Title: Enclosure: Commission to Wilhem and Jan Willink, Nicholaas and Jacob Van Staphorst, and Nicholas Hubbard, [28 August 1790]
From: Hamilton, Alexander
To: Willink, Wilhem,Willink, Jan,Van Staphorst, Jacob,Van Staphorst, Nicholaas,Hubbard, Nicholas

[New York, August 28, 1790]

To all to whom these Presents shall come:
Whereas by an Act passed the fourth day of August, in this present year, entitled “An Act making provision for the debt of the United States,” it is, among other things, enacted, That the President of the United States be authorized to cause to be borrowed, on behalf of the United States, a sum or sums, not exceeding in the whole, twelve millions of dollars, and that so much of that sum as may be necessary to the discharge of the said arrears and instalments, and (if it can be effected upon terms advantageous to the United States) to the paying off the whole of the said foreign debt, be appropriated solely to those purposes; and that the President be moreover further authorized to cause to be made such other contracts respecting the said debt, as shall be found for the interest of the said States: Provided nevertheless, that no engagement nor contract shall be entered into, which shall preclude the United States from reimbursing any sum or sums borrowed, within fifteen years after the same shall have been lent or advanced.
And whereas, by another Act passed the twelfth day of August in the present year, entitled “An Act making provis[ion] for the reduction of the public debt,” it is, also, among other things, enacted, that the President of the United States be authorised to cause to be borrowed, on behalf of the United States, a sum or sums, not exceeding in the whole, two millions of dollars, at an interest not exceeding five per cent.
And whereas, by virtue of the said several Acts, the President of the United States of America hath been pleased, by a certain Commission or Warrant under his hand, to authorize and empower the Secretary of the Treasury for the time being, by himself or any other person or persons, to borrow, on behalf of the United States, within the said States or elsewhere, a sum or sums not exceeding, in the whole, fourteen millions of dollars, and to make or cause to be made, for that purpose, such contract or contracts as shall be necessary, and for the interest of the said States, subject to the restrictions and limitations in the said several Acts contained.
And whereas Messrs. Wilhem and Jan Willink and Nicholaas and Jacob Van Staphorst and Hubbard have, by letter bearing date the twenty fifth day of January 1790, communicated to me, that they have entered into a certain provisional agreement or arrangement, for a loan of three millions of florins, for the use of the United States of America, bearing an interest of five per centum per annum, and reimbursable by yearly instalments of six hundred thousand florins, commencing in the year one thousand eight hundred and one, and ending in the year one thousand eight hundred and five.
And whereas it appears to me, for the interest of the United States, to accept the said loan.
Now, therefore, Be it known, that I, Alexander Hamilton, Secretary of the Treasury of the United States, for the time being, by virtue of the power and authority in me vested by the President of the United States, and in his name, and in behalf of the United States of America, and to their use, do by these presents, accept, agree to, ratify and confirm the loan aforesaid, provisionally undertaken by the said Wilhem and Jan Willink, and Nicholaas and Jacob Van Staphorst and Hubbard. And I do hereby authorise and empower the said Wilhem and Jan Willink and Nicholaas and Jacob Van Staphorst and Hubbard, or, in case of the death of any of them, the survivors, to borrow on behalf of the United States, either by way of confirmation of the said provisional agreement or otherwise, as need may be, a sum or sums not exceeding, in the whole, three millions of florins, subject to the restrictions and limitations in the said several Acts contained, and above recited. And for that purpose, in the name of the said President, on behalf of the United States of America, to execute such contracts, obligations and instruments, as shall be necessary and conformable to usage in the like cases, and the faith of the United States to pledge for the performance of the terms thereof; and if the same shall be deemed requisite to stipulate for the ratification thereof by the President of the United States; hereby giving and granting to the said Wilhem and Jan Willink, and Nicholaas and Jacob Van Staphorst and Hubbard, and the survivors of them, all my power and authority in the premises, and ratifying, allowing and confirming whatsoever they shall lawfully do therein.
In Testimony whereof, I have caused the seal of the Treasury to be affixed to these presents, and have hereunto subscribed my hand, the twenty eighth day of August, in the year of our Lord 1790.
Alexander Hamilton.Secretary of the Treasury.


Title: From Alexander Hamilton to William Short, 29 August 1790
From: Hamilton, Alexander
To: Short, William

Treasury DepartmentAugust 29th. 1790
Sir

You are already apprised of the loan which was commenced in the united Netherlands, by Messrs. Wilhem & Jan Willink and Nicholas & Jacob van Staphorst and Hubbard, with a view on their part to the service of the United States, and that the same has been submitted to our Government for their acceptance. On due consideration of the circumstances of that Loan and the views with which the above Gentlemen have undertaken it, I have determined, in consequence of power vested in me, to accept and ratify the same. I have accordingly authorised and empowered Messrs. Willinks, van Staphorsts and Hubbard to complete and carry the said Loan into full effect.
My present object is to inform you, that I have destined a Million & a half of florins, as soon as that sum shall be received by the above Gentlemen on account of that Loan, as a payment through you to France, and I have given them directions accordingly. It is my wish, that you take the earliest opportunity to inform yourself with certainty, that they are in Cash, from the Loan, to pay your draughts, and that you then proceed to possess yourself of the Funds, and to make this payment. You will no doubt avail the United States of all proper advantages in making the negotiation for the above sum, which the course of Exchange between Paris and Amsterdam will admit. It is probable, that your bills will command a premium that will more than indemnify our Treasury for the charges of the Loan, so far as the amount of this payment to France. It may be proper, on this occasion, that you express the satisfaction which the United States feel in giving an earnest of their sincere desire and intention to discharge their pecuniary obligations to France. Referring you to the Secretary of State for instructions with regard to the timing of the intended payment,
I have the honor to be   very respectfully, Sir.   Your obedt. Servt.
Alexander HamiltonSecretary of the Treasury
William Short EsquireChargé des affaires of the United States


Title: From Alexander Hamilton to Thomas Jefferson, [30 August 1790]
From: Hamilton, Alexander
To: Jefferson, Thomas

[New York, August 30, 1790]

Mr Hamilton presents his Compliments to the Secretary of State, and requests the favor of having two more authenticated Copies of his Commission as Secretary of the Treasury made out, and three Copies of his Commission or power for making the Loan, likewise authenticated.
Mr Hamilton will probably stand in need of those Instruments before he will have an opportunity of Seeing Mr Jefferson.
30th August 1790


Title: From Alexander Hamilton to Thomas Jefferson, 30 August 1790
From: Hamilton, Alexander
To: Jefferson, Thomas

New York Aug. 30. 1790
Dear Sir

During my absence from the seat of government, which will be for about two months, the removal of my office and other circumstances will call for advances of money which I am absolutely unable to calculate before hand. The following heads may give some idea what they will be.

Dollars

Sep. 30.
for a quarter’s salaries
1504.16

“
Arrearage account
about
325.

“
debts due here
about
25.

“
expences of removal

Thus unable to fix a precise sum, and having perfect confidence in the discretion of mr Remsen, I must beg the favor of you to have his draughts for the above purposes answered at the treasury, on account, and I hereby render myself responsible for the due application of the money of which an account shall be rendered, on my return.
The collections of the acts of the last sessions are to be sent to the members of Congress by post, and ought to be franked; but I shall not be present to perform that duty. If you would be so good as to frank the packets, I shall be much obliged to you. I know of no other official papers to be dispatched in my absence. Yet if any such should occur, I would venture to ask your extending the same favor to them also, on mr Remsen’s explaining to you the nature of the occasion. I have the honor to be wtih the most perfect esteem & respect   Dear Sir your most obedt. humble servt.

Th: Jefferson
The Secretary of the Treasy.


Title: To Alexander Hamilton from Thomas Smith, 30 August 1790
From: Smith, Thomas
To: Hamilton, Alexander

[Philadelphia, August 30, 1790. On September 23, 1790, Hamilton wrote to Smith: “I duly received your letter of the 30th Ultimo.” Letter not found.]


Title: To Alexander Hamilton from Benjamin Lincoln, 31 August 1790
From: Lincoln, Benjamin
To: Hamilton, Alexander

Boston Augt 31. 1790
Sir

I received by the last post a letter under the date of the 24 instant from Mr. Coxe Assistant secy in which he says The Secy of the Treasury has instructed me to inform you that he has urgent occasion for the returns of bonds taken in your office which were formally requested to be made in monthly schedules. I was much surprised on finding those observations as I could not or could any in the office recollect our receiving any such request. I have since examined your letter in full but do not find any request or order which look like it. As the above paragraph conveys in very explicit terms a reproof for an ommission of duty I have thought it but justice to my self to give you the above state of facts & on a P.S. of the same letter Mr. Coxe goes on I believe to add that your quarterly account ending the 30th of June is also wanted. I do know but I have done wrong by keeping it so long in my hand my ideas were that as soon as my proceeding account was passed upon a state of it would have been forwarded for without that I cannot know what ballance to carry forward or how to sittle my own books. I was so convinced of the propriety of there forwarding a statement of the Acct as settled & that nothing on their part would be omitted that I concluded that from the hurry of business they had not passed on it & that it would be useless to croud them with a second Acct before the first was out of the way. If in your opinion it is not necessary for the comptroller to forward to me a state of my Acct as settled I will in future give no cause for a similar hint to the one above.
Not Forwarded


Title: Treasury Department Circular to the Commissioners of Loans, 31 August 1790
From: Treasury Department,Hamilton, Alexander
To: Commissioners of Loans

Treasury DepartmentAugust 31st 1790
Sir,

The President of the United States having been pleased to appoint you to the Office of Commissioner of loans in virtue of the Act making provision for the debt of the United States, I transmit your Commission and a copy of the law under which you are to act. On the receipt of this letter you will proceed to qualify yourself for the duty, by taking the oath required, before one of the Judges of the supreme Court, or of the district court of the United States, or, if they should be absent or too remote, before one of the Judges of the superior court of your State, and by providing satisfactory Bondsmen not less than two in number to enter with you into a security in the sum of Ten thousand Dollars—for your good behaviour in the said office. I have written to the Attorney of the United States for the district in which you reside, requesting his consideration of the sureties you may offer, and I trust you will present to him such persons as are unexceptionable, that I may be able to declare them satisfactory. Any deficiency in the securities submitted to me must produce delay, and would consequently be injurious to the United States, and the public Creditors. You will find enclosed the form of the Bond to be signed by yourself and your sureties. In a short time I shall give you such further instructions, and directions as the law permits and the public Interests requires. I think it necessary however to apprise you, that during the reception of subscriptions to the Loan, which is to be made in the Certificates of the State debts, it will be necessary to the public safety, that you reside at the place where the checks and documents relative to the debt of your State are deposited.
I am, Sir, with respect, Your Obedt. Servant
A HamiltonSecy of the Treasy
P.S. I find the Secretary of State has already transmitted your commission, so that it will not be found in this enclosure.


Title: To Alexander Hamilton from Pierpont Edwards, August 1790
From: Edwards, Pierpont
To: Hamilton, Alexander

[August, 1790. “George Smith, John Caldwell & John Morgan … are men of good standing … and may be taken as sureties.” Letter not found.]


Title: Address to the Public Creditors, [1 September 1790]
From: “A Friend”,Hamilton, Alexander
To: Public Creditors

[New York, September 1, 1790]
It is probable that many of you are not sufficiently apprised of the advantages of your own situation, and that for want of judging rightly of it, and of your future prospects, you may be tempted to part with your securities much below their true value, and considerably below what it is probable they will sell for in eight or nine months from this time.
To guard you against an unnecessary sacrifice of your interests by a precipitate sale, I will now state to you, in a plain and concise way, what has been done for you in the course of the last session of Congress, and what you may reasonably expect.
Effectual provision has been made for actually paying you six per cent. yearly, on two thirds of the principal of your debt, that is, 4 per cent. on the whole amount of your principal. And at the end of ten years you are to receive six per cent. yearly on the remaining third of your principal, that is, two per cent. more on the whole of your principal. And like effectual provision has been made, for actually paying you three per cent. yearly on whatever arrears of interest may be due to you on your principal. For this interest you are not even to wait to the end of a year, but you are to receive it, in quarter-yearly payments, that is to say, one fourth part at the end of every three months; and it is to be paid to you not in new certificates, or paper money, but in actual gold and silver. To secure this to you, the duties which have been laid on goods imported, and on the tonnage of ships or vessels, (and which there is every reason from the experience we have had, to believe will be sufficient) are absolutely mortgaged to you till the whole of your debt is discharged. You will not have to depend, as under most of the State governments, upon a provision from year to year, with an intire uncertainty whether it would be continued, and with many examples of fickleness and change; but you will have to depend on a permanent provision made once for all, for the sacredness of which, the faith, not of a single state, but of all the states is solemnly bound to you, and which cannot be undone or altered, without the concurrence of three different branches of the government—the house of Representatives, the Senate and the President of the United States. It cannot be supposed that if one of the two branches of Congress should hereafter be disposed to do so disgraceful and ruinous a thing, as to repeal a law on which the credit of the government was at stake, that the other branch would be willing to concur in so pernicious a measure; or if both should be so unwise and dishonest, that the President of the United States would give his assent to it, or if he dissented, that two thirds of both houses of Congress would be inclined to persist in spite of his disapprobation. Whoever considers the nature of our government, with discernment, will see, that tho obstacles and delays will frequently stand in the way of the adoption of good measures, yet when once adopted, they are likely to be stable and permanent: It will be far more difficult to undo than to do.
To destroy your confidence in future, there are too many publications, which represent to you that Congress have by their late proceedings, violated their past engagements, and that you can place no greater reliance upon those they now make than those they have heretofore made. Whether representations like these proceed from a sincere opinion in persons, who have not accurately considered the matter, or from those who wish to depreciate the government, or from those who wish to buy securities cheap, or from all these descriptions of persons, I cannot say; but from whatever source they proceed they are certainly not candid nor just.
Congress it is true submit to your consideration some alterations in the nature of your claims upon the government, for certain equivalents, which they hold out to you, and of which you are to judge. A principal object they have in doing this is to obtain a suspension of the payment of one third of the interest, to which you are entitled, for ten years, in order to avoid the necessity of burthening the community, or carrying taxation to objects which might be displeasing to them. And you cannot wonder that a government, so lately formed, and not without considerable opposition, should be cautious in this respect.
But whether you will accept the terms offered to you is certainly left to your own choice. There is not a syllable in the law that obliges you to do it. On the contrary, there is in it an express ratification of your former contracts; and to remove all possibility of future cavil about the true import or obligation, all questions of discrimination and the like, new titles are offered to you, of the like import in substance with your old ones. And your rights are thus established, and their meaning defined, so as to render their future operation under the sanction of the constitution, unequivocal. They are only not violated, but if possible they have received additional strength, and have become still more inviolable.
So far is there from being any thing compulsory in the acts of the government in the case, that those of you, who do not choose to subscribe to the new terms, are to receive during the time alotted for determining upon them, exactly as much as those who do subscribe. And the faith of the government remains pledged to you to fulfil its engagements, which must be performed, as fast as its resources can be brought into action for the purpose. Your only security before the late arrangement was the faith of government: There were no funds pledged to you which have been taken away: You have still the faith of government upon a renewed assurance as your pledge, and while you are deliberating on the new proposals, you are to receive a payment on account.
You are therefore to decide according to your own judgment, whether an acceptance of the new terms, under all their circumstances, are preferable or not to a dependence on the future resources of the country for more. This is a question of prudent calculation, which you are at liberty to determine as you please.
Whence it is evident that whatever other objections may be against the propriety of the provision which has been made for the public debt, the charge of a breach of conduct is not well founded.
The better to form a comparison between the terms proposed and those of your former contract, it may be well to recollect that the latter will be satisfied by a provision, annually made, for paying you six per cent. Whatever the policy of the government may hereafter dictate, there is nothing in the existing contract that calls for a permanent appropriation of funds. Such a permanent appropriation, however, forms a part of the new loans, and will be of the essence of the new contract.
These remarks are intended to satisfy you, that there is no cause, from any thing that has happened for a diminution, but on the contrary much reason for an increase of your confidence in the property you possess, as holders of the public debt.
I return to the subject of the value of your securities: Their present price, if compared with that at which they were current before the establishment of the new constitution, will be deemed to be high, and is as great as at this time could reasonably have been expected; but compared with their true value, and the solidity of the footing on which they stand, is still far too low. The rise which has already taken place is an earnest to you of their probable future rise: Such of you who do not incline to be permanent holders, will at least do well to postpone a sale till after March, when the first payment of interest is to be made. The effect of this on the price of securities must undoubtedly be very favorable, and you may then calculate on a better market.
The holders of State securities have still stronger reasons for keeping those they have, the price of which, in most of the states, is out of all proportion lower than that of the present securities of the United States, and must in all probability undergo a considerable change for the better, as soon as funds are actually appropriated for them, which is not now the case, but which must of course be so at the ensuing session in December. The present debt of the United States having been provided for out of the duties on imposts and tonnage only, seems to leave no doubt of the facility of devising the means of providing for the amount which has been assumed of the State debts.


Title: To Alexander Hamilton from William Allibone, 1 September 1790
From: Allibone, William
To: Hamilton, Alexander

Philadelphia, September 1, 1790. “Enclosed herewith is Contract with Thomas Connaroe for repairs of all the Publick Piers oposite to Reedy Island.… When this with all the other Contracts made for Supplies and Repairs are compleated, these Establishments will be in Such good condition that there is every reason to expect that after the present year, the annual expenditure therefor will be Consederably diminished.…”


Title: From Alexander Hamilton to Jeremiah Olney, 1 September 1790
From: Hamilton, Alexander
To: Olney, Jeremiah

Treasury Department, September 1, 1790. “The Cashier of the Bank informs me that from the description of the Bank Bill contained in your letter of the 23d. Ulto. it is not supposed to be counterfeit.… Expence in appraising goods very seldom arises.… If it is the case of goods damaged or without invoice and it is insisted on, the importer for whose benefit or convenience it is made, seems to be the person who ought to defray it. If it has arisen in case of Goods seized, it will be paid out of the gross sales.”


Title: From Alexander Hamilton to William Short, 1 September 1790
From: Hamilton, Alexander
To: Short, William

Treasury DepartmentSeptember   1st   1790.
Sir
Two Acts of the Legislature of the fourth and twelfth of August, of which I inclose you copies, authenticated according to law, empower the President to cause to be borrowed on their behalf Fourteen Millions of dollars; subject to certain restrictions and qualifications: to be applied in payment of such part of our foreign debt as shall have become due, and to a new modification of the remainder, if it can be effected upon terms beneficial to the United States. The execution of this authority, he has committed immediately to me, and ultimately through me to you; except as to Three millions of Florins, part of the above sum, of which, as you are informed, a loan has been anticipated by Messrs. Willinks, van Staphorsts and Hubbard, and of which a confirmation, with correspondent powers, has been sent directly to them. Among the documents which accompany this letter, you will find a copy of the Commission from the President to me, and a power founded upon it from me to you.
It remains for me to give you some indications for your Government, conformable to the general tenor of the instructions which I have received from the President; and of which I transmit a copy: premising, that it is understood between the Secretary of State and myself, that you are to proceed to Amsterdam without delay, and to continue there in the first instance for a term, not less than three months.
A primary and principal object of your attention will be to acquire as exact knowlege as may be of the footing upon which the different foreign powers who borrow in Holland, have usually obtained their loans, since the commencement of our independence, and upon which they at present obtain them; the prices of foreign Stock in the dutch market, including our own; the state of our credit, compared with that of other nations; the extent and the conditions to and upon which we shall be likely to borrow in case of War between England and Spain, and in the alternative of our being ourselves at peace or war; the principal houses and brokers concerned in the negotiations of foreign loans; their characters, comparative solidity and influence with the money lenders; the terms upon which their agency is afforded to their employers; the manner in which those whom we have heretofore employed are understood to have conducted themselves in relation to our interest and credit; and, particularly, their solidity and influence with the money lenders.
Most, if not all these inquiries, will be immediately serviceable to you. They will all be productive of information useful to my department; and I will therefore thank you for sucessive communications of the result.
One consequence of them to you will be, that they will enable you to judge, whether our confidence in our former Commissioners or Agents ought to be continued or withdrawn, in order to the substitution of others; or, if continued, whether the terms of their Agency may not be meliorated; or, whether, with their consent, some other house or houses may not be combined with them, with an increase of credit and resource to us.
These, as you will be sensible, are delicate points. They are however left to your prudence and discretion, according as facts shall be ascertained to you.
I shall only remark, that changes of public servants ought never to be made, but for cogent reasons. If lightly made, they are not only chargeable with injustice and are a symptom of fickleness in the public councils, but they destroy the motives to good conduct; and, in money concerns especially, are apt to beget a disposition to make the most of possession while it lasts. Circumspection in the present case is also recommended by the consideration, that those whom we have heretofore trusted risked themselves and their fortunes upon our affairs, when the doing it was not without serious hazard. This is a reason for permitting them to reap the benefits of our more prosperous days, if they have been faithful and are adequate to the trust. A further reason is, that they are now deeply interested in our funds, and consequently, it is presumeable, in our credit. Competition and variance once existed between the house of Willinks and that of the van Staphorsts; but these appear sometime since to have been compromised. The latter have most merit for early exertions; the former are said to be most solid. Their union is desireable for the greater security it affords.
Suggestions of this nature are not dictated by any distrust of the fidelity or good conduct of our former Commissioners. As far as I know, they deserve well of us. My object is, in entering upon a new stage of our affairs, to have the ground over which we have passed well examined, that we may the better judge whether to continue or alter our course.
In the consideration of our foreign debt, it naturally divides itself into two parts, that which is now payable and that which will be payable hereafter. The first we are bound to discharge as soon as may be, and upon the best terms we can. The last we are not bound to discharge, but as the times of payment elapse; and therefore are not called upon to do it unless some positive advantage accrues from it to ourselves. This view of the matter governs the instructions of the President to me, which, of course regulate mine to you.
You are accordingly to borrow on the best terms which shall be found practicable within the limitations prescribed by Law, such sum or sums as shall be sufficient to discharge as well all installments or parts of the principal of the foreign debt, which now are due or shall become payable to the end of the year One thousand seven hundred and ninety one, as all interest and arrears of interest which now are or shall become due in respect to the said debt to the same end of the year One thousand seven hundred and ninety one. But you shall not extend the amount of the loans which you shall make or cause to be made beyond the sum which shall be requisite for that purpose unless it can be done upon terms more advantageous to the United States than those upon which the residue of the said debt shall stand or be.
And in order that you may judge what will be due to the end of the year One thousand seven hundred and ninety one, I refer you to the papers marked A & B which contain statements of the instalments of principal and arrears of interest of our foreign Loans to that period; and shall, by the next opportunity, send you a copy of the contracts respecting them, from which you will derive a more accurate knowlege of their terms.
You will perceive by the Act which authorises the loan for paying off the foreign debt, that there is no other restriction as to the terms, except that in the contracts to be made, the United States shall be left at liberty to reimburse the sums borrowed within a period not exceeding fifteen years. As this seems to be the usual period for the reimbursement of monies borrowed in Holland, that restriction can constitute no embarrassment.
In the second act, there is no restriction as to time of repayment, but there is one as to the rate of interest, which must not exceed five perCent. This however I consider as compatible with the allowance of those premiums, commissions and other charges which are customary in ordinary times; and which I am informed are in the aggregate about four and a half perCent. But the allowance of unusual or extraordinary premiums, to obtain loans upon a nominal interest of five per Cent as well because it is a pernicious mode of borrowing, as because it would be an evasion of the law, is inadmissible.
If War should continue or become more general in Europe, it is to be apprehended, that the demand for money will raise its price upon us, and that loans will not be practicable upon so good terms as in time of peace. The situation of this Country too authorises us to expect, that as our resources become more unfolded, and better understood, we shall be able to borrow upon easier terms, than we have at any time heretofore done. On both these accounts it would be very desirable, while we did not oblige ourselves to reimburse the principal borrowed in less than fifteen years, commencing at the end of ten, that we could stipulate for a right of reimbursing it sooner; that is to say, either upon giving notice of our intention to do it for a limited time before hand, or at the end of a short period, say five years. I should consider a stipulation of this kind as a valuable ingredient in your contracts.
I have intimated, above, the inexpediency of extraordinary premiums to purchase a nominal low rate of interest. Against this error I would particularly guard you. It is sacrificing a real future interest to an appearance, at best to a temporary accommodation. A higher rate of interest upon a sum actually received, is preferable to a lower rate upon a nominal sum with large deductions in the first instance, or considerable premiums afterwards. This will be more especially the case if we can reserve a right to repay when we please or after a short period; as we may reasonably contemplate with the return of peace, a fall of interest.
But every thing of this kind is after all matter of calculation and to be tested by the evidence of figures. I can only therefore mean to give you a caution, referring you to that test, and intimating to you this general principle, that the name of a low interest ought not to betray us into giving more for it in the shape of premium or discount, than it is worth and that, as we shall borrow at a time when circumstances will render interest high, we had better pay that interest on actual value received, than a lower one on a fictitious value, or for future and exaggerated compensations; reserving, as far as it can be done, the right of paying off at pleasure, or at an early period. The future fall of interest will in the first case, turn to our advantage, in the last, to our disadvantage.
You will not pass unnoticed the circumstance, that the laws contain actual appropriations of very adequate funds for the payment of interest upon the sums you shall borrow. The first Act, indeed, after reserving six hundred thousand Dollars for the support of Government, gives a priority in payment to the foreign debt out of revenues which are calculated upon the estimate of a much larger product. You may confidently assert, that the duties hitherto have produced at the rate of One Million eight hundred thousand Dollars; which alone would leave twelve hundred thousand Dollars, as the fund out of which the interest on your loan would be payable. But the augmentations which have been made in the rates are computed to be capable of affording an addition of Eight hundred thousand Dollars; and I believe the computation to be well founded.
You will also, no doubt, make a proper use in your communications of the actual situation and future prospects of this country. The œconomical scale of our establishments, civil and military; the comparative smallness of our debt; the reliance which may be had on the stability of our pecuinary arrangements once made; from the nature of our government in respect to the mutual checks inherent in its organisation; the rapid progression of population and resources to which we may look forward; the actual & probable emigrations occasioned by the troubled State of Europe; the hope that we shall continue in peace while other powers are accumulating their debts by new Wars; the very favourable situation in which we shall find ourselves at the end of a general war in Europe, if we avoid participating in it, &c &c. These are topics which ought to have weight in our favour, and within due limits may be urged with force and assurance.

With regard to that part of the debt which does not become payable till after the year One thousand seven hundred and ninety one, you will have observed, that nothing is to be done by you in respect to it, unless it can be done upon terms of advantage to the United States. However cordial our disposition to come to the pecuniary aid of France in her present affecting and embarassed condition; in this early stage of our finances we could not in prudence volunteer payments not due by the terms of the contract, especially too by the expedient of new foreign loans, unless it should be attended with some circumstance of advantage, in the operation, to ourselves. By this I understand a lower rate of interest.
For according to my speculations on the probable course of exchange between this Country, France and Holland, and between Holland and France for some years to come, I deem it better, (whether our payments proceed directly from hence, or circuitously through Holland) to have to pay a given sum to France, than an equal sum to Holland.
The charges too upon the new loans will be to be taken into the account and an indemnity for them included in the terms of the operation. Calculating only upon the ordinary ones, it does not appear to me, that it would be the interest of the United States to change the form of this Debt, unless the rate of interest on the new loans did not exceed four per Cent. And I own, that in the present aspect of affairs, I see no ground to expect, that loans will be obtained at so low a rate.
If the thing should be possible, it must be on the score of some collateral advantages to the lenders; such for instance as their being permitted to pay a part in the effects or Stock of France as was contemplated in the late negotiations. Whether any arrangement of this nature will be a desireable accommodation to France; whether persons of real capital, who would not in the execution be obliged to use means prejudicial to the Credit of the United States, would be willing to embark in such a plan whether it would not prove an obstacle to other loans which we may have occasion to make for other purposes; are circumstances essential in determining its elegibility which cannot be known to me, and can only be accurately judged of by one, on the spot.
I suggest them as hints to you. In exploring or feeling the ground, you will recollect, that propositions of such a nature ought not to come from us. If the thing should be capable of being placed upon a footing conducive to our interests we ought only to appear to sanction, what other parties desire of us. And we should, in no event, make any movement, that may injure our reputation, or place us in the light of a people desirous of making hard bargains at the expence of friends.
Neither can I authorise you to conclude any general arrangement of this nature, without a previous communication of it to me, to be submitted to the consideration of the President: there being a separate instruction from him to me, that no loan shall be opened for more than a million of Dollars, and that no new loan shall be undertaken, until the preceding one shall have been announced to him, and shall have received his sanction.
This limitation, therefore, in all your proceedings you will of course attend to. And you will perceive the utility of making the earliest communication of every loan you shall set on foot, in order that you may know the determination of the President before its completion, and be prepared in time to commence another.
It has been suggested, that loans may be made with advantage in certain parts of Italy. I do not count on this resource, but I shall be glad to know, how far, from inquiry, it shall appear, to be an eligible field for an experiment.
With regard to the application of the monies to be borrowed, you will, from time to time, receive special directions.
The foregoing are the only observations which the time I have will permit me to make. They contain general indications of the course you are to pursue; the rest must be left to your judgment, circumspection and delicacy. I doubt not, you will be duly impressed with the importance of the trust; how much the interest and reputation of our Government are concerned in its proper execution. And I feel a confidence, that they will not suffer in your hands.
I have the honor to be with great consideration and esteem   Sir,   Your obedt. & humbe. Servt.
Alexander HamiltonSecretary of the Treasury

P. S. I send for your information a copy of my letter to Messrs. Willinks & Co. by which you will perceive the footing on which the provisional Loan of three millions of florins is placed.

Willian Short EsquireChargé des Affaires of the United StatesParis


Title: Enclosure: Commission to William Short, [1 September 1790]
From: Hamilton, Alexander
To: Short, William

[New York, September 1, 1790]
(Duplicate)

To all to whom these presents shall come
Whereas, by an act passed the fourth day of august in this present year entitled “An Act making provision for the Debt of the United States” it is among other things enacted, That the President of the United States be authorised to cause to be borrowed on behalf of the United States, a sum or sums not exceeding in the whole Twelve Millions of Dollars, and that so much of that sum as may be necessary to the discharge of the said arrears and installments, and (if it can be effected upon terms advantageous to the United States) to the paying off the whole of the said foreign debt be appropriated solely to those purposes: And that the President be moreover further authorised to cause to be made such other contracts respecting the said debt as shall be found for the interest of the said States: Provided nevertheless that no engagement nor contract shall be entered into which shall preclude the United States from reimbursing any sum or sums borrowed within fifteen years after the same shall have been lent or advanced. And whereas by another act passed the twelfth day of august in the present year entitled “An Act making provision for the reduction of the Public Debt” it is also among other things enacted that the President of the United States be authorised to cause to be borrowed on behalf of the United States a sum or sums not exceeding in the whole Two Millions of Dollars at an interest not exceeding five per Cent. And Whereas by virtue of the said several acts The President of the United States of America hath been pleased by a certain Commission or Warrant under his hand to authorise and empower the Secretary of the Treasury for the time being, by himself or any other person or persons to borrow on behalf of the United States within the said States or elsewhere, a sum or sums not exceeding in the whole Fourteen Millions of Dollars and to make or cause to be made for that purpose such contract or contracts as shall be necessary and for the interest of the said States; subject to the restrictions and limitations in the said several acts contained.
Now, therefore, know ye, That I Alexander Hamilton Secretary of the Treasury of the United States for the time being by virtue of the said Commission Power or Warrant of the President of the United States of America have authorised and empowered and by these presents do authorise and empower William Short Chargé des affaires of the United States at the Court of France to borrow on behalf of the United States in any part of Europe, a sum or sums not exceeding in the whole fourteen Millions of Dollars and to make or cause to be made for that purpose such contract or contracts as shall be necessary and for the interest of the said States; subject to the restrictions and limitations in the said several Acts contained. And for so doing this shall be his sufficient Warrant.
In Testimony whereof I have caused the Seal of the Treasury to be affixed to these presents & have hereunto subscribed my hand the first day of September in the year of our Lord One thousand seven hundred and ninety.
Alexander HamiltonSecretary of the Treasury


Title: Enclosure A: [Statement of Interest Due Upon the Foreign Debt of the United States], [1 September 1790]
From: Nourse, Joseph,Stretch, Joseph
To:

[New York, September 1, 1790]

Dollars Cts.
Dollars Cts.

Arrearages of Interest to 31st: December 1791. on the French Loans

Livres

1791
January
1st:
Seven
Years Interest on the
6,000,000.
at
5 ⅌ Cent:
is
388.888.90.

“
September
3rd:
Eight
 do.
ditto
18,000.000.

  do
“
1,333.333.28.

“
November
5th:
Six
 do
ditto
10.000.000.

4 ⅌ Cent:
“
444 444.

Arrearages on the Spanish Loan of

174,011 Dollars to 21st: March 1782 at
5 ⅌ Cent
“
5 093.27.

1791:
March
21st:
Nine Years Interest on ditto
  “
“
  78.305.98.

Arrearages of Interest to 31st: December 1791 inclusive

2 250.065.43.

Parts of Principal on the French Loans

Livres

Livres

1787
September
3d:
First payment due on the Loan of
18,000,000.
is
1,500,000.
=
277.777.77.

November

ditto
10,000.000.

1,000.000.

185.185.19.

1788.
September
3d:
& Novem: 5th: Second payment on sd Loans as ⅌ do.
462.962.96.

1789.
September
3d:
& Novem: 5th Third    do. do.
462.962.96.

1790.
September
3d.
& Novem: 5th Fourth   do. do.
462 962.96.

1791.
September
3d
& Novem: 5th Fifth    do. do.
462 962.96.

Principal of the Spanish Loan
 174 011.

Parts of Principal

2 488.825.80.

Total

Dollars
4  738.891:23

Treasury Department   Register’s Office 1st: September 1790.
Jos: Nourse Register.
Register’s Office 11th September 1790.   Extract from the Records of this Office for the Register
Jos: Stretch


Title: Enclosure B: [Statement of the Interest Due on the Private Dutch Loans], [1 September 1790]
From: Stretch, Joseph,Register’s Office
To:

[New York, September 1, 1790]

A Statement of the Interest becoming due on the Private Dutch Loans in the Year 1791.

Florins
Florins

1791 February 1st: One Year’s Interest on the second Loan
2,000 000. @ 4 ⅌ Cent
80.000.

  “   June 1st: do. on the first
5,000.000.  5 ⅌  “
250.000.

  “     “   “  do. on the third
1,000 000.  5 ⅌  “
50.000.

  “     “   “  do. on the fourth
1 000.000.  5 ⅌  “
50 000.

By the terms of the Loan for 2.000.000. Florins, certain premiums were agreed to be paid to the Subscribers, but at the option of the United States, whether in ready money as they became due, or with an yearly Interest threon, and an additional Gratuity at the several Periods affixed for the redemption of the Loan. The Premium payable first February 1791 is
 90.000.

Equal to 208,000 Dollars.
Florins
520.000.

Treasury Department   Registers Office Septem: 1st: 1790. Jos: Nourse Register

In addition to the above Statement it may be observed that the United States are indebted to the Farmers General of France upon a particular Contract.

Livres S Drs:

Principal
846.770.14. 5

156.809.30/100ths.

Interest thereon to 31st: Decem: 1791

116.756.60/100th.

Dollars

273.565.90/100

Register’s Office 11th: Septr: 1790.   The above are extracted from the Records of this Office for the Register Jos: Stretch


Title: From Alexander Hamilton to Benjamin Lincoln, 3 September 1790
From: Hamilton, Alexander
To: Lincoln, Benjamin

Treasury DepartmentSeptember 3d 1790
Sir
I am of opinion that the Legislature did not contemplate any distinction in the rate of Duty between Sugars of different qualities, if unmanufactured & free from damage.
Goods belonging to Foreign Consuls are not exempted from duty, by virtue of any privilege to which they are legally entitled. I am however of opinion that the indication of the sense of the Legislature, contained in the new Collection Law, is too strong to be overlooked. If therefore the property was imported after the passing of that law (which was on the 4th of August) and the circumstances and proceedings have been conformable with the clause, the exemption does not appear exceptionable.
I am Sir   very respectfully   Your Obedient Servant
Benjamin Lincoln EsquireCollectorBoston


Title: To Alexander Hamilton from Benjamin Lincoln, 3 September 1790
From: Lincoln, Benjamin
To: Hamilton, Alexander

Boston, September 3, 1790. “Herewith you will receive my account current & the necessary papers to the first of July.… A few days since we put our hands on two bags of Coffee. If we are not deceived by the informant, such facts will turn up in evidence as deeply to involve the captain of the vessel.… A British ship came here a few days since from Ireland had nothing on board saving a few passenger[s].…”


Title: From Alexander Hamilton to Robert Troup, 3 September 1790
From: Hamilton, Alexander
To: Troup, Robert

[New York] September 3, 1790. “You will deliver Mr. Wm. Remmie certain papers which he left in my hands relating to a settlement by Ludowick Bamper. with the representations of John Remmie.”


Title: From Alexander Hamilton to George Washington, 3 September 1790
From: Hamilton, Alexander
To: Washington, George

Treasury DepartmentNew York Septr. 3d. 1790
sir
Agreeably to your direction I conversed the day after your departure with the Secretary of State on the subject of an Agent for conducting the Loans to be made abroad. I stated to him, that you had expressed to me a preference of Mr. Shorts being employed, if he could be spared the requisite time from France, without injury to the affairs depending there; and that I conceived it wou’d be necessary for him to proceed immediately to Amsterdam and in the first instance to remain there for about three months; after which occasional journeys thither might suffice.
He gave it as his opinion that Mr. Short might be spared from France without injury to the public service according to what I had stated to be necessary. Regarding his judgment on that point as conclusive to me, it only remained for me to fulfil your intention and I accordingly requested him to make the proper communication on his part to Mr. Short, and have since transmitted instructions to that Gentleman in conformity to the general tenor of those which I received from you, a copy of which accompanies this letter. If any alterations or additions shou’d appear expedient, I request your commands for the purpose & shall lose no time in executing them.
I have the honor to remain with the most perfect respect & truest attachment   sir   Your most Obedient & hble servant
Alexander HamiltonSecretary of the Treasury


Title: To Alexander Hamilton from Joseph Whipple, 3 September 1790
From: Whipple, Joseph
To: Hamilton, Alexander

Portsmouth, New Hampshire, September 3, 1790. Has neglected furnishing Hamilton with duplicates of ships’ registers because of the pressure of other duties. Transmits “duplicates of such of said Certificates as have been granted in this District, Twenty of which … are inclosed.”


Title: From Alexander Hamilton to Benjamin Lincoln, 6 September 1790
From: Hamilton, Alexander
To: Lincoln, Benjamin

Treasury DepartmentSeptember 6th. 1790
Sir
The excuses made by the owners of the Lighter, as stated in your letter of the 17th. Ulto, may be true but as they are the mere allegations of the Defendants, you will percieve the impropriety of considering them as sufficient to justify them. The seizure of a Boat under such circumstances was a prudent & necessary step, and it seems proper that you consider further whether the law does not require the prosecution of the lighter Men, for the penalties incurred by an agency including Goods not legally entered.
The last purchase of Oil, I observe is at a reduced Price. It is necessary that you send on the Contract to be submitted to the President. The confirmation of it, I presume, from the terms, will be a matter of course.
Measures should be taken without delay to have the repairs of the Plymouth Lighthouse effected.
The information given in your letter 23d July concerning the danger to the revenue from the footing on which the importation & exportation of Fish now stand, have been Noted for use when the Legislature shall take up that subject. You are aware however that under the present laws, you have a right to proof on the Oath of the exporter that the Fish &ca on which the allowance is claimed was legally imported, & in what Vessel, or Vessels as in the case of Drawbacks.
I am Sir  very respectfully  Your Obedient Servant
A Hamilton
Benjamin Lincoln EsqrCollector Boston


Title: Alexander Hamilton, Henry Knox, Tobias Lear, Alexander Macomb, Dominick Lynch, John Watts, and Samuel Bard to Patrick Murdoch, 7 September 1790
From: Hamilton, Alexander,Knox, Henry,Lear, Tobias,Macomb, Alexander,Lynch, Dominick,Watts, John,Bard, Samuel
To: Murdoch, Patrick

New-York Sept. 7, 1790.
Sir,
As the removal of the residence of Congress from this city will necessarily dissolve our association for the education of our children under your care, and as those of us who remain, do not see a probability of immediately filling up our former number, we take this method of unitedly expressing the entire confidence we have in your talents, and our approbation of your method of tuition.
We are, Sir Your humble Servants
Alexander Hamilton,
H. Knox,
Tobias Lear—for G. Washington P. Custis,
Alexander Macomb,
Dominick Lynch,
John Watts,
Samuel Bard.
To Mr. Murdoch.


Title: From Alexander Hamilton to Morgan Lewis, [8 September 1790]
From: Hamilton, Alexander
To: Lewis, Morgan

[New York, September 8, 1790. On Lewis’s letter to Hamilton of August 9, 1790, there is an endorsement which reads: “Answered Sepr. 8. 1790.” Letter not found.]


Title: To Alexander Hamilton from Benjamin Lincoln, 8 September 1790
From: Lincoln, Benjamin
To: Hamilton, Alexander

Boston, September 8, 1790. “I find in the 36 page of the new collection act that no drawback of the duties paid on any goods wares & merchandize imported shall be received on the exportation of such goods unless they shall be reshipped in the same casks, cases, chests, boxes or other packages in which they were originally imported.… Among goods wares & Merchandises there are some articles which are imported in bulk & are not contained in any case, cask or package, such as Iron, salt, Fish, Hemp, lead, steel, Cables &c. Many of those articles are exported from this state.… If it was not intended by Congress that all goods, wares & Merchandise subject to a duty on importation should be intitled to a drawback on exportation it would have been an agreeable circumstance if they had made the exception of all such as were not contained in some cask, case, chest, box, or other package.… I supposed myself authorised to admit a quantity of salt to be entered for exportation for it was one of those cases in which no fraud could be experienced for the salt was unladen from the importing ship into the exporting ship under the inspection of the same officer. Fish & other articles may be under like circumstances. If in your opinion I have constructed the law too liberality & have too strenuously attended to the interest of the Merchant I wish you would hint it as nothing would make me more happy than your sentiments on the subject.…”


Title: From Alexander Hamilton to Benjamin Lincoln, 10 September 1790
From: Hamilton, Alexander
To: Lincoln, Benjamin

Treasury Department, September 10, 1790. “I received your letter of the 3d. instant with the papers enclosed.… The British ship, which you mention will not have the second duty of Tonnage to pay, if she should have arrived at the eastern port after the first of September.”


Title: From Alexander Hamilton to Benjamin Lincoln, 10 September 1790
From: Hamilton, Alexander
To: Lincoln, Benjamin

[New York, September 10, 1790. On September 17, 1790, Lincoln wrote to Hamilton: “Your private letter of the 10th came by the post the last evening.” Letter not found.]


Title: From Alexander Hamilton to William Short, 10 September 1790
From: Hamilton, Alexander
To: Short, William

New York Sep. 10 1790
Sir
This will be delivered to you by Benjamin Walker Esquire, Naval officer of the Port of New York who has leave of abscence for a twelvemonth. As he has thoughts of visiting Paris he has requested me to make him known to you which I do with pleasure as he is a man of worth. He was during a part of the late War Aide du Camp to General Washington.
I remain with much esteem & consideration Sir, Your obd. st.
A. Hamilton


Title: From Alexander Hamilton to Benjamin Walker, 10 September 1790
From: Hamilton, Alexander
To: Walker, Benjamin

Treasury DepartmentNew York September 10th 1790
Sir
In answer to your letter of this date, I have to inform you that in pursuance of authority to me for that purpose from the President of the United States, You have permission to be absent from the United States for a period not exceeding One year from the time of your departure.
I am Sir   Your Obedient & humble servant
A HamiltonSecretary of the Treasy
Benjamin Walker Esqr


Title: To Alexander Hamilton from Benjamin Walker, 10 September 1790
From: Walker, Benjamin
To: Hamilton, Alexander

[New York, September 10, 1790. On September 10, 1790, Hamilton wrote to Walker: “In answer to your letter of this date.” Letter not found.]


Title: From Alexander Hamilton to George Washington, 10 September 1790
From: Hamilton, Alexander
To: Washington, George

Treasury DepartmentSeptember 10th. 1790
sir
The public service appearing to require the early establishment of the boats or cutters for the protection of the revenue, agreeably to the provision made by the Legislature in their last Session, I do myself the honor respectfully to submit to you what has occured upon that subject.
Cutters from forty to fifty feet keel being deemed by experienced persons the most eligible, my enquiries have been directed to the terms on which a boat of that size may be built in the port of New York. From the information received, there is reason to expect that ten of those Vessels may be procured from the medium sum of One thousand Dollars each, provided due care and œconomy are used in their equipment. To avoid dissatisfaction it may appear best to build them in different parts of the Union. One may be procured in New Hampshire, and another in Massachusetts, for the coast eastward of Cape Cod: One in Connecticut for Long Island sound and the coast adjacent to Rhode Island: One in New York for the bays of New York and Amboy and the coast adjacent to Sandyhook: One in Philadelphia for the bay of Delaware and the coast adjacent to Capes May & Henlopen: One in Norfolk and another in Baltimore for Chesapeak bay and the coasts adjacent to it: One in North Carolina for the sounds & coasts of that State: One at Charleston for the Bays and Coasts of South Carolina. And one at Savannah for the coasts of Georgia.
Should this arrangement meet your approbation, the utility of the establishment leads me to request your permission to carry it into immediate execution; or that you will be pleased to direct such other as may appear to you preferable.
There not being sufficient light with regard to characters for officering the Cutters destined for the eastern coasts, particularly Massachusetts, I have written private letters to the Collectors of Boston and Portsmouth on the subject: when their answers arrive, the persons who appear to have most in their favor from New York inclusively eastward shall be noted for your determination.
The latest arrivals from Europe bring intelligence of the continuance and encrease of warlike preparations by the Courts of Great Britain and Spain, tho’ no declaration of war was known in the Seaports of the latter on the 26th. of July.
I have the honor to be, with the most respectful consideration, sir,   Your most Obedient and most hume. servant
Alexander Hamilton


Title: From Alexander Hamilton to Joseph Whipple, 10 September 1790
From: Hamilton, Alexander
To: Whipple, Joseph

[New York, September 10, 1790. On October 9, 1790, Whipple wrote to Hamilton: “I had the honor to receive in due course your letter of the 10th ulto.” Letter not found.]


Title: From Alexander Hamilton to Elizabeth Hamilton, [11 September 1790]
From: Hamilton, Alexander
To: Hamilton, Elizabeth

[New York, September 11, 1790]
The Albany post is arrived and not a line from my dear Betsey; though I have reason to believe she must have arrived before the departure of the Post. This is a disappointment to me, as I was anxious to learn how she & my Children got up & how they were.
I wrote you a day or two since by a Vessel & shall write you again by the Wednesday’s post when I will tell you decidedly whether I can come up or not & when.
I am in good health and in all respects as well as I can be without my very dear family—But there is a sad blank in their absence. I however reconcile myself to it; convinced that you will receive benefit by it and you know how precious your health is to me.
Adieu My Angel take care of yourself & think always of Your Affectionate
A.H.
New York Sepr 11th 1790
Mrs Hamilton


Title: From Alexander Hamilton to Thomas FitzSimons, [15 September 1790]
From: Hamilton, Alexander
To: FitzSimons, Thomas

[New York, September 15, 1790]
Dr Sir,
The hurry of business has prevented my thanking you sooner for your letter of the 6th and the trouble you have been so obliging, as to take towards providing me with a house. I doubt not the one obtained will answer very well my purpose. Its proximity to my office is a great recommendation of it.
Inclosed is an order on your bank of the Treasurer in favour of  for four hundred dollars, for the years rent according to your agreement. I remain with much esteem & regard   Dr Sir   Your Obed Ser
A. Hamilton
New York September 15th 1790
Thomas FitSimmons, Esqr


Title: From Alexander Hamilton to Elizabeth Hamilton, 15 September 1790
From: Hamilton, Alexander
To: Hamilton, Elizabeth

[New York] Sep 15. 1790
You do not hope in vain My very Dear love that I am tired of living alone. I was so the very hour after you left me. But I am not sure for all this that it will be possible for me to come to you. Though Mr. Eveleigh is here his health is such as to confine him wholly to his room and disqualify him intirely for business. Besides this, I am the only one of the Administration now here, and, for reasons I mention to your father, it might be very awkward for me to be absent also. In this situation, I would press you to come down with your father, who writes me that he must be here by the 27th, if I did not believe that your health may be benefitted by your continuance where you are somewhat longer. And for this object I would sacrifice any satisfaction to myself. But I leave the matter to yourself. If you feel anxious or uneasy you had better come down. If you can prolong your stay with satisfaction it may be of service to you to do it and in that case I would endeavour to return with your father.
If you know My beloved wife how delightful it is to me to have you with me you need not be told how irksome it is to be separated from you & how much I desire to receive you again to my bosom.
I have received but one letter from you & this is my third.
Adieu My Charmer   Love to your Mama, Peggy & the rest of the family


Title: From Alexander Hamilton to William Heth, 15 September 1790
From: Hamilton, Alexander
To: Heth, William

[New York, September 15, 1790. On November 10, 1790, Heth wrote to Hamilton and acknowledged the receipt of Hamilton’s “private letter of the 15th. of September last.” Letter not found.]


Title: From Alexander Hamilton to George Washington, 15 September 1790
From: Hamilton, Alexander
To: Washington, George

New York Septr. 15th. 1790
Sir
The urgent avocations, in which I have been engaged, towards putting, in a train of execution, the laws of the last session, affecting my department, and a desire of reflecting maturely, and giving the reasons for the result of my reflections, fully, have caused me to delay, longer than I wished, the answers to the questions, with which you honored me, and I hope will excuse the delay.
The judgments formed, in particular cases, are almost always connected with a general train of ideas, in respect to some more comprehensive principles or relations; and I have thought it adviseable to lay that train before you, for the better explanation of the grounds of the opinions, I now give, or may hereafter have occasion to give on the like subjects, in obedience to your commands.
I feel no small regret, in troubling you with the perusal of so voluminous a discussion; but as I thought it would be satisfactory to you to have the reasons of the opinions you required fully submitted to your consideration, I conceived it to be more consistent with my duty, to risk some intrusion on your time, than to withold any consideration that appeared to me of weight enough to enter into the determination.

With the most perfect respect and truest attachment. I have the honor to be   Sir Your most obedient and humble servant
Alexander Hamilton.
The President of the United States