Title: To Alexander Hamilton from Philip Schuyler, 25 March 1792
From: Schuyler, Philip
To: Hamilton, Alexander

My Dear Sir
New York March 25th 1792

Mr. Philip Livingston, afforded me the perusal of a letter from you, to him. The closing paragraph give me so much uneasiness, that I requested Mr Low to meet Mr Livingston & me, at my room on friday evening, where Mr Low detailed the state of the funds of the Manufactoring society, the result of which was that ten thousand dollars thereof were under such arrangements of Mr Duer, that they would be probably lost, that fifty thousand were in the hands of one of the Company for the purpose of importing Cloaths from Europe, that 20000 Dollars would be properly Accounted for by Mr Walker, and that the residue was on loan to Mr McComb, who besides his bond, was to deposit or had deposited, a sufficiency of deffered debt as a collateral security. Mr Low promised me to write you on the Subject, but least he should forget, or that his letter may miscarry, I deemed It best to give the above detail. If my recollection serves, I think he mentioned, that Mr Duer had drawn in favor of Mr Ingram of Philadelphia, for the ten thousand, and that Duer said they were not Appropriated. Would It not be proper to converse with Mr Ingram, and If the money is still in his hands, and not appropriated by Mr Duer, I conceive that the latter Gentlemen would on your Application draw in favor of Mr Walker on Mr Ingram.
Early on friday Morning I was sent for to Mr.   in the broad way. I went, he informed me that he was involved in Mr Duers misfortunes, that he had sent for me to afford my advice. It would be needless particularly to state what passed, If Your opinion had not been quoted, and If I had not subsequently been informed that he intends, If he has not already, to apply to you for advice. “I have”, says he “indorsed, Duers notes, they are now daily payable, and If I discharge them, or must Discharge them, It will absorb my whole estate.”—to which Amount have you indorsed, “One hundred and Sixty thousand pounds,”—without any Security, “No I have some but not Adequate to cover my endorsements. For Gods sake, My Dear Sir try If you cannot prevail on Mr Duer to secure me, he has bills on England I will take them.” It is delicate for me to interfere, why not apply in person. “He thinks I am secured and storms when I speak to him.” I cannot ask of Mr Duer any thing that would be improper. I will go to him, and converse with him about his affairs, and try to learn what propositions he intends to make to Morrow. I have several days ago called on him, he took It kind. If I am permitted to communicate any thing that passes between him and me, I will advise you thereof, that you may take your Measures. Mr Duer had taken Shelter at Baron Steubens. I went, saw him, found him exceedingly distressed and agitated, Not prepared to come forward with any specific proposition to his Creditors, Complained that some who had pretended friendship had deserted him, that they pressed him for partial security, that he had afforded It in two instances, the effects of which he already felt. After this It was unnecessary to say any thing on the Subject of the person who had requested me to see him, If even I had conceived it proper, which I did not. He Duer told me he expected a letter from you, that he would wish to see me after he should have received it, assured me that he would be able to convince the candid, that he had not acted dishonestly by any, however his fortune might be lost. I returned to the other person—mentioned generally what had passed. Observed that I did not believe Mr Duer would be able to pay. “What then is to be done” was the question put to me. I answered prepare a statement of all the indorsements by you, exhibit an Account of all the debt, Bank Stock &c that has been transferred to you to cover your indorsements, and If as you assert, you are merely an indorser out of friendship to Mr. Duer, the holders of the indorsed notes may consider you as an Unfortunate Creditor of Mr Duer and they may possibly be contented with the property that has been transferred, or assigned to you. “But If I do that, they will still fall on my Estate.” So they may in any event, but unless you make such a statement, and Account for every farthing that has been covered and how, you will add a sacrifice of reputation, to that of property, and you will sour minds instead of conciliating them. A near relation of his was present, accorded with me in opinion. But I found great reluctance in the debtor to such an exhibit, he would “rather go to Goal than give up his estate.” “Many of the notes,” says he, “have been due some days, and yet are not protested, and I am informed that Colo. Hamilton has given an opinion that the indorser in such case is not liable.” I question it, but If it is so, that would be an improper action for the forbearance of the holders. “By God I will not give up my estate. I cannot give it up. It is not mine, I have conveyed it.

I walked out, and have not seen him since. I forgot to mention that the person to whom I have attended, informed me that Mr Duer had conveyed to him about eighty thousand acres of land in this state, a large tract or tracts in Vermont, that the lands and Stocks are he estimated at about Sixty thousand pounds, but Observed that Mr Duer owed him much money by notes of hand.
I do not like the complexion of this business, either as It regards the conduct of Mr Duer, or the other person. And permit me to add that I believe It will be most prudent, If Your opinion should be required, either as a Gentleman of the law, or otherwise, to wave It.
Just before I finished the last sentence Mr. Cochran came in, informed me that he was well informed, that a number of persons who hold notes indorsed as abovementioned, were determined to discover what stock had been transferred by Duer to the person in question, and that If he (Cochran) did not suffer an inspection of the books, they would Obtain It by force, and beged my advice. I gave It as follows. That he should request a written order from the person to him to permit the holders of the notes or some particular one or more of them to inspect the Account of that person, that If he refused to give this order, he should state his information in writing to the Attorney of the United States for the district, intreating his advice, what course to pursue in case any force should be attempted. That as he supposed the holders would come in a body to his office, during office hours, that he ought to refuse complying with their request to see the Accounts of the person. That If they seized the books by force, he should inform them that having done his duty, in the refusal, and not able to oppose the force, he had only to intreat them not to take the books out of the office, and not to inspect any other than the Account in question. Immediately after Cochran left me I was informed by several Gentlemen, that the Animosity against Duer is transferring to the other person, and to a neighbour of his, who are both believed to have coluded with him, to very unjustifiable purposes. Heaven only knows what will be the ultimate result of all this confusion; suspicion increases and every man seems afraid of his neighbour.
You may have seen a publication in Childs daily Gazette of the 21st Instant, that I was appointed one Amongst others to produce a memorial to Congress on the claims of the late Army. I was not at the Meeting was not advised with, have never declared my sentiments on the Subject. Gen: Clinton was not there and I find that Coll. Cortlandt named me as a proper person. I have tasked him for taking the liberty, without giving my sense on the Subject.
Adieu I am Dr Sir   Most Affectionately Yours &c &c
Ph: Schuyler
I wish Mr King was here. I have urged him to come, persuaded that he would do much good, and prevent evils which a set of unprincipled villains contemplate. I hope you will think It proper to second my request to King.
Hone Alexander Hamilton Esq.


Title: From Alexander Hamilton to William Seton, 25 March 1792
From: Hamilton, Alexander
To: Seton, William

Phila. 25th March 1792
Private
If six per Cents should sink below par, you may purchase on account of the United States at par to the extent of Fifty thousand Dollars. You will not however declare on whose account you act, because tho there is, as to a purchase on that principle, no difference of opinion among the Trustees, the thing is not formally aranged and this is Sunday.
It will be very probably conjectured that you appear for the Public; and the conjecture may be left to have its course but without confession. The purchase ought in the present state of things to be at Auction and not till tomorrow evening. But if the purchase at Auction will not tend as well to the purpose of relief as a different mode—it may be departed from. The usual Note must be made of persons, time &c. You will consider whether done all at once, or a part now and a part then will best answer the purpose—in the state of this Market, the latter mode is found preferable. I have just received a Letter from Mr. Short our Minister Resident dated Amsterdam 28th December, by which he informs me that he has effected a loan for Three Millions of Florins at 4 ⅌ Cent Interest on account of the United States. This may be announced; and as in the present moment of suspicion some minds may be disposed to consider the thing as a mere expedient to support the Stocks, I pledge my honor for its exact truth. Why then so much despondency among the holders of our Stock? When Foreigners lend the United States at 4 ⅌ Cent will they not purchase here upon a similar scale making reasonable allowance for expence of Agency &c? Why then do Individuals part with so good a property so much below its value? Does Duers failure affect the solidity of the Government?
After paying the present Quarters Interest I shall have near a Million of Dollars in Cash, and a Million more in Bonds from the Duties of last year. All this is truly so much before hand. The Duties for the Current year being fully adequate to the objects of the year. Except a further sum of about Five hundred thousand Dollars for the Western Expedition for which the ways and means have been proposed. Is the Treasury of Great Britain comparatively in so good a State? Is the Nation comparatively so equal to its debt. Why then so much depression? I shall be answered—the immediate necessity for Money. But if the Banks are forbearing as to the necessity of paying up—cannot the parties give each other mutual credit and avoid so great a press? If there are a few Harpies who will not concur in the forbearance, let such be paid and execrated, and let others forbear. The necessity of great sacrifices among your Dealers cannot affect the Nation; but it may deeply wound the City of New York; by a transfer to Foreigners and Citizens of other States of a large Mass of property greatly below its value. The face of your affairs may undergo for a considerable time a serious change. Would not the plan I suggested to you in my last be a means of securing more effectually the debts due to the Bank—by accepting in part payment the Credits on your Books?
While I encourage due exertion in the Banks, I observe, that I hope they will put nothing to risk. No calamity truly public can happen while these Institutions remain sound; they must therefore not yield too far to the impulse of circumstances.
Yours &ca


Title: Meeting of the Commissioners of the Sinking Fund, [26 March 1792]
From: Hamilton, Alexander,Commissioners of the Sinking Fund
To:

[Philadelphia, March 26, 1792]
At a meeting held at the house of the Vice President on the 26th of March 1792:
Present: The Vice President, the Secretary of State, the Secretary of the Treasury, and the Attorney General.
This Board having been equally divided, at their former meeting, on the construction of the act establishing the Board, and a letter having been written, by their order, to the Chief Justice, desiring his immediate attendance in the city of Philadelphia, and he having requested that the points on which the said division took place should be stated to him in writing; and, it appearing to the Board, that the question turns upon the mere words of the law; that his attendance as a trustee of the sinking fund, would interfere with his attendance as a judge, on the circuit courts now near at hand; and that it is necessary to operate immediately, if at all.
Resolved, (the Secretary of State dissenting) That the said question be stated in writing, and forwarded to the Chief Justice, with a request that he transmit his opinion thereupon, as soon as convenient. But this resolution being dictated by special circumstances, is not to be interpreted so as to form a precedent for obtaining the vote of an absent member on any other occasion.
Resolved, that the Secretary of the Treasury be authorised to cause to be applied, either at the city of Philadelphia, or New York, a sum not exceeding one hundred thousand dollars, to the purchase of that part of the funded debt which bears an immediate interest of six per centum per annum, at the rate of twenty shillings in the pound. And, that the said purchases be made, if at the city of Philadelphia, by the Treasurer of the United States; if at New York, by the cashier of the Bank of New York.


Title: From Alexander Hamilton to William Seton, 26 March 1792
From: Hamilton, Alexander
To: Seton, William

Dear Sir
PhiladelphiaMarch 26. 1792

I send you an Official Order for 50 000 Dollars subject to the directions in my private letter of yesterday.
Yrs. sincerely
A Hamilton
You will only present the inclosed when necessary.
Wm. Seton Esqr


Title: To Alexander Hamilton from William Seton, 26 March 1792
From: Seton, William
To: Hamilton, Alexander

My dear sir
New York 26th March 1792

I had the pleasure to receive your kind Letter of yesterday, this day at 10 o’Clock. We have no public Sales of Stocks now in the Evenings—therefore I can not go into the Market till tomorrow, and altho the sum is small, yet be assured it will be a relief. The Collector has furnished the List of Names of those who have duties to pay between this and the first of May, and our Directors have given out that they will discount on a Deposit of Stock. The Large Dealers in Stock are to have a meeting this Evening and it is reported will enter into an absolute agreement not to draw out any Specie from the Banks for 3 Months to come—So that from tomorrow I hope the prospect will brighten. I have made as public as possible the New Loan obtained in Amsterdam, it gives most universal satisfaction. The January Packet arrived this day—the orders for the purchase of 6 ⅌ Cents at 22/ are very extensive if Bills could be sold at par—but the present consternation and want of Confidence in each other have ordered Bills to 10 ⅌ Cent under par—that the orders cannot be executed.
I am writing in such a bustle of business that I hardly know what I say—shall have the pleasure of writing you again tomorrow. Meanwhile have the honor to be with the greatest esteem & respect
Dear sir   Your obliged Obed Hume Servt
Wm Seton
Alexander Hamilton Esqr.


Title: From Alexander Hamilton to Gulian Verplanck, 26 March 1792
From: Hamilton, Alexander
To: Verplanck, Gulian

Gentlemen:
Treasury DepartmentMarch 26, 1792

You will please to pay to William Seton Esquire cashier of your institution, fifty thousand dollars to be applied by him towards purchases of the public debt on account of the United States—which shall be covered by a warant in due form. With great consideration,
I have the honor to be, gentlemen,   Your obd’t serv’t
Alexander HamiltonSec’y of the Treasury
Gulian Verplanck, Esq.Cashier of the Bank of New York


Title: To Alexander Hamilton from William Allibone, [27 March 1792]
From: Allibone, William
To: Hamilton, Alexander

Sir
[Philadelphia, March 27, 1792]

I have the Honor to Enclose a statement of what mony will be wanted in discharge of the engagments in the Office of Superintendant of the Delaware Light House &c for the present quarter up to the thirty first Instant and am with Highest Respect your most Obedient.
Humble Servant
Willm Allibone
Honble Alexander HamiltonEsquire Secretaryof the Treasury
March 27th. 1792


Title: To Alexander Hamilton from Isaac Ledyard, 27 March 1792
From: Ledyard, Isaac
To: Hamilton, Alexander

NYork 27th. Mar: 1792
Dear sir
The Petition which you was so good as to shew a friendly concern for (to benifit by the final provision from which I was strangely precluded) is as you advised referred to the Secy of War. I fear this information may come too late for your benevolence to be exercised toward me as you designed.

Yesterday I was informed to my great disappointment & grief that an application of mine to Congress praying leave for the Offices of the Treasury Depart. to revise my account with the public in which there was an error acknowledged by the Comr. who settled it of several hundred pounds to my disadvantage, was rejected by the House of Representatives after having passed the Senate. This fatality happening to my least disputable Claim has nearly destroyed my hopes in the others, what remain rest intirely on your friendship.
Had only one of my Claims succeeded, its aid with careful nursing might have rendered my situation tolerable, without it I must abandon Society & former pursuits. I pray you my dear and honored friend to be assured that nothing but necessity could induce me to give you the trouble of this Letter, & that with a gentleman not less proud for being poor the necessity must be very great that induces to the acknowledgement. A Wife and Infants out of the question, for myself alone I could soon close the unvarying scene of my disappointments & mortifications, As it is I am—unhappy.
Pitty & forgive what your firmer mind sees wanting in my philosophy. I have left the happiness to be most respectfully and affectionately your Obedient & hunble Servt.
Isaac Ledyard
PS   The prospect of Mr. Jays success brightens very considerably so that now a fair hope may be entertained.


Title: To Alexander Hamilton from William Maxwell, 27 March 1792
From: Maxwell, William
To: Hamilton, Alexander

[Greenwich, New Jersey, March 27, 1792. On June 26, 1792, Hamilton wrote to Maxwell: “Your Letter of the 27 of March was duly received.” Letter not found.]


Title: From Alexander Hamilton to John Kean, 28 March 1792
From: Hamilton, Alexander
To: Kean, John

[Philadelphia, March 28, 1792. Letter listed in dealer’s catalogue. Letter not found.]


Title: [Report on a Return of Imports and Tonnage Duties], 28 March 1792
From: Hamilton, Alexander
To:

Treasury DepartmentMarch 28th. 1792.[Communicated on March 28, 1792]
[To the Speaker of the House of Representatives]
Sir,

In pursuance of the order of the House of Representatives of the 10th. day of November last, I have the honor to transmit returns of duties arising on Imports and Tonnage within the United States, for the year ending the 30th. day of September last: also a return of Exports within the same year, excepting two quarters of the district of Charleston in South Carolina, and a few quarters of some of the small ports. These documents would have been transmitted earlier, but the delay of the returns from Charleston, arising from the death of the late Collector of that district, has rendered it impossible.
I have the honor to be,   With the greatest respect,   Sir   Your most obedient, and   Most humble servant,
Alexander Hamilton.
The HonorableThe Speaker of the House of Representatives.


Title: Report on the Petition of William Smith, [28 March 1792]
From: Hamilton, Alexander
To:

[Philadelphia, March 28, 1792Communicated on March 29, 1792]
[To the Speaker of the House of Representatives]
The Secretary of the Treasury, to whom was referred the petition of William Smith of Baltimore Town in the State of Maryland, respectfully submits the following Report:
The resolutions of the United States in Congress assembled, which respect the issuing of the Certificates commonly called Loan Office Certificates, make it necessary, that they should be previously countersigned by certain officers, denominated Commissioners of Loans, who were to be appointed under the authority of the particular States.
After diligent inquiry within the State of Georgia, no evidence has been obtained, either of the appointment of E. Davies, (the person by whom the certificates in question were countersigned) to the office of Commissioner of Loans for that State, or that he was ever known or reputed to have acted in that capacity. The reverse of this, indeed, appears, from various communications to the Treasury, copies of which are contained in the Schedule herewith submitted.
It is to be remarked, that E. Davies does not even stile himself, Commissioner of Loans, but, instead of this, adds to his signature, the words “by order of J. A. Frutler, Governor of Georgia.”
The Certificates, however, are signed, by the proper officer, and all such as have appeared are genuine; and interest, as alleged in the petition, has been paid upon them by the late Treasurer of the United States, as in other cases.
A number of those Certificates have been offered to the present Commissioner of Loans for the State of Georgia, to be subscribed. pursuant to the Act making provision for the debt of the United States, and upon a reference to the Treasury by that officer, have been directed to be refused.
The reasons for this direction are substantially, as follow.
The certificates in question having been irregularly issued, and without the requisites prescribed by the Acts of Congress, were of course, in the first instance, not obligatory upon the United States.
The subsequent payment of interest upon them, by an executive officer, without the sanction of any order or resolution of Congress, could not confer validity upon a claim, originally destitute of it; it might occasion hardship to individuals who, upon the credit of that payment, may have been induced to become possessors of those certificates for valuable consideration.
There are examples of the payment of interest, by the mistakes of public officers upon counterfeit and forged Certificates. It seems to be clear, that such payments cannot render valid, or obligatory, certificates of that description. And yet a similar hardship to that which has been mentioned, would attend those, who may have afterwards become possessed of them for valuable consideration. Nor does there occur any distinction between the effect of such payment in the one and in the other case.
Between individuals, the payment of interest by an Agent, upon the presumed, but not real obligation of his principal, either through mistake or otherwise, without special authority of the principal, could certainly give no new validity to such an obligation. And the same rules of right, which govern cases between individuals, appear to be proper guides in cases between the public and individuals.
These considerations were deemed conclusive against the admission of these certificates under the powers vested in the officers of the Treasury. It remains for the Legislature to decide, how far there are considerations strong enough to induce a special interposition in their favor.
In making this decision, the following circumstances will, it is presumed, appear to deserve attention.
The present is not a case of mere informality. There is no evidence that the certificates were issued for any purpose of the United States. The contrary, indeed, is stated to be the fact.
Their amount is not positively ascertained, no account of issues having ever been rendered, though there is no appearance of any considerable sums being afloat.
All which is respectfully submitted.
Alexander Hamilton,Secy. of the Treasy.
Treasury DepartmentMarch 28th: 1792.


Title: To Alexander Hamilton from Thomas Smith, 28 March 1792
From: Smith, Thomas
To: Hamilton, Alexander

Sir,
Loan Office [Philadelphia] Penna. March 28th 1792.

The amount of Stock on the books of this office subject to Interest for the Quarter ending the 31st March 1792 is as follows Viz.

Amot. of 6 ⅌ Ct. Funded Stock
4201.79

Interest from the 1st Octr. 1791.

126. 5

Amot. of Ditto
1203686.55

Interest on Do. from Jany. 1. 1792

18055.29

Amot. of 3 ⅌ Ct. Stock
361.55

Interest on Do. from Octr. 1. 1791

5.42

Amot. of Do
582,824.25

Intt on do from Jany 1. 1792

4371.18

Amot. of 6 ⅌ Ct Stock assumed Debt
299.404.95

Intt. from Jany. 1. 1792.

4491. 7

Amot of 3 ⅌ Ct.   Do   Do
239,737.22

Int. from Jany. 1. 1792.

 1798. 2

Total Dollars
28.847. 3

exclusive of the Interest to the State of Pennsa. which amounts as ⅌ my Letter the 28th of Febuary last to 13.982 Dollars 14 Cents.
From the importunate necessity of my Clerks, who have not received their Wages for two Quarters past I am under the necessity of praying your attention for the payment of their Salarys. I flatter myself that after a few months the greater part of their services may be dispensed with.
I have the honor to be with the greatest respect   Sir   your most obedt Hble servt
Thomas Smith Com Loans
Honble. Alexander HamiltonSecty Treay. United States


Title: From Alexander Hamilton to Nicholas Low, 29 March 1792
From: Hamilton, Alexander
To: Low, Nicholas

[Philadelphia, March 29, 1792. On April 10, 1792, Low wrote to Hamilton: “I am duely favord with yours of 23. 29 & 31 Ulto.” Letter of March 29 not found.]


Title: From Alexander Hamilton to John Miller, Junior, 29 March 1792
From: Hamilton, Alexander
To: Miller, John, Jr.

Treasury Department, March 29, 1792. “I am desirous to avail the United States of your knowledge of the various species of Merchandize … for the Infantry and Cavalry of the United States, which are to be furnished, by contract, by Messrs Charles Young and Thomas Billington.…”


Title: From Alexander Hamilton to Otho H. Williams, 29 March 1792
From: Hamilton, Alexander
To: Williams, Otho H.

Sir
Treasury DepartmentMarch 29 1792.

I have received your letter of the 22d instant, and am extremely sorry to perceive the difficulties you mention. It is not in my power to authorise your dispensing with the execution of the laws, as explained by your standing instructions from the Treasury; but as I have always a desire to give every convenient and prudent facility to commerce, I have made an eventual engagement to the Bank of Maryland to leave in their hands a sum of public money, equivalent to any Notes they may discount for importers, to discharge the duties which shall fall due in your Office on or before the 15th day of April next. Should they require a list of the Bonds, exhibiting as well the names of the Obligors as the sums due, and the times of payment, You will furnish it to them.
I am, Sir,   Your Mo. Obedt Servant
A Hamilton
PS—I hope the arrangement desired will produce the requisite accomodation to the Merchants; because it is indispensable that punctuallity should be enforced if necessary.

Otho H Williams Esqr.Baltimore


Title: Introductory Note: From Oliver Wolcott, Junior, 29 March 1792
From:
To:

This letter concerns the problem of the so-called lost million. As early as September, 1775, Pierre August Caron de Beaumarchais, the French writer and courtier, had attempted to persuade the French government of the desirability of aiding the American colonies in their revolt against England. When, in the spring of 1776, the French government agreed to send supplies from France to the colonies, Beaumarchais secured the appointment as agent and opened negotiations with Arthur Lee and Silas Deane, American agents in Paris. To protect France’s neutrality it was intimated to the Americans that the transaction should be presented as a private business undertaking between the United States and Beaumarchais through the fictitious Spanish firm of Roderique Hortalez et Cie. Arms, ammunition, and uniforms were to be sent to the United States and, in order to retain the appearance of a business transaction, certain payments in supplies were to be sent to Beaumarchais by the American states.
In addition to the supplies secured through Beaumarchais, Benjamin Franklin and Silas Deane negotiated a loan on March 24, 1777, with the Farmers-General of France. Article 5 of this agreement provided that “The Farmers-General oblige themselves for the discharge of the amount of five thousand hogsheads [of tobacco], to remit at the disposal of Congress, and to pay into the hands of the banker who shall be appointed by Messrs. Franklin and Deane, or to direct their receiver-general at Paris to accept the bills which shall be drawn upon him by Messrs. Franklin and Deane as far as a million of livres tournois, in the course of the ensuing month, and another million the instant of the arrival of the first ships loaded with tobacco, which shall be delivered to them; the said two millions making the balance an entire payment for the five thousand hogsheads, or five million weight of tobacco, mark weight, sold by Congress at the price of eight sols per pound, before agreed upon.”

Soon after the signing of this contract the sum of one million livres was paid to Deane and Franklin by the Farmers-General. The American agents then deposited this sum with the banker of the United States in Paris, Ferdinand Grand, and, as agreed to in the contract, shipments of tobacco were made from the United States to the Farmers-General.
On February 21, 1783, Franklin and Charles Gravier, Comte de Vergennes, the French Foreign Minister, signed a contract with the French government which summarized and explained the various loans that Franklin had obtained from France. According to the contract, there had been “Aids and Subsidies furnished to the Congress of the United States, under the title of gratuitous assistance, from the pure generosity of the King, three millions of which were granted before the treaty of Feby. 1778.…”
Grand’s accounts showed that he had received only two million livres from the French government in the form of gratuities, and the search for the “lost million” began. At first it was supposed that the advance of one million livres from the Farmers-General might constitute the missing million, and on July 11, 1786, Franklin wrote to Grand as follows:
“I send you enclosed some letters, that have passed between the Secretary of Congress and me, respecting three million of Livres, acknowledged to have been received, before the Treaty of February 1778 as Don gratuit from the King, of which only Two Millions are found in your accounts; unless the million from the Farmers-General be one of the three. I have [been] assured, that all the money received from the King, whether as Loan or Gift, went through your hands; and as I always looked on the million we had of the Farmers-General to be distinct from what we had of the Crown, I wonder how I came to sign the Contract acknowledging three millions of gift, when, in reality, there was only two, exclusive of that from the Farmers.…
“It is possible, that the million furnished ostensibly by the Farmers, was in fact a gift of the Crown, in which case … they owe us for the two Ship Loads of Tobacco, which they received on account of it. I most earnestly request of you to get this matter explained, that I may stand clear before I die, lest some enemy should afterwards accuse me of having received a million not accounted for.”
Inquiry was made repeatedly of the French government on this matter, but the royal administration refused to provide the commissioner with a statement of account. On January 27, 1787, Franklin wrote to Charles Thomson, secretary of the Continental Congress, as follows:
“You may remember, that in the correspondence between us in June last, on the Subject of a Million free gift of the King of France, acknowledged in our contract to have been received, but which did not appear to be accounted for in our Banker’s accounts, unless it should be the same with the million said to be received from the Farmers-General, I mentioned, that an explanation might doubtless be easily obtained by writing to Mr. Grand, or Mr. Jefferson.… I wrote myself to Mr. Grand a letter upon it, of which I now enclose a Copy, with his answers, and several letters from M. Durival, who is Chef du Bureau des Fonds … des Affaires Etrangères.
“You will see by these letters that the million in question was delivered to somebody on the 10th of June 1776, but it does not appear to whom. It is clear that it could not be to Mr. Grand nor to the Commissioners from Congress; for we did not meet in France till the end of December 1776, or beginning of January 1777, and that Banker was not charged before with our affairs.
“By the Minister’s [reserve] in refusing him a Copy of the Receipt, I conjecture it must be money advanced for our use to M. de Beaumarchais, and that it is a mystère du cabinet, which perhaps should not be further enquired into, unless necessary to guard against more demands than may be just from that agent: For it may well be supposed, that, if the Court furnished him with the means of supplying us, they may not be willing to furnish authentic proofs of such a transaccion so early in our dispute with Britain.…”
It was not until 1794, after the fall of the royal government, that Gouverneur Morris, United States Minister Plenipotentiary to France, was able to obtain a definite account of the missing million, and Franklin’s surmise was proved to be correct. In reply to an inquiry by Morris, Philibert Buchot, French Minister of Foreign Affairs, sent to Morris a “Copie d’une quittance dattée du 10 juin 1776. Qui parait être celle dont le gouvernement des Etats-unis a besoin pour regler Ses Comptes” (LS, Columbia University Libraries). The receipt reads as follows:
“J’ai recu de Monsieur Du Vergier, Conformément aux ordres de Monsieur Le Comte de Vergennes en date du 5. courant que je lui ai remis. La Somme d’un million, dont je rendrai compte à mondit Sieur Comte de Vergennes. à Paris ce 10. juin 1776.
“Caron de Beaumarchais.
“Bon pour un million de Livres Tournois.”


Title: From Alexander Hamilton to William Seton, 30 March 1792
From: Hamilton, Alexander
To: Seton, William

[Philadelphia, March 30, 1792. Letter listed in dealer’s catalogue. Letter not found.]


Title: From Alexander Hamilton to Gulian Verplanck, 30 March 1792
From: Hamilton, Alexander
To: Verplanck, Gulian

Sir
Treasury Department March 30th 1792

As it will be convenient to you to be apprized of the alterations in the business of the Treasury, which take place from time to time in consequence of arrangements with the Bank of the united States, I think it expedient to inform you, that the receipt and exchange for Specie of the Bank notes and Cash notes of the Institution over which you preside, will be discontinued in the Custom houses out of the City of New York in a few weeks after the receipt of a circular letter written this day.
I have the honor to be   Sir   Your most obedt Servt
Alexander HamiltonSecy of the Treasy
The President of the Bankof New York


Title: John Jay to the Commissioners of the Sinking Fund, [31 March 1792]
From: Jay, John
To: Commissioners of the Sinking Fund

[New York, March 31, 1792]
The Chief Justice of the United States, presents his compliments to the Attorney General, and requests the favor of him to lay before the Board of trustees, the opinion herewith enclosed, on the question stated in their act of the 26th instant; a copy of which the Chief Justice yesterday received, enclosed in the letter which the Attorney General did him the honor to write on the 29th instant.
New-York, March 31, 1792.
Question. 1. Do the words “if not exceeding the par or true value thereof,” in the act making provision for the reduction of the public debt, restrain the purchase of any part of the debt of the United States (whether subscribed, and bearing an immediate interest of six per cent. or an immediate interest of three per cent. or a future interest of six per cent. or unsubscribed) so long as the market price of the same shall not exceed 20 shillings in the pound?
Question 2. If these words do restrain the purchase of any species of the public debt, within limits narrower than 20 shillings in the pound, what rate of interest shall be adopted, as the rule for computing the value of each kind of stock at this day?
The meaning of the word par is well ascertained. When cash, equal in amount to the sum specified in a bill of exchange, is paid for it, that bill is said to have been bought and sold at par.
When stock is bought and sold for more or less than what the public have engaged to pay, that stock is said to have been bought and sold above and below par. Bank notes usually pass, in the vicinity of the bank, for the sums they promise, that is, at par.
The true value of stock considered as merchandise, is the market price. The true value of stock, considered as evidence of money due from debtor to creditor, is regarded, by the law, as being precisely so much cash as was contracted to be paid. Hence, it seems, that the value of stock is of two kinds—the one, commercial, and fluctuating; the other, legal, and fixed. The act adverts to and recognises both; the former in restraining the trustees from giving more than the market price, though below par, the latter in restraining them from purchasing at prices above par.
Is there not a kind of value distinct from either? I think there is; and that it is the one alluded to in the second question above stated. It is the result of comparison, combination, and calculation, and governed by some principle assumed as a standard. It differs, therefore, from the legal value, which always is the exact sum promised to be paid; and it differs from the market price, which has no standard, but depends on momentary and fluctuating circumstances.
Is the true value, mentioned in the act, of this latter, or third kind? I think not.
As this is not the ordinary sense of the word value, and as a standard to ascertain it is neither indicated by the act, nor very easy to find; it seems singular that the Congress, if they really contemplated that kind of value, should omit not only to declare this meaning, particularly and expressly, but also to fix the standard whereby the trustees should be regulated.
As the act distinguishes the market value from the legal value, so, also, the value, in question, if intended, would probably have been distinguished from both, and not confounded, as it now is, with the legal value, by so connecting the words the par, with the words true value, by the particle or, as naturally and grammatically to exclude the idea in contemplation: for the particle or, placed as it is, appears, to me, to be precisely equivalent to—that is to say; in other words, to wit:
No other than the legal value can, accurately, be called the true value in general terms. The laws of morality, and of the land, oblige the debtor to pay the sum promised, and they entitle and direct the creditor to receive it. Debtors and creditors are the only persons strictly interested in the value of debts. Whatever is the true value between them, must be seen as being so by others, as well as by them; and, therefore, when laws, or persons, and especially laws, speak of the true value of a debt, they are, in my opinion, always to be understood as intending the sum due, or legal value, unless they use additional expressions to particularise their meaning.
For these reasons I am of opinion that the words “if not exceeding the par or true value thereof,” do not restrain the purchases of any part of the debt of the United States, so long as the market price of the same shall not exceed the sum actually due from, and payable by, the United States, in discharge of those debts.
John Jay.
31st March, 1792.


Title: To Alexander Hamilton from Benjamin Lincoln, 31 March 1792
From: Lincoln, Benjamin
To: Hamilton, Alexander

Sir
Boston March 31st. 1792

As you have often expressed a wish to establish uniformity among all the officers commissioned in different districts to perform similar duties I am induced to mention an instance wherein from the want of similarity questions arise which leaves us quite at a loss how to determine the length of Vessels from the registers some inserting therein the real length & some the length after the deduction of three fifths of the Beam. Our practice has been to insert the real length others we find practice differently. Would it not be well when you shall address a circular letter to the collectors to express your opinion on the subject?
Secy of the Treasury


Title: From Alexander Hamilton to Nicholas Low, 31 March 1792
From: Hamilton, Alexander
To: Low, Nicholas

[Philadelphia, March 31, 1792. On April 10, 1792, Low wrote to Hamilton: “I am duely favord with yours of 23. 29 & 31 Ulto.” Letter of March 31 not found.]


Title: From Alexander Hamilton to George Washington, March 1792
From: Hamilton, Alexander
To: Washington, George

[Philadelphia, March, 1792.] Sends list of names of persons recommended for positions of director of the Mint and treasurer of the Mint.


Title: To Alexander Hamilton from William Ellery, 2 April 1792
From: Ellery, William
To: Hamilton, Alexander

[Newport, Rhode Island] April 2, 1792. “This letter will be accompanied by a weekly return of monies received and paid … and also a Statement of the case of the Brig Chance, and papers respectg. the same. I shall refrain from prosecuting Capt. Corey.”


Title: To Alexander Hamilton from Meletiah Jordan, 2 April 1792
From: Jordan, Meletiah
To: Hamilton, Alexander

Frenchman’s Bay [District of Maine] April 2, 1792. “… The difficult situation of this District of which I have already informed you has obliged my purchasing a small Boat.…”


Title: From Alexander Hamilton to Nathan Keais, 2 April 1792
From: Hamilton, Alexander
To: Keais, Nathan

[Philadelphia, April 2, 1792. On April 26, 1792, Keais wrote to Hamilton: “I this Day was Honored with the Receipt of your Letter of the 2nd Instant Covering A Commission … as Inspector of the Revenue for this port.” Letter not found.]


Title: From Alexander Hamilton to Philip Livingston, 2 April 1792
From: Hamilton, Alexander
To: Livingston, Philip

My Dear Sir
Philadelphia April 2d1792

I thank you for sending by express the Chief Justice’s Letter. It will enable me to enter the Market more advantageously for the support of the Debt. I detained the express ’till today, in expectation of being able to forward by him the result. But certain indispensable engagements of some of the Trustees prevent a Meeting ’till tomorrow. The arrangement will be conveyed by express.
I observe that certain characters continue to sport with the Market & with the distresses of their fellow Citizens. ’Tis time there should be a line of separation between honest Men & knaves; between respectable stockholders and dealers in the funds, and mere unprincipled Gamblers. Public infamy must restrain what the laws cannot.
This spirit must be cultivated among the friends of good government and good principles. The relaxations in a just system of thinking, which have been produced by an excess of the spirit of speculation must be corrected. And Contempt and Neglect must attend those who manifest that they have no principle but to get money.
Yrs. with great regard
A Hamilton
P. The monies which you will have paid for the two expresses will be reimbursed at the Treasury. Be so good as to take Receipts for what you pay & make out a little account against the Secretary of the Treasury charging for so much paid at each time to express A or B to carry a letter from the Chief of the United States to the Trustees of the Sinking fund. Send this to Mr. Kean.
P. Livingston Esqr.


Title: To Alexander Hamilton from James Reynolds, 3 April 1792
From: Reynolds, James
To: Hamilton, Alexander

Sir
Philadelphia 3d, April, 1792.

I hope you will pardon me in taking the liberty I do In troubling you so offen. it hurts me to let you Know my Setivation. I should take it as a protickeler if you will Oblige me with the loane of about thirty Dollars. I am in hopes in a fue days I shall be In a more better Setivation. and then I shall Be able to make you ample Satisfaction for your Favours shewn me. I want it for some little Necssaries of life for my family. sir you granting the above favour this morning will very much Oblige your most Obediant and humble Servant
James Reynolds
Alex. Hamilton Esqr.
N B   the inclose is a Receipt for Ninety dollars. that is if you Can Oblige me with the thirty. that including Boath Sums


Title: Enclosure: Receipt from James Reynolds, [3 April 1792]
From: Reynolds, James
To: Hamilton, Alexander

[Philadelphia, April 3, 1792]
Received philadelphia 3d. April. 1792 of Alexander Hamilton Esqr. Ninety dollars which I promise to pay on demand
James Reynolds
90, Dollars


Title: From Alexander Hamilton to Nathan Keais, 4 April 1792
From: Hamilton, Alexander
To: Keais, Nathan

[Philadelphia, April 4, 1792. On April 26, 1792, Keais wrote to Hamilton: “I this Day was Honored with the Receipt of your Letter … of the 4th.” Letter not found.]


Title: Meeting of the Commissioners of the Sinking Fund, 4 April 1792
From: Commissioners of the Sinking Fund
To:

[Philadelphia, April 4, 1792]
At a meeting of the Trustees of the Sinking Fund, at the house of the Vice President of the United States, on the 4th day of April, 1792,
Present: The Vice President, the Secretary of State, the Secretary of the Treasury, and the Attorney General.
Resolved, That the Secretary of the Treasury be authorised to cause to be applied so much of the sum of one hundred thousand dollars, directed to be expended by the act of this Board, of the 26th day of March last, as may remain in hand, to the purchase of three per cent. and deferred stock, upon a computation of interest at the rate of five per centum.
From this resolution, the Secretary of State dissents.


Title: From Alexander Hamilton to William Seton, 4 April 1792
From: Hamilton, Alexander
To: Seton, William

My Dear Sir
PhiladelphiaApril 4th 1792

The post of this day brought me a letter from you. I am pained, beyond expression, at the picture you and others give me of the situation of my fellow Citizens—especially as an ignorance of the extent of the disorder renders it impossible to judge whether any adequate remedy can be applied.
You may apply another 50 000 Dollars to purchases at such time as you judge it can be rendered most useful. The prices may be 20/ for 6 per Cents 12 for three’s and 12/6 for deferred. The law & the object require that it should be known you purchase for the public. I shall by the next post send an Official authorisation.
I have doubt however whether it will be best to apply this immediately or wait the happening of the crisis which I fear is inevitable. If as is represented a pretty extensive explosion is to take place—the depression of the funds at such a moment will be in the extreme and then it may be more important than now to enter the market in force. I can in such case without difficulty add a hundred thousand Dollars probably a larger Sum. But you who are on the spot being best able to calculate consequences I leave the proper moment of operating to your judgment. To relieve the distressed and to support the funds are primary objects.
As it may possibly become adviseable for the Bank to receive payments in Stock from embarrassed persons, it may not be amiss that you should know as a guide That there are at this moment orders from a respectable Dutch concern to purchase 6 ⅌ Cents at 24/ if bills can be sold at par. Of this I have the most unequivocal evidence. This is a proof that foreigners will be willing to give that price.
How vexatious that imprudent speculations of Individuals should lead to an alienation of the National property at such under rates as are now given!
I presume your greatest embarrassments arise from the contracts to pay and deliver not yet at issue. Is it possible to form any conjecture of their extent?
Affectionately Yrs
A Hamilton
P. S. I will thank you for a memorandum, in confidence, of how much remains unexpended in Bank of the sums which have been passed to the Credit of the Commissioner of Loans at different times,
William Seton Esqr.


Title: Introductory Note: To George Washington, 4 April 1792
From:
To:

The completion of the census of 1790 offered Congress its first opportunity to reapportion representation to conform to the population. The Constitution provided that each state should have at least one representative, that the membership of the House of Representatives should “not exceed one for every 30,000,” and that for purposes of representation the slave population should be counted as three-fifths of the white population. According to the first census, the nation’s population was 3,929,214. If the three-fifth’s ratio were applied to the country’s 697,000 slaves, the population for purposes of representation would be about 3,614,000. Thus, if there were to be one representative for each 30,000 in the population, the maximum number of representatives would be 120. The first Congress, however, had only 65 members; the admission of Vermont raised this total to 67.
There were two methods by which reapportionment could be accomplished. On the one hand, the total population could be divided by 30,000, with each state being assigned its proportionate share of representatives. On the other hand, the population of each state could be divided by 30,000 with the quotient in each case being the number of representatives for that particular state. The first apportionment bill was introduced in the House of Representatives on November 18, 1791, and was passed on November 24. The Senate amended the bill, but, when the House and Senate were unable to agree on the proposed amendments, the measure was dropped. The second apportionment bill was passed by the Senate in February, 1792, and by the House in March of the same year. Entitled “An act for an apportionment of Representatives among the several States, according to the first enumeration,” the measure provided for the total population of the United States (not the population of each state separately) to be divided by 30,000 to determine the number of representatives. The number obtained by this division was then to be apportioned among the several states according to their relative population. This measure was presented to President Washington on March 26, 1792.
After holding the bill for approximately a week, Washington asked Attorney General Edmund Randolph for an opinion of the bill and requested him to secure the opinions of the other Cabinet members by April 4. Both Randolph and Thomas Jefferson argued that the measure was unconstitutional. Henry Knox agreed with Hamilton that the bill was constitutional. Washington accepted the views of the Attorney General and the Secretary of State, and on April 5 he sent his first veto message to Congress. A motion to pass the bill over the President’s veto failed, and the House quickly passed a revised bill in which the Senate concurred the day on which it was received. On April 14, 1792, “An Act for apportioning Representatives among the several States, according to the first enumeration” became law. It provided in part that “the House of Representatives shall be composed of members elected agreeably to a ratio of one member for every thirty-three thousand persons in each state, computed according to the rule prescribed by the constitution.”


Title: From Alexander Hamilton to George Washington, 4 April 1792
From: Hamilton, Alexander
To: Washington, George

PhiladelphiaApril 4 1792
The Secretary of the Treasury presents his respects to the President of the United States. He was informed yesterday, by the Attorney General, that his opinion concerning the constitutionality of the Representation Bill was desired this morning. He now sends it with his reasons but more imperfectly stated than he could have wished—through want of time. He has never seen the bill, but from the accounts he has had of it he takes it for granted that he cannot have misconceived its contents so as to cause any material error in the process of his reasoning.
The President desires an opinion, whether the Act intitled “An Act for an apportionment of Representatives among the several states according to the first enumeration” be constitutional, or not.
It is inferred from the provisions of the Act—That the following process has been pursued.
I The aggregate numbers of the United States are divided by 30000, which gives the total number of representatives, or 120.
II This number is apportionned among the several states by the following rule—As the aggregate numbers of the United States are to the total number of representatives found as above, so are the particular numbers of each state to the number of representatives of such state. But
III As this second process leaves a residue of Eight out of the 120 members unapportioned, these are distributed among those states which upon that second process have the largest fractions or remainders.
As a ratio of 30000 appears to have been adopted as a guide—The Question is whether this ratio ought to have been applied, in the first instance, to the aggregate numbers of the United States or to the particular numbers of each state.
I am of opinion that either of these courses might have been constitutionally pursued—or in other words that there is no criterion by which it can be pronounced decisively that the one or the other is the true construction. Cases so situated often arise on constitutions and Laws.
The part of the constitution in question is thus expressed—“Representatives and direct taxes shall be apportioned among the several states according to their respective numbers.”
Tis plain that the same rule is to be pursued with regard to direct taxes as with regard to Representatives.
What is the process which would naturally be followed in relation to the apportionment of direct taxes?
Clearly this—The total sum necessary would be first ascertained.
This total sum would then ⟨be⟩ apportioned among the several states by the following rule—viz—
As the aggregate numbers of the United States are to the whole sum required so are the particular numbers of a particular state to the proportion of such state. Which is, so far, the exact process that has been followed by the Bill, in the apportionment of representatives.
And hence results a strong argument for its constitutionality.
If there had been no ratio mentioned in the constitution ’tis evident that no other course could have been well purused. No doubt at least of the propriety of that which has been pursued could have been then entertained.
Does the mention of a ratio necessarily alter it?
The words of the constitution in respect to the ratio are these “The number of representatives shall not exceed one for every 30000, but each state shall have at least one representative.”
This provision may naturally be read and understood thus—“The whole number of the representatives of the United States shall not exceed one to every 30000 of the aggregate numbers of the United States; but if it should happen that the proportion of the numbers of any state to the aggregate numbers of the United States should not give to such state one representative—such state shall nevertheless have one. No state shall be without a representative.
There is nothing in the form of expression to confine the application of the ratio to the several numbers of the states. The mode of expression equally permits its application to their joint or aggregate numbers. The intent of inserting it is merely to determine a proportional limit which the number of the house of representatives shall not exceed. This is as well satisfied by resorting to the collective as to the separate population of the respective states.
There is therefore nothing in the last recited clause to controul or direct the sense of the first.
If it be said that the further process which apportions the residue among the states having the greatest remainders is the circumstance that renders the bill unconstitutional because it renders the representation not strictly according to the respective numbers of the states it may be answered—
That this is but a necessary consequence of the first principle.
As there would commonly be left, by the first process, an unapportioned residue of the total number, to be apportioned, it is of necessity that that residue should be distributed among the several states by some rule and none more equal or defensible can be found than that of giving a preference to the greatest remainders.
If this makes the apportionment not mathematically “according to the respective numbers of the several states” so neither would the opposite principle of construction.
Fractions more or less great would in this case also, and, in a greater degree, prevent a conformity of the proportion of representatives to numbers. The same objection would lie in this respect against both principles of construction; against that in the bill least.
Upon the whole then, The Bill apportions the Representatives among the several states according to their respective numbers; so as that the number of representatives does not exceed one for every 30000 persons each state having at least one member. It therefore performs every requisition of the constitution; and it will not be denied that it performs this in the manner most consistent with equality.
There appears therefore no room to say, that the bill is unconstitutional, though there may be another construction, of which the constitution is capable. In cases where two constructions may reasonably be adopted, and neither can be pronounced inconsistent with the public good, it seems proper that the legislative sense should prevail. The present appears to the Secretary clearly to be such a case.
Philadelphia April4th 1792Alex. Hamilton


Title: From Alexander Hamilton to Joseph Howell, Junior, 5 April 1792
From: Hamilton, Alexander
To: Howell, Joseph, Jr.

[Treasury Department, April 5, 1792. The dealer’s catalogue description of this letter reads: “Requesting that certified payrolls of the balances due the officers of the Maryland line be furnished him.” Letter not found.]


Title: To Alexander Hamilton from Stephen Moylan, 5 April 1792
From: Moylan, Stephen
To: Hamilton, Alexander

Philadelphia, April 5, 1792. “I will not take up your time for the trouble I am about to give by apologizing for it.… I never received my commutation certificate the reasons are, first I was under a necessity of living very retired since the peace the Limitation Act never came to my Knowledge until May 89 when I went to New York—the other is, an impossibility of my being able to close my Regimental Accounts—Such as I coud make out were transmitted to the proper office. The reason of my inability in this matter proceeds from the loss of a part of my most essential papers.… If you can put me in the way of getting what is so justly due to me for long and some essential services renderd the public it will place me in a very different situation to that I now stand in—it will place me above Want.…”


Title: Report on Compensation of Officers Employed in the Collection of the Revenue, [5 April 1792]
From: Hamilton, Alexander
To:

[Philadelphia, April 5, 1792Communicated on April 5, 1792]
[To the Speaker of the House of Representatives]
Pursuant to the Order of the House of Representatives of the 18th of January, 1791, directing the Secretary of the Treasury to report his opinion whether any and what farther compensation ought to be made to the respective Officers employed in the collection of the revenue,
The said Secretary respectfully submits the following Report.
The paper marked (A) herewith transmitted, contains an Abstract of the emoluments of the several officers of the customs, for one year, as far as returns have been received at the Treasury, and suggests in a column, for the purpose, such additions as, in certain cases, appear advisable.
These additions are founded upon a combined estimate of various circumstances; the quantity of business to be performed, the probability or otherwise of an increase of emolument under the existing provisions, the expense of living at different places, and the comparative importance of the respective parts to the revenue.
The apportionment is, of course, in many instances, rather matter of arbitration, than of precise calculation, and will probably require correction from the superior local information of the members of the House.
The Secretary takes this occasion to observe, that hitherto there has been no prohibition, by law, of officers of the customs being engaged in trade. Such a prohibition appears indispensible for obvious reasons—while it will be a reason for rendering their emoluments more competent.
The report of the Secretary lately made in respect to the Act laying duties on distilled spirits, submits a farther provision for compensating the officers employed in the execution of that Act, in the only mode, which is presumed to be practicable. Hence it becomes unnecessary to include them in the present report.
All which is respectfully submitted,
Alexander HamiltonSecry. of the Treasy.
Treasury Department April 5th 1792.


Title: Enclosure A: [Emoluments of Surveyors of the Customs for the Year 1790], [5 April 1792]
From: Hamilton, Alexander
To:

A.

Statement of Emoluments of the Surveyors of the Customs, in the United States, for the year 1790, except in the cases of North Carolina and Rhode Island, which are stated from the time of the operation of the offices in those States, in 1790, to the same period in the year following, so as to embrace likewise one entire year.

Ports
Amount received.
Clerk hire charged
Rent, Fuel, Stationery &c
Nett amount of Emoluments.
Salary allowed by the Collection law.
Additional Salaries proposed.

Portsmouth
344.96

60.

Newbury port
309.88

100.

Gloucester
177.99

50

Salem
395. 1

73.40
321.61.

50.

Beverly
65.14

25
40.14

80.

Ipswich
26.26

4 80
21.46

80.

Boston

Portland
269. 5

21
248. 5

Newport
406.11

39.50.
366.61.

50.

North Kingston
1.88.

80.

East Greenwich
9.48

8
1.48

80.

Warren

80.

Bristol
24.47.

10.
14.47.

80.

Pawcatuck river
6.86.

80.

Providence
379.11.

65. 9
314. 2

80.

Patuxet
2.32

80.

New London
452.10.

84
368.10.

Stonington

50.

Middletown
186. 1.

47.12.
138.89.

50

New-Haven
219.39.

50

New York, Hudson,
30

50
20.

Albany

50.

Little Egg Harbor
11.10

5.40
5.70
80
20

Philadelphia
1848.56
400.
354.67
1093.89

Baltimore,
1126.20
200.

Town Creek,
69.75

50

Saint Mary’s
20.20

13.50.
6.70

80

Lewellensburg,

80.

Norfolk,
815.48
180
66.66
562.82

Suffolk,
4.85

80
20

Smithfield,
10.25.

80
20

Bermuda Hundred,
40.

162.98.

100

Petersburg,
68.12.

84.75

80
20

Richmond,
112.31

35.50
76.81

20

Westpoint,
13.50

30.82

80
20.

Urbanna,
80.56

46.17
34.39
50
20.

Port Royal,
58.82

80
20.

Fredericksburg,

80

Alexandria,
336.94

56.67
280.27

100

Wilmington (N.C.)
328.31

7.50
320.81

100

Beaufort,
26.43

50.
80.

Swansborough,

30.

Hertford,

80.

Winton,

80.

Bennet’s creek,

80.

Plymouth,
20

80.

Windsor,
11

13.50.

80.

Shewarkey,
3

80.

Murfreesborough,
25.50

80.

Nixonton
30.20

80.

Indian Town
27.76

2.
25.76

80.

Curretuck Inlet,

80.

Pasquotank river bridge

80.

Newbiggen Creek

80.

Charleston

Savannah
454.17

42.85.
411.32

50.

Treasury Department,April 4th 1792.
Alexander HamiltonSecretary.


Title: Enclosure: [Emoluments of Collectors of the Customs for the Year 1790], [5 April 1792]
From: Hamilton, Alexander
To:

Statement of Emoluments of the Collectors of the Customs, in the United States, for the year 1790, except in the cases of North Carolina and Rhode Island, which are stated from the time of the operation of the offices in those States, in 1790, to the same period in the year following, so as to embrace likewise one entire year.

Additional Salaries proposed

Ports
Amount received.
Clerk-hire charged.
Rent, Fuel Stationery &c.
Nett amount of Emoluments.
Annual Salary allowed by the Collection law
Annual Salary.
Percentage on duties collected.

Portsmouth
556.82
169.
91.
296.82

100.
½ per cent.

Newbury-port
647.13.
333.33
57.33
256.47

½

Gloucester
402.20

39
363.20

50
½

Salem & Beverly
831.56
200
73. 5
558.51

50
¼

Marblehead (9 months)
343.25
90.
68.50
184.75

½

Boston & Charlestown

Plymouth
311.30

30.
281.30

50.
½

Barnstable
147.50

50.13.
97.37

50.

Nantucket & Sherburne
298.21

29.20
269. 1.

50.
½

Edgar Town
106.70

17.
89.70
50.

½

New Bedford
275.60

100.
175.60

50.
½

Dighton
203.97

50.
½

York
128.62

21.65
106.97

50.
½

Biddeford and Pepperelborough}
471.81
78
35
358.81

50.
½

Portland
602.35
200.
49
353.35

½

Bath
321.38
10
25.33
286. 5.

50.
½

Wiscassett
300

59.
241.

50.
½

Penobscot
115.16

10.35
104.81
60.

½

Frenchman’s Bay
498.78.

30.
468.78.
50

½

Machias
123.23

30.50
91.73.

50.
½

Passamaquody

100.

Newport
621.91
500
73.48
48.43

50.
½

Providence
650.27
575.
131.35

½

New London
1699.52

95.
1604.52

New Haven
528.59
60
105.
363.59

½

Fairfield
282.73

140
142.73.

50.
½

Allburgh

100

Sagg Harbour
75.45.

39.10
36.35
100.

New York

Perth Amboy
196.48

50.
½

Burlington
61.86.

30.
31.86
50

½

Bridge town
105.76

16. 4
89.72
50

½

Great Egg Harbour.

50.
½

Philadelphia

Wilmington (Delaware)
478.

150.
328.

50.
½

Baltimore
2328.98
1166.66
318.68
843.70

Chester
77.33

50.
½

Oxford
116.63

9.57
107. 6.
100

Vienna

50.
½

Snow Hill
140.40.
40
35.98
64.42
50

½

Annapolis
74.90

21.56
53.34
100
100
½

Nottingham
201.95.

45.
156.95

100.
½

Cedar point
126.92
100.
91.33

100.
50.
½

George town (of Maryland)
401.55.
240.
82
79.55.

50.
½

Hampton
63.45

50.
50.
½

Norfolk
1567.45
633.33
194.66
739. 2

Bermuda Hundred
1426.
328.50
270.75
826.75

York Town
135.67

70.
65.67

100.
½

Tappahannock
586.41
133.33
186.54
266.54

½

Yeocomico river
24

42.50

100

Dumfries
172.87
65.15
107.72

100.
½

Alexandria

½

Foley-landing

100.

Cherrystone

100.

South Quay
7.

15.50

100.

Louisville

150.

Wilmington (N.C)
478.43
300.
49.95
128.48

50.
½

New Bern
907.20
260.
119.
528.20

½

Washington
474.85
200
36
238.85

50.
½

Edenton

50.
½

Plankbridge
229.40

36.50
192.90

50.
½

George Town (S:C:)

50.
½

Charleston.

Beaufort.

100.

Savannah
866.53
270
79.67
518.86

½

Sunbury

60.

Brunswick
18.38

10.
8.38
100.

St. Mary’s

100.


Title: Enclosure: [Emoluments of Naval Officers for the Year 1790], [5 April 1792]
From: Hamilton, Alexander
To:

Emoluments of Naval Officers for one year—stated as before mentioned.

Ports
Amount received.
Clerk Hire charged.
Rent, Fuel Stationery &c.
Nett amot of Emoluments.
Annual Salary allowed by the Collection law.
Annual Salary proposed.

Portsmouth
378.28

61.68
316.60

100 dollars.

Newburyport
427.97

29.10
398.87

 50

Salem
566. 7

65.90
500.17

Boston

New York

Philadelphia

Baltimore
1337.11
400.
114.36
822.75

Norfolk
944.85

127.42
817.43

Wilmington (N:C:)
340.42

61.54
278.88

100.

Charleston
1231.40
300.
137.39
794.1

Savannah
550.58

58.31
492.27

 50.

Newport
494.36

61.
433.36

 50.

Providence
416.65

114.10
302.55

 50.

Treasury Department, April 5th. 1792.
Alexander Hamilton, Secy.


Title: From Alexander Hamilton to George Washington, 5 April 1792
From: Hamilton, Alexander
To: Washington, George

Treasury Departmt. 5th. April 1792.
The Secretary of the Treasury has the honor respectfully to represent to the President of the United States, that an application has been made at the Treasury by the honble Mr. Muhlenberg of Pennsylvania in behalf of the Administratrix of Nicholas F. Westphal deceased, for the discharge of a Claim due to the Estate of her late husband in virtue of the last clause of “An Act for the relief of certain widows, Orphans, Invalids and other persons,” of which a copy is enclosed. The Secretary begs leave to suggest that this claim being payable out of the unexpended appropriations to the contingent charges of Government, it appears to require a special order of the President.
A. HamiltonSecy. of the Treasury


Title: To Alexander Hamilton from Otho H. Williams, 5 April 1792
From: Williams, Otho H.
To: Hamilton, Alexander

My Dear Sir
Baltimore 5 April 1792

Your official letter respecting the punctual collecting of duties shall have my particular attention.
The advantages expected from your eventual agreement with the bank of Maryland have not been realized by the merchants, owing I understand, to some want of concert among the directors; But I have reason to expect that all will be settled this Week.
I am much gratified by your intimation that my name has occurred in conversation about a successor to the unfortunate St. Clair—and I thank you for your concern about my health. I am so happy as to tell you that my health is much restored; But, my Dear friend, if I had the best health, and all the best qualifications for such a command, what is there in it to excite ambition, or to gratify any other passion?
Happy in my family, and possessing a decent sufficiency, what should induce me to hazzard the fate of Harmar, or the more hapless st. Clair—Or even if I were prosperous and Should even prove myself as great as Greene I might, like him, be traduced in my grave: while my family might beg, in vain, for protection.
I regret extremely the mortifications to which our friend St. Clair is exposed; but he, unfortunately shall I say, lives to face his accusers.
Greene, poor fellow, is gone, and as it would seem has left scarcely an advocate behind him. The shameful speech of Genl. Sumpter upon Mrs Greenes petition excited my indignation, and I resolved upon saying some thing to the public in reply to it. But diffidence suspended the execution of my purpose; I have taken up my paper again, and after scratching a great deal almost persuade myself that it ought to appear.
Peruse it, and if you can approve let it appear, all at once, in one of the Philadelphia papers—Ours would divide it into two or three scraps, and dissipate the little force it has.
If there is any more brawling in Congress about the unmerited abuse or neglect of the s. Carolina Militia, or the NC Militia, I will take occasion to give a detail of occurrences which shall place their merits in a proper light. The Vanity of puffing the southern Militia has, more than once disgraced the Ho: Rep——, and the insolent vulgarity of some of its members deserves public reproof.
I am with great Esteem   and Confidence   Dr. sir, Your most Obt
O. H Williams
Coll Hamilton


Title: To Alexander Hamilton from Thomas Digges, 6 April 1792
From: Digges, Thomas
To: Hamilton, Alexander

Sir.
Belfast (Ireland) Apr 6. 1792

I stand in need of Your forgiveness for intruding myself upon You, but I hope that my motive for so doing (an ardent desire to promote manufactures in America) will in some measure appologize for me.

A Vessel sailing this day from hence from Boston, and the opportunity of inclosing this Lettr to Mr Tho’ Russel of that place (who I am sure will forward it safe) induces me to write to You on the subject of Manufactures & Machinery, which I am happy to see begins now to be tookd up & pratonized in our Country.
I have not the pleasure to be personally known to You ’tho well acquainted with Your worth & the benefits our Country is likely to derive from Your assiduity & ability. My home & soil is at Digges’s Landing on Potowmac nearly fronting the Presidents, to whom & many of the Gentlemen about Him & yourself I am known, and am but a casual Resident in this manufacturing quarter of Ireland in order to get over some Tennantry, and among them Artists, to fix on lands I possess both in Virginia & Maryland not far from the new Federal Town.
It was with much pleasure & attention I very lately read Your Report to Congress on the Subject of Manufactures, wch. I found published in the New York Papers in Numbers compleated to the end. In this quarter American Books are very rarely to be met, & when sent as presents, little read & not attended to. This induc’d me to take the liberty with your book of having it republishd at my Expence 1000 Copys price 1/—by Byrne Book sellers in Dublin in order to distribute it with ease, & for disseminating its information among many Manufactoring Societys here as well as in England, (where I will take 3 or 400 Copys in a few days) and by so getting it read, induce artists to move towards a Country so likely to very soon give them ample employ & domestic ease. I hope You will not be offended with me for so doing, & I am confident the distribution of it, in the way I intend, will induce many to move towards the manufactoring parts of America. Sorry I am to say it that mine is still backward in the encouragement of manufactorys or artists, but I trust it will soon get better as the Slavery by blacks decreases & by Emigration from these Countrys we get betterd as to a free tennantry.

I was very lucky in being the means of sending Wm. Pearce to Philaa. last June, where I hope He has succeeded & been encouraged in obtaining a Pattent or Premium for His new invented double loom. I gave him recommendatory Lettrs. to the President, to Mr Jefferson, Goverr. Dickinson, Mr Seton, Conyngham & Nesbit & others, & I am to hope He has made His way to You. He is a Man deserving to be cherish⟨ed⟩ as an uncommon ingenious Artist in the fixing Mill Machinery, Looms, &ca. and before He went explained to me the principle of a Mill for weaving Cloth by force of steam or Water, as well as One for Spinning Flax thred nearly on the same plan of facility & numbers of threads that the Cotton Mules can spin, wch. is from 80 to 180 threads at once, & attended by one man & two small children to each mule. Mr Thos McCabe of this Town (to whom the introduction of Cotton fabricks in Ireland is much indebted) is a partner in the Loom scheme with Mr Wm Pearce, and has now in His possession the compleat drawings & specifications of a machine for spinning the thread which I now inclose you (a description of which you have in the paper covering the thread). It is the first effort in England & spoke highly of as to the benefits of reducing manual labor, for one man & a small boy tends the machine wch spins 80 threads at one throw of the machine. I have seen the Work & got copys of the drawings, and I have Mr McCabes possitive promise of sending it to You or the President by the first Passenger Ship wch. will be the Wilmington Cap Jefferies for Phia & She will sail in May.
I go from hence in a few days to spend the summer among manufacturers & artists in Lancashire & Yorkshire, a Country I have before known, & where many are ready to move for America, but the difficultys of so doing are very great. By the laws of England they can stop an artist from migration, & the smallest particle of machinery, tools &ca will stop the Ship if informed against—the person attempting to inviegle away an artist is subject not only to very rough treatment, but a fine of 500 £ & 12 months imprisonment. In this Country they, are not so nice, & by some art, & very little expence I have been the means of sending 18 or 20 very valuable artists & machine makers in the course of last year. It subjects You however to unpleasant circumstances of jealousy from acquaintances, & private sensure.
There will be a considerable emigration this Spring from this place, Derry & Newry, I dare say not less than 10,000 people, and in every family there are spinners & often weaver’s—almost wholly a protestant body, sober, & industrious & very different from the Southern & western Irish, where manufactures have not yet found their way & the people in consequence, idle, distressd, & extremly poor. Such is the encreasing commerce & manufactories of Antrim & Down (by far the fulest peopled Countys in Ireland) that in the Course of the last 12 months not less than 12 or 15,000 £’s worth of machinery for spining Cotton only, has been imported from Liverpool into this port. The Mules, Billys, Brush Rollers & all other of the machinery comes in the frame bulk nearly ready to work, & is of such bulk that very few vessels can admit them, particularly the mules, into the hold—of course, abstracted from the risque of shipping them direct from Engd. to America, the getting ’em across the atlantic would be attended with vast difficulty. The only way to counteract this will be to get over the two men who make each of these machines vist. the Brass, Clockwork movements of them, & the frame & wood-work makers. I mean to make an attempt at this, and will trust to yours & other patronage to such Men as may go to fix in America. The beauty & benefits of machinery is such, & has so much reduced the manufacture of various articles, by the reduction of manual labour, as to make it incredible to those who have not seen and contemplated machinery. You have now the man in America, Wm. Pearce, who invented first the famous wheel machinery for Sir R. Arkwrights famous spining Mill in Manchester; and He also had a hand in the Mill at Doncaster, wch by force of an Ox weaves Broad Cloth by Machinery. He also knows the principle on wch the thread wch I now send you is so quickly & beneficially spun without going thro the usual form of the Finger. His double Loom, wch I hope you have by this time seen at work is also an admirable peice of simple art, and without applying other force than the hand, wch He can do to throw the Shuttle, weaves in proportion of three yards to one in the common way. I look upon Him somewhat like a second Archimedes. His pride, tho an ignorant & low bred man prompted Him to move from Hence on being disapointed, by an il-timed party in the House of Commons here, of getting the Sum that He & Mr McCabe askd for the discovery of the loom. He has I understand quarrelled with Jameson, & Hall (two working artists whom I sent out in the Ship with Him) and I am sure Jameson is in fault, for he here made a vile tho’ faint attempt to discover Pearce’s secret because He had been employd by Pearce to erect the Loom.
I am sure it woud have a tendency to good to have some plan fixd in America for the encouragement of ingenious artists & manufa~rers going there, something like a premium or reward to be publickly advertis’d & held out in the American Papers, & those papers carefully got distributed here & about Liverpool & Manchester, for in these Countrys they hardly ever will publish any favourable acco~of America or insert a Paragraph wch. may lead the people to Emigration. I think too a small bounty pr head on every Emigrant landing (suppose only one Dollar pr. head for every one that goes in a Vessel carrying more than 100 adults; and to exempt the vessel so carrying them from the Tonnage or other Fees for that voyage, may have a good tendency to induce more to go, for here a few Shillings makes a difference in the price of passage money, that retards many from going. Such are the wants of a people even in a very full peopled Country & possessing a most beneficial staple manufactory of Linen & rapidly rising in the Cotton one.
I hope You will excuse Sir the length of my letter & loose suggestions. I have much at heart & wish most earnestly to see manufactures begin even in my Country. I am very confidant our high price of labour will be no obstruction when the facility & cheapness with which we can Errect mill work, & I trust machinery too, will be put in counterpoise to manual labour. Already there is a Mill in England which can twist from a small cord, up to the largest Cable for a Ship by force of water, & by which in the making of a Cable the labour of about sixty persons is saved. At Manchester too a man whom I well know (Mr Grimshaw) lately erected a Mill at the Expence of 14,000 £, which by force of steam wove some hundreds of ps./s of cotton at once, under one roof & with but little attendance, of only dressing the Looms & loading the Shuttles, but the misguided multitude, fearing it would ruin the working weavers maliciously burnt down the mill after it had begun to work. From the encreasing spirit of the English towards discovery of machinery in various ways, it is impossible to tell or guess what lengths the human genius may not go. I hope it will take a flight across the Atlantic, & by way of expediting it I shall be extremely happy for any hints from you, or from any Gentlemen Engaged in the promotion of Amn. Manufactures, & who may have more leisure to write.
My stay in England will be a full twelvemonth from this period, and my direction is to the care of Joshua Johnson Esqr Consul Gen~for US in London. I shall be happy to execute any Commands for You & am with great esteem & respect
Sir Yr Obt Hle Servt
Thos Digges
You will please to Excuse this hasty letter wch in truth, as the Captn. is about to move, I have not time to read over.


Title: To Alexander Hamilton from Archibald Mercer, 6 April 1792
From: Mercer, Archibald
To: Hamilton, Alexander

Sir!
New Brunswick [New Jersey] April 6th: 1792.

The Directors of the Manufacturing Society held their quarterly meeting at this place on Tuesday last. All the Gentlemen from Jersey met, but none of the Directors from New York appearing, it was thought of the utmost importance, considering the advanced season of the Year, the confusion our affairs appeared to be in, and the necessity of restoring the public confidence that a full board should be obtained if possible and the situation of our funds investigated & known. We therefore sent to New York requesting some of the Gentlemen to come forward with every information in their Power. To this Mr: Walker replied “That in this critical moment when every hour brings its misfortunes and the property of every man at hazard none of them can possibly leave town; wishing us to adjourn to New York.” By way of accomodation and in order that the business of the Society may not be wholly neglected this board have adjourned to the 17th: Inst: to meet at Powles Hook. From the best information we can obtain there is no Money at Command nor are we wholly satisfied with the application of it, but for want of full information we can only give you this hint. Mr: Peirce called upon the board on Tuesday with a letter, which he said was from you. We did suppose it contained some communications for the inspection of this Board but it being directed to Mr: Low, we concluded to send it forward by Pearce, who has not since returned.
Mr: Hubbard we are informed by Mr. Flint, has resigned his appointment as Superintendant General, but in such a Manner as to preserve our confidence in him as a suitable Person for the appointment.
It is natural for us in the present situation of the business, to look up to you as the founder of the institution & from the communications we have received from you, we have no doubt but you have the good of the Society at Heart. Hitherto we have depended on our Governor for the necessary plans to be pursued and which he promised to lay before us, but as a great deal of time has been spent to little purpose, and the critical situation of his private affairs will and must prevent his attention to this business, we take the liberty of requesting in the Name of the Society that you will be kind enough to furnish us with your Idea’s and advice on the Subject and assist us in our operations as far as in your power.
At present we think it advisable to confine our attention to the Cotton branches alone, and have at this meeting dismissed several applications for other branches that have been kept in some measure in suspence. At our last meeting the Governor informed us that some steps had been taken by you, & himself, with regard to the procuring of Workmen from Europe, and that the probable expence would be about 20’000 Dollars. We take the liberty to inclose you the resolutions of the board on that Subject, and would be glad to know whether you have or can take any measures to accomplish that object—and whether you would recommend any other branch of Manufacture besides the Cotton, to be adopted. We are very apprehensive that from the delay that has taken place, the whole year will be lost with regard to the Printing of Callicoes, and a very great expence and to no purpose, as the fashions may totally Change, and the long-cloaths sent for, lay upon hand til next year.
Mr: Lowrey is appointed to wait on you with this letter, and to take in Charge your communications on the Subject. In behalf of the Society for establishing useful Manufactures, I am with perfect respect.   sir   Your most obedt:   and very hum: Servant
Archibald Mercer D.G.
Alexander Hamilton Esqr:Secretary of the Treasury


Title: To Alexander Hamilton from Gouverneur Morris, 6 April 1792
From: Morris, Gouverneur
To: Hamilton, Alexander

Dear Hamilton.
London 6 April 1792

A friend ask’d me some Days ago to calculate for him the true Value of our public funds. I did so and you will find in answer to the Queries No: 1. 2. & 3 the result of my first Enquiries. But my Mind being once in this Train I determined on greater Accuracy at the Expence of a little more Attention, and the Questions I propounded to myself with the Answers are contained in the enclosed Paper under the Heads 4. 5. & 6. Lastly as I had assumed for one Basis the Interest of 4 p % which we pay in Europe, and as a Commission is allowed on the Negotiation, I thought it well to enquire what additional Interest accrued from that Circumstance. This appears in the Question No. 7. You will observe that I communicated only the Answers to the three first Questions.
About the same Time a Newspaper was put into my Hand containing your Report of the 23d of last January, and that led me to consider in what Way Money could be most advantageously employed in Diminution of the public Debt, and after sundry Estimates one Operation appear’d to me so advantageous that I thought it worth while to trouble you with this Letter and with the Calculations above referred to. I beleive that on Examination you will find them to be exact. And altho the Answer to Question 5 may seem to be exhorbitant yet the Result would in fact be still greater if the Party receiving his Annuity of two per Quarter should apply it in discounting Notes which have three Months to run at the low Rate of 1 p%: a fortiori at 1 ½ the legal Rate now going in America. I need not remark to you on the Difference between Discount and Interest which in the Case put is that between 1/99 & 1/100 or 1 in 9.900.
I ought to apologize for writing this Letter but I will not because if it does not carry its’ own Excuse none which I can make will be worth a farthing. farewell
I am truly yours
Gouv Morris
Alexander Hamilton Esqr


Title: Enclosure: [From Gouverneur Morris], [6 April 1792]
From: Morris, Gouverneur
To: Hamilton, Alexander

Qu: 1.
In what Time will an Annuity of 8 pay 100. Int: at 6 p %.

Ansr. 23.7913 Years or 23 Years 288 Days.

Qu: 2.
What is the present Value of an Annuity of 8 for 23.7913 Years Int: at 4 p %.

Ansr. 121.3342

Qu: 3.
What principal Sum will in ten Years amount to 121.3342 Int: at 4 p %.

Ansr. 81.96914

Qu: 4.
In What Time will a quarterly Payment of 2 pay 100. Int: at 1¼ p % quarterly.

Ansr: 23.277875 Years or 23 Years 101 Days

Qu: 5.
What is the present Value of a quarterly Payment of 2 for 23.277875 Years Quarterly Interest at 1 p %

Ansr: 150.

Qu: 6.
What principal Sum will in ten Years amount to 150 Int: at 4 p %

Ansr. 101.3347.

Qu: 7.
What is the Rate of Interest paid by the Borrowers when a Commission of 4 p % is allowed on a Loan for 20 Years bearing 4 p % Interest.

Ansr. 4.2943274

Value of the deferred Debt by Qu: & Ansr. No. 3.
viz

C

C

to
July
92
86.9609
say
$86.97
to
July
94
94.0655
say
$94.07

to
Jany.
93
88.6911

88.70
to
Jany
95
95.9283

95.93

to
July
93
90.4476

90.45
to
July
95
97.8281

97.83

to
Jany
94
92.2388

92.24
to
Jany
96
99.7655

99.77

25 January 1796
100

Redemption of deferred Debt.

From July 92 to Jany 93 Value
87.80

Suppose the Price p %
75.

Commission on borrowing 75 at 4 p %
 3.

78.

Remains
9.80

Multiply by
  8

78.40

The gain is then at least one eighth of the Money applied to this Operation.


Title: From Alexander Hamilton to Jonathan Trumbull, 6 April 1792
From: Hamilton, Alexander
To: Trumbull, Jonathan

Sir,
Treasury DepartmentApril 6th 1792.

I have the honor, pursuant to the order of the House on that subject, to transmit herewith sundry petitions for personal services in the Army and Navy, which have been heretofore referred to me, and to be, with perfect respect,   Sir   Your most obedient, and   Humble Servant
Alexander Hamilton.
The HonorableThe Speaker of the House of Representatives.


Title: To Alexander Hamilton from George Washington, 6 April 1792
From: Washington, George
To: Hamilton, Alexander

[Philadelphia] April 6, 1792. “… you will cause to be paid to Nicholas Ferdinand Westfall the sum of three hundred and thirty six Dollars out of the fund of Ten thousand Dollars appropriated for defraying the contingent charges of Government.…”


Title: To Alexander Hamilton from George Washington, 6 April 1792
From: Washington, George
To: Hamilton, Alexander

Sir,
United States 6. April 1792.

You will lay before the House of Representatives such papers from your Department as are requested by the enclosed resolution.
G: W.
NB. The papers alluded to are such as relate to the Expedition under Genl. St. Clair.


Title: To Alexander Hamilton from Jonathan Dayton, [7–8 April 1792]
From: Dayton, Jonathan
To: Hamilton, Alexander

Dr. Sir,
Thursday noon [April, 7–8, 1792]

I herewith enclose a letter which I have received from Messrs. Mackay & Dixey. The subject appears to be of some moment, and the objects may probably be attained, by an alteration in the bill about to be brought forward pursuant to your report on ways & means, if you do not dissaprove of it. I am still confined to my lodgings and shall be happy to speak with you on the subject.
Another letter respecting the claim of Perry & Hayes, is also enclosed. Be so good as to inform me whether you have yet made, or prepared, your re⟨port⟩ on that matter.
With very sincere esteem   Yours
Jona: Dayton
P.S. Be pleased to return the letters.


Title: Enclosure: Receipt from James Reynolds, [7 April 1792]
From: Reynolds, James
To: Hamilton, Alexander

[Philadelphia, April 7, 1792]

Received philadelphia. 7th. April. 1792. of Alexander Hamilton Esqr. Forty five dollars which I promise to pay on demand
James Reynolds
45 dollars


Title: [Detector], [9 April 1792]
From: Hamilton, Alexander
To:

[Philadelphia, April 9, 1792]


Title: To Alexander Hamilton from Jeremiah Olney, 9 April 1792
From: Olney, Jeremiah
To: Hamilton, Alexander

Providence, April 9, 1792. “Agreeable to your request of the 29th of March, I have, on receiving an Order and the enclosed Assignment, paid to the Marshall of Rhode-Island District, 2105 Dollars and 12 Cents; which sum, as you direct, shall be noted in my Weekly Returns until it is replaced. I beg leave to observe, on this Occasion, that in my last Quarter’s Accots., transmitted the 5th Instant, will be found 701 Dolls. & 93 Cents, paid for Drawbacks on Wine exported in the President Washington to the East-Indies, which was not included in my Estimate of Monies that would probably be demandable out of this Office by the 14th of May next; and which added to that now paid the Marshall, makes 2,807 Dollars & 5 Cents, which Sum I expect to be in want of in One Month from this Time.…”


Title: To Alexander Hamilton from Nicholas Romayne, 9 April 1792
From: Romayne, Nicholas
To: Hamilton, Alexander

Dear Sir,
New York. April 9th. 1792

Mr. Dodge who officiated sometime in the Custom-house Department in this City, I am informed was deranged on account of some neglect of Duty. Circumstances I am told have been so much in his favour that the penalty incurred has not been exacted—with the particulars of which I presumed you are acquainted.
He has served in the Armies of the United States during the late war, and his engagements there prevented him from acquiring a trade or profession—he has a large family—his numerous connections in this place are soliciting his being replaced & I am sensible if it be otherwise not against the good of the public service, they will gratefully acknowledge any kindness you may please to extend towards [him] as well as myself.
I have the honour to be   Your Obt. Servt.
Nics. Romayne
The Honble. Alexander Hamilton Esqr


Title: To Alexander Hamilton from William Seton, 9 April 1792
From: Seton, William
To: Hamilton, Alexander

My dear sir
[New York] Monday 9 April 1792

I did not answer your kind favour of the 4th. this morning as I wished to take in the occurrences of this day, in hopes something better would take place in the State of Credit from the arrival of the East India Ships and other large and valuable property but I am sorry to say it has not had the wished for effect, and every thing still is going down Hill. The extent of the evil, or the amount of Contracts &ca, it is impossible to form a judgement of but I understand from everybody that this week will be the most distressing period of any. I therefore deemed it best agreeably to the lattitude you give me, not to enter into the Market to purchase till Wednesday, before which many must make a settlement on differences between one another—& from inability of all parties they must have forbearance—purchases afterwards will be a real relief, and as 50,000 would be but a small sum to invest I feel a hope from what you say that tomorrow I may receive orders from you to extend the purchases. The Bank continues to discount twice a week on a deposit of Stock & has very considerably by this means extended its loans—but so many failures are daily happening that I fear many of our old Loans are in jeopardy. Before the last credit of 100,000 was put to the account of the Commissioner of Loans, there was a ballance due to him on our Books of 13,561 Dollars. He mentioned to me yesterday that he expected to give the Bank credit for 16,000 Dollars that would not be wanted.
The whisper of the day is very unfavorable, for should the report prove true that Mr. M_____ cannot or will not comply with his engagements, the distress already experienced is but a trifle to what is yet to be expected.
I am with the sincerest respect & esteem   Dear sir   Your obliged Obed Servt
Wm Seton
Alexr. Hamilton Esqr.


Title: To Alexander Hamilton from Thomas Jefferson, 10 April 1792
From: Jefferson, Thomas
To: Hamilton, Alexander

Sir
Philadelphia April 10. 1792.

Permit me to request the favor of you, to cause a warrant to be issued on the Treasurer of the United States payable to George Taylor Junr. to the amount of five hundred dollars, for defraying the contingent expenses of the department of State. I have the honor to be with sentiments of the highest respect and esteem &c.
Th: Jefferson.


Title: To Alexander Hamilton from Nicholas Low, 10 April 1792
From: Low, Nicholas
To: Hamilton, Alexander

my dear sir
New York 10 April 1792

The Failure of John Dewhurst may be attended with a total Loss to the Manufacturing Society of the Money intrusted to him—he remitted the Money to a Mr. Hill of London his partner subject to the order of a Mr. King of Liverpool to whom Mr. Hall sent the Order for the Goods. The Intelligence of Dewhurst’s Failure goes by the British packet saild yesterday to call at Halifax. Walker Duer Macomb & myself with the privaty of Mr. Hall have determined without communicating our plan to any other of the Directors to dispatch a pilot Boat to land a confidential Messenger at the first convenient port she can make in England with a Letter to Mr. King requesting him to repair immediately to London and secure the Money in the Hands of Hill, the Boat will be dispatched in two or three Days at farthest. We trust she will arrive Time enough before the packet to secure our object and have conceived it our Duty to adopt this as the only Chance of saving so large a Sum. This to your private Ear & I hope the Expedient will meet your approbation. The Directors are to meet here on the 17 Instant. We shall be glad to have such Communications as you may think proper for us. I fear Macomb will not be able to go thru all his Engagements. If he stops an almost universal Stoppage of Payment will ensue. I am duely favord with yours of 23. 29 & 31 Ulto.
Yours very sincerely
Nich Low
Alexr. Hamilton EsqSecretary of the Treasury


Title: To Alexander Hamilton from William Seton, 10 April 1792
From: Seton, William
To: Hamilton, Alexander

[New York, April 10, 1792. On April 12, 1792, Hamilton wrote to Seton: “I have your letters of the 10th & 11th.” Letter of April 10 not found.]


Title: From Alexander Hamilton to William Short, 10 April 1792
From: Hamilton, Alexander
To: Short, William

Sir.
Treasury DepartmentApril 10. 1792.

My last letter to you was of the 2nd instant.
It is proper that you be informed that a sum of eight thousand, three hundred and twenty five Dollars was paid here on application of Mr. de Ternant the Minister of France to himself and twenty two thousand Dollars to Mr. de la forest the Vice Consul General on the 21st. of February last, and the sum of one hundred thousand Dollars on the 12th. of March. Three further payments of 100,000 Dollars each are engaged to be made here in like manner, on the 1st. of June, on the first of September and on the first of December next, or before if convenient. All these are payments on account of the debt due to France.
I have the honor to be   with great consideration   Sir Your most obed. servt.
Alex Hamilton
P.S.   An account against the Government of France has been settled at the Treasury for arms, amunition &ca. amounting to Eight thousand Nine hundred and sixty two Dollars. of which a certified Copy is here enclosed. This is also on account of the debt due to France.


Title: From Alexander Hamilton to the President and Directors of the Bank of the United States, 10 April 1792
From: Hamilton, Alexander
To: President and Directors of the Bank of the United States

Gentlemen,
Treasury Department April 10th. 1792

I am induced by circumstances which have come within my knowledge to inform you, that the operation suggested in my letter of the 19th ultimo continues to be desirable in relation to those, who have payments to make at the Custom house in the course of the current Month. You will consider it as it concerns the convenience of the Bank of the United States.
I have the honor to be, with   great consideration   Gentlemen, Your most obedt Servt
Alexander Hamilton
The President, Directors & Co ofthe Bank of the United States