Title: To Alexander Hamilton from William Short, 28 December 1791
From: Short, William
To: Hamilton, Alexander

Amsterdam Dec. 28. 1791
Sir

In my last of the 23d. inst. I had the honor of simply announcing to you a loan being contracted for here on account of the U.S. for f 3,000,000 at 4. p. cent. The departure of the English post by which my letter was sent did not allow me to enter into details, except as to the terms of the loan. An alteration has since been made as to the times of payment from eight to six months. You may accordingly count on f 500,000. being recieved by the bankers monthly, the next month being considered as the first, so that the whole must be paid by the end of June, & will unquestionably be paid sooner, the undertakers having as you know always the facility of shortening the terms.
Until I shall hear from you, the monies arising on this loan will be applied towards the French debt, reserving what may be necessary to complete the two millions & an half of florins you had excepted out of the six million loan & which I had intended should have been kept out of it, having only given orders for 3½ millions. I find here however that other dispositions have been made by other orders of two or three hundred thousand florins, so as to leave that deficit on the 2½ millions intended to be kept to answer your draughts. The sums which become due here for interest in february & march will be also paid out of the present loan.
A vessel now lying at the Texel waiting for a wind gives me an opportunity of writing to you by that chanel to inform you of the steps which immediately preceded this loan; which in addition to what I have said in my former letters from Antwerp & this place, will I think stamp the proper value on the offers made from hence with respect to a loan at 4. p. cent.
As soon as I arrived here & found from the conversations of the bankers themselves that the Antwerp obligations of 4½. p. cent were not sold on this market, & also that a loan at 4. p. cent was then impracticable, as it certainly was at that time, I was persuaded that the impracticability could not arise from the Antwerp loan, & as that was the only circumstance which had intervened & the only reason for a change of circumstances I concluded naturally that no change had taken place & of course that the same impractibility which I was satisfied existed then must have existed at the time of their letters. It may be asked why they should have held out the hopes of the 4. p cent loan if they did not think they could be realized? They could not but have known or at least have had the strongest presumptions of the loan being intended at Antwerp, for although they did not recieve the printed prospectus of it until two days after their letter to me, yet the business had been settled between M. de Wolf & the undertakers at Antwerp some time before & had been talked of there in a manner not to admit a doubt of its being known at Amsterdam. Supposing therefore a strong desire in the bankers here to prevent such a loan, which they do not deny, the most probable means were certainly to give assurances of a loan here at a lower rate of interest. They know well enough the nature of the loan business to be sure that a check given to it in this stage at Antwerp, would be for some time an obstacle to renewing the loan there in the case of our wishing to do it on finding that the 4. p. cent loan could not be made here. The imputation could be made them, as they could easily have said they held out the hopes of the 4. p. cent loan, from their zeal to the U.S. having reason to believe it could be made, but that circumstances which change here daily & of which no one can be master &c. &c. (according to their constant language) had changed the prospect.
If on the contrary, as took place, the loan was not stopped at Antwerp, they by the hopes thus held out remained on the most advantageous ground, as whilst they could thus demonstrate the impolicy of the loan at Antwerp, they supposed they should proceed equally in making the one that I had authorized them for at 4½. p. cent.
Apprehending however that something of this kind might be possible I immediately withdrew the authority as to the 4½. p. cent & I found on my arrival here full proofs that if I had not done this expressly a loan would have been made without delay at that rate. It was evident that they had had no apprehension that I should put a stop to such a loan here whilst I consented to that at Antwerp. They made use of all kinds of arguments daily to prove to me the propriety, the policy & advantage of renewing the powers I had withdrawn. I refused it constantly, & as they could not concieve that a loan at that rate of interest would be refused by the U.S. without a prospect of some advantageous arrangement of the French debt, & as their correspondents at Paris gave them some intimation of a plan in agitation in the French ministry, they began evidently to be some what alarmed. Agreeably to their example in such cases I did not seek to diminish it—on the contrary it was augmented by my silence and reserve on the subject. In this situation of the business no opportunity was lost by them of exalting their zeal for the service of the U.S: their attachment to their interests &c. of which they always quoted in proof their having not made the loan at 4½ p. cent. whilst they had the power to do it; but in such a manner as left me no doubt of their regret at having lost such an opportunity, at present that they were uncertain of what would be done with the French debt, & of course with future loans.
Under these circumstances I could have no doubt that every effort would be made to effect a loan at 4. p. cent, as well from the hopes of preventing any arrangement of the debt in France, which might derange the business in their hands as because they had every reason to believe I would consent to one on no other condition. The brokers were consulted who were unanimously of opinion in their meeting that it would be improper to propose such a loan at that time. On this their instances became still more pressing for the loan at 4½. p. cent & by way of securing it they urged my consenting to write two loans together that they might propose them to the undertakers coupled, one at 4½ & the other at 4. As this was however nothing more than another way of making a loan at 4½ p. cent. wch I had refused, I refused it also. They had assured me that no hopes could be entertained of doing better. I was closeted with one of the Willinks listening to his arguments on this subject & refuting them when one of the other houses came in unexpectedly & with much real joy announced to us, that having got information that Russia was about to propose a loan at 4. p. cent, he had gone immediately to the other Willink to consult on it & that they were both of opinion that it might be made a step to effect one for America. Accordingly the subject was immediately discussed by the partners of both houses, & it was agreed that if I consented to it they would order the brokers to propose the loan the next morning to the undertakers & support it. I observed to them that I consented willingly to the loan at 4. p. cent, provided there was a certainty of its being carried through with éclat, but that I was somewhat surprized to hear their talk of ordering now those whom they had always represented to me as dictators in such cases & would by no means wish that any risk should be run of a defeat by precipitating the business. They said they would be responsible for that, & that there were occasions in which the brokers must not be consulted but ordered.
The next day the loan of Russia was brought on & that of America followed it, & was effected in the manner I have already mentioned to you. The loan of Russia is for f 6,000,000. at 4. p. cent, payable in the obligations of the same power on an old loan at 4½. p. cent, which become re-imbursable in the next year. The interest is calculated at 4½. p. cent to the time of re-imbursement, & recieved for that value in the present loan. Notwithstanding this mode of fulfilling the loan, without which it would not have been attempted I am assured by an authority which cannot be mistaken, that only four millions were undertaken & that Hope took the other two millions for his house, without doubt in concert with the Russian government, so that he will risk nothing. The proof that Russia would not have attempted an original loan at 4. p. cent. at present & which I consider as sufficiently satisfactory is that her last at 5. p. cent was made in the month of November, since when nothing of any kind has taken place either here or in Russia to authorize such a diminution.
The inferences which I draw from what has been said above, are that the market here was not ripe for loans at 4. p. cent at the time these hopes were held out by the bankers, that they would not have been held out but for the Antwerp loan, & that my powers to them for making one at 4½. p. cent would have been executed, that the loan at 4. p. cent would not now have been effected if that for Russia had not been brought on the market, & that it would not have been brought on the market, but for the favorable circumstance of the approaching re-imbursement abovementioned & the influence & power of Hope’s house.
The bankers whilst I was at Antwerp & after I had informed them that the loan there could not be stopped, wrote me that they would give me on my arrival here an unequivocal demonstration of the practicability there had been of their making a loan for the U.S. at 4. p. cent. It has been reduced simply to an assertion that the abundance of money on the market arising from the sales of English funds, rendered it practicable, & that their having made a loan on the liquidated debt at 4½. p. cent proved it. As to the abundance of money which is a fact, it operated with equal force on the Russian as on the American credit, their obligations, since the presumed peace between Russia & the Porte, having been at the same price, & yet this did not enable Russia to make a loan then at 4. p. cent although she had not made one at Antwerp as we had done, which was stated as the only obstacle to ours. With respect to the loan on the liquidated debt, it is certain that heretofore there was a greater difference in favor of the loans of Congress than ½. p. cent interest. But it is certain also that the loans on the liquidated debt have been so successful, so much has been gained by the lenders, & the obligations have always taken & kept such a rise, that these loans had acquired a degree of favor which enabled those who made them to propose them on almost any terms. It is known here with what enthusiasm & ardor the undertakers run into a business which has acquired that kind of favor, & of course it cannot be adopted as a point of comparison much less a conclusive proof. The bankers themselves have been obliged to acknowlege the justice & weight of this observation in general. Still they adhere to their former assertion on this particular instance, in opposition to it.
I have been thus diffuse Sir & wearied you with these irksome & lengthy details because I think it important that you should be able to form a true judgment on the subject of having the faculty, whether exercised or not, of making loans in more than one place. The best guide I can give you is thus furnishing the greatest number of facts possible, so that you may form your own opinion from them, instead of being informed of mine simply which always subject to error, is particularly exposed to be influenced in this instance. The rising credit of America & the increasing confidence which her present administration is acquiring in the monied parts of Europe, will necessarily present such a variety of choice to the U. S. that it is much to be desired that those who act for you should be kept acquainted with your sentiments on the subject.
My letter thus extended does not permit me to say any thing respecting the attempt of the bankers to increase the charges on this loan to six p. cent, but simply to mention that it was by leaving the question without being finally decided until after the loan was made & then to argue from the advantage of giving such an increase of charges for such a diminution of interest. They affirmed & I am persuaded with truth, that besides the usual bankers & undertakers they are obliged to employ others also with extra expences, to push the loan. As I did not suppose they had in doing this gone farther than would have been warranted by the charges of 5½. p. cent mentioned in their former letter, I insisted on them & after some days they consented though with reluctance, & are to write me a letter to fix them at that rate.
After all that has been said above I should leave you perhaps an impression with respect to the bankers that is not in my intention, if I were to say nothing further. It is but justice to them that I should add that notwithstanding I am convinced their aversion to our opening loans out of Holland would induce them to use every means in their power for preventing it & that of themselves they would fix their profits on making the loans, probably somewhat above what we should think just, yet I am convinced also fully from what I have seen of them & of the other houses employed here in similar business that none have more zeal for the service of the countries by which they are employed, or act with more propriety & delicacy towards them.
All these houses make a common cause of a power accustomed to borrow here opening a loan in Antwerp, which they consider in this respect as a dependence on Amsterdam. Hope whose partiality for the interests of America nobody will presume has taken uncommon pains repeatedly since my arrival here to demonstrate to me the impolicy of the measure, & that by the most sophistical arguments imaginable. I listened to them with much attention because I was really desirous to be fully enlightened on the subject & particularly to hear what could be said on it by the most able & perhaps best informed man in Europe in that business. I have heard as well from him as others many good reasons for exercising the faculty (of making loans in more than one place) with more reserve than I should have perhaps thought necessary before, but nothing to diminish the advantages which may be expected from shewing that the faculty is in our power if we chuse to exercise it. It is certain that this is a vantage ground from which the borrower is much more enabled to command the lender. What has happened in the present instance is, unless I am very much mistaken, strong proof of its influence.
Mr. Hope as it appears, has stronger arguments to use with Russia. I mentioned to you formerly that he had in undertaking the re-establishment of Russian credit contracted for the monopoly of the loans of that country & lately that M. de Wolf had postponed the American loan he had been treating for because he was authorized to open one for Russia on much more advantageous terms. I supposed then either that the monopoly had ceased or that Hope had consented to the loan. The contrary however was the case. The loan projeced for Russia was on a footing which it was thought would evade the engagement wih Hope; that is to say by being opened at Petersburg, & the bonds given there expressed in roubles, which bonds were to be sold at Antwerp & the interest on them paid there. A considerable part of the loan was effected, a part of it remitted to Petersburg, & notwithstanding it has been stopped (supposed to be by the influence of Hope) & the money returned to the lenders.
Previous to my leaving Paris, several of the sufferers by the revolt in S. Domingo had concieved the plan of the French Government coming to their aid by loans of money in order to enable them to rebuild & re-establish their cultivation. As they knew the U.S. were paying off their debt they cast their eyes on that supply, & determined to collect it through the ministry of the assembly. It was an affair then in embryo & as it had to pass from the ministry to the assembly & was placing such a sum of money at the disposition of government it was much to be feared, under present circumstances, that it would not be brought to consistence and particularly as it was desired by the ministry of whom a great part of the assembly have really much more apprehension & fear than of the most declared & bitter enemies of the country, regarding them as the fosterers of what they call a counter-revolution, & by which they understand the destroying of the nation by war, plunder, & famine.
Some days ago the minister of the marine brought forward this business in the manner the most favorable to its success. He made a general report on the troubles of S. Domingo & the losses which he estimates at a capital of 600,000,000₶. He considered the colony as a large manufacture belonging to the nation & placed at a distance, in which every member of the society in France was an actionaire, & of course interested in its support. This is the most popular way of considering the subject for the assembly; for the most exagerated lovers of liberty & individual independence among them, are much flattered with the idea of the inhabitants of the islands of all colours being their property & really regard them as such. The minister shewed the profits arising from this great manufacture for all its owners & the advantages to be derived from an immediate re-establishment of it, by advances of money which would be thus placed on the most advantageous terms. He observed that the debt of America was the most immediate succour that could be given & proposed its being thus applied, adding an expression in favour of liberty which was much applauded. They did not however employ their usual mode of acceleration by a décret d’urgence. It was referred to a committee. They are to report on it about this time but it is highly probable it will be still delayed. The minister thinks however it will be finally adopted. In that case he will come forward probably with proposals to me for carrying his plan into the earliest execution. Considering my powers as co-extensive with the whole debt at the present rate of interest here, I shall co-operate with him most heartily, as it is evident that it must be highly advantageous for the U.S. to have their debt to France vested in their own productions, which is the object the minister has in view. You will recieve from Paris in the papers which will have been regularly sent to the Secretary of State during my absence, the report of the minister abovementioned. I shall not fail to keep you acquainted with the progress of the business after my arrival there, & have the honor at present to be, with the highest respect,
Sir  Your most obedient humble servant

W Short
The Honble. Alexander Hamilton Secretary of the Treasury, Philadelphia


Title: To Alexander Hamilton from Roger Alden, Brockholst Livingston, Carlile Pollock, Gulian Verplanck, and Joshua Waddington, 29 December 1791
From: Alden, Roger,Livingston, Brockholst,Pollock, Carlile,Verplanck, Gulian,Waddington, Joshua
To: Hamilton, Alexander

New York 29 Decr: 1791
Sir

A number of your fellow Citizens desirous of expressing the sense they entertain of the important Services you have rendered your Country, have raised by Subscription a Sum of money to defray the expence of a Portrait of you, ⟨to⟩ be executed by Mr Trumbull, and placed in one of our public Buildings.
We have therefore to request that you will b⟨e⟩ so condescending as to allow Mr Trumbull to wait upon y⟨ou⟩ for the above purpose, at such time as will suit your convenie⟨nce⟩ and will also be pleased to permit the representation to exhib⟨it⟩ such part of your Political Life as may be most agreeable to yourself.
We have the honor to be,   with perfect sentiments of esteem   & respect; Your most humble sert.

Gulian Verplanck
}

Roger Alden

Brockholst Livingston
Committ⟨ee⟩

J Waddington

Carlile Pollock

To Alexander Hamilton EsqrSecretary of the Treasury of the United States


Title: To Alexander Hamilton from John Nicholson, 29 December 1791
From: Nicholson, John
To: Hamilton, Alexander

Compr. Genl. Office [Philadelphia]Decr. 29th. 1791
sir

I have recd. instructions from his Excelly. the Governor to confer with you on the subject contained in your letter to him of the 21 Inst. If the difficulty suggested should arise in a doubt, whether part of the assumed debt of Pennsa. by the United States might not consist of Certificates given for a like sum of others of the United States not exchanged and to be surrendered, it will be easily proven that it does not. At any rate I would propose a conference with you on the business at any time you may appoint provided you approve thereof.
I am  Yours &c

Jno: Nicholson
The Honble Alexr. HamiltonEsqr secty Treasy. Ustates


Title: To Alexander Hamilton from Jeremiah Olney, 29 December 1791
From: Olney, Jeremiah
To: Hamilton, Alexander

Custom HouseProvidence 29th. Decer. 1791.
Sir

The Brigantine Polly James Munro Jur. Master, the Property of Messrs. Clark & Nightingale Entered here the 27th Inst. from Charleston South Carolina. This Vessel Cleared at my office on the 24th August last for Port au Prince, but it appears from the Master that she arrived at the Cape, having on Board, when she cleared, Three hundred & Fourteen Barrels of salted Provisions One hundred & Twenty Barrels of Pickled Fish and Eleven Hhds. of Dryed Fish weighing Eighty Quintals one Quarter and 23 oz all duty entered for Exportation, but the Troubles at the Cape were such as entirely to prevent Trade, in consequence of which, the Master, after much Trouble and Solicitation obtained permission to Depart with Vessel and Cargo, and arrived on the latter Part of Octr. at Charles Ton where he says he landed and disposed of the Dryed Fish, Twenty & half Barrels salted Provisions and Forty five Barrels of Pickled Fish, having now on Board the Remainder of Said pickled Fish & Provisions: And as they cannot be Relanded by the 62nd Section of the Collection law, I am induced Sir, from the peculiar Circumstance of the Case and a fixed belief that no Fraud was intended against the Revenue, to ask your opinion whether said articles may not be relanded (and the Bond Cancelled) or at least untill the Vessel, which is now unfit to proceed on a Forreign Voyage, can be repaired and put in order to take them again onbd? Should this expedient be inadmissable with your Ideas of the law, I request Sir your Speedy Instructions as to the Stepts it may be proper for me Further, to persue in the present Case.
I am very Respectfully  Sir  your Most Obed. Hum. Servt.

Jereh. Olney Collr.
Alexander Hamilton Esqr.Secretary of the Treasury


Title: To Alexander Hamilton from Thomas Smith, 30 December 1791
From: Smith, Thomas
To: Hamilton, Alexander

Pennsa Loan Office [Philadelphia] Decr 30. 1791
Sr.

The ballances of stock remaining on the Books of this Office for the quarter ending the 31st Decer. 1791 subject to the Payment of Interest on the 1st January 1792 are as follows Viz

Dolls Cts.

122,564.70.
of 6 ⅌ Ct. Stock
Intst from Jany.
7 353.88

1,348,379.47.
of ditto
Int. from Oct
20.225.69

69,963.57
3 ⅌ Ct.
do do Jany.
2 098.90

541,252.78
do
do  Oct.
4 059.39

4.707.–
4 ⅌ Ct nonsubscrition stock
47. 7

847.16.
3 ⅌ Ct do
    6.35

33.791.28

I have the honor to be &c.

Honbl Alexr Hamiltonsecy. Treasy US.


Title: To Alexander Hamilton from William Barton, [31 December 1791]
From: Barton, William
To: Hamilton, Alexander

[Philadelphia, December 31, 1791]
Sir,

The sheets which compose the pamphlet, herewith inclosed, will be comprized in the third Volume of the Philosophical Society’s Transactions, now in the press. Being favored by the printer with a few Copies of this part, (with the addition of a Title page), I beg, Sir, Your Acceptance of One.
If some additional Observations on the same subject, resulting from the Census, which have been read in the Society, should be deemed worthy of a place in their Transactions, I shall take the liberty of sending You a Copy, when printed.
I have the Honor to be,  With great Respect,  Sir,  Your Most Obedt. And Most Hble. Servt.

W. Barton

Market street,
}

Dec. 31st. 1791.

The Honble. A. Hamilton, Esq;Secry. of the Treasury


Title: To Alexander Hamilton from John Daves, [December 1791]
From: Daves, John
To: Hamilton, Alexander

Collectors Office Portof New Bern [North Carolina, December, 1791]
Sir,

I herewith enclose the description and dimensions of the Revenue Cutter built at Washington taken by the examining Officer at Washington and sent me by Capt. Cooke. I expect the Cutter round here shortly and would be thankful to be informed whether the articles for the Revenue Cutter mentioned in my letter of the 12th. November last, have yet been ordered for this Port or Washington.
I have the honour to be  with much respect &c.
The Honble. Alexr. Hamilton Esqr.


Title: Conversation with George Hammond, [1–8 January 1792]
From: Hammond, George,Hamilton, Alexander
To:

[Philadelphia, January 1–8, 1792]
Since my conversation with the Secretary of the Treasury, of which I had the honor of giving your Lordship an account in my dispatch No 13, I have lately had another interview with that Gentleman, in the course of which we entered into a loose and general discussion of some of the questions that are likely to become subjects of negociation between our two countries.
After some comments upon the different facts which Mr Jefferson had adduced as specific infractions of the definitive treaty on the part of Great Britain, Mr Hamilton expressed his conviction that the surrender of the posts was the only one which could produce any lengthy or difficult investigation. Upon this head he intimated that although he did not imagine this country would be easily induced to consent to a dereliction of any part of its territory acquired by the Treaty, it might perhaps still be possible to grant to his Majesty’s subjects such privileges and immunities in the respective posts as would protect and secure them in the undisturbed prosecution of the Fur Trade. Being in daily expectation of receiving your Lordship’s instructions upon this point, I did not venture to throw out any opinions for his consideration, and therefore thought it most prudent not to dwell upon the Subject. With respect to the Negroes, Mr Hamilton seemed partly to acquiesce in my reasoning upon this point, and added that this matter did not strike him as an object of such importance as it had appeared to other members of this government. As to the river St. Croix, he acknowledged his personal belief that our statement of its position would, upon inquiry, be found accurate.

On communicating to him the nature of the abstract, which I am preparing, of the several contraventions of the treaty by this country, Mr Hamilton admitted their magnitude, and owned that they could not be vindicated upon any other principle than the inefficiency of the former Congress to enforce respect to its own regulations. Upon the subject of the British Creditors, which he considered as the chief ground of complaint on the part of Great Britain, he assured me that in all cases of this kind, which had been brought before the federal Courts, their determinations had been uniformly founded upon the treaty of peace, and had been consequently favorable to the British Creditors. He added that this principle would invariably guide all the future decisions of the federal Courts, and in proportion as their proceedings became more known and extended, the means of soliciting, and the certainty of obtaining, redress would be more obvious to the British Creditors in the presecution of their just demands. He thence inferred that this cause of complaint would be completely removed by the operation of the judiciary system.
In regard to other contraventions, in which from lapse of time and various causes, it might be impossible for this country to render substantial and individual justice, he concluded by saying that there appeared to him insurmountable difficulties in devising a mode of equivalent compensation either to the individual who had sustained the injury or to the nation at large, but he doubted not that this government would consent to any reasonable and practicable method of settling this point, if any such could be proposed.
In treating of the commercial arrangements between the two countries, Mr Hamilton readily admitted the importance of the British Commerce to the United States, and expressed his sanguine hopes that some system might be established mutually satisfactory to both countries. He did not fail to urge with much force and emphasis the anxiety of this country to obtain a small participation in the carrying trade with the West Indies, and the expediency of granting it; subject nevertheless to such restrictions and regulations as Great Britain might require to limit the size and tonnage of the vessels employed in the trade, and to prevent the ships of the United States from interfering in the exportation to Europe of the productions of the British West India Islands. I listened to him with attention, but studiously avoided dropping any hint which might incline him to entertain the belief that Great Britain would ever consent to any modification of the system which she has so steadily and advantageously pursued in relation to the carrying trade, and to the intercourse of other nations with her colonies.
These were the principal topics of our conversation. In one part of it I took the liberty of inquiring of Mr Hamilton, when Mr Jefferson’s report, on the relative situation of the commerce of the United States with other powers, might be expected to appear. He answered that he believed, Mr Jefferson had, since my arrival in this country, abandoned his intention of making any such report.


Title: From Alexander Hamilton to Thomas Jefferson, [1 January 1792]
From: Hamilton, Alexander
To: Jefferson, Thomas

[Philadelphia, January 1, 1792]

Mr. Hamilton presents his Compliments to Mr. Jefferson. Being engaged in making a comparative statement of the Trade between the U S & France & between the U S & G Britain; and being desirous of rendering it as candid as possible Mr. H will be obliged to Mr. Jefferson to point out to him the instances, in which the Regulations of France have made discriminations in favour of the U States, as compared with other foreign Powers. Those of Great Britain appear by its statutes which are in the hands of Mr. H; but he is not possessed of the General Commercial Regulations of France.
Mr. H also wishes to be informed whether the Arret of the 9th of May 1789 mentioned by Mr. J in the Notes to his Table be the same with the Ordinance of the Governor General of St Domingo which is at the end of the Collection of Arrets which Mr. J was so obliging as to lend to Mr. H—which is of that Date.

Sunday January 1st 1792


Title: Conversation with George Hammond, [2–9 January 1792]
From: Hammond, George,Hamilton, Alexander
To:

[Philadelphia, January 2–9, 1792]

I have received a letter from Lieutenant Governor Clarke, in which he intimates to me his apprehensions that much inconvenience might arise, if any attempt should be made to enforce an act of the last sessions of Congress for “giving effect to the laws of the United States within the State of Vermont.” By this act the residence of a Collector of the customs is established at Alburgh, within the district now occupied by his Majesty’s forces.
In compliance with Lieutenant Governor Clarke’s request, I have represented this matter to Mr Hamilton, who assured me that, at the time of fixing upon this particular place for the residence of the Collector of the customs, this government was ignorant of its being within the district then in possession of the King’s troops; but, as soon as the mistake had been explained, it had been determined to suspend the operation of that part of the act, to which I alluded.
From this circumstance I took occasion to suggest to the Secretary of the Treasury that, since the important points, relative to the Treaty of Peace, were likely to come into discussion in the way of negociation, it was not expedient to incur the risque of the two Governments being committed either by measures of this nature or by the enterprizes of individuals. In the propriety of this sentiment Mr Hamilton perfectly concurred.


Title: To Alexander Hamilton from Baron von Steuben, 2 January 1792
From: Steuben, Baron von
To: Hamilton, Alexander

N:Y: ce 2 de janv: 1792.

Agrees mon Cher Ami, Les voeux sincere d’un Coeur qui vous aime et vous Estime. Le success de tout vos Operations fait ma Consolation dans ma Sollitude. Mais mon cher Hamilton que Vous dirai-je sur la Sensibilite que je ne Scauroit Etouffer quand je voi les Armes des Etats Unis, si respecté dans la Guerre contre une puissance formidable, Aujourdhui disgracie par des Cohortes des sauvages. Je plains le digne Sinclair de tout mon Coeur, S’il a commis une faute c’est celle, d’entreprendre une Operation militaire quelconque avec de tells Utensiles.
J’ecrivis une lettre tres longue que je comptait de Vous Envoyer, elle est devant moi—mais reflexion fait je croie quil vaut mieux de me taire, j’usqu’a ce qu’on me demande mon Avis, et je vous fait grâce de la lecture de mes reverie.
J’apprehende Cependant qu’on Envisage ce desastre avec plus d’indiference quil merite. Sans m’arretté sur le boucherie de tant des hommes, Sur les depense considerables, sans les consequences fasheuses que nous avons a apréhender, pour nos etablissement sur les frontiers je crains les impression que ces malheureuses afaires ont fait sur l’esprit des parties Belligerante. Les Cohortes des sauvages deviendront des héros rédoutable pour nous, et nos trouppes Continental actuel a moins quil ne sont entierement regenerer, ne seront plus fait pour la resistence.
Si nous voulons réparer le mal par L’Augmentation du nombre de tell troupes, nous accelleront notre perte, J’en suis aussi sure que de mon Existence. Plus que la masse serat grande, plus inevitable serat la confusion et plus Considerable la boucherie.
Croyez moi mon cher Ami, notre Présent Systheme Militaire est faux dans tout ses Principes—vos troupes ne sont que des hommes deguisé en Soldat. Il n’y a ni ordre, ni discipline, Enfin ils sont si peut exercé dans leurs metier, que la plus part n’ont jamais apris a Ammorier Leurs fusils, et les Officiers de ces mêmes Corps m’ont assuré, que de tout ces hommes qui ont été massacré dans les deux derniere defaites, il n’y avait pas dix qui avait jamais tire deux Coup de fusil a Cartouches. Enfin ils n’ont ni articles de Guerre, ni reglement en Ordonence. Car ceux qui existe ne vaille rien ni L’un ni L’autre, Les premieres etoit une mauvaise imitation de la milice Anglaise, et le second n’etoit pas du tout Calcules pour le Genre de Guerre dans lequel nous sommes engagé maintenant. Il y faut changer J’usqu’a la formation, meme J’us[qu’a] L’armement des trouppes tant a pied qu’a cheval pour mettre notre militaire en Etat de combattre Les indiens avec avantage.
Mais comme il faut du tems pour de tell arrangement, et quil s’agit d’arreter le torrent pour le présent, il faut remettre le salut de la Patrie entre les mains de la milice de nos frontieres. Aussi peut que je me promet de Leur discipline, il en ont certainement autant que nos trouppe continentale. Elle sont plus fait aux faitiques, comme chasseur il connoissent au moins de faire Usage de Leurs fusil, ceque les trouppes continentales n’ont point du tout apris.
Detromper de cette ilusion que les trouppes (qu’on Apelloit sans aucune Raison) reglé, leur serviroit de secour et dans le besoin de point d’appui, il combatterons mieux quand ils ne peuvent compter que sur Leurs propre Courrages.
Quoi qu’il en faut bien que J’ai dit tout ceque je pense sur ce miserable Etablissement militaire je suis aller plus loin quil n’etoit mon intention.
Une Entrevue avec vous entrainerat plus de detaille sur cette matiere; ma santé ne me permet pas de L’Esperer sitot: Dailleur comme Vous n’etez pas Ministre de Guerre, ces arrangement ne sont pas de Votre Province, et quand a moi j’ai bien tort de donner mon Avis que personne ne Se Soucie de Scavoir.
Mes Respect a Mad: Hamilton et une heureuse anné a tout Votre famille.
Je suis avec les sentimens que Vous me Connoissez sincerement Le Votre

Steuben


Title: Treasury Department Circular to the Collectors of the Customs, 2 January 1792
From: Treasury Department,Hamilton, Alexander
To: Collectors of the Customs

Treasury Department,January 2, 1792.
Sir,

It will prevent injury from accidents if the Collectors of the Customs, in all cases of the delivery of a Register to be cancelled, shall cut a hole in the like manner as is directed in the circular letter of the 21st of September last, in regard to the Registers therein mentioned.
All certificates of Registry delivered up at any office, wherever issued, are hereafter to be transmitted to the Treasury, with an endorsement of the time and place of delivery and the cause of surrender, whether it be a transfer of property or any other.
Having in consequence of enquiry, instructed several of the Collectors that the annual compensations allowed in the 54th section of the last Collection Law to themselves or the Surveyors might be paid out of the monies in their hands, I think it best to make the instruction circular. The officer entitled to the compensation will make out an account for the compensation due up to the first instant, which may be discharged out of the monies arising from Impost and Tonnage; and thereafter may be so paid quarterly. The commencement of the allowance is on the first day of October 1790.
The Bank of the United States being now in operation I have to desire that you will extend my instructions of the 22d of September 1789, in regard to receiving the Cash Notes and Post Notes of the Bank of North America, to the Cash Notes and Post Notes of the Bank of the United States, which are to be received and exchanged in like manner. The Directors have been requested by me to transmit you the signatures of the President and Cashier, as was done in the case of the Bank of North America.
Circumstances of the utmost importance render it necessary that the quarterly returns up to the 31st of December 1791, be made with all possible expedition, particularly those relative to Impost and Tonnage.
I am, Sir,  Your obedient servant,

A Hamilton
The Collectors of the Customs.


Title: To Alexander Hamilton from William Ellery, 3 January 1792
From: Ellery, William
To: Hamilton, Alexander

Newport [Rhode Island] January 3, 1792. “The Light House has been repaired.… I wish for your opinion on this Question. Is a master of a vessel who is convicted of swearing falsly thereby disqualified from acting in future in that capacity?”


Title: To Alexander Hamilton from James Reynolds, [3 January 1792]
From: Reynolds, James
To: Hamilton, Alexander

[Philadelphia, January 3, 1792]

Received Philadelphia January 3. 179[2] of Alexander Hamilton four hundred dollars in full of all demands

James Reynolds


Title: To Alexander Hamilton from Otho H. Williams, [3 January 1792]
From: Williams, Otho H.
To: Hamilton, Alexander

[Baltimore, January 3, 1792] Sends “a small account of expences incidental to the receipt and delivery of twelve Bolts of Canvass, which by your order were sent from Boston to this place, and from hence to Norfolk.” Suggests that official papers be sent by water rather than by the post.


Title: Report on Dried and Pickled Fish Exported and Entitled to Drawback, 5 January 1792
From: Hamilton, Alexander
To:

Treasury Department Jany. 5. 1792.[Communicated on January 6, 1792]
[To the President of the Senate]

The Secretary of the Treasury in obedience to the order of the Senate of the 28th. Ultimo.
Respectfully Reports.
That it appears, as in the statement No. 1 herewith transmitted, that the allowance in lieu of a drawback on dried and pickled fish, which was exported prior to the 31st. December 1790, amounts to 10,582 dollars, that the quantum of bounty actually paid on the exportation of dried and pickled fish from the 1st. of January 1791 to the 30th September last so far as the returns from the Collectors have been received appears as in the statement No. 2, to be 3,934 dollars and 55 cents, but that the deficiencies of the Custom House returns render it impossible at this time correctly to exhibit either the amount of what has accrued prior to the 30th September last, or in the course of the year 1791.
The Secretary conceiving it may tend to elucidate the subject under consideration, also transmits the statement No. 3, of the drawback on the foreign fish exported since the commencement of the impost Act of 1789 and the statement No. 4 of the bounty on dried and pickled fish of the United States which is known to have accrued, but which is not yet payable, together with a Note of the expences incidental to the exportation of the fish comprehended in the four statements, and he begs leave to remark that the return of exports for 13½ Months ending on the 30th September 1790 contains 378,721 quintals of dried fish and 36,804 barrels of pickled fish, including as well the produce of foreign fisheries, as of the bank, bay and river fisheries of the United States.

Alexander HamiltonSecy of the Treasury.


Title: To Alexander Hamilton from Charles Lee, [7 January 1792]
From: Lee, Charles
To: Hamilton, Alexander

[Alexandria, Virginia, January 7, 1792. On January 17, 1792, Hamilton wrote to George Washington: “The Secretary of the Treasury has the honor to communicate to the President a letter of the 7th. of January 1792. from the Collector of Alexandria.” Letter not found.]


Title: From Alexander Hamilton to John Davidson, 9 January 1792
From: Hamilton, Alexander
To: Davidson, John

Treasury DepartmentJanuary 9th 1792
Sir

I have recieved your letter of the 27th ultimo inclosing four paid draughts of the Treasurer No 1662 1663, 1664 and 1665, amounting together one thousand eight hundred Dollars. These draughts being directed to Tench Francis Cashier of the Bank of North America, they been taken up by you in an informal way, which being a deviation from the rules of the Treasury must be avoided in future.
My Circular letter of the 2d. instant authorizes you to change the compensation agreeable to the Collection Law in your quarterly account.
I am Sir  Your Obedt Servant

A Hamilton
John Davidson EsqrCollector Annapolis.


Title: To Alexander Hamilton from William Ellery, 9 January 1792
From: Ellery, William
To: Hamilton, Alexander

Newport [Rhode Island] January 9, 1792. “This will be accompd. by a Statement of the case of Josh. Elliott master of the Sloop Industry from St Martins and destined for the district of New Haven.… It appears to me … that it was the intention of the Legislature that the manifest should be made out before the vessels departure from a foreign port for the United States, but as this is not expressly required by Law, permit me to raise a question, and to ask of you a solution of it. Suppose that I should have sufficient evidence that a manifest produced to me was on board a vessel before She arrived within four leagues of the coast of the United States; but was not on board at the time of her departure from a foreign port or place for the United States, would it be proper that a prosecution should be commenced against the master of such vessel? …”


Title: From Alexander Hamilton to Sharp Delany, 11 January 1792
From: Hamilton, Alexander
To: Delany, Sharp

Treasury Department, January 11, 1792. “I think it proper that you make an immediate demand of the difference between foreign Tonnage and foreign Impost and those duties of Tonnage & impost which have been paid at the several entries of the Brig Lydia, which have taken place since the 8th of October 1790.… It is my intention to write to Richd. Carrington Esquire of Richmond in Virginia upon the subject of Mr Gernon’s citizenship.…”


Title: To Alexander Hamilton from Charles Lee, 11 January 1792
From: Lee, Charles
To: Hamilton, Alexander

Alexandria [Virginia] 11th. Janry. 1792
Sir!

Due pains were taken by me in causing to be published the several parts of the last Collection Law, which were necessary to be known to the Merchants, for regulating their conduct. The 9th. and 10th. Sections are not accurately observed in scarcely any one instance; for the Manifest thereby required is generally made after the vessels arrival to its port of destination. The account of the Cargo which the master brings from the place of shipment is always very imperfect, and so different from the Manifest required by Law as to most matters, that it deserves not be called a manifest. I have conceived that where there was no reason to suspect fraud the forfeiture ought not to be sought, as the manifest being produced conformable to the several particulars, the Revenue would sustain no damage. If however, more rigor ought to be observed in future, I should be glad to have your instruction.
The Coasting Law, being now under the consideration of Congress, I take the liberty of suggesting that the doubts concerning fees may be all removed by attending to this principle, that each service in its self distinct should have its own compensation annexed to it. As the Law now stands the Surveyor is entitled to an equal share of the fees under the Coasting Law. This I think ought to be altered, because the whole burden of the services in this Law mentioned is imposed upon the collector. The Surveyor performs no part of the duties, for which the fees are paid, is at no expense concerning them, and in this district the Surveyor refuses to pay any portion of the Stationary used in this branch of the business.
I hope that upon principles of Justice the Law will be altered, either by not allowing any part of these fees to the Surveyor, or by compelling him to perform his share of the duties and contributing his share of the expense.
When I consider the little service and the little responsibility of a Surveyor, I have been led to believe that their compensation would be very adequate, without recurring to an equal share of the coasting fees.
I am Sir!  with the greatest respect  Your most Obedt. Servt.

Charles Lee, Collector.


Title: To Alexander Hamilton from Joseph Whipple, 12 January 1792
From: Whipple, Joseph
To: Hamilton, Alexander

Portsmouth, New Hampshire, January 12, 1792. “I had the honor to receive your letter of the 20th. of last Month together with three Commissions for the Mates of the Revenue Cutter. That for Mr. Flagg the first mate I now return he having left the Service of which information was given in my letter of the 15th. Ulto.…”


Title: From Alexander Hamilton to Otho H. Williams, 12 January 1792
From: Hamilton, Alexander
To: Williams, Otho H.

Treasury DepartmentJanuary 12. 1792.
Sir

The charges on the canvas intended for the Maryland Cutter appear to be proper objects of debit to that vessel. The sum of one dollar and fourteen Cents may therefore be charged in her disbursements.
You will perceive that my Circular letter of the 2d instant will prevent future expence of postage to the Collectors in receiving Registers from one another.
I am, Sir,  Your Most Obed Servant.

Alex Hamilton
Otho H Williams Esqr.Collr. Baltimore.


Title: From Alexander Hamilton to William Ellery, 13 January 1792
From: Hamilton, Alexander
To: Ellery, William

[Philadelphia, January 13, 1792. On January 30, 1792, Ellery wrote to Hamilton and referred to “your letter of the 13th. of this month.” Letter not found.]


Title: From Alexander Hamilton to Thomas Jefferson, 13 January 1792
From: Hamilton, Alexander
To: Jefferson, Thomas

Treasury DepartmentJanuary 13. 1792
Sir

In a conference with you, some time ago, I took occasion to mention the detention of the certificate of registry of a vessel of the United States in one of the French offices on occasion of a sale of the vessel. Several new instances having since occurred, I find it necessary to trouble you more particularly upon the subject. As the detention of these papers has taken place, as well in a port of France as in those of the colonies, it will require notice both in the home and in the colonial department.
The instrument in contemplation is of manifest importance to the navigation of the United States, and the legislature has therefore ordained that a heavy penalty shall follow the return of a master of a vessel to th⟨is coun⟩try, who shall fail within eight days to surrender the certificate of registry belonging to a vessel lately under his command, which shall have been shipwrecked or sold abroad. The payment of this penalty, in the event of its being incurred, is secured by an obligation taken at the granting of the certificate, and some of those bonds are now in a situation, wherein the la⟨w⟩ requires them to be put in suit. The plea of detention by a foreign power, whenever it can be truly made, renders the penalty a hardship, and I am persuaded will recommend the measures necessary to prevent such inconveniences to your early attention.
I have the honor to be  Sir Your obedt s⟨ervant⟩

Alexander ⟨Hamilton⟩
The honorableThe Secretary of State


Title: To Alexander Hamilton from Oliver Wolcott, Junior, 13 January 1792
From: Wolcott, Oliver, Jr.
To: Hamilton, Alexander

Treasury Department, Comptroller’s Office, January 13, 1792. Submits “forms for regulating the payment of Drawbacks arising on the exportation of spirits distilled within the United States.”


Title: From Alexander Hamilton to Thomas Arnold, 14 January 1792
From: Hamilton, Alexander
To: Arnold, Thomas

[Philadelphia, January 14, 1792. The dealer’s catalogue description of this letter reads: “Arnold’s annual allowance as Surveyor.” Letter not found.]


Title: From Alexander Hamilton to Otho H. Williams, 14 January 1792
From: Hamilton, Alexander
To: Williams, Otho H.

Treasury DepartmentJanuary 14 1792.
Sir

I am informed that a Brig which frequents Your port, and was, or is now the Hope, of Baltimore, is owned by a Mr Gernon. It is my wish to be informed whether it appears, and how, that Mr Gernon is a Citizen of the United States, how long he appears, by the Register, to have owned the Hope, and whether she goes and comes between Your District and any one particular foreign port or island. There are some circumstances in the case of another vessel, said to belong to Mr Gernon, which have attracted observation, and which induce me to wish for a particular knowledge of all circumstances that relate to the Brig Hope.
I am, Sir,  Your Most Obed Servant.

Alex Hamilton
Otho H Williams Esqr.Baltimore.


Title: To Alexander Hamilton from William Ellery, 16 January 1792
From: Ellery, William
To: Hamilton, Alexander

[Newport, Rhode Island] January 16, 1792. States that expenses for the customs office and officers as well as the allowance on exported domestic spirits will exceed expected receipts. Wishes “to know whether under the above circumstances any further deposits should be made in the Bank of Providence until those allowances shall be discharged.”


Title: From Alexander Hamilton to John Nicholson, [16 January 1792]
From: Hamilton, Alexander
To: Nicholson, John

[Philadelphia, January 16, 1792]

The Secretary of the Treasury presents his Compliments to the Comptroller of the State of Pensylvania, & requests to see him at the Treasury Office tomorrow Morning at Nine oClock on a subject which the Governor has referred to a conference with the Comptroller.

Monday January 16th


Title: From Alexander Hamilton to the Directors of the Society for Establishing Useful Manufactures, [16 January 1792]
From: Hamilton, Alexander
To: Directors of the Society for Establishing Useful Manufactures

[Philadelphia, January 16, 1792]

I certify that Mr. Mort and Mr. Hall who have been engaged on behalf of the Society for establishing useful Manufactures, informed me, while the Subscriptions were pending, that they wished to become Subscribers, the One in the sum of Eight, the other of six thousand Dollars; but that it would probably not be convenient to advance the first payment, at the time required: To which I answered, that I did not doubt the Directors of the Society would, if they should respectively subscribe the sums, be perfectly disposed to accommodate them on the subject of the payment in question, and that I was persuaded they might freely subscribe on that supposition. I was willing to encourage their Subscription, concerning it for the interest of the Society, that they should be concerned in it’s success as Proprietors.
Philadelphia   January 16. 1792
Alexander Hamilton


Title: To Alexander Hamilton from Joseph Whipple, 16 January 1792
From: Whipple, Joseph
To: Hamilton, Alexander

Portsmouth [New Hampshire] January 16, 1792. Acknowledges receipt of unsigned letter from Treasury Department.


Title: To Alexander Hamilton from Benjamin Lincoln, 17 January 1792
From: Lincoln, Benjamin
To: Hamilton, Alexander

Boston Jany 17th 1792
Sir

By the inclosed memorandum you will see the state of the imports into this district from Island of Hispaniole from the first of august 1790 to the end of that year and the state of the imports from the same Island from the first day of August 1791 to first Jany 1792 have not yet felt so sensibly as I expected we had the consequences of the disorders in that Island.
From a suggestion given, when last in your office, that as there would be in April a large demand for interest due on monies loaned to the United States by the inhabitants of this you should not at present draw on me I think it therefore my duty thus early to mention to you that there is not the least prospect that the ballance in my hands will be augmented in any other way than by the receipt of the Bank notes of the United States. There are such a flood of them now here that they are bought up at a depreciated value by the Gentlemen indebted to us for the payment of their bonds.
Emptyed rum hogs~, when the certificate can be had with them, are in great demand.
Secy of the Treasury


Title: To Alexander Hamilton from John Nicholson, [17 January 1792]
From: Nicholson, John
To: Hamilton, Alexander

[Philadelphia, January 17, 1792]

Mr. Nicholson will do himself the Pleasure to attend about 10 OClock this day.

Tuesday January 18th. 1792.
Alexander Hamilton Esquire


Title: To Alexander Hamilton from James Reynolds, 17 January 1792
From: Reynolds, James
To: Hamilton, Alexander

Philadelphia 17th January 1792.
Sir

I Suppose you will be surprised in my writing to you Repeatedly as I do. but dont be Alarmed for its Mrs. R. wish to See you. and for My own happiness and hers. I have not the Least Objections to your Calling. as a friend to Boath of us. and must Rely intirely on your and her honnor. when I conversed with you last. I told you it would be disagreeable to me for you to Call, but Sence, I am pritty well Convinsed, She would onely wish to See you as a friend. and sence I am Reconsiled to live with her, I would wish to do [e]very thing for her happiness and my own, and Time may ware of every thing, So dont fail in Calling as Soon as you Can make it Conveanant. and I Rely on your befriending me if there should any thing Offer that would be to my advantage. as you Express a wish to befrind me. So I am
yours to Serve

James Reynolds
Mr. Alexr. Hamilton


Title: From Alexander Hamilton to the President and Directors of the Bank of the United States, 18 January 1792
From: Hamilton, Alexander
To: President and Directors of the Bank of the United States

Treasury DepartmentJanuary 18. 1792
Gentlemen

There are various arrangements necessary to be made between the Government and the Bank of the United States, which will better be treated of in a personal conference than by writing. I request therefore that such proceeding as may appear proper to the Direction, for that purpose, may be adopted.
With great consideration  I have the honor to be Gentlemen Your obedient servant

Alexander Hamilton
The President & Directorsof the Bank of The United States


Title: [From Alexander Hamilton to the Gazette of the United States], [18 January 1792]
From: Hamilton, Alexander
To: Gazette of the United States

[Philadelphia, January 18, 1792]


Title: To Alexander Hamilton from John Nicholson, 18 January 1792
From: Nicholson, John
To: Hamilton, Alexander

[Philadelphia] January 18, 1792. “Inclosed is one Certificate of each kind granted by the State of Pennsylvania. That Number’d 13768 … is the only kind granted for the Debt of the United States, & on which the question arises whether any thereof have been subscribed to the funding system of the United States. The other two kinds No. 1687 for depreciation of the Army and 2506 for all other Debts due by the States, you will find include all that have been subscribed with the loan Officer. I also send you … the Laws of Pennsylvania where you will find … the Law under which the Certificates were granted mentioned first above.…”


Title: From Alexander Hamilton to William Seton, 18 January 179[2]
From: Hamilton, Alexander
To: Seton, William

Philadelphia January 18. 179[2]
My Dear Sir

I have learnt with infinite pain the circumstance of a new Bank having started up in your City. Its effects cannot but be in every view pernicious. These extravagant sallies of speculation do injury to the Government and to the whole system of public Credit, by disgusting all sober Citizens and giving a wild air to every thing. It is impossible but that three great banks in one City must raise such a mass of artificial Credit, as must endanger every one of them & do harm in every view.
I sincerely hope That the Bank of New York will listen to no coalition with this newly engendered Monster. A better alliance, I am strongly persuaded, will be brought about for it, & the joint force of two solid institutions will without effort or violence remove the excrescence, which has just appeared, and which I consider as a dangerous tumour in your political and commercial œconomy.
I express myself in these strong terms to you confidentially; not that I have any objection to my opinion being known as to the nature & tendency of the thing.
Yrs. with real regard

A Hamilton
Wm. Seton Esq


Title: To Alexander Hamilton from Jeremiah Olney, 19 January 1792
From: Olney, Jeremiah
To: Hamilton, Alexander

Providence, January 19, 1792. “I have recd. your circular Letter of the 2nd. instant; and will attend to the several Matters therein contained. The Cashier of the Bank of the United States has transmitted to me a description of the Notes, with his and the President’s Signatures. My quarterly Accts. have been already forwarded.…”


Title: To Alexander Hamilton from Jeremiah Olney, 19 January 1792
From: Olney, Jeremiah
To: Hamilton, Alexander

Custom-House,Providence 19th Jany. 1792.
Sir.

Your Letter of the 8th instant, containing your Opinion on the case of the Brig. Polly, being accompanied by one from Mr. Bourn to Messrs Clark & Nightingale to the same purport; and those Gentlemen being impatient to unload the Vessel, I have given them permission to reland the Provisions and Fish, and have cancelled their exportation Bond. By your taking no notice of the 62nd. section of the present collection Law, to which I referred, and by which, alone, I was governed, and supposing me to have recurred to a Section in the late Law, which does not exist, there being but 40 Sections in all, induces me to imagine that there may possibly be some mistake or misunderstandg. between us: and therefore, lest the Edition of the Law which you have should be sectioned different from mine, I enclose an exact transcript of the 62nd. Section; upon which, had the above mentioned Articles been landed here without permission, I should have thought it my incumbent Duty to have commenced a prosecution for the forfeiture thereof, with the Vessel &c.—no part of the Law appearing to me more clear and possitive as the Bond required in conditioned against relanding; But if no mistake has taken place, I am happy that your construction thereof allows an Indulgeance to the Exports of Fish & Provisions, expecting a bounty, which I always thought they should be entitled to under proper restrictions. All Articles of the produce of the United States, which have not been Entered and Bonded for exportation, with an intent to draw back the Duties, or obtain an allowance, I have since the present collection Law took place, permitted when returned unsold to be relanded free from Duty, on the proof required by the 24th Section; those which have been bonded I have uniformly refused upon the 62nd Section; but shall in future permit them also to be relanded, cancelling the Bonds, as I have now done in the Instance of the Brigt. Polly.
I have the honor to be &c.

Jereh. Olney Collr.
Alexr. Hamilton Esqr. Secy. of the Treasy.


Title: To Alexander Hamilton from William Ellery, 23 January 1792
From: Ellery, William
To: Hamilton, Alexander

[Newport, Rhode Island] January 23, 1792. “Yesterday I recd. your Circular Letter of the second of this month, and shall observe your directions.…”


Title: To Alexander Hamilton from Jeremiah Olney, 23 January 1792
From: Olney, Jeremiah
To: Hamilton, Alexander

Providence, January 23, 1792. “… I … enclose a short Statemt. of the Monies which will become payable into, and of such as will probably be demandable out of, this Office, between this Time and the 14th of May next; by which it will appear that I shall have as much to pay as I have to receive: I shall therefore omit my weekly deposits in the Providence Bank until I am favored with your determination whether I shall continue them and be furnished with Drafts on the Bank to discharge the principal Sums; or retain all the Money I may receive untill the said 14th of May next, for that purpose.”


Title: Report on Estimates of Receipts and Expenditures for 1791–1792, [23 January 1792]
From: Hamilton, Alexander
To:

[Philadelphia, January 23, 1792Communicated on January 23, 1792]
[To the Speaker of the House of Representatives]

The Secretary of the Treasury, in obedience to the order of the House of Representatives of the 19th instant, respectfully makes the following, Report:
At the close of the year 1790 there was a considerable surplus of revenue beyond the objects of expenditure, which had required a provision to that period; which surplus, by an act of the 12th. of August in that year, was appropriated to the reduction of the public debt.
The Statement (A.) herewith submitted, will shew, in one view, all the sums, which, according to the establishments heretofore made, and corresponding appropriations have required and will require to be defrayed, from the beginning of the year 1791 to the end of the year 1792, amounting together to seven millions and eighty two thousand one hundred and ninety seven dollars and Seventy four cents.
The Statement (B.) will also shew, in one view, the nett product, of all the public revenues, for the same period, according to the best calculation and estimate, which can now be formed of it, amounting to seven millions and twenty nine thousand seven hundred and fifty five dollars, and twenty six cents.
The Statement (C.) exhibits a Summary of the total annual expenditure of the United States, in conformity to existing establishments, amounting to three millions six hundred and eighty eight thousand and forty three dollars, fifty cents.
The Statement B. includes a view of the probable product, during the year 1792, of the existing revenues of the United States, amounting to three millions seven hundred thousand dollars.
From these Statements will result substantially the information, which is desired by the House of Representatives, as far as it is now in the power of the Secretary to give it.
One or two matters, however, may be proper to be added, with a view to greater accuracy.
There are certain instances, in which the estimates of appropriations have exceeded, and will exceed the sums actually expended. Hence the apparent excess of the expenditure, as exhibited in the statement (A) beyond the product of the revenue, as shewn in the statement (B.) will, probably, not be found real. But the amount of these surplusses or over-estimates cannot be now ascertained, and it is not likely to be very considerable; and because, also, if it should do more than counterbalance the excess, alluded to, it will be safest to set off the surplus against those contingent demands, which from time to time occur.
No deduction has been made from the annual interest on account of the debt purchased. This has proceeded from a supposition that it will be deemed expedient by the Legislature to appropriate inviolably the interest of any part of the debt which shall be, at any time extinguished, toward the extinction of the remainder. This point will be more particularly submitted in a report on the subject of the public debt.
All which is humbly submitted,

Alexander HamiltonSecretary of the Treasury.
Treasury Department. January 23rd. 1792.


Title: Enclosure (B): [Estimate of the Nett Product of the Public Revenues], 23 January 1792
From: Hamilton, Alexander
To:

Estimate of the nett product of the Public Revenues during the years 1791 and 1792

Import duties for 1791.

Quarter ending the 31st March
}

{
$ 314,881.11

Quarter ending the 30th June
(A)
1,345,303.49

Quarter ending the 30th September

919,570.66

Quarter ending the 31st December

(B.)

   600,000.00

  Total nett product of Imports for 1791
$3,179,755.26.

Duties on home-made Spirits from the 1st of July

to the last of December
(C.)

150,000.00

  Total nett Revenue, 1791
$3,329,755.26.

Duties on Imports for the year 1792 estimated

at (D)
3,300,000.00

Duties on home-made spirits for the same year, estimated

at (E)
400,000.00

 3,700,000.00

Total of Nett Revenue, for the years, 1791 and 1792
$7,029.755.26.

Notes to reference (B)
(A)   The produce of these three quarters may be considered as ascertained. Though returns have not been returned from all the ports, for the entire period; yet so many have been received (including the principal ports) as to have admitted of a calculation with regard to the rest, not liable to material error.
The produce for the year 1790, has served as a guide, in respect to the ports from which returns have not been received.
(B).   The sum here stated, is altogether upon estimate; the time which has elapsed since the end of the quarter not admitting of proper documents. It exceeds the produce of the same quarter for the preceeding year, fifty five thousand seven hundred and seventy three dollars and nineteen cents. If the ratio of increase of any preceeding quarter, during the year 1791, had been applied to this quarter, the sum would have been considerably greater, but it is believed that this would not furnish a just rule. It is understood, that the importations for the last quarter of 1790, were much increased, to avoid the additional duties, which were to take place on the first day of the year 1791, and although the additional duty on distilled spirits, might at first view, be expected to add to the product for the quarter in question, yet it is far from certain, that this was the effect of it. Extraordinary exertions were made to import distilled spirits, prior to July, when the additional duty took effect, which may be supposed to have lessened the quantity afterwards, so as to leave it a question, whether this article was more or less productive in that quarter, than in the same quarter of the former year. Making allowance for these circumstances, it does not appear probable that the last quarter of 1791, will exceed the last quarter of 1790, in so great a proportion, as any of the preceeding corresponding quarters.
(C.)   This sum is materially short of the originally estimated product, but from the returns hitherto received, it does not appear likely to be greater; this is owing, partly to a decreased distillation of Spirits from foreign materials, in consequence of a sudden rise in the price of molasses, and partly to the obstacles which have retarded the complete execution of the law.
(D)   The sum here estimated, cannot in the nature of the thing be accurate; it includes a compromise of opposite considerations. First, it contemplates an additional sum for the additional duty on imported spirits, which will be fully operative during the present year. Secondly, it contemplates the possibility, that the disturbances in Hispaniola may tend to diminish the supply of several articles which are objects of considerable duties, and may proportionably diminish the revenue, hence about one third of the probable increase of the duties on spirits is added to the produce of the year 1791, and the aggregate is taken as the produce of the year 1792, abating two thirds of that increase, as an equivalent for the other deficiencies.
(E)   The same disturbances in Hispaniola may be expected to diminish the product of the duties on home made spirits, by considerably reducing the supply of molasses; which, added to the obstacles already alluded to (and which it will require yet some time, completely to surmount) cannot fail to render the real product of these duties, in the course of the present year, materially less than the estimated product. Accordingly an abatement of about one third is made in the present estimate.

Treasury Department,January 23. 1792
Alexander HamiltonSecretary of the Treasury


Title: Enclosure (C): [Estimate of Annual Expenditures], 23 January 1792
From: Hamilton, Alexander
To:

Estimate of Annual Expenditures, on the ground of existing establishments, Vizt.

Dollars Cents

For the support of the civil establishments of the government, including 40,000 dollars for foreign affairs
368,653.56

Stated expenditure of the War department including 25,000 for Indian affairs
382,731.61

Pensions to Invalids
87,463.60

Interest on the public debt, foreign and domestic
838,848.77

including the amount of the State debts assumed
2,849,194.73

Total annual expenditure
$3,688,043.50

Treasury department,January 23d. 1792.
Alexander HamiltonSecretary of the Treasury


Title: Report on the Public Debt and Loans, 23 January 1792
From: Hamilton, Alexander,Treasury Department
To:

Treasury Department January 23d 1792.[Communicated on February 7, 1792]
[To the Speaker of the House of Representatives]

Pursuant to the order of the House of Representatives of the first of November 1791, directing the Secretary of the Treasury, “to report to the House the amount of the Subscriptions to the loans proposed by the act making provision for the Public Debt, as well in the debts of the respective States as in the domestic debt of the United States, and of the parts which remain unsubscribed, together with such measures as are, in his opinion, expedient to be taken on the subject”: the said Secretary respectfully submits the following Report:

I. The whole amount of the domestic debt of the United States, Principal and Interest, which has been subscribed to the Loan proposed concerning that debt, by the Act intitled “An Act making provision for the debt of the United States,” according to the Statement herewith transmitted marked A and subject to the observations
Cts

accompanying that Statement is Dollars
31,797,481.22

which, pursuant to the terms of that Act, has been converted into Stock bearing an immediate interest of 6 ⅌ Cent: ⅌ Annum
14,177,450.43

Stock bearing the like interest from the first of January 1801
7,088,727.79

Stock bearing an immediate interest of 3 ⅌ Cent ⅌ Annum
10,531,303.--

making together Dollars
31,797,481.22

of which there stands to the credit of the Trustees

of the sinking fund, in consequence of purchases
Cents

of the Public Debt made under their direction the sum of Dollars
1,131,364.76

The unsubscribed residue of the said Debt, according to the statements herewith transmitted marked B & C and subject to the observations accompanying the statement C appears to amount to Dollars
Cents   10,616,604.65

consisting of Registered Debt, Principal & Interest
6,795,815.26

Unsubscribed Stock on the books of the Commissioners of Loans for New Jersey, Pennsylvania and Maryland, Principal & Interest}
15,674.62

Credits on the books of the Treasury for which no certificates have issued, Principal & Interest}
107,648.63

Outstanding or floating evidences of Debt estimated ⅌ Statement C at}
  3,697,466.14

making together Dollars
  10,616,604.65

concerning which some further arrangement is necessary.
The greatest part of the registered Debt, hitherto unsubscribed, is owned by the Citizens of foreign countries, most, if not all of whom appear now disposed to embrace the terms held out by the act abovementioned; extensive orders having been received from those creditors, to subscribe to the Loan, after the time for receiving subscriptions had elapsed.
A considerable part of the outstanding or floating debt, consists of Loan Office Certificates issued between the first of September 1777 and the first of March 1778, bearing interest on the nominal sum. Many of the holders of this species of debt have come in upon the terms of the act, but others have hitherto declined it; alledging, that the special nature of their contract gives a peculiarity to their case, and renders the commutation proposed not so fair an equivalent to them, as in other instances. They also complain, that the act has had, towards them, a compulsory aspect, by refusing the temporary payment of interest, unless they should exchange their old for new certificates, essentially varying the nature of their contract.
A resolution of Congress of the tenth of September 1777 stipulates in favour of this class of creditors, interest upon the nominal, instead of the real principal of their debt, until that principal be discharged. This certainly renders their contract of a nature more beneficial than that of other creditors; but they are at the same time liable to be divested of the extra-benefit it gives them, by a payment of their Specie-dues; and it may be observed, that they have actually enjoyed, and by accepting the terms offered to them were enabled to realise, advantages superior to other creditors. They have been paid interest by bills on France, from the tenth of September 1777 to the first of March 1782, while other creditors received their interest in depreciated bills of the old emissions; and the terms of the loan proposed put it in their power to realise the benefit of interest on the nominal amount of their respective debts at rates from 6 20/100 nearly to 10 47/100 per cent on their real or specie capital down to the last of December 1790.
It does not therefore appear to have been an unreasonable expectation, that they, as readily as any other description of public creditors, would have acquiesced in a measure, calculated for the accommodation of the Government, under circumstances, in respect to which, it has been demonstrated by subsequent events that the accommodation desired was consistent with the best interest of the public creditors. A large proportion of the parties interested have indeed viewed the matter in this light, and have embraced the proposition. It is probable, that the progress of things will satisfy the remainder, that it is equally their interest to concur; if a further opportunity be afforded. But it is, nevertheless, for themselves only to judge, how far the equivalent proposed is, in their case, a reasonable and fair one; how far any circumstances in their claim may suggest reasons for moderation on their part; or how far any other motives, public or private, ought to induce an acceptance. And the principles of good faith require, that their election should be free.
On this ground, the complaint which regards the withholding of a temporary payment of interest, except on the condition of a surrender of the old certificates for new ones importing a contract substantially different, appears to the Secretary not destitute of foundation. He presumes, that the operation of that provision, in the particular case was not adverted to; or, that an exception would have been introduced as most consonant with the general spirit and design of the Act. Accordingly, the further measures which will be submitted, will contemplate a method of obviating the objection in question.
From the consideration, that an extension of the time for receiving subscriptions, upon the terms of the Act making provision for the Debt of the United States, is desired by a large proportion of the non-subscribing creditors, and from the further consideration, that sufficient experience has not yet been had of the productiveness of a considerable branch of the Revenues which have been established, to afford the light necessary to a final arrangement—It is, in the judgment of the Secretary, adviseable, to renew the proposition for a loan in the Domestic Debt, on the same terms with the one which has been closed, and to allow time for receiving subscriptions to it until the last day of September next inclusively; making provision for the temporary payment of interest to such who may not think fit to subscribe, for the year 1792, of the like nature with that which was made in the same case for the year 1791—Except as to the holders of Loan Office Certificates, issued between the first of September 1777 and the first of March 1778; in respect to whom it is submitted as proper to dispense with the obligation of exchanging their old certificates for new, as the condition of their receiving interest in capacity of non-subscribers; and to allow them, without such exchange, to receive the same interest, both for the year 1791 & 1792 as if they had subscribed to the first Loan. It will not be materially difficult, so to regulate the operation at the Treasury as to avoid in the particular case, that danger of imposition by counterfeits, which was the motive to the general provision for an exchange of certificates.
II. The amount of the subscriptions in the debts of the respective States, within the limits of the sum assumed in each, appears by the statement marked D to be Dollars 17,072,334.39 Cents, subject to the observations accompanying that statement. Consequently the difference between the aggregate of the sums subscribed, and the aggregate of the sums assumed, is Dollars 4,427,665.61 Cents. This difference is to be attributed to several causes; the principal of which are the following. First; That the sums assumed in respect to certain States exceeded the actual amount of their existing debts. Second; That in various instances, a part of the existing debt was in a form which excluded it from being received, without contravening particular provisions of the Law; as in the case of certificates issued after the first day of January 1790 in lieu of certificates which had been issued prior to that period, which was reported upon by the Secretary on the twenty fifth day of february last. Third; Ignorance of, or inattention to the limitation of time for receiving subscriptions. It appears, that a number of persons lost the opportunity of subscribing from the one or the other of these causes.
A strong desire that a further opportunity may be afforded for subscriptions in the debts of the States, has been manifested by the Individuals interested. And the States of Rhode Island and New Hampshire, have, by the public Acts referred to the Secretary, indicated a similar desire. The affording of such further opportunity, may either be restricted within the limit, as to amount, which is contemplated by the Act itself; or may receive an extension which will embrace the residuary debts of the States.
The first may be considered as nothing more than giving full effect to a measure already adopted.

The last appears to have in its favour all the leading inducements to what has been already done. The embarassments which might arise from conflicting systems of finance are not entirely obviated. The efficacious command of the National resources for National exigencies is not unequivocally secured. The equalizing of the condition of the citizens of every State, and exonerating those of the States most indebted, from partial burthens which would press upon them in consequence of exertions in a common cause, is not completely fulfilled, until the entire debt of every State, contracted in relation to the war is embraced in one general and comprehensive plan. The inconvenience to the United States of disburthening the States, which are still incumbered with considerable debts, would bear no proportion to the inconvenience which they would feel, if left to struggle with those debts, unaided.
More general contentment, therefore, in the public mind, may be expected to attend such an exoneration, than the reverse; in proportion as the experience of actual inconvenience would be greater, though only applicable to parts, in the one, than in the other case.
With regard to States, parts only of the debts of which have been assumed, and in proportions short of those, which have prevailed, in favour of other states, and short also of what would have resulted from a due apportionment of the entire sum assumed; the claim to a further assumption is founded on considerations of equal justice, as relative to the measure itself, considered in a separate and independent light.
But there is a further reason of material weight for an immediate general assumption. Monied men, as well foreigners as citizens, through the expectation of an eventual assumption, or that in some shape or other a substantial provision will be made for the unassumed residue of the State Debts, will be induced to speculate in the purchase of them. In proportion as the event is unsettled, or uncertain, the price of the article will be low, and the present proprietors will be under disadvantage in the sale. The loss to them in favour of the purchasers is to be regarded as an evil; and as far as it is connected with a transfer to foreigners, at an undervalue, it will be a national evil. By whatsoever authority an ultimate provision may be made, there will be an absolute loss to the community equal to the total amount of such undervalue.
It may appear an objection to the measure, that it will require an establishment of additional funds by the Government of the United States. But this does not seem to be a necessary consequence. The probability is, that without a supplementary assumption, an equal or very nearly equal augmentation of funds will be requisite to provide for greater balances in favour of certain States; which would be proportionably diminished by such assumption. The destination, not the quantum of the fund, will therefore be the chief distinction between the two cases.
It may also appear an objection to a total assumption, that the magnitude of the object is not ascertained with precision. It is not certainly known, what is the sum due in each State; nor has it been possible to acquire the information, owing to different causes. But though precise data are deficient, there are materials which will serve as guides. From the returns received at the Treasury, assisted by information in other ways, it may be stated without danger of material error—That the remaining debts of the States over and above the sums already subscribed will not exceed the amounts specified in the statement D accompanying this report—And that, including the sums already subscribed, the total amount to be ultimately provided for, in the event of a general assumption, will not exceed 25,403,362 ⁷¹⁄₁₀₀ Dollars, which would constitute an addition of 3,903,362, ⁷¹⁄₁₀₀ Dollars to the sum of 21,500,000 Dollars already assumed.
Should a total assumption be deemed eligible, it may still be adviseable to assign a determinate sum for each State, that the utmost limit of the operation may be preestablished; and it is necessary in order to the certainty of a due provision in proper time, that interest should not begin to be payable, on the additional ⟨sums⟩ assumed, till after the year 1792.

⟨It will oc⟩cur, that provision has been made, for paying to eac⟨h St⟩ate, in trust for its non-subscribing creditors, an interest upon the difference, between the sum assumed for such State, and that actually subscribed, equal to what would have been payable, if it had been subscribed.
In the event of a further assumption, either within the limits already established, or commensurate with the remaining debts of the States, it is conceived, that it will not be incompatible with the provision just mentioned, to retain, at the end of each quarter, during the progress of the further subscription, out of the money directed to be paid to each State, a sum corresponding with the interest upon so much of its debts as shall have been subscribed to that period, paying the overplus, if any, to the State. An absolute suspension of that payment does not appear consistent with the nature of the stipulation, included in that provision; for though the money to be paid to a State be expressly a trust for the nonsubscribing creditors; yet as it cannot be certain beforehand, that they will elect to change their condition, the possibility of it, will not justify a suspension of payment to the State, wh⟨ich⟩ might operate as a suspension of payment to ⟨the creditors⟩ themselves.
A further ob⟨ject⟩ion to such a suspension results from the idea, that the provision in question appears to have a secondary object; namely, as a pledge for securing a provision for whatever balance may be found due to a State on the general settlement of accounts. The payment directed to be made to a State, is “to continue until there shall be a settlement of accounts between the United States and the Individual States, and in case a balance should then appear in favour of a State, until provision shall be made for the said balance.”
This secondary operation as a pledge or security (consistently with the intent of the funding Act) can only be superseded in favour of the primary object, a provision for the creditors; and as far as may be necessary to admit them to an effectual participation of it. But as whatever money may be paid to a State, is to be paid over to its creditors, proportional deductions may, with propriety, be made from the debts of those Creditors who may hereafter subscribe; so as that the United States may not have to pay twice for the same purpose.
If it shall be judged expedient, either to open ag⟨ain, or exte⟩nd the assumption, it will be necessary to vary the description of the debts, which may be subscribed, so as to comprehend all those, which have relation to services or supplies during the war, under such restrictions as are requisite to guard against abuse.
In the original proposition for an assumption of the State Debts, and in the suggestions now made on the same subject, the Secretary has contemplated, and still contemplates, as a material part of the plan, an effectual provision, for the sale of the vacant lands of the United States. He has considered this resource, as an important mean of sinking a part of the debt, and facilitating ultimate arrangements concerning the residue. If supplementary funds shall be rendered necessary, by an additional assumption, the provision will most conveniently be made, at the next session of Congress, when the productiveness of the existing revenues, and the extent of the sum to be provided for, will be better ascertained.
[III] There is a part of the public Debt of the United States, which is a cause of some perplexity to the Treasury. ⟨It is⟩ not comprehended within the existing p⟨rovis⟩ion for the foreign debt, which is confined to Loans made abroad; and it is questionable, whether it is to be regarded as a portion of the Domestic Debt. It is not only due to foreigners, but the interest upon it is payable, by express stipulation, in a foreign country, whence it becomes a matter of doubt, whether it be at all contemplated by the Act making provision for the debt of the United States. The part alluded to is that, which is due to certain foreign Officers, who served the United States during the late war. In consequence of a resolution of Congress, directing their interest to be paid to them in France, the certificates which were issued to them specify, that “in pursuance of and compliance with a certain resolution of Congress of the third day of February 1784, the said interest is to be paid, annually, at the House of Monsr. le Grand, Banker in Paris”. Interest has accordingly been paid to them at Paris, down to the 31st of December 1788 by virtue of a special resolution of Congress of the 20th. of August in that year; since which period, no payment has been made.
It has been heretofore suggested, as the opinion of the Secretary, that it would be expedient to cause the whole of this description of debt to be paid off, among other ⟨re⟩asons, because it bears an interest at six per centum per annum, payable abroad, and can be discharged with a saving. The other reasons alluded to are of a nature both weighty and delicate, and too obvious, it is presumed, to need a specification. Some recent circumstances have served to strengthen the inducements to the measure. But if it should, finally, be deemed unadviseable, it is necessary, at least, that provision should be made for the interest, which is now suspended, under the doubt that has been stated, and from the want of authority to remit it pursuant to the contract.
The amount of this debt, with the arrears of interest to the end of the year 1791 is Dollars 220,646 ⁸¹⁄₁₀₀
IV. The Act making provision for the Debt of the United States has appropriated the proceeds of the Western Lands as a fund for the discharge of the public debt. And the Act making provision for the reduction of the public debt, has appropriated all the surplus of the duties on Imports and Tonnage, to the end of the year 1790, to the purpose of purchasing the debt at the market price; and has authorised the President to borrow the further sum of Two Millions of Dollars for the same object.
These measures serve to indicate the intention of the Legislature, as early and as fast as possible, to provide for the extinguishment of the existing debt.
In pursuance of that intention, it appears adviseable, that a systematic plan should be begun for the creation and establishment of a sinking fund.
An obvious basis of this establishment, which may be immediately contemplated, is the amount of the interest on so much of the debt as has been or shall be, from time to time, purchased, or paid off, or received in discharge of any debt or demand of the United States, made payable in public securities—over and above the interest of any new debt, which may be created, in order to such purchase or payment.
The purchases of the debt already made have left a sum of interest in the Treasury, which will be increased by future purchases—certain sums payable to the United States in their own securities, will, when received, have a similar effect. And there is ground to calculate on a saving upon the operations, which are in execution with regard to the foreign debt. The sale of the Western Lands, when provision shall be made for it, may be expected to produce a material addition to such a fund.
It is therefore submitted, that it be adopted as a principle, that all interest which shall have ceased to be payable; by any of the means above specified, shall be set apart and appropriated in the most firm and inviolable manner, as a fund for sinking the public debt, by purchase or payment; and that the said fund be placed under the direction of the officers, named in the second section of the Act making provision for the Reduction of the public debt, to be by them applied towards the purchase of the said debt, until the annual produce of the said fund shall amount to two per Cent. of the intire portion of the debt which bears a present interest of six per Centum, and thenceforth to be applied, towards the redemption of that portion of the debt, according to the right which has been reserved to the Government.

It will deserve the consideration of the Legislature, whether this fund ought not to be so vested, as to acquire the nature & quality of a proprietary Trust, incapable of being diverted, without a violation of the principles and sanctions of property.
A rapid accumulation of this fund would arise from its own operation; but it is not doubted, that the progressive developement of the resources of the country and a reduction of the rate of interest, by the progress of public credit, already exemplified in a considerable degree, will speedily enable the Government to make important additions to it, in various ways. With due attention to preserve order and cultivate peace, a strong expectation may be indulged, that a reduction of the debt of the Country will keep pace with the reasonable hopes of its citizens.
All which is humbly submitted

Alexander HamiltonSecretary of the Treasury


Title: Enclosure C: [Estimate of the Outstanding Debt], 30 November 1790
From: Nourse, Joseph,Treasury Department
To:

The amount of the domestic debt of the United States, as stated by the Secretary of the Treasury, in his report of the 9th. January 1790, to the House of Representatives, relative to a provision for the support of the public credit, is as follows:

Liquidated and Loan Office debt, as per Schedule C.

27,383,917.67

Interest thereon to the 31st. December 1790, pr ditto, D.

13,030,168.20

Additional sum for sinking the Continental Bills of Credit, and for the discharge of the other parts of the unliquidated debt

 2,000,000.00

42,414,085.87

From which deduct amount as per statement A
31,797,481.22

Amount of the registered debt, and Credit, with interest, per statement B.
 6,919,138.51
38,716,619.73

Balance outstanding
$ 3,697,466.14

Note—The balance above stated to be outstanding, probably exceeds the real sum. In the original estimate, the old emission bills were computed at 40 for 1, but they have been provided for at 100, for 1. There are also loan office Certificates, which were sent to public officers, to be applied to the public service, and which were supposed to have been so applied, but which have since, upon settlements of their accounts at the Treasury, been returned and cancelled.
In addition to this, payments in public securities are expected to be made into the Treasury, which will thereupon be cancelled. And it is presumable that in the course of the War, sums have been lost and destroyed, which are included in the estimate, but as there is some arrearage of interest, not included in the calculation; and as there are certain claims on the Treasury, the event, or amount of which is not yet determined, it is not possible now to make a precise estimate of the difference between the sum computed to be outstanding, and what will be really found so.

Joseph Nourse, Register.
Treasury DepartmentRegisters Office, November 30th. 1790


Title: Enclosure D: [Statement of Subscriptions to the Loan], 25 January 1792
From: Nourse, Joseph,Treasury Department
To:

States
Amount assumed by the Act
Amount Subscribed
Remaining unsubscribed to complete the amount assumed
Subscribed beyond the amount assumed
Estimated amount of the remaining debt of the State

Dollars
Dollars Cts
Dollars Cts
Dollars Cts
Dollars Cts

New Hampshire
300,000
242,501.25
57,498.75

100,000.00 (a)

Massachusetts
4,000,000
4,447,013.81

477,013.81
1,838,540.66 (b)

Rhode Island
200,000
344,259.49

144,259.49
349,259.69 (c)

Connecticut
1,600,000
1,455,331.81
144,668.19

458,436.52 (a)

New York
1,200,000
1,028,238.75
171,761.25

195,639.79 (a)

New Jersey
800,000
599,703.56
200,296.44

207,647.78 (a)

Pennsylvania
2,200,000
675,101.33
1,524,898.67

500,000.00 (a)

Delaware
200,000
53,305.84
146,694.16

none

Maryland
800,000
299,225.40
500,744.60

430,000.00 (c)

Virginia
3,500,000
2,552,570.88
947,429.12

1,172,555.25 (d)

North Carolina
2,400,000
1,166,355.57
733,644.43

713,192.30 (e)

South Carolina
4,000,000
4,634,578.52

634,578.52
1,965,756.33 (b)

Georgia
300,000
300,000.00

400,000.00 (f)

21,500,000
18,328,186.21
4,427,665.61
1,255,851.82
8,331,028.32

Notes
1. The sums marked (a) in the column of remaining debts, are inserted upon recent official communications.
2. Those marked (b) are founded upon official statements, some time since received, and reported to the House of Representatives, on the ninth of January 1790, adding interest for the subsequent period.
3. Those marked (c.) are founded on informal information, but such as is deemed substantially authentic and accurate.
The estimate for Rhode Island including a sum not ascertained, which has been cancelled in consequence of former laws of the State, enjoying the creditors to bring in their certificates, and receive payment in paper money, but has been revived by a late law of the State, directing the sums paid, to be liquidated, according to a certain scale, and deducted from the original amount.
4. That marked (d) is founded on a report of a committee of the 11th. November 1791 to the House of Delegates of Virginia, compared with a former return to the Treasury, and other information.
5. That marked (e) is founded upon a statement of the Comptroller of North Carolina, of 20th. May 1790.
6. That marked (f) is founded on a statement of the Treasurer of Georgia, of the 30th. of April 1790, compared with other information.
7. The sums, expressed in round numbers, is not meant to be understood as precisely accurate, but as very near the truth.
8. The foreign, as well as the domestic debt of the States, is included.

Treasury Department, January 25. 1792.
Alexander HamiltonSecretary of the Treasury


Title: To Alexander Hamilton from Maria Reynolds, [January 23–March 18 1792]
From: Reynolds, Maria
To: Hamilton, Alexander

[Philadelphia, January 23–March 18, 1792]Wensday Morning ten of Clock.
Dear Sir

I have kept my bed those tow days past but find myself mutch better at presant though yet full distreesed and shall till I se you fretting was the Cause of my Illness I thought you had been told to stay away from our house and yesterday with tears I my Eyes I beged Mr. once more to permit your visits and he told upon his honnour that he had not said anything to you and that It was your own fault believe me I scarce knew how to beleeve my senses and if my seturation was insupportable before I heard this It was now more so fear prevents my saing more only that I shal be misarable till I se you and if my dear freend has the Least Esteeme for the unhappy Maria whos grateest fault is Loveing him he will come as soon as he shall get this and till that time My breast will be the seate of pain and woe.
adieu

Col. Hamilton

P S.   If you cannot come this Eveneng to stay just come only for one moment as I shal be Lone   Mr. is going to sup with a friend from New-York.