red seal has been affixed at left, with the college’s seal impressed upon it. As noted earlier, a decorative border, composed of flowers along the sides and scrollwork at the corners, encloses all of the foregoing elements. None of the original attached coupons are present. The back of the piece is blank. This bond was printed by “
WM. F. MURPHY’S SONS. PRS. STATIONERS 509 CHEST. ST. PHILA
.”, as evidenced by their imprint at the lower left. Executed in black ink on pink paper, with the signatures being added in period ink. Since only 50 of these pieces were originally issued (as noted on the bond), it stands to reason that they would be quite rare and in demand (great college association).
John Scarborough
was born on April 21, 1831 in Castlewellan, County Down, Ireland, though his family emigrated to the United States when he was a child. He graduated from Trinity College in Hartford, Connecticut in 1854, after which he attended the General Theological Seminary in New York. He was ordained deacon of Trinity Church on June 28, 1857, and assistant in St. Paul’s Church in Troy, New York, where he was subsequently ordained priest on August 14, 1858. He became rector of the Church of the Holy Comforter in Poughkeepsie, New York in 1861, serving until he became rector of Trinity Church in Pittsburgh, Pennsylvania, in 1867. He was consecrated as Bishop of the Episcopal Diocese of New Jersey on February 2, 1875 (about six months before he signed the bond), serving until his death of pleuro-pneumonia on March 14, 1914. He was buried in the Riverview Cemetery in Trenton, New Jersey.
Edward Burd Grubb
was born on November 13, 1841 in Burlington, New Jersey, and graduated from Burlington College in 1860. He enlisted in the 3
rd
New Jersey Volunteer Infantry on May 25, 1861, and was mustered in as a 1
st
sergeant in Company C. He was subsequently commissioned a 2
nd
lieutenant and served on the staff of regimental commander Colonel George W. Taylor until June, 1862. By that time, Grubb had been advanced to 1
st
lieutenant and spent time in the hospital with typhoid. In November, 1862, Grubb was promoted to major and transferred to the 23
rd
New Jersey Volunteer Infantry, a nine-month unit. In March, 1863, he was promoted colonel, and in May of that year, led his men in an assault on Confederate positions at Salem Church during the Chancellorsville Campaign. Wounded in this action, Grubb was mustered out with his regiment on June 27, 1863. After a year on recruiting duty, Grubb was re-commissioned as colonel and appointed commander of the 37
th
New Jersey Volunteer Infantry. Being a 100-day regiment, they spent their term of service on garrison duty and were mustered out on October 1, 1864. He was brevetted brigadier general on March 13, 1865 for “gallant and meritorious services during the war”. After the war, Grubb returned to the family’s iron manufacturing business, served as the president of the Lebanon Valley Furnace Company from 1867 through 1911, and was a member of the Burlington City Council. He ran unsuccessfully for the governorship of New Jersey in 1889, though the following year he was appointed United States Minister to Spain, serving until 1892. Edward Burd Grubb died on July 7, 1913 in Newark, New Jersey, and was buried in Saint Mary’s Episcopal Churchyard in Burlington.
The presently offered document exhibits signs of period use and subsequent storage, though it still retains much of its overall eye appeal. Minor toning is present across the entire surface, somewhat lighter at the edges and along the inside of the folds (the outside of the folds [on the bonds back] are slightly darker than the surrounding paper). Two horizontal and one vertical storage folds are noted, with diagonal creases radiating from the upper fold (the principal folds have slightly weakened the paper). Six “X” cancellations are present, two affecting the denominations at the top and one through the seal (interestingly, there are no cancellations to the signatures as on most bonds). The contrast is sharp and bold, especially Grubb’s signature at the left. Measuring approximately 10⅞ x 14 inches, this rare and historic document would make a great addition to any bond or autograph collection, especially one with an educational or religious.
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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