Title: Enclosure: [State of the Sail Cloth Factory in Boston], [13 October 1791]
From: Hamilton, Alexander
To:

The Sail Cloth Factory in Boston employs about 200 Women & Girls together with about 50 Men, the whole of the latter with a major part of the former depend solely on the factory for a maintenance. At present only 30 Looms are improv’d, which produce from 45 to 50 pieces of Duck ⅌ week, though the Works are Capable of turning out 90 or 100 ps ⅌ week, provided a sufficient supply of Flax could be obtaind, and at a price that would envisage the prosecution of it to that extent.
The Government Bounty of 8/ a ps. (which ceases at the close of this year) enables the Proprietors to give the present high price of 6½d Le Mony pr. ld for Flax: but should that exorbitant price continue & the Legislature refuse any further aid, the Proprietors must be necessitated, either to advance upon the price of their Cloth or discontinue the Manufacture, as hitherto it has not afforded a profit of one pr Cent (independent of the Bounty) upon the Capital employ’d. In the first case the Merchant who purchases the Cloth would be disgusted, and would again commence the Importation of Russian Canvas and would undersell them so far, as to discourage the use of the American Cloth; so that either alternative must terminate in the Abolition of the Manufacture.
The Buildings already erected have cost upwards of 4000 Dollars, and the Tools &ca employ’d have stood them in above 2200 Dollars, so that 6200 Dollars of the Capital remains totally inactive, and Should the Proprietors be reduc’d to the necessity of annihilating the Business they must be subjected to at least the loss of one half the cost of the Buildings & Tools. But on the other hand, Should the General Government or their own State continue to patronize it by affording a Bounty or laying an additional Duty on foreign Duck they may encourage the present Proprietors to continue the Business till such time as the Country may get into the practise of growing three times the quantity of flax they do at present, when, & not till then will the article be obtaind at a rational price, as previous to the Revolution & at the Commencemt: of the Manufacture the best of flax could be bought at 4 d & 4¼ d. pr. ld which shews the necessity that the Cultivation of the Raw Material should go hand in hand wth ye Manufactures.


Title: Enclosure: [State of the Nail Manufacture in This Commonwealth], [13 October 1791]
From: Hamilton, Alexander
To:

The State of the Nail Manufacture in this Commonwealth is rather discouraging, at present, than otherways, as there is not sufficient brought to the Market to answer the Demand, owing in some measure to ye increas’d cultivation of their farms, as most of the workmen in that Business are Farmers, and attend to the Nail making, only in the Winter season, except in the Towns of Bridgwater, Norton & Taunton, where they have regular & Steady Establishments that affords constant employment to a great number of workmen, one concern only in the latter Town turns out a hundred ton of Nails in a year. And the Deficiency of the business may in some part be owing to an Act of the Legislature, that obliges the several sizes of Nails to be made of a proper length & thickness So as to afford a thousand nails for the weight assignd to each Denomination, which checks their obstinate propensity, to do as they please, and fabricate the Nails So large as to count only 800 for the weight that ought to produce a 1000. The price being advanc’d from 5/9 to 6/8 ⅌ m for 10d Nails by the Cask, will induce great exertions in the Manufacture after ye harvest is in.
Previous to the Revolution there were annually Imported into this Commonwealth about 7 or 800 ton of Nails, and for several years past very inconsiderable quantities have been brought from Europe. So that insted of depending on a foreign supply they have not only manufactur’d Sufficient for home Consumption but have exported large quantities to the southern states.


Title: Enclosure: [The Various Manufactories of the Commonwealth of Massachusetts], [13 October 1791]
From: Hamilton, Alexander
To:

The various manufactories of the Commonwealth of Massachusetts, finish upwards of Ten Thousand dozen pair of cotton and wool cards yearly; two thirds of these are exported to the several States; they average at the price of Five Dollars and an half per dozen, and produce Fifty five thousand dollars. Four fifths of the whole are made in the Town of Boston. One house alone completes Six thousand dozen per annum: This gives employment to at least One thousand Six hundred women and children, who stick them: If to them, we add the great number of persons, who are busied in manufacturing Thirty thousand Sheep Skins; those who make eight million of Tacks; others engaged in the wood work; and the hands employed in cutting wire, and completing the cards, this manufacture may be allowed to furnish the principal means of subsistence to Two thousand five hundred people.
About one hundred and fifty casks of wire at Twenty five pounds per cask, are imported annually, which is all that depends on a foreign source. There is a hope, that even this trivial import will shortly cease, as some ingenious mechanicks have in contemplation a work of this kind.
The importation of tacks, which at the commencement of these works, was common, is now nearly abolished. The tacksmiths, within Twenty miles of the capital, furnish sufficient for home consumption, and export a great quantity abroad.
The manufactory of Mr. Giles Richards and company, is reputed the largest in the Commonwealth. Their improvements in cutting wire have excited the attention of Judicious Europeans; and models of two of their principal machines, were lately purchased by an English Gentleman for nearly one hundred pounds sterling. These Gentlemen are daily profiting by new and happy inventions, which diminish the toil of labor, expedite work, and lessen the price of cards. The present year they have completed machines, for cutting boards, which form both the concave and convex parts, to great perfection, at a very few strokes. A lath, is also invented for turning the handles either oval, flat or round, with great ease and facility. At present the works are in such perfection, that Eight men can turn out Fifty dozen per day.


Title: To Alexander Hamilton from Timothy Pickering, 13 October 1791
From: Pickering, Timothy
To: Hamilton, Alexander

Philadelphia Octr. 13. 1791.
Dear Sir,

When I received your letter of the 13th of August, I did not consider it with the attention which would have been necessary if at that time I had attempted to answer the questions you propose. Now it appears to me impossible to do it, with any degree of precision. It then struck me that certain communications to the Society of Agriculture of this city would have furnished the principal documents required, on the subject at large: but upon a review of them (after a lapse of several years,) I find I was mistaken.
In my late absence from the city, I meant to have made enquiries, in the counties thro’ which I travelled in this state; but here also I was disappointed; not meeting with any farmers sufficiently informed.
From the farms in my neighbourhood (from which you naturally expected me to collect accurate information) no conclusions can be drawn. Their peculiar situation in respect to title & their quality rendering them exceptions to most of the farms in the United States. Their title being in suspense between the claimants under Connecticut & Pennsylvania, prevents their due cultivation & improvement; and the parts under cultivation are almost exclusively the bottom (or intervale) lands adjacent to the river susquehannah and its branches. The residue of the country is without inclosures, where the cattle range at large, and where, till within four years past, the people cut wood for timber & fuel at discretion, without regarding their own lines of property. This singular state of the Wyoming farms precludes the idea of fixing their value. Their contents, generally are 300 acres, of which, upon an average, not 30 acres are reclaimed from a state of nature. The average produce of their cultivated grounds I estimate as follows—

Wheat
15 bushels per acre
}
Without manure.
}

Rye
12

Oats
25

Buckwheat
15

Indian Corn
25

Hay
 1½ ton

Mr. Bordley of Maryland (in a pamphlet published in 1784) remarks, That Mr. Young, the English Travelling farmer, has ascertained, that 289 acres are the average size of farms in England; of which 140 are in grass; & the remaining 149 are called arable; altho’ only 112 give crops; the residue, 37 acres, contains the buildings, orchard &c. Mr. Bordley estimates the average size of Maryland farms at 240 or 250 acres exclusive of woods; and their average produce at 6 bushels of wheat & 12 of Indian Corn per acre. An intelligent Jersey farmer (in a communication to the Agricultural Society here) rated the average produce of wheat in that state to be under 6 bushels. Doctor Tilton thus states the produce of land in the Delaware state “an acre of ground will produce of Timothy from one to two tons of dry forage; of red clover, from 2 to 3 tons; of Indian corn, from 15 to 50 bushels; of wheat from 6 to 20 bushels; of barley and rye, from 10 to 35 bushels; of oats and buckwheat from 15 to 30 bushels; of Irish potatoes, from 100 to 300 bushels.” If the doctor meant that the mean quantities should be considered as the average produce, the land in the Delaware state must be more fertile or better cultivated than the land of any of the old states in the union.

I have made a few enquiries relative to the sizes of farms and their divisions into meadows, pastures, arable & wood land, in this state & Connecticut: but the answers were not satisfactory; and as your application to me respected only land in “my quarter” it may be useless to state them.
As it is thus in my power to give you only such very imperfect information relative to the subject of your investigation, I hope you may have taken measures to obtain from others what will answer your design. I think, however, it will be impossible to ascertain the requisite facts with precision: for I doubt whither one American farmer in a thousand has determined by actual admeasurement, the sizes of his fields and their produce.
I am & c.
A. Hamilton Esqr.Secy of the Treasury


Title: To Alexander Hamilton from William Ellery, 14 October 1791
From: Ellery, William
To: Hamilton, Alexander

Collector’s Office [Newport, Rhode Island]Oct. 14th 1791
Sir

Inclosed is the form of the bond and oath given and taken by the Exporters of Distilled Spirits in this District. Please to revise, and correct them, and return them, or to furnish me with other forms as soon as may be convenient.
It is made a question whether by the addition to the provisions contained in the fortieth and forty-first Sects. of the Act intituled an Act to prove more effectually for the Collection of duties &c the privilege of giving bond with Condition for the payment of the duties on teas in two years from the date of the bond is extended to teas imported from Europe or from any other Country than China. An early solution of this question will greatly oblige &c.
I am Sir Yr. most obedt: servant
Wm Ellery Collr A Hamilton Esqr.Secry Treasy.


Title: To Alexander Hamilton from Thomas Lowrey, 14 October 1791
From: Lowrey, Thomas
To: Hamilton, Alexander

Alexandria in New Jersey October 14th. 1791.
Sir!

Agreeably to my promise when I last had the pleasure of seeing you, I am to inform you of the prices of the sundry articles of Provisions, Fuel, Labour &c. in the upper part of Hunterdon County & of Sussex County within this State, from twenty to forty Miles above Trenton in the Neighborhood of the Delaware and Raritan Rivers, & shall proceed in such order as appears to me regular Vizt.

Wheat Flour
15/.
⅌
Cwt.

Rye   ditto
10/.

do.

India Corn.
3/.
⅌
Bushl.

Buckwheat
2/.

do.

Pork
3d.
@
3½ ⅌ lit

Beef
2d.
@
2½ do.

Mutton
2½
@
3.   do.

Veal
2.
@
2½ do.

Butter
7
@
8.   do.

Potatoes
1/6
@
2/. ⅌ Bushl.

Turnips
9
@
10d. do.

Poultry of all kinds very plenty & low Priced.

The above quoted prices have been nearly the Average for these many years past, but there are instances of some of the articles rising at certain periods, and some other periods lower than the above quoted prices, particularly wheat flour.
The article of Fuel, as Wood, is at present in the above described limits, abundant, and may be purchased standing at the rate of one shilling per Cord, & if delivered at any place of Landing may be had at the rate of, from seven shillings and six pence to Ten shillings ⅌ Cord, for I should suppose one hundred years to come, as there are vast quantities of Wood on the Hills adjoining the Delaware for one hundred Miles up, which with ease may be collected & rafted down on the Water. I would further observe the article of Coal as in my opinion worthy of a degree of consideration for a future resource as to fuel, and shall here take the liberty to mention that the Mountains on the Susquhannah in the Neighborhood of Wyoming and up the Lakawanick (which is not far distant from the Delaware, and on the same Direction of Mountains which Cross the Delaware) contain in their Bowels, quantities of Coal, of the Kindly or blazing kind almost inexhaustable. They are found so near the surface as to require very little trouble or expence in mining, & answer effectually every purpose for which coal is usually employed except tempering Scythes &c. and this can be easily remidied by a small addition of Charcoal. From this circumstance as the distance is not very considerable the conjecture is a natural one and far from being improbable that the mountains on the Delaware are also impregnated with this valuable and useful material. To this opinion I am not led merely by conjecture, for in the periodical Floods which we have in the Delaware it has been frequently observed that stumps of Trees which were brought down by the Torrent had small quantities of Stone Coal adhearing to their roots. This then puts it past a conjecture that the Coal exists on the Delaware, and the period I hope is not far distant when the Discovery of its local situation will be made, so as to be a principal aid in the Establishment of Manufactories in this part of the Country.
As to the hire of Labour, I shall also give you as exact an account as I am able. The Labour of an able bodied Man may be obtained for, from fifteen to eighteen Pounds per annum if found in provisions and Lodgings, if found by himself, the Labour may be obtained at, from twenty five to twenty eight Pounds per annum. The Labour of a Woman as above from seven to eight Pounds, if found, if on the contrary the same allowance for finding themselves as above. Those prices for Labour it is to be considered is to be applied to prime hands, and the proportion may be easily calculated as to inferiors & youths of both sexes, according to the weight of the Labour.
With respect to the transportation of produce down the Delaware, as far as to where the tide meets the Current, or Trenton Landing, is by Boats commonly called Durham Boats, which carry with great safety, from Ten to Twenty Tons burthen down, & will bring from four to eight Tons up. The cause of the difference of burthen in these Boats, is calculated for the purpose of keeping one or both of them employed as the Water Suits. The smaller description are altogether employed when the River is so low as not to admit the large ones to carry a load, but there is a probability of the Navigation of the River being much improved, by the obstructions being removed, which were in several of the falls in the River. This work has been carried into effectual execution in some places last Summer, & it is Thought will be generally so in the event. When this improvment is effected it will admit of Boats of much greater Burthen & will consequently reduce the price of freights. Thes Boats for the most part go down to Philadelphia with almost all the Produce raised in the Country. The average time of these Boats in making their trips is four to five days going and coming. The freight of the large boat for one trip is from seven to eight Pounds and the small one in proportion as the former takes five hands to work it, the latter but three.
The soil of the Country is extensively luxuriant. The Hills covered with wood, the Vallies fine arable Land, & largely proportioned with Meadow Ground. The healthy situation of this part of the Country is so well known as not to need any explanation on that head.
The situation of Musconectcong River which empties into the Delaware, is not more than 45 Miles from the City of Philadelphia by land, & seventy Miles by Water. Its being so remote from the Cities of Philadelphia & New York, will ever prevent the rise of Provisions and Fuel. The most eligible Stream for heavy Works, or Works of any kind within my knowledge in this State, is the above-mentioned Musconectcong, where materials for erecting Buildings of every kind are in abundance & Cheap. Vizt. Square Timber, Boards, Shingles, Slate, Stone, Stone lime &c &c. Boards of inch & quarter Thick from 50/. to 60/. ⅌ M feet. Shingles from 50/ to 60/. ⅌ M, first quality. Stone easily to quarry and at hand, good Stone Lime delivered at seven pence ⅌ Bushl. Sand also at hand. There is a Mountain sixteen Miles up the River from this situation, which will produce any quantity of Slate.
I hope to be in Philadelphia in the course of the ensuing Week when I intend to do myself the pleasure of waiting on you in Person. In the interim I beg leave respectfully to submit the foregoing & remain,   sir   Your very obedt. & humble Servant

Thomas Lowrey
Alexander Hamilton Esqr:Secretary of the Treasury


Title: To Alexander Hamilton from George Washington, 14 October 1791
From: Washington, George
To: Hamilton, Alexander

Mount Vernon Octr. 14th. 1791
(Private)
My dear Sir,

When I addressed a private letter to you a few days ago I had no more idea that Monday the 24th. instt. was the day appointed for the meeting of Congress, than I had of its being dooms-day until it was mentioned to me in a letter which I have just received from Mr. Lear (who was under the like mistake). It had taken such deep root in my mind that the last monday in the month was the time that I never consulted the Law or made any enquiry about it and meant to move leizurely on in the course of next week for Philadelphia & for that purpose had directed Page to send off his Stage Coach so as to be at George-Town on tuesday the 18th. This discovery, however, will oblige me, as soon as I am provided with the means, to accelerate my Journey, and it induces me at the same time to urge you more earnestly to be prepared against my arrival with what my last requested.
How far, in addition to the several matters mentioned in that letter, would there be propriety do you conceive, in suggesting the policy of encouraging the growth of Cotton, & Hemp in such parts of the United States as are adapted to the culture of these articles? The advantages which would result to this Country from the produce of articles which ought to be manufactured at home is apparent but how far bounties on them come within the powers of the Genl. Government or it might comport with the temper of the times to expend money for such purposes is necessary to be considered and without a bounty is given I know of no means by which the growth of them can be effectually encouraged.
The establishment of Arsenals in convenient & proper places is, in my opinion, a measure of high national importance meriting the serious attention of Congress; and is one of those measures which ought to be brought to their view.
Yesterday I received the resignation of John Spotswood Moore Surveyor of West Point in this state. I mention it now, that if opportunities should present, you may make the necessary enquiries into the fitness of Alexr. Moore, his Brother whom he recommends as a Successor.
With affectionate regard   I am ever Yours
Go: Washington


Title: To Alexander Hamilton from Thomas Lowrey, 15 October 1791
From: Lowrey, Thomas
To: Hamilton, Alexander

Alexandria New Jersey 15th: October 1791.
Sir!

I did myself the pleasure of writing you yesterday and as an immediate conveyance presented itself, I must confess that being eager to come forward with what information lay in my power, as early as possible, through hurry I had omitted one very particular observation which I fully intended to have made. I have therefore taken the Liberty to address you again and shall make my omission the subject of this Letter.
In my letter of yesterday the method of transportation down & up the Delaware and also the Price of Freights constituted a part & I should have observed that altho’ this transportation will consequently be attended with expence to a Manufactoring Society, I would here place against such charge the low price at which Fuel can be obtained in this part of the Country, & in order to strengthen a calculation which has been had on that part of the business, a Number of Gentlemen would readily enter into contract, safely to insure & conduct all materials and products of the manufactory to & from the Mouth of Musconectcong to the Landing of Trenton for the consideration of the difference which may be between the price of Fuel & provisions for the supply of the Manufactory, (which may be estimated) between the situation on the Musconectcong and any other situation which may shew a colour of competition. I am induced to observe this in particular knowing that several surveys have been made of the different Streams of Water, within this State, & perhaps several yet about to be made in, or near it.
As I mentioned in my letter of yesterday my hopes of waiting on you in Person in the course of the ensuing Week I still hold, when I shall explain myself more fully than the bounds of a letter will reasonably admit.
I remain respectfully,   sir,   Your very obedt. & hum: servant
Thomas Lowrey Alexander Hamilton EsquireSecretary of the Treasury


Title: To Alexander Hamilton from James McHenry, 15 October 1791
From: McHenry, James
To: Hamilton, Alexander

Baltimore 15 Octbr. 1791.

The electors of the Senate of Maryland have chosen me one of the Senate of our State legislature, and many of my friends are urgent that I should accept. As yet I have given no answer. If you still entertain the project you mentioned to me when in Philadelphia it may somewhat influence my determination. Perhaps the complexion of several European powers, as it respects France, and the claims for succours she may bring forward under the 11th article of the treaty of alliance, in case of being attacked, may render the presence of a ministerial character necessary at the Hague, as a spot which can afford a tolerable view of the parties likely to be concerned. Perhaps too it is an eligible situation to forward our commerce with the Northern nations as well as England, at least it would seem a position which might enable a qualified person to watch the course of trade, and improve favorable conjunctures. But if the chief object would be your loans or financial operations I think I could give you entire satisfaction. I have been led thus far into a change of sentiment, since we spoke together on this subject, by an alteration in my health, which I flatter myself would be benefited by the voyage and the new materials with which the employment would furnish my mind. Should things take the turn you wi⟨sh⟩, you will readily conceive that I ought to be allowed some time for preparations as I must take my family with me.
But whether here or elsewhere, in sickness or heal⟨th⟩ I shall always my dear Hamilton be your sincere friend.
James McHenry


Title: To Alexander Hamilton from Jeremiah Olney, 15 October 1791
From: Olney, Jeremiah
To: Hamilton, Alexander

Providence, October 15, 1791. “Enclosed is my Return of Exports from July to September inclusive, amounting to 55,805 Dollars & 33 Cents.…”


Title: To Alexander Hamilton from William Skinner, 15 October 1791
From: Skinner, William
To: Hamilton, Alexander

United States Loan Office, [Hillsboro] NorthCarolina. October 15th. 1791.
Sir

The state of North Carolina, (as was expected) continued to press their Certificates on me to be received on Loan, Agreable to your orders, I received them, amounting agreable to Mr. Child’s own calculation, aparently to 409.570. dolls. & 17 Cents, for which I have given a rect. agreable to orders. The 22.415. dolls. & 10 Cents which had been brot. in by Duncan Mc.Rae for Duncan Mcauslen, for which I had given a rect. is no⟨t⟩ acknowledg’d to be part of the Pubs. Certificates. The inclosd. is in Substance a copy of the rect. given for the Certificates recd. on account of the State.
I am most Respectfully   Your most obedient Servant.

W Skinner.
Honble. Alexander Hamilton Esqr.


Title: Enclosure: [Acknowledgment of North Carolina’s Certificates of Debt], 30 September 1791
From:
To:

United States Loan Office. [Hillsboro] North Carolina.30th. Septr. 1791.

Thereby acknowledge to have received into my office, of Francis Child Esqr. on account of the State of North Carolina, Sundry Certificates of the said State’s debt, amounting in the whole agreable to Mr. Child’s own Calculation to four hundred & nine thousand, five hundred & Seventy dollars, and Seventeen Cents, which Certificates are to remain in my Office, subject to the Decision of the Secretary of the Treasury of the United States; before any further proceedings be had thereon, in consequence of the said Deposit. Given under my hand &c &c.


Title: To Alexander Hamilton from George Joy, 16 October 1791
From: Joy, George
To: Hamilton, Alexander

London 16th. Octr: 1791
Alexander Hamilton Esqre.
Sir

I know not how far the documents I requested from you before I left America (Vizt. pr my letter 20th Octr: 1790) might have enabled me to obtain such information respecting any arrangements forming here or in Amsterdam, for speculations &ca. in American Debt, as would be worth your attention. Without them, however, little information has occurred wch I was not pretty well assured you must receive advices of from other Channels (or the witholding those documents under an Idea of Impropriety in such Communications would not have prevented my writing you); and the Communication of the opinions I have met with on your financial arrangements were not alone sufficient to warrant my troubling you with a letter wch could not arrive with you until the Effect of your plans should constitute a higher panegyrick than the Encomiums of the best skilled and most experienced in subjects of this Nature; or I might have informed you that on the subject of your Bank Report the Gentn: I have conversed with both here and in Amsterdam have expressed a full approbation and admiration, of that sound Judgement wch could hazard an opinion that the irredeemable quality of the 6 pr Ct stock should be consider’d an equivalent for taking a lower rate of Interest than the Contract entitled the holders to, when the Debt itself was to be bought for less than half it’s nominal value, which opinion the Event has verified; and that the same person who under those Circumstances would hazard such an opinion, wch had so much the appearance of a sanguine and immature disposition, should exhibit such wariness and precaution not to commit himself on the Subject of establishing a plurality of Branches; the Utility of wch will probably be dictated by Experience, but which will grow more naturally and with less danger to the root from being gradually cherished.
The recommendation to the Maintenance of the Inviolability of property and Contracts and the truly valuable Consequences expected to be derived therefrom are register’d among the number of Instances of your opinion of the necessity and good policy of literally maintaining the public faith—hardly have the United States escaped the Censure, the most expensive as well as most destructive of all Governments—that of a breach of the public faith. The operation of the funding Bill by new modelling the Debt and particularly by placing the Indents on a three pr Ct. Interest must have been considered compulsory, were it not for the provision in the Bill that the Contracts of those who should not subscribe should not be impaired but remain in full force and virtue; and as it is it has been attended with immense difficulty to Individuals who were so circumstanced that they could not retain their property of this kind until the presumed Ability of the Country should be so fully ascertained by Experience that they could with Confidence make a demand according to the express tenor of their Certificates. I know an Instance in wch principal to a large Amount (say 140 M Dollars) was given in Exchange for Interest upon the terms of 1⅔ rds Dollars Principal for one dollar Indents; so fully confident was one of the Parties, from the attempts made under the old Government to make an early provision for calling in the Indents, and the common Ideas, that pending the Ability of the Public to pay the Principal they would exert their first Efforts to discharge the Interest. I say I know this fact and ’tis to my cost I know it, as the Loss thus sustained by the Party has render’d him incapable of paying his Creditors among whom I myself stand the most formidable and to a very alarming Amount. By loaning more than fifty thousand pounds sterling in the Month of March last at an Interest of 5 pr Ct: free of all Charges I have prevented a sacrifice of near 300 M Dollars of this species of Debt, and a large amot: of the foreign Debt of So: Carolina on wch I have an hypothecation, wch have since risen very much in value; but on the Justice of the Public by making this debt equal to the specific Contract on wch it stands, either by an actual payment or by funding it at such rate of Interest as will bring it up to it’s nominal value, I depend for the means of re-imbursing the sums for wch I am thus Creditor to the Public. You may remember, sir, (if your very important avocations have not intervened to prevent it) a suggestion I once took the liberty to make to you that on a presumption that the revenue granted would pay 4½ @ 5 pr Ct: on the full amount of the Debt; as much might be hired in Europe for 3 @ 5 Years as would make up the deficiency, under Condition, that, if it should be ascertained by an average of that number of years that the revenue was competent to the payment of that Interest without risque of deficiency, you should be intitled to receive such sum from the Parties on a similar Interest as would pay the whole Debt, if required, or such part thereof as the present holders would not choose to subscribe on the same Conditions. In this opinion I am fully confirmed, with this addition that if no Infringement had been made upon existing Contracts, or if the Ability of the Government being now ascertained those who have waited the Event, render an Assurance that their Contracts should not be infringed, should meet that Justice wch the Constitution and the funding Bill, as well as the specific Tenor of their demands entitle them to; the Money might in all probability be hired at a lower rate of Interest even than 4½ pr Ct:
There is now an attempt making in this City to loan Money on American security at 4½ pr Ct: I have not yet ascertained whether ’tis an accot: of our Government or private speculation and am apprehensive I cannot know until after the sailing of this ship. If it is for Government you will know it of Course; if not such information as I may obtain shall be at your service. The Object, I understand, is either to purchase or pay off the french Loans. ’Tis pity that an opportunity for paying that Debt at so very favorable an Exchange as the present should be lost. ’Tis probable that the Reflux of Money to France in Consequence of the Completion of the Revolution which is now pretty generally acknowledged to be beyond any material Controversy, will soon induce an alteration in the Exchange favorable to that Country tho’ the general Market Rate of Interest in Europe may not be materially or for any length of time alter’d thereby.
It would render me very essential service to be informed by you of any measures adopted or likely to be pursued for the early discharge of the unsubscribed Debt; or for admitting any proportion thereof in payment of Loans of Money at the same or a less rate of Interest than what the U.S. have lately paid; being confident that such a plan might be pursued with advantage to the Character of the U.S. as a people, with a certain ultimate benefit to the finances of the Country and perhaps an immediate diminution of the annual Expenditure or, at all Events, of the just annual claims upon the public. I pretend not to any Claim to such information but such as arises from a sincere disposition to repay the Obligation by any personal services; or (which I know to be more acceptable to you) by any services wch it may be in my power to render you in your official Capacity by the Communication of facts that may come within my knowledge. Were the sum larger I might with Confidence urge such information being early conveyed to me as an Object of Policy. Circumstanced as I am an early arrangement or an early assurance under the Authority of your opinion of the probability of such arrangement may make the difference between 300 M Dollrs (say three hundred thousand Dollars) of this debt and more than £30 M stlg (say thirty thousand pounds sterling) of the foreign Debt of So: Carolina being held by foreigners or a Citizen of the U.S. I have so large a sum to pay in Holland on the first day of April next (for wch I must be providing myself some Weeks before) that in the fullest Confidence and satisfaction that no dishonorable advantage will be suffer’d by you to be taken of my situation to purchase for the Government at an under value I will frankly confess to you that it will not only be impossible for me to hold them unless such arrangement be, at least in a train of formation; but I shall be obliged to abandon them to foreigners at a very low rate perhaps, under the fetters in wch they are held, not more than 10/. pr £, not only suffering thereby the loss of those benefits wch from an unshaken Confidence in the Magnanimity of the Government, even in the most trying times, and my consequent speculations in the funds, I had a reasonable right to expect; (for any part of wch my prospects of payments are very much clouded) but the loss of very heavy Sums for which I am actually in advance without the prospect of re-imbursement but from the above source. I say were the sum larger I should with Confidence urge this Argument; as it is you may not perhaps think it unworthy your attention. If so, knowing as I do your opinion of the difference in a political View between paying a larger annuity

   I mean a larger Interest on the sum actually received from a Foreigner.

 abroad or a smaller at home, it would be a needless waste of your time to bring before you any Arguments on the subject. You will readily conceive from what I have written above that I should be able in Case the Funds were put on a more respectable footing to loan such sums on an hypothecation of them as would prevent the necessity of a sacrifice by Sale.
I have confined myself above to the promise of furnishing you with any information that may occur to me. A cordial aversion from the imputation of having led any of my friends to expect from me what in the Event I may find myself unable to perform prevents my making you a tender of more important services; and I do not feel warranted to assure myself of the Ability to raise large loans for the public (tho’ some Connections I am now forming make it presumeable). I would, however, gladly bring forward in the line of a Co-adjutor such powers as I may possess in aid of such plan; being very desirous of establishing a precedent wch would prevent the advantage naturally taken of your having given a large Interest to ask a large Interest—a Circumstance wch however trifling it must appear to a reasoning mind does actually occasion (especially when combined with the Circumstance of an apparent, magnified by the Money lenders into a real, breach of Contract) a demand for a larger Interest than is paid by States less able to pay their debts and subject to numerous evils operating a greater risque of the Capital than can be supposed to exist with us; and such Precedent I presume may be successfully established by Loans at a lower rate of Interest tho’ the unsubscribed Arrears of Interest or even the 3 pr. Ct. Stock were receivable for a large proportion of the Amount.
I mention the modification of the unsubscribed Debt in some such way, as perhaps more likely to meet the Concurrence of the Legislature; tho’ for my own part I am clearly of opinion that to fund it according to the express tenor of the Contract redeemable ad libitum would be most profitable as well as on all other accounts the best mode that could be pursued. It would effectually preclude any just Complaint of a breach of Contract and therefore must meet the Concurrence of the Creditors; it would enhance the Credit and respectability of the U.S. and enable them to loan Money in future at as low Interest as any State in Europe; and they might in a very short time avail themselves of the Consequence of those pacific principles resulting from the enlightened and improving State of Society to loan at a much lower rate than your prudence would suffer you to hazard a Conjecture of in your report of Janry 1790.
Any Apology for the length of this letter would only add to what is already extended far beyond what I intended troubling with. I therefore finish it with the Assurance that I am with perfect Esteem and Respect,
Sir,   Your obedt. & very hble servt.
Geo: Joy Address No. 56 Hatton Garden.


Title: To Alexander Hamilton from George Joy, 16 October 1791
From: Joy, George
To: Hamilton, Alexander

(Duplicate)
Alexander Hamilton Esqre.
London 16th. Octr. 1791
sir

I beg leave to submit to you the following Calculations and Observations wch led to the Conclusions in my letter of this date—and first in Corroboration of what I have there said respecting the french debt that “’tis pity the opportunity of paying it at so very favorable an Exchange as the present should be lost.”
The sum due to foreign Officers Vizt: 186,427 Dollars

   I think you contemplate this and all the debt payable in France as redeemable at the pleasure of our Government. I observe there is an express provision for it in the loan of the 16th. July 1782 for 18 millions of livres. I have no Copy of that for 6 millions for 1783 but presume it must contain the same proviso.

 pays an annual Interest of 6 pr Ct; of this debt therefore

100 Dollrs. now pay
6 Drs.

100 Dollrs. @ 22 Excha.

   0d. Stg pr demi Ecu (the rate here contemplated as the par of Exchange) is the precise rate of Excha: used at our Treasury Vizt: 108 sous pr Dollar of 4/6 Sterlg.

 (say 22d stlg pr demi Ecu or 3 livres) would be equal to or be paid for at 73 Drs. 66⅔ cents the Interest on wch if loand at 4 pr Ct: would be only}
2–94⅔ Cents

leaving a benefit to the U.S. of more than half the Annuity Viz}
3 Drs 5 ⅓ Cents   Pr Ct.

Again
100 Dollrs now pay
6–

73–66⅔ @ 4½ pr Ct: would pay
3–31½

Annual benefit to the U.S
2–68½

The above Calculations are at what the Excha: has stood at for some time past, it is now risen to 23 ⅛ at wch rate the following are computed

Vizt: 100 Drs. now pay
6.

@ Excha: 23⅛ the principal might be discharg’d for 77–8⅓ Cts loaned at 4 pr Ct
3– 8⅓

   Annual benefit to the U.S
2–91⅔

Again
100 Dollrs. now pay
6–

77–8⅓ loan’d at 4½ would pay
3–46⅞

bonus
2–53⅛

We will now suppose the Excha: to rise to 24

   At this Excha: 100 Drs wch now pay
6–

   might be discharged for 80 wch at 4 pr Ct. would pay
3–20

leaving a benefit to the U.S. of
2–80

Again
100 Dollrs. pay
6–

80 Drs. loaned at 4½ would pay
3–60

leaving to the U.S. an annual bonus of
2–40

That part of the French Debt wch pays 5 pr Ct: may be thus stated

100 Dollrs pay
5–

Excha: 22:
73–66⅔ loan’d at 4 pr Ct: would pay
2–94⅔

Annual bonus to the U.S.
2– 5⅓

Again
100 Dollrs. pay
5– –

73–66⅔ @ 4½ pr Ct: would pay
3–31½

Annual bonus to the U.S.
1–68½

Again
100 Drs. now pay
5–

Excha: 23 1/8
77–8⅓ @ 4 pr Ct:
3 –8⅓

Annual bonus to the U.S.
1–91⅔

Again
100 Dollrs now pay
5–

77–8⅓ @ 4½
3–46⅞

Annual bonus to the U.S.
1–53⅛

Again
100 Dollrs. now pay
5–

Excha: 24
80 Dollrs. loaned at 4 pr Ct: would pay
3–40

Annual Bonus to the U.S.
1–80

Again
100 Dollrs. pay
5– –

80 Drs. @ 4½ pr Ct:
3–60

Bonus to the U.S.
1–40

I cannot but remark here how fully the application of the smallest of those Surpluses to the reduction of the principal would evince the Doctrine in your report of Janry. 1790 that the great secret of Finance is to obtain an Excess of Revenue beyond the Expenditure; and if this were effected in Consequence of the present Government holding inviolable existing Contracts, how fully would it confirm the Assertion in the General’s Circular Letter to the Governors of the different States on leaving the Army that Honesty in States as well as Individuals must ever be found the best and soundest policy. I quote from Memory—perhaps not literally but I am confident I am not mistaking in the substance.
The following Calculations are consonant to my Suggestion of benefits to be derived to the U.S. by admitting a proportion of the unsubscribed Debt in part payment of Loans to be contracted &ca:—and I shall confine myself to that part of the unsubscribed Debt wch pending the ascertaining of the Ability of the Government to discharge all its Obligations, and while there was hazard of inability received a temporary provision very inadequate to what was made for other parts of the Debt having on no principle a higher Claim. The advantages to result to the U.S. are on a Comparison of what they now pay (not what the unsubscribing Creditor is entitled to receive) with what they would pay in the Event of loans being contracted on the following principles.

300 Dollrs. 6 pr Ct Stock now pay
18

100 Drs. Indents      do:
 3

21

400 Dollrs. loaned at 5 pr Ct: (¼ receivable in Indents) would pay
20

being less than is now paid
 1 Dr. pr Annum

on 400—equal to ¼th pr Ct:

On every 100 Dollrs. you pay 2 Drs. pr ann: of the Principal, stopping thereby an Interest of 12 Cents for wch if you hire the Money at 5 pr Ct: you pay 10 Cents

   If you have an Excess of revenue that will do this so be it; but it does not in any degree alter the principle of Calculation while the Market rate of Interest or the benefit that the Government might derive from the Use of it is not less than 5 pr Ct:

 leaving to the U.S. to operate a reduction of the principal 2 Cts pr 100 Dollrs. whereas by the above mode you would have 25 Cts pr Ann: to apply to this purpose. It will be needless to repeat the Increase of benefit in this View under the following Calculations.

Again
as above
21

   400 Dollrs. loan’d @ 4½ (¼ receivable in Indents)
18

   being less than is now paid
 3 or ¾ pr Ct.

Again
as above
21

   400 Drs. loan’d at 4 pr Ct: (¼ receivable in Indents)
16

   being less than is now paid
 5 or 1¼ pr Ct:

Again
200
Dollrs. 6 pr Cts now pay
12–

100
Drs Indents
 3

300
Drs. loan’d at 5 pr Ct: would pay the same Sum
15.

(a) If this plan should meet the Acquiescence of the Creditors therefore the Object would be valuable but no specific gain on a Comparison with what is now paid

Again
as annex’d
15

300
Dollrs. loaned at 4½ pr Ct (⅓rd payable. in Indents) would pay
}
13–50

leaving on 300 Drs. Principal an Annuity of
1–50 equal to ½ pr Ct:

Again
as above
15–

300
Drs. loaned at 4 pr Ct: would pay
12–

Annual Bonus
 3 equal to 1 pr Ct

The following Calculations apply to that part of the Debt wch now pays 5 pr Ct: Vizt:

400
Dollrs. 5 pr Ct: foreign Debt now pay
20–

100
Drs. Indents
 3–

23–

500
Dollrs. loaned at 4½ (1/5th Indents) would pay
22–50

leaving a Bonus to the U.S. of
–50 or ¹⁄₅₀

say ¹⁄₁₀ pr Ct.

Again
As above
23

500
Drs. loaned at 4 pr Ct: (1/5th Indts)
20

Annual Bonus
 3 or ⅗ pr Ct:

Again
300
Drs 5 pr Cts now pay
15

100
Do. Indents   “
 3

400
Drs. loaned at 4½ (¼ Indts) would pay the same
18– – so that

(a) The observation (a) annex’d applies here.

Again
as above
18– –

400
Drs. loaned at 4 pr Ct: (4¼ Indts) would pay
16–

   Annual Bonus
  2. equal to ½ pr Ct

118 Dollars Omnium or 100 Dollrs Registered Debt bearing Interest from 31st Decr 1787 have been funded and may be computed as follows Vizt:

66⅔ rds pay annually
4 Dollrs.

33⅓
deferr’d for 10 years computing the value of money at 5 pr Ct: is worth ⅓rd of 61 drs 39 cts & abot: 3/16 of a Cent (this being very nearly the Value of 100 Dollrs. on the above principle) say 20 Drs 46 6/16 Cts wch at 5 pr Ct: (the same rate of Interest) pay annually
1 Dr. 2⅓ Cts.

 18
Drs back Interest at 3 pr Ct:
   54

118
Dolls: thus pay what is equal to an annuity of
5–56⅓

being 4 Drs 71⁴⁷⁄₁₀₀ Cts (say 4 Drs. 71½ Cts) pr Ct:—computing the value of Money at 6 pr Ct: and the Interest also wch is nearer the Value at the time of subscribing and (considering the irredeemable quality of the deferred as well as the 6 pr Ct Stock) perhaps a more proper mode of ascertaining the comparative benefit—instead of 4–71½ this would amount to 4 Drs. 78⁹⁄₁₀ Cts (say 4–79) and without considering the subscribability of a great part of it to the national Bank, the benefit resulting from the irredeemable quality of the Debt under the actual fall that has taken place and the fair prospects of a farther fall in the Market rate of Interest may be fairly computed at 21 Cents pr Ann: at least; making 5 pr Ct:. I will not trouble you with a long round of Calculations on the benefits the U.S. might derive from opening new Loans for the discharge of the unsubscrib’d Debt on a Comparison of such loans with what they have paid as above, but will observe that if loans were opened to the full Amount at 5 pr Ct for those purposes receivable either in specie or in any part of the Debt and any specie received thereon appropriated bona fide to the redemption of such part of the Debt as may not be subscribed and the stock created by these loans made redeemable at the pleasure of the Government; or (wch would on some Accots be better) on one, two or three Years Notice being given to the Creditors; the benefit wch the Government would thus derive from the fall in the Market rate of Interest would very shortly shew this to be far the more profitable Arrangement. Loans at 4½ would be far within either of the above, independent of other advantages; but were it not that the sound of a six pr Ct: Interest might alarm the Legislature and occasion delay, singular tho’ the opinion may appear, had I had as great a propensity to, as I have had aversion from, embarking in political pursuits and had I even acquired reputation therein I should not be afraid to risque it on the opinion, that to fund it at 6 pr Ct: at once redeemable ad libitum, or on short Notice, would have the advantage of every other plan. Among others it would have that of raising them so rapidly as to prevent foreigners getting them at an under value. It would increase and hasten the Ability of the Government to loan at a low Interest from the Circumstance of it’s thus meeting the tenor of the Contract at the moment of their finding themselves able to do it (and I hope and trust that the Government of the U.S. is now in a Condition above asking favors of its Creditors). It would enable the Agents of the U.S. to promote and benefit by a fair Competition of the Money lenders without leaving it in the power of a few interested persons to discourage them by insinuations of broken faith. In short, beside the Convenience of having a large proportion of the debt redeemable on the fall of the Market rate of Interest, it would give that spring to the Credit of the U.S. that can only be derived from the Assurance that the Government is able and ever has been willing to meet it’s Obligations with respectability, magnanimity and honor.
With much respect and Esteem   I remain,   sir,   Your very hble servt:
Geo: Joy


Title: From Alexander Hamilton to George Washington, [16 October 1791]
From: Hamilton, Alexander
To: Washington, George

[Philadelphia, October 16, 1791]
Sir,

I have the honor of your letter of the 10th. instant.
Mine to you of the 6th., which was sent by duplicates, will have informed you of the then state of the business of the Supervisorship of the District of Delaware. I have, within two days, received a letter from Mr. Vining stating that an absence from home had delayed the receipt of my letter, & the ascertaining of Mr. Barratt’s inclination in regard to the office; but at the same time expressing his conviction that it would be accepted. As a further explanation is to be expected, I conclude to defer applying for the Commission; especially as the late Supervisor continues to act, & the public service will not, I presume, suffer.
Governor Clayton’s application, thro’ me, in favor of his son, was communicated to you on the day it was received, which was two days before your departure from this place. You reserved the matter for enquiry in the course of your passage thro’ the State; & when you wrote to me respecting Mr Barratt, I concluded that the appointment of young Mr. Clayton had appeared to you inexpedient. He was represented to me as a very young man who had had slender opportunities of being acquainted with business.
With the most respectful & truest attachment,   I have the honor to be &c.

A: HamiltonPhiladelphia16th Octob: 1791.


Title: From Alexander Hamilton to Robert Ballard, 17 October 1791
From: Hamilton, Alexander
To: Ballard, Robert

[Philadelphia, October 17, 1791. According to the dealer’s description of this letter, it relates to the “duty on spirits distilled from domestic and foreign materials.” Letter not found.]


Title: From Alexander Hamilton to Henry Knox, 17 October [1791]
From: Hamilton, Alexander
To: Knox, Henry

[Philadelphia] Oct 17th [1791]
Dear Sir

The following are the particulars in the Presidents Letter which he expects you to prepare.
Expeditions against the Indians. Every pacific measure was previously tried to produce accom~ & avoid expence. More pointed laws with penalties to rest⟨r⟩ain our own people. This & good faith may produce tranquillity.

Treaties with Cherokees & six Nations & reasons.
I annex to the first the hints in the Presidents letter.
Yrs. Affect
A Hamilton
You will of course add any other things that occur on any point.
Gen Knox


Title: Treasury Department Circular to the District Judges, 17 October 1791
From: Treasury Department,Hamilton, Alexander
To: District Judges

Treasury DepartmentOctober 17. 1791
Sir,

A question has occurred whether upon a Petition being presented in order to the mitigation or remission of any forfeiture, which may have been incurred, the Judge to whom it is presented may release the Vessel or goods forfieted, upon taking some proper surety to abide the event.
I deem it not proper to give an opinion respecting the construction of the law in this particular; but I think it expedient to say that if such a proceeding should appear to the Judge, before whom the matter is brought, legal, I shall have no objection to its being adopted, due care being observed as well with regard to the competency of the sum, in which the security may be taken as of the sureties themselves.
On the point of the sufficiency of the sum I should be glad that the Officers interested in the forfieture might be satisfied.
With great consideration   I have the honor to be   Sir   Your obedt Servant
A Hamilton


Title: To Alexander Hamilton from Henry Lee, [18 October 1791]
From: Lee, Henry
To: Hamilton, Alexander

[Alexandria, Virginia, October 18, 1791]
My dear sir.

My assiduity has been exercised to procure for you a riding horse ever since my return. My success has not been equal to my hopes, & indeed it is not easy to accomodate you with a horse as you require one very gentle, which is not commonly a quality to be found in horses of the best sort.
Mr Giles will deliver you the best I could get, & I beleive among the safest & most agreable that this country possesses.
He is less addicted to starting & stumbling than riding horses generally are, & is peculiarly well gaited.
He excels in a short gallop which to me is the easiest gait.
But he is old & subject on long journeys to fail in one of his legs. This latter appurtenance will not be consequential to you as you want him only for daily airings & short rides.
Indeed he regards the injury in his leg so little as seldom to complain of it even in severe rides.
If he suits you he will continue yours. If he does not suit you write to me wherein, that I may in my next choice adapt myself exactly to your taste. This I can readily do while at Richmond & in this case I will exchange for the horse now sent as he is to me very agreeble.
I hope Mrs. Hamilton has returned to you with restored health & that she may long live to make you happy.
with the most sincere   affection I am always   yours

Henry Lee
oct. 18th. 1791 Alexa.


Title: From Alexander Hamilton to Benjamin Lincoln, 18 October 1791
From: Hamilton, Alexander
To: Lincoln, Benjamin

Treasury DepartmentOctober 18 1791
Sir,

The post of this day brought me your letter of the 7th instant.
I am pained that my having desired a second return of your purchases of the public debt should have caused you uneasiness. Be assured that an idea of inattention on your part had no share in producing that request. Your first statement with the vouchers was handed over to the Auditor, and was not particularly in my mind, when I wrote. If it had been before me it would have prevented the call upon you (except for a specification of what is hereafter required); to which I was, in some sort, led by a memorandum sent me from the Auditors Office, implying, as I understood it, that those particulars were wanting. Indeed some other enquiries, imperfectly answered, had led to another mistake; which was that the transfers of the Stock itself to the books of the Treasury, had not been completed. The contrary is now discovered.
The only imperfection which I at present perceive regards the place or places where the purchases were made. I take it for granted Boston will answer the further enquiry; but as an offical report of a necessary fact by me ought to be founded on some authentic document, I must give you the trouble of noting in your statement the place or places of purchase. And accordingly I return to you, for this purpose, that which you last transmitted.

As to the interest I will have the Commissioner of Loans authorised to pay you as well as the dividents which have been struck in the name of the Trustees as those which have been struck in your own name. The final settlement must wait for some future order of the Trustees.
I request that the statement with the place or places noted may be returned to me as speedily as possible.
With great consideration and esteem   I am, Sir, Your Obed Servant
Alex Hamilton Benjamin Lincoln EsqrBoston.


Title: To Alexander Hamilton from Edmund Randolph, [18 October 1791]
From: Randolph, Edmund
To: Hamilton, Alexander

[Philadelphia, October 18, 1791]

The attorney-general of the United States does himself the honor of replying to the questions, propounded by the secretary of the Treasury of the United States, in his letter of the 12th of October 1791, as follows.
1st.   The Commissioners, appointed in pursuance of the act, incorporating the bank of the United States, have no power, as such, to superintend the election of directors, or to interfere therein.
By the first section of that act, subscriptions towards constituting the stock were to be opened, under the superintendance of such persons, not less than three, as should be appointed for that purpose by the President of the United States; the President was to appoint them accordingly; and the subscriptions were to continue open, until the whole of the stock should be subscribed.
The fifth section provides, that as soon as the sum of 400,000 dollars, in gold and silver, shall have been actually received on account of the subscriptions to the said stock, notice thereof shall be given by the persons, under whose superintendance the same shall have been made, in at least two public gazettes, printed in the city of Philadelphia; that the said persons shall at the same time, in like manner, notify a time and place within the said city, at the distance of ninety days from the time of such notification, for proceeding to the election of directors; that it shall be lawful for such election to be then and there made, and that the persons, who shall then and there be chosen, shall be the first directors.
These are the only clauses, which relate to the commissioners.
By the former clause their authority would have been concluded, as soon as the whole of the stock was subscribed.
Nor was it extended by the latter farther than to enable them to notify the time and place for proceeding to the election of directors, that is, the time and place, when and where the persons, capacitated to elect, should proceed to elect.
The commissioners will, I suppose, appear with the Books, that it may be known, who were the original subscribers. But this duty naturally arises from their possession of those books, which are the best evidence of the original rights. The superintendance of the election has no analogy to such a possession.
2ndly.   But does the smallest necessity exist, why the commissioners, as such, should become the judges or superintendants of the election, or in any manner intermeddle in it? Is it not familiar to the experience of every day, that persons assemble, with equal priveleges of suffrage, and without the preeminence of any one of them, in order to constitute a body for the management of business? The first step is to appoint a moderator or chairman. In the present instance, the stockholders may with ease choose one or more persons to receive, and count the votes, to report the numbers, minute the proceedings, and notify to the newly-elected directors their nomination. This seems to be a completion of the work.
3rd.   Altho’ in the 5th. section of the act, which requires the first election of directors, it is not said, by whom it shall be made; yet is the connection between that and the 4th. section so intimate, as to render it certain that it must be made by the stockholders, or proprietors of the capital stock.

Whether these terms be synonimous, or not it is immaterial here to examine. It is sufficient to say, that no man can be one or the other, except by virtue of an original subscription, or an assignment duly made of that subscription. Here lies the essence of the difficulty. Can an assignment be made before the first election of directors? The Script, it is true, may be contracted for; may be delivered into the hand of the purchaser; and the price may be actually paid. But it is a creature of the bank-law, and its Mode of transfer depends upon that law. Accordingly it is declared, in the 12th section, that the stock of the said corporation shall be assignable and transferable, according to such rules, as shall be instituted in that behalf, by the laws and ordinances of the same. Now the election of directors preceeds the institution of laws and ordinances concerning the assignment and transfer of stock; and therefore no assignment of transfer can, as yet, be legally made. It is true indeed, that the delivery of Script amounts to an agreement to transfer the stock, when the laws and ordinances shall be instituted; and the seller will be compelled in a court of law to perform all acts, which shall be hereafter necessary to the transfer. But an agreement to transfer is not an actual transfer. Hence I conclude, that no holder of purchased script can be now accepted, (merely in right of his purchase) as a voter for directors.
It is proper, however, to take notice of three objections, which may be urged against these positions. The first is, that the giving of a power to the corporation to ordain rules of transfer does not exclude the usual modes of transfering personal property before those rules shall be formed. The second, that the provision, that after the first election no share shall confer a right of suffrage, which shall not have been holden three calender months, previous to the day of election, implies, that at the first election shares assigned confer a right of suffrage; and the Third, that if the present assignees be shut out, either a sufficient number of stockholders may not be found to elect, or the original subscribers, who do not retain a shilling of interest, will be admitted to a vote, without any attachment to the common welfare.
To the first objection I answer, that the nature of script must be an acknowledgment of a certain subscription to the bank of the United States: that it does not resemble a corporeal chattle, to which delivery constitutes a complete right but rather a chose in action, concerning which the purchaser cannot without the aid of a statute use his own name judicially, but must use that of the original proprietor. Besides, the third section had already vested the corporation with ample power to regulate transfers; and the twelfth would have been nugatory, had it not been intended to prevent transfers from being full alienations, without an observance of the rules to be established.
The force of the second objection is destroyed, when we recollect; that, altho’ it be admitted that at the first election, shares acquired at any time before, howsoever short, would give a vote, yet the clause undoubtedly had in view, what every body expected, that the subscription would be filled by degrees; and therefore that no subscriber, even on the day preceding the first election, should be deprived of a vote. The objection is also founded on too distant an implication, to counteract reasoning, otherwise weighty.
The consequence of the foregoing sentiments undoubtedly is, (as a branch of the third objection expresses) that original subscribers, who may have sold out and who no longer have a fellow-feeling for the success of the scheme, will be admitted to vote.
Is this the genuine construction of the law? If it be, it is not for any man to discuss the propriety of its consequences, I confess, that a consequence, extravagantly absurd, ought to lead us to be confident, that congress never contemplated it. But in many of the States we meet with a similar instance with the present. In certain elections none but freeholders can vote. In this none but stockholders or proprietors of capital stock can vote. Let it be supposed, that the freeholder has agreed in writing to convey to another his freehold, has received the purchase money and delivered the possession; as in the case of Script, the original subscriber may have agreed to sell, has indorsed upon it an assignment and delivered it, so indorsed, to the purchaser. This agreement as to the freehold would be considered in the States, to which I refer, as giving an equitable title only to the buyer, and reserving the legal title to the vendor. So in Script, the purchasers have the equitable while the original subscribers retain the legal title. Who would vote in the case of the freehold? The holder of the legal title. Who by a parity of reason ought to vote for directors? The person, who, being the original subscriber, is alone known, as the holder of the legal title. I have seen none of those indorsements or writings, by which Script has been attempted to be transferred: and therefore will not undertake to say, whether they amount to a substitution of the purchaser, as the proxy of the seller. He, who claims to be a proxy, ought to exhibit, if not a regular letter of attorney, at least some authentic appointment to the office. I have distinguished also between the real interest, and the right of voting at the first election. Hence the conveyance of one does not absolutely insolve the other. But I can concieve, that the words of those indorsements, may perhaps be broad enough, to justify a demand of the rights of a proxy.
4th.   The proxies, however, of no subscriber can have more votes, than himself. For example, four shares subscribed by one man, cannot by being divided into the hands of four proxies, confer four votes, as would have been the case, if each of them had subscribed a share. But what is to be done, if a subscriber has appointed several proxies? He may appoint, what number he pleases; but if they are divided, they cannot be called the proxies of an individual (if I may be permitted so to speak) integrally. To be the real proxies then, they must concur. It may perhaps be presumed, that, if the subscriber were in the division of his shares among his proxies to make them representatives respectively of so many, as would give them one or more votes, each might vote by himself. But their power being that of proxies only, they cannot claim separate suffrages; because they spring from the separate holding of stock in one person or in other words from separate subscriptions.
5th.   The fifth question being answered in the foregoing observations, I forbear to repeat the answer. But I will now recapitulate the general result.
1st.   That the commissioners cannot, as such superintend, or intermeddle in the election.
2nd   That the stockholders can easily of themselves provide judges of the election.
3rd.   That the original subscribers, whether holding interest or not, or their proxies, have the only right of voting.
4th.   That proxies may be made by any authentic act.
5th   And that all the proxies of the same subscriber must concur.
I pass by the possibility of a schism between the original subscribers or their proxies, and the assignees, as they are called, and of the election of two sets of directors. For this makes no part of your enquiry; and would be remedied by the commissioners, delivering up the books and money to that set, whom they think to be duly elected.
Edm: Randolph To the Secretary of the Treasury


Title: To Alexander Hamilton from William Seton, 18 October 1791
From: Seton, William
To: Hamilton, Alexander

[New York] 18 Oct 1791
sir

I had the honor to write you on the 13th. since which, Indisposition has till this day prevented my obtaining from the Office the Certificates necessary to transfer to the Books of the Treasury the Debt purchased by me for account of the United States. They are now enclosed & I hope will be in full time. I have the honor to be with the greatest respect sir &c.


Title: To Alexander Hamilton from Jeremiah Olney, 20 October 1791
From: Olney, Jeremiah
To: Hamilton, Alexander

Providence, October 20, 1791. “Enclosed is my weekly Return of Cash No. 63, the Balance of which is 4,322 Dolls. & 56¼ Cents. Two small Errors in my last Quarter’s Accot., discovered since their transmission, make the Balance due to the United States on the 30th of Septr., stand in my Books, thus—

In Bonds uncancelled
58,922..81

In Cash on hand
 5,519..78

64,442..59

I enclose a Draft of the Treasurer in favor of Wm. Seton Esqr. No. 2362, for 1,000 Dollars, which I have paid and charged to the United States.… I have recd. your favor of the 7th Instant. The Explanation of your Meaning, relative to Coasting Vessels without proper Papers, is sufficiently clear and satisfactory.…”


Title: To Alexander Hamilton from Nathaniel Peabody, 24 October 1791
From: Peabody, Nathaniel
To: Hamilton, Alexander

Atkinson, New Hampshire, October 24, 1791. Recommends to Hamilton’s “friendly Notice the Honble Jereh. Smith Esqr. one of the Representatives lately Gone on from this State to the Congress of the united States.” Also recommends James MacGregore for the position of Federal marshal.


Title: To Alexander Hamilton from William Seton, 24 October 1791
From: Seton, William
To: Hamilton, Alexander

[New York] 24 Oct 1791
sir

A Circumstance has occured respecting the Treasurers dfts on the Bank of Maryland which I take the liberty of mentioning to you. We negotiated several of them the other day & when the holders presented them at the Bank for payment they deducted ⅛ ⅌ Cent altho’ the amount was named in their Bank & post Notes. This has occured before with the Collectors to the Southward but not that I have heard of with the Banks, for in fact the Treasurers dfts on the Cashier are the same as the Checks of an individual Depositor, and the partys expect to receive the full value without deduction. There may some reason exist for it of which I am ignorant. I hope therefore you will excuse my troubling you upon the subject, but as it may militate against our disposal of such bills after we have given credit for them to the Treasury, I wish to know whether the mode is right.
I have the honor to be &c.


Title: To Alexander Hamilton from William Ellery, 25 October 1791
From: Ellery, William
To: Hamilton, Alexander

[Newport, Rhode Island] October 25, 1791. “Yesterday the Brig: Seven Brothers was condemned, no person appearing to claim her, and defend against the Libell. The person referred to in my letter of the 10th. of this month, who was a seaman on board the Sloop Betsy when the breach of the Revenue laws was made for which she was forfeited, and for whom a summons was issued, appeared before the District Judge and made his deposition, by which he appeared to be utterly ignorant of every thing that took place after the arrival of said Sloop in this District prior to her being entered. I shall summons the man who was mate of the vessel at the time mentioned, and if he should be as ignorant as the person referred to, the success of the cause against Cotrell must principally depend on the testimony of a person who swore in the case of the Sloop Betsy and will swear again in this prosecution that he knew Cotrell’s voice and that he heard him tell the hands who were unlading the vessel in the night not to speak so loud.…”


Title: To Alexander Hamilton from Joseph Whipple, 26 October 1791
From: Whipple, Joseph
To: Hamilton, Alexander

Portsmo New Hamp. Octo. 26. 1791
Sir

Having collected & discharged the Several bills against the Revenue Cutter Scammel, I now transmit you herewith Inclosed my Account for the Vessel, & Vessels Stores. The Stores with Some Small disbursments amounts to 157 ⁸⁸⁄₁₀₀ Dolls. and the Vessel to 1255 ⁹⁵⁄₁₀₀ Dolls. which includes every article applied to her use except 12 pieces of Sail Cloth Sent from Boston by Genl Lincoln of which I have no account nor directions respecting the payment. It will be observed that the Vessel exceeds your limitation by 155 Dolls. besides 12 ps. Sail Cloth not accounted.
Finding it impossible to Contract with any person on whom I could depend for a good Vessel fitted to the Sea, I proceeded in the usual way in practice here of contracting with the Carpenters for the Hull & in procuring the other articles on the lowest terms given in Cash. I determined on the dimentions for a Vessel whose bills together by calculation would amount only to the Sum limitted. But conceiving it to be conformable to your directions, as well as in my own opinion proper, that Cap Yeaton Shoud give Such directions respecting the Rigging & fitting the Vessel as Should in his Opinion be most conducive to her usefulness, I submitted the directions for masting, rigging, Sails & finishing to him, injoining the Strictest œconomy in the manner of finishing the Vessel, urging the Necessity of not exceeding the apportionment to this Vessel of the Monies for the Service appropriated. But Capt. Yeaton conceiving differently from me in the outfitting of the Vessel submitted to him; the amount exceeds by nearly 300 Dollars my calculation & expectations—which arises principally from an excess in the Sails, rigging & Joyners work according to my Idea of the necessity of them. In the Stores furnished there is a Small deviation from the list transmitted, some articles being left out & not purchased & others added which were more necessary. I conceive It will be proper that colours should be added to the Stores which is yet witheld. I must acknowledge myself disappointed that the Vessel exceeds my calculations which I must impute to my confidence in Capt. Yeaton & his Zeal for the Good of the Service rather than to his extravagancy.
Cap. Yeaton has received from Boston 10 Muskets & 10 pr. of Pistols in bad order which I have caused to be repaired & fitted for Sea use.
I have paid the Officers & peoples wages and the Officers Rations to the 30th. of September, but omit for the present to transmit the Accounts till the forms intended Shall be forwarded or till final directions shall be given respecting the Seamens rations, to which my letter of the 7th. instant has reference.
The Wages & Rations paid to the 30th. Sep. & the Cost of the provisions now on board amount to Dolls. 538.15 which with the Account now transmitted Amounts to Dolls. 1951.98 & is the whole amount of payments on account of the Scammel.
I have the honor to be &c
J. W. Hon. Alex. Hamilton Esqr Secy.


Title: To Alexander Hamilton from Oliver Wolcott, Junior, 26 October 1791
From: Wolcott, Oliver, Jr.
To: Hamilton, Alexander

T.DC. Off 26. Oct. 1791.
Sir,

I take the liberty to request that the opinion of the Attorney General of the United States may be taken on the question arising out of the following state of facts.
On the twenty first day of October 1780 congress resolved that the Officers of the Army who should continue in service to the end of the war should be intittled to receive half pay during life.
On the 22d. of March 1783. the grant of half pay for life was commuted for a grant of five years full pay, to those Officers who were then in service and should continue therein to the end of the war.
On the 23d. of April 1783, Congress expressed it as their opinion, that the time of the men engaged to serve during the war, did not expire untill the ratification of the definitive Treaty of Peace.
On the 11th. of April 1783. a proclamation for declaring a Cessation of Arms between the United States of America & his Britannic Majesty, was published by Congress.
In consequence of resolutions of Congress passed on the 23d. of April, the 26th. of May, the 11th. of June & the 9th. of August 1783. the Army was furloughed & the troops returned to their respective homes.
On the 18th. of October 1783 a proclamation was published by Congress, for discharging that part of the Army which had been engaged to serve during the War, from & after the 3d. day of Nov. 1783.
In the month of September 1783. an Officer of the rank of Major in the Army who had been previously dismissed on furlough died; and his representatives claim the amount of five years full pay, under the grant made on the 22d of March 1783.
The question resulting from the facts before stated, on which the opinion of the Attorney General is requested, is, whether, an Officer who died in September 1783, continued in service untill the end of the war, so as to intittle his representatives to receive the grant of commutation for half pay during life?

I am Sir with the greatest   respect your obed ser
The Honble Alexr. Hamilton EsqrSecy of the Treas


Title: To Alexander Hamilton from John Neville, 27 October 1791
From: Neville, John
To: Hamilton, Alexander

Pittsburgh, October 27. 1791.
Sir,

Herewith I return your form filled in the best manner I am able at present. I beg leave to mention, that in a new Country like this where farming is not yet reduced to system, it is difficult to form an Estimate as you wish. Our farms are generally new—the eldest not exceeding twenty years.
In order to give you as good an idea as possible, I have divided them into three classes—annexing the just value of each class, and have averaged the product. I believe this rule would apply as equally here as any other. I have extended my enquiries to two or three different farms of each Class.
Should the method which I have adopted not answer your intention, or be too inexplicit; I will with the greatest pleasure make any further enquiries that you may think necessary.
I have the honor to be,   Sir,   With much respect,   Your Obedt. hble Servt.
John Nevill. Alex Hamilton Esqr.


Title: Enclosure: [Estimates in Response to Treasury Department Circular of August 13, 1791], [27 October 1791]
From: Neville, John
To:

Kinds of Land.
Annual Product

Value of Farm.
Acres of arable Land.
Acres of pasture land.
Acres of Meadow.
Acres of Wood-land.
Bushels of wheat.
Bushels of Rye.
Bushels of Corn.
Bushels of Oats.
Bushels of Barley.
Bushels of Buck wheat.
Bushels of Potatoes.
Other roots and Vegetables in value.
Black Cattle.
Horses.
Sheep.
Hogs.
Dozens Poultry.
lbs Tobacco.
Cords of wood consumed in fuel.
Hay.

Lands divided into three classes.
47.
10.
7.
250.
150.
150.
250
160
50.
50.
200.
Considerable quantities of pumkins, turnips &c. whose value I cannot ascertain.
4.
2.
6.
15.
6.
a small quty. for own consumption.
Without number.
8.
Tons.

1st Class—25/. ⅌ acre

2d do.—15/.   do.
3d do.—10/.   do.
averaged value 16/8.

Kinds of Land & their annual products averaged
}

Quantity consumed by Cattle and Poultry

30.
200
60

160

6.

   Prices
3/9.
2/6.
2/.
1/6.
3/9.
1/6.
1/10.

50/-
⅌ Ton.


Title: Treasury Department Circular to the Commissioners of Loans, 29 October 1791
From:
To:

Treasury DepartmentOct. 29th. 1791
sir,

Mistakes have been frequently made by the Commissioners of Loans, in the certificates directed to me for the purpose of transferring stock from one office to another; either by erroneously indenting the marginal Check, or otherwise. And whenever inaccuracies of this kind have occurred, it has been thought adviseable to return such certificates to the holders, with some indefinite intimation, of their not being in proper order, and that of course they were to be returned to the office where they issued.
It being essential to know that the alterations required be actually made by the officer, and not by the parties; it is my desire that in every case, where an error shall be corrected by you, either by issuing a new certificate, in lieu of the one returned; or by making such alteration in the identical certificate itself, you will note the circumstance on the back of it.
Although the want of accuracy here noticed, has been partial only; yet a desire to obviate inconveniencies for the future, induces me to recommend circumspection in the execution of this business to the officers in general.
I am   Sir   Your obedt Servant
A Hamilton


Title: To Alexander Hamilton from John Halsted, 31 October 1791
From: Halsted, John
To: Hamilton, Alexander

Perth Amboy [New Jersey] Octor. 31st: 1791.
Sir

Having seen your plan, for the formation of a Manufacturing Company, and the reasons you have assigned for establishing it in this State, with the Idea, that the plan is too extensive to be carried into full effect in one place to the best advantage to adventurers, induces me to request you to propose to the subscribers, this place, or its Vicinity, for one of the places of Manufactory, and the principal place of sale. To encourage which, I take the liberty to inclose a sketch of the Town, the waters Eastward which is the best and principal Harbour, with a Farm of four Hundred Acres, contigious to the Town for sale in whole or in part; and I annex some proposals to the Company respecting the same, which I have to request, you will lay before them, or their Committee, as you shall find most proper.
The Proprietors of the Farm, propose to lay out forty acres, in four equal squares, to be divided into such Lots, as the Company shall approve, and to give to the Company on half the same, reserving the other half to themselves, and occasionally to sell to the Company or any other Persons at reasonable rates, such additional lands, as they may incline to purchase, or to sell them the whole Farm, if it shall best suit them on a view of it.
The Farm is within three fourths of a Mile of the Town. There are several situations well calculated for erecting a Town on, particular two, very convenient for Transporting by Water, to or from the Town or Elsewhere, the Navigation being little interupted in the severest Winters; There is a good situation for a Tide Mill, on a Creek sufficient to answer all the purposes, of grinding for the Manufactorers, and perhaps some other purposes; The situations are very healthy, pleasant, and conveniently situated to collect the articles at, that may be Manufactured at other places, or to supply them with materials from. On said Farm, there is Clay of the best quality for bricks, which may be made at a landing to save expence of Carting, also Clay, of tried and approved quality for Earthenware. The convenience of Transportation by Water will secure a supply of fuel, provisions, and raw materials for Manufacturing, as well as an easy access, to purchasors of Manufactures, or conveyance of them to other markets.
The Owners of the Farm, will be reasonable in their demand, and as they wish to promote every thing, that will tend to advance publick good, they would in case of a Sale, cheerfully subscribe the full amount to the factory.
There are some Lots in this Town, the most convenient, and best calculated for Wharves, Warehouses, and dwelling for Superintendants, or others, for sale.
Not having any safe method of laying the above proposals, and plan, before the subscribers, induced me to Inclose it to you for that purpose, and will I hope be deemed a sufficient excuse for my giving you this trouble.
I am very respectfully   Sir   your most Obedient Humble Servant
John Halsted. The Honble Alexander Hamilton EsquireSecy. of the TreasuryPhiladelphia


Title: To Alexander Hamilton from Jeremiah Olney, 31 October 1791
From: Olney, Jeremiah
To: Hamilton, Alexander

Custom-House,Providence 31st. Octr. 1791.
Sir.

The Schooner Alice, Jabez Andrus Master, entered here the 29th. instant, from Bonavista, loaded with Salt only, a Manifest, as usual, being exhibited to the Inspector who first went onboard within this District. This Morning I recd. a Letter from Jona. Maltbie, Master of the Argus Cutter, informing me, that One of his Mates went onboard the said Schooner and found no Manifest: This Information, he says, he gives in consequence of Directions from you: I wish Sir, to know whether it is your Meaning that every Master of a Vessel from a foreign Port should be prosecuted agreeable to the 12th Section of the Collection Law, for the Penalty incurred by neglecting to have Manifests onboard on his arrival within Four leagues of the Land? I shall omit the Prosecution of Capt. Andrus until I am favored with your reply.
I have the Honor to be &c
Jereh. Olney Collr. Alexr. Hamilton Esqr.Secy. of the Treasy.


Title: From Alexander Hamilton to the Senate and the House of Representatives, [31 October 1791]
From: Hamilton, Alexander
To: Senate,House of Representatives

[Philadelphia, October 31, 1791]

Arrangement made by the President of the United States, with respect to the subdivisions of the several districts thereof into surveys, the appointment of officers, and the assignment of compensations, pursuant to the act of Congress, passed the third day of March, 1791, entitled “An act repealing, after the last day of June next, the duties heretofore laid upon distilled spirits, imported from abroad, and laying others in their stead; and also upon spirits distilled within the United States, and for appropriating the same.”
New Hampshire forms one survey of inspection. The duties of inspector are performed by the supervisor; to this office Joshua Wentworth has been appointed. His compensation is a salary of five hundred dollars, and a commission of one half per centum.
Massachusetts forms three surveys of inspection. No. 1 consists of the province of Maine; No. 2, of the counties of Essex, Middlesex, Worcester, Hampshire, and Berkshire; No. 3, of the residue of the State. Nathaniel Gorham has been appointed supervisor; his compensation is a salary of eight hundred dollars, and a commission of one half per cent. The supervisor performs the duties of inspector of survey No. 1. Jonathan Jackson has been appointed inspector of survey No. 2, and Leonard Jarvis, for survey No. 3. The compensation to each of these inspectors is a salary of five hundred dollars, and a commission of one half per cent.
Rhode Island forms one survey. The duties of inspector are performed by the supervisor. John S. Dexter has been appointed to this office, with an allowance of a salary of five hundred dollars, and a commission of one half per cent.
Connecticut forms one survey. The duties of inspector are performed by the supervisor, who is John Chester. His compensation is a salary of six hundred dollars, and a commission of one half per cent.
Vermont forms one survey, of which the supervisor performs the duties of inspector. Noah Smith has been appointed to this office. His allowance is a salary of four hundred dollars, and a commission of one half per cent.
New York forms one survey, of which the supervisor acts as inspector. William S. Smith has been appointed to this office, with a salary of eight hundred dollars, and a commission of one half per cent.
New Jersey forms one survey. The supervisor performs the duties of inspector. To this office, Aaron Dunham has been appointed. His compensation is a salary of four hundred dollars, and a commission of one half per cent.
Pennsylvania forms four surveys. No. 1 consists of the city and county of Philadelphia, and the counties of Bucks and Montgomery; No. 2, of the counties of Berks, Northampton, Luzerne, and Northumberland; No. 3, of the counties of Delaware, Chester, Lancaster, York, Dauphin, Cumberland, Franklin, Mifflin, and Huntingdon; No. 4, of the counties of Bedford, Westmoreland, Washington, and Alleghany. The supervisor for the district, George Clymer, acts as inspector of survey No. 1. His compensation is a salary of one thousand dollars, and a commission of one half per cent. James Collins has been appointed inspector of survey No. 2, Edward Hand, of survey No. 3, and John Neville, of survey No. 4. The allowance to each of these inspectors, is a salary of four hundred and fifty dollars, and a commission of one per cent.
Delaware forms one survey, of which the supervisor acts as inspector. His compensation is a salary of four hundred dollars, and a commission of one per cent. Henry Latimer, who was appointed supervisor, has resigned his office.
Maryland forms two surveys. No. 1 comprehends the counties of St. Mary’s, Somerset, Calvert, Queen Anne’s, Caroline, Kent, Charles, Talbot, Dorchester, Baltimore, Ann Arundel, Worcester, Hartford, Cecil, and Prince George’s. No. 2 consists of the counties of Montgomery, Washington, Frederick, and Alleghany. The supervisor of the district, George Gale, officiates as inspector of survey No. 1. His compensation is a salary of seven hundred dollars, and a commission of one per cent. Philip Thomas has been appointed inspector of survey No. 2, with a salary of four hundred and fifty dollars, and a commission of one per cent.
Virginia has been divided into seven surveys of inspection. No. 1 consists of the counties of Lancaster, Northumberland, Richmond, Westmoreland, King George, Caroline, Hanover, Henrico, Charles City, James City, Warwick, Elizabeth City, York, Gloucester, Mathews, Middlesex, Essex, King and Queen, King William, and New Kent; No. 2 of the counties of Stafford, Prince William, Fairfax, Loudon, Fauquier, Culpepper, Orange, Albemarle, Louisa, and Spottsylvania; No. 3, of the counties of Goochland, Fluvanna, Amherst, Bedford, Franklin, Henry, Patrick, Pittsylvania, Halifax, Charlotte, Mecklenburg, Lunenburg, Nottoway, Amelia, Powhatan, Cumberland, Buckingham, Prince Edward, and Campbell; No. 4, of the counties of Princess Anne, Chesterfield, Norfolk, Isle of Wight, Sussex, Surry, Prince George, Dinwiddie, Brunswick, Greensville, Southampton, Nansemond, Accomac, and Northampton; No. 5, of Frederick, Berkley, Hampshire, Hardy, Monongalia, Ohio, Harrison, Randolph, Pendleton, Augusta, Rockingham, and Shenandoah; No. 6, of the counties of Rockbridge, Botetourt, Montgomery, Wythe, Washington, Russel, Greenbrier, and Kenhawa; No. 7 consists of the district of Kentucky. Edward Carrington has been appointed supervisor, with a salary of one thousand dollars, and a commission of one per centum. Drury Ragsdale has been appointed inspector of survey No. 1; Edward Stevens, of No. 2; Mayo Carrington, of No. 3; Thomas Newton, of No. 4; Edward Smith, of No. 5; James Brackenridge, of No. 6; and Thomas Marshall, on No. 7. The compensations to these officers are, to each, a salary of four hundred and fifty dollars, and a commission of one per cent.
North Carolina forms five surveys. No. 1 consists of the counties of Wilmington, Onslow, New Hanover, Brunswick, Bladen, Duplin, Anson, Richmond, Moore, Cumberland, Robertson, and Sampson; No. 2, of the counties of Carteret, Hyde, Beaufort, Pitt, Craven, Jones, Dobbs, Johnson, and Wayne; No. 3, of the counties of Currituck, Camden, Pasquotank, Perquimons, Chowan, Gates, Hartford, and Tyrrel; No. 4, of the counties of Northampton, Martin, Halifax, Nash, Edgecomb, Warren, Franklin, Caswell, Orange, Randolph, Granville, Wake, and Chatham; No. 5, of the counties of Mecklenburg, Montgomery, Roan, Iredel, Surry, Stokes, Rockingham, Guilford, Lincoln, Rutherford, Burke, and Wilkes. William Polk has been appointed supervisor, and a salary of seven hundred dollars, and a commission of one per cent., have been assigned him as a compensation. James Read has been appointed inspector of survey No. 1; John Daves, of No. 2; Thomas Benbury, of No. 3; John Whitaker, of No. 4; and Joseph McDowel, the elder, of No. 5. The compensations to the inspectors of surveys No. 1, 2, and 3, are, to each, a commission of two per centum; those inspectors being also officers of the customs. A salary of four hundred and fifty dollars, and a commission of one per cent., have been assigned as a compensation to the inspectors of surveys No. 4 and 5, respectively.
South Carolina forms three surveys. No. 1 consists of the counties of Colleton, Berkeley, Washington, Marion, Bartholomew, Charleston, Granville, Hilton, Lincoln, Shrewsbury, Winton, Orange, and Lewisburg; No. 2, of the counties of Winyaw, Williamsburgh, Liberty, Kingston, Darlington, Chesterfield, Marlborough, Clarendon, Clermont, Lancaster, Kershaw, Richland, Fairfield, Chester, and York; No. 3, of the counties of Edgefield, Abbeville, Newbury, Laurens, Union, Spartanburg, Greenville, and Pendleton. The duties of inspector of survey No. 1, are performed by the supervisor, Daniel Stevens, to whom a salary of seven hundred dollars, and a commission of one per cent., have been assigned as a compensation. Benjamin Cudworth has been appointed inspector of survey No. 2, and Sylvanus Walker, of No. 3. The compensation assigned to the inspector of survey No. 2, is a salary of three hundred dollars, and a commission of two per centum; to the inspector of survey No. 3, a salary of four hundred and fifty dollars, and a commission of one per cent.
Georgia forms one survey. The supervisor, John Matthews, officiates as inspector; the compensation assigned him, is a salary of five hundred dollars, and a commission of one per cent.
The commission, in each case, is computed upon the nett product of the duties on spirits distilled within the jurisdiction of the officer, to whom it is allowed; which nett product is determined by deducting, at each stage of the compensaton, all preceding charges.
With regard to the ports, the following arrangements have been made: At the ports at which there are both a collector and a surveyor, the latter has been appointed an inspector; where there is a collector only, he has been appointed; and where there is a surveyor only, he has been appointed. The ports at which neither collector nor surveyor resides, have been placed under the inspection of the collector or surveyor of the district to which they belong, as the one or the other is the inspector of the revenue for the port where he resides. The duties of these inspectors are confined to spirits imported from abroad; and, as they bear an analogy to those which they have been accustomed to perform, no compensation has been assigned. The officers, directed by the 18th section of the law to be appointed by the supervisors, have been denominated collectors of the revenue. Their number has been, of necessity, left to the discretion of the supervisor, with these general intimations, that they should be, in all cases, as few as the proper execution of the business would permit; and that, in regard to the collection of the duties on stills, one for each county would suffice; but this regulation necessarily varies as the stills are more or less dispersed. Where they are much scattered, two, three, or more counties, have been assigned to the same person. The compensation to these officers is a commission on the sums collected by each, of two per centum on the product of the duties on spirits distilled from foreign materials, and of four per centum on the product of the duties arising from spirits distilled from domestic materials, whether per gallon, or by the still. This difference was dictated by the different nature of the business.
By order of the President of the United States.

Alexander Hamilton, Secretary of the Treasury.
Treasury Department, October 31, 1791.


Title: To Alexander Hamilton from Thomas Williams, 31 October 1791
From: Williams, Thomas
To: Hamilton, Alexander

[Richmond, October 31, 1791. On June 19, 1793, Williams wrote to Hamilton: “I rote you the 31 of Octobr 1791.” Letter not found.]


Title: From Alexander Hamilton to Wilhem and Jan Willink, Nicholaas and Jacob Van Staphorst, and Nicholas Hubbard, 31 October 1791
From: Hamilton, Alexander
To: Willink, Wilhem,Willink, Jan,Van Staphorst, Nicholaas,Van Staphorst, Jacob,Hubbard, Nicholas

Treasury Department,October 31st. 1791.
Gentlemen,

I have directed the Treasurer of the United States to draw upon you for one million of Guilders, at the same sight as in the last case. These Bills will be discharged out of the loan of 6.000.000 of Guilders, mentioned in the letters of Mr. Short and yourselves, of August last.
I am &c.
Alexander Hamilton. Messrs. Willink, Van Staphorst,& Hubbard. Amsterdam.


Title: To Alexander Hamilton from John Dexter, [October 1791]
From: Dexter, John
To: Hamilton, Alexander

[October, 1791. Letter not found.]