Title: To Alexander Hamilton from James Tillary, [6 March 1792]
From: Tillary, James
To: Hamilton, Alexander

sir
[New York, March 6, 1792]

When I reflect how long I have been in your Debt I am ashamed, not that I have had any reason to complain of your patience or doubt your generosity.
When Mr Childs was in Phila. about 10 days ago, I expected he would have called & taken up my note. I had actually put him in possession of the ways & means for doing so, except what interest may be due upon it.
He hurried away sooner than he intended, & I believe was obliged to make provision for conducting his business in Phila beyond his expectations of any existing necessities. I need not offer apologies to you, for delaying to take up my note—I am persuaded of your goodness. The Baron whose Note I now have, could not consistently with his arrangements pay me the whole of the rent he owed to me. He is still in my debt, but such is his delicacy & his honor, that I could as soon offend the former, as suspect the later.
But what has that to do with my note for £80?—Nothing. I can pay you with ease, & shall do so with gratitude. Send it to any person you please—or let me know how much it amounts to, & I will pay it into the Bank.
The Bank Mania rages violently in this City, & it is made an engine to help the Governors re-election. Judge Yates’ sudden & unexpected resignation, or rather declination—Judge Jays sudden & unexpected acceptation—The obstinacy of Gov Clinton—The interference of Burr, & the tergiversation of the Chancellor, confound divide & distract the City. If the Conflict was to terminate in the Triumph or defeat of either of the Candidates, it would be of less consequence, but I either see, or fancy I see, the Malignant spirit of Antifederalism hovering over our land & ready to seize the first favorable opportunity of making a Stand. Farewell May success attend your measures & happiness yourself.
James Tillary
N. York March 6th1792


Title: From Alexander Hamilton to Richard Harison, 7 March [1792]
From: Hamilton, Alexander
To: Harison, Richard

My Dear Sir
[Philadelphia] March 7. [1792]

This will be delivered to you by Mr. Ceracchi, whom I recommend to your attention.
He goes to New York in pursuit of subscriptions towards a Monument of the American Revolution. You have doubtless heared of the Artist and his project. He will explain to you more particularly.
I have prepared him to find difficulties in the present political situation of New York. How far they may really stand in his way he will better ascertain on the spot.
While I warmly wish success to the plan I would not embarrass my friends by urging it to the prejudice of public objects.
Yrs. sincerely
A Hamilton
R Harrison Esqr


Title: From Alexander Hamilton to John Kean, 8 March 1792
From: Hamilton, Alexander
To: Kean, John

Sir
Treasury DepartmentMarch 8. 1792.

I have desired the Treasurer to transmit to the Bank of the United States a bill or bills on the Bank of New York for the sum of one hundred thousand dollars, which are to be passed, to the credit of the United States.
It is to be understood that the Bank of the United States are to receive the amount in their own notes or in specie at the option of the Bank of New York.
I am, Sir,   Your most obedt. servant
Alexander Hamilton
John Kean Esq.
Cashier of the Bank of the United States.


Title: From Alexander Hamilton to Jean Baptiste de Ternant, 8 March 1792
From: Hamilton, Alexander
To: Ternant, Jean Baptiste de

Sir
Treasury DepartmentMarch 8th 1792

I have the honor of your letter of this date, communicating the copy of one to you from the Secretary of State in answer to your application of the 3d. instant.
Assuring you of the pleasure I shall feel, in executing the views of the President, relatively to the accommodation, which is desired, in as efficacious a manner, as the state of our public resources compared with our public exigencies will admit—I am to inform you that you can have from the Treasury of the United States, on account of your Government the following advances viz 100,000 Dollars immediately, a like sum on the first of June, a like sum on the first of September and a like sum on the first of December next. Provision will be made for the punctual payment of these several sums at the Bank of the United States.
It would be more agreeable, if it were practicable to stipulate shorter periods for these advances, but considering the extra-demands, which the operations on foot for the defence of our Western frontier will add to the ordinary demands for the current service, it does not appear adviseable to promise earlier payments.
If however in the progress of things, it shall be found compatible with the general arrangements of the Treasury, to anticipate the periods which have been mentioned, it will without fail be done.
It remains more to explain the principles on which these advances, consistently with the authority vested by law in the President, can be made.

From the instructions which have been given to Mr. Short, from the known progress of his operations, and from some passages in a letter which I have received from him of the 12th of November last—I conclude with certainty, that he has discharged all the arrears of interest and installments of principal due to France to the end of the year 1791.
The sums now agreed to be furnished therefore will be an anticipation of so much hereafter to become due.
The law, which makes provision for the reimbursements to France, contemplates the payment of whatever sums should have actually become due, unconditionally, but restrains the discretion of the Executive as to payments, by anticipation, with this condition—that they “can be effected upon terms advantageous to the United States.”
It is clear then, adopting the most liberal construction of this condition, that such payments can only be made upon terms which will involve no loss to the United States.
The fund, from which must arise the advances proposed to be made, is a part of the sums borrowed abroad, pursuant to the law which has been referred to.
These monies have been borrowed at an interest of five per Cent, with charges amounting to four per Cent, and are to be reimbursed in six equal yearly installments, the first at the end of ten years. The time between the receipt of the money in Amsterdam from the lenders, and the placing of it in the Treasury of the United States, cannot be stated at less than six months, during which time an interest has been paid by the United States, for which they have not been compensated by the use of the money. As the money was drawn from Amsterdam by bills of exchange, which were sold upon a credit the transfer was effected at par, while private bills, upon that place were at the times of the sales considerably below par in our market.
The United States will consequently avoid loss, and no more, if the advances which shall be made, are so liquidated, as to include an indemnification for the charges of the loan and the interest of the money during the time lost in transferring it from Amsterdam to the United States. The quantum of such an indemnification will be merely matter of calculation upon the data above stated.
If however instead of an allowance for the six months interest, you prefer as a rule the rate of exchange between the United States and Amsterdam you are at liberty to make the option.
The sums, which have been mentioned will of course only operate as payments, from the respective times; when they shall be actually paid, so as thenceforth to arrest the progress of interest on equal sums of the Debt to France.
The intrinsic par of the metals will be the standard of computation, for converting dollars into livres.
When it is considered, that the indemnification, which is sought, is in compliance with an express law, it is hoped that it will obviate all impression of a too minute attention to pecuniary advantage in a case, which is certainly not of great magnitude, and on an occasion, which it is felt claims a liberal treatment.
When also it is considered, that the United States sustained a heavy loss in the first instance, upon their negociations in relation to the aids which constituted their debt to France—on a considerable proportion of not less than 40 per Cent—that by the terms of their contract they are obliged to repay that debt at Paris and consequently were subjected to whatever loss might have been incident to a state of exchange disadvantageous to them—that they in the present case wave the benefit of a state of Exchange highly advantageous to them, and, renouncing gain from that circumstance, are content with merely not suffering loss; it is relied upon, that the terms which have been suggested will appear to you not only equitable but liberal.
Nevertheless, as it is the wish of the President, to obviate all embarrassment on your part and to put the matter upon a footing perfectly satisfactory to your Government and Nation, I am instructed by him to inform you, that if it will be more agreeable to you, he will refer the question of indemnification to a future adjustment with your Court and will cause the necessary instructions for that purpose to be sent to our minister Plenipotentiary there.

With very great respect and attachment I have the honor to be   Sir   Your obedient servant
Alexander Hamilton
Mr. Ternant
Minister Plenipotentiary of France


Title: From Alexander Hamilton to George Washington, [8 March 1792]
From: Hamilton, Alexander
To: Washington, George

[Philadelphia, March 8, 1792]
The Secretary of the Treasury has the honor to submit to the President a letter which he has drafted in answer to one from the Minister Plenipotentiary of France, and which contains such Ideas as have appeared to him compatible with the Law, with the state of the Treasury and with a liberal attention to the conjuncture. He will wait on the President this evening for his orders, as Mr. Ternant appears urgent.
8th. March 1792.


Title: From Alexander Hamilton to John Daves, 9 March 1792
From: Hamilton, Alexander
To: Daves, John

Treasury Department, March 9, 1792. “You will receive by the first Vessel, for North Carolina from this Port the several articles for the use of the Revenue Cutter, which you desire.…”


Title: To Alexander Hamilton from Timothy Pickering, 9 March 1792
From: Pickering, Timothy
To: Hamilton, Alexander

Sir,
Genl Post Office March 9. 1792.

After much enquiry, I have found a house which would accommodate my numerous family, and at the same time give me office-room. The greatly extended business of the department, I think may be accomplished with the same help which has been used since the time of Mr. Osgoods appointment, to wit, an assistant and clerk. For these, with their necessary writing desks, table, boxes, cases & shelves, for a considerable bulk of books & papers, would sufficiently occupy one room; and another room would be convenient for myself. A servant also will be wanted to keep the rooms in order, make fires, and perform other services. These services, however, not being constant, I could employ a domestic servant, but one selected with a reference to such public service. If for the two rooms for the Genl Post Office, a cellar for wood, and the necessary attendance of my domestic servant, I might make a charge of about 300 dollars, I would then engage the house referred to; but previous to such engagement I wish to obtain your opinion of the propriety of the charge.
I am &c
T. P.
The Secretary of the Treasury.


Title: From Alexander Hamilton to George Washington, 9 March 1792
From: Hamilton, Alexander
To: Washington, George

Treasury Department, March 9, 1792. “The Secretary of the Treasury has the honor respectfully to enclose to the President of the United States a petition to the President from Samuel Davis of the State of Rhode Island & providence plantations, together with the papers from the files of the Treasury relative thereto.…”


Title: To Alexander Hamilton from Joseph Whipple, 9 March 1792
From: Whipple, Joseph
To: Hamilton, Alexander

Sir
Collectors OfficeDistrict of Portsmo [New Hampshire]March 9. 1792

I conceive it to be a duty incumbent on me to mention to you that the ill State of Health of the Judge of this district has prevented his attendance at the two last Courts, in consequence of which two actions brought to that Court on Bonds for Impost duties have failed in their expected issue, and I have been induced to put a third in Suit at the State Court of Common Pleas to avoid the like consequence—it is here Subject [to] the delay of an appeal to the Supreme Court. I find on enquiry there is but little or no prospect that the Judge will ever recover So as to attend business.
Being of opinion that the practice of inserting in bonds given for Money a penal Sum equal to double the amount of the debt was to Secure all damages that might arise from the delay of payment beyond the term for which the bond was given, and that the Value of the use of Money equal to the legal interest in the Country where the debt exists, should be considered as part of such damage, I have demanded interest at 6 pCt. on bonds Sued but I find it to be the opinion of the Courts in this State that interest should not be recovered on bonds unless Specified in the Obligation. Hence the public is subject to loss—and I do not conceive the law authorizes the insertion of interest in bonds to take place after the expiration of the term of credit allowed. A remedy appears necessary in the law or the practice—if in the latter, be pleased to inform me for my future government.
I have the honor to be &c
Hon. Alex. Hamilton Esquire


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

Sir
Philadelphia March 10th. 1792

The last grant of money for defraying the contingent and other expences of the Department of State having been laid out, and the account thereof and vouchers presented at the Auditor’s office for settlement and settled, I have to request the favour of your directing a warrant for the sum of two hundred and fifty dollars to be issued for the payment of such expences as may arise in future.

I have the honor to be with great respect   Sir   Your most obedient & most humble Servant
Th: Jefferson
The Secretary of the Treasury.


Title: Report on Tonnage and Imports for the Several States, 10 March 1792
From: Hamilton, Alexander
To:

Treasury Department March 10th. 1792[Communicated on March 12, 1792]
[To the President of the Senate]
Sir,

In obedience to the order of the Senate, of the 8th instant, I have the honor to transmit thirteen returns exhibiting, as accurately as is practicable, the various descriptions of vessels employed during the year ending the 30th September, 1790, in the import trade of each State at that time comprehended in the Union, together with the foreign places from whence they departed for the United States.
I have also the honor to transmit thirteen returns exhibiting, as far as the public accounts admit, the various species of Merchandize imported during the year ending on the 30th day of September, abovementioned. Two of each sets of those returns, Vizt: those for North Carolina and Rhode Island, are not for the intire year, as they were not during a part of it comprehended within the Union.
It is ascertained by the Books of the Treasury, and the fact will appear from a return now in preparation, that the proportion of duties accruing on goods imported in foreign ships during the year ending the 30th of September last, is less than one-fourth of the whole duties [on goods imported.]
Those returns, having been completed prior to the order of the Senate, do not convey all the information required by their Act, but as they contain a considerable portion of what is directed, I have thought it best to transmit them without delay. The remaining information will be prepared as expeditiously as possible; [though the preparation of a part of it will require very considerable time.]
With the highest respect, I have the honor to be, Sir   Your most obedt & most humble Servant
A HamiltonSecy of the Treasury
The Vice President of the United States & President of the Senate.


Title: To Alexander Hamilton from Jean Baptiste de Ternant, 10 March 1792
From: Ternant, Jean Baptiste de
To: Hamilton, Alexander

Phile. [10] mars 1792
J’ai recu votre reponse à ma lettre d’avant hier; et d’après l’assurance que vous me donnez du remboursement total de ce qu’il y a d’exigible sur la dette des Etats unis envers la france, ainsi que de la necessité où la loi met votre gouvernement de ne faire des remboursemens anticipés qu’à des conditions avantageuses, je ne puis qu’accepter l’avance que vous etes disposé de faire, et acceder provisoirement aux termes proposés pour l’effectuer. Quant à l’indemnité à accorder pour couvrir les Etats unis de tout Sacrifice, je préfere puis que le President l’approuve que cet objet soit reglé à Paris, d’après les bases ou l’alternative exprimeés dans votre lettre. Je vais en consequence transmettre cette lettre à ma cour, et lui rendre compte de la maniere avec laquelle le gouvernement des Etats unis s’est preté à la demande que les besoins de st. Domingue m’ont forcé de faire. Il me reste à vous prier de vouloir bien faire payer les quatre cens mille piastres au Vice Consul general de france le Sr. laforest ou à son order, et de devancer les payemens, comme vous me le faites esperer, autant que vos arrangemens interieurs pourront le permettre.


Title: From Alexander Hamilton to William Ellery, 12 March 1792
From: Hamilton, Alexander
To: Ellery, William

[Philadelphia, March 12, 1792. On March 26, 1792, Ellery wrote to Hamilton: “On the 24th of this month I received your letter of the 12th.” Letter not found.]


Title: From Alexander Hamilton to John Kean, 12 March 1792
From: Hamilton, Alexander
To: Kean, John

[Philadelphia, March 12, 1792. On April 18, 1792, Hamilton wrote to Kean concerning the suspension of the sale of bills desired “by my letter of the 12th ultimo.” Letter not found.]


Title: From Alexander Hamilton to Timothy Pickering, 12 March 1792
From: Hamilton, Alexander
To: Pickering, Timothy

Sir
Treasury DepartmentMarch 12. 1792.

I have received the communication which you made to me with respect to a a part of the contingent expences of the general post office, and on comparing the sum you mention with the charges for similar objects, which have been necessarily sustained in this department, and in the public service in general I cannot perceive any thing in the arrangement you propose, but what appears consistent with the interest of the United States.
I am, with great esteem,   Sir,   Your most obedt. servt.
A Hamilton
Timothy Pickering Esq.
Post Master General.


Title: To Alexander Hamilton from William Allibone, 13 March 1792
From: Allibone, William
To: Hamilton, Alexander

[Philadelphia] March 13, 1792. “Unpleasant as the task is, to be the Bearer of bad tidings, it has fallen to my lot; and it is no less then the entire loss & destruction of one of the Piers at mud Island, by the Breaking up of the Ice on thursday last, when the whole body thereof moved at once, with the flood tide and a heavy easterly wind, which forced it with great Violence for A long time against the Northeastermost Pier until it was nearly Buried in the Broken Ice, at Length the whole Pier gave way bodily & being forced from its bed, turned Over and Sunk in deep Water and disappeared.…”


Title: Conversation with Jean Baptiste de Ternant, [13–26 March 1792]
From: Ternant, Jean Baptiste de
To:

[Philadelphia, March 13–26, 1792]
Mr. Hamilton, avec qui j’en ai causé ensuite, et qui est plus particulièrement ici l’homme essentiel en finances, m’a paru également bien disposé—“Nos ressources pécuniaires sont extrêmement bornées; mais nous pourrons cependant quelque chose si les circonstances l’exigent; et en cas de demande de votre part vous pouvez compter que je ferai tout, pour remplir les vues de votre Gouvernement,” ce sont là les propres paroles du Secrétaire de la Trésorerie.—Il a ajouté ensuite que ce qu’il reste à payer pour complêter les remboursemens de l’année courante, et dont le montant est d’environ deux cens mille piastres, pourroit être acquitté à Philadelphie, d’ici à un an, et que quant aux remboursemens subséquents, il prévoyoit encore la possibilité de les faire en Amérique, sinon en totalité, au moins en grande partie, et qu’enfin il se prêteroit sur cela à tous les arrangemens désirés par la Cour, en tant qu’ils pourroient se concilier avec les dispositions de la loi, dont j’ai eu l’honneur de vous parler dans ma dépêche No 26.


Title: From Alexander Hamilton to William Duer, 14 March 1792
From: Hamilton, Alexander
To: Duer, William

My Dear Duer
Philadelphia March 14. 1792

Your letter of the 11th. got to hand this day. I am affected beyond measure at its contents; especially as it was too late to have any influence upon the event you were apprehensive of—Mr. Woolcott’s instructions having gone off yesterday.
I trust however the alternative which they present to the Attorney of the   and the discretion he will use in managing the affair will enable you to avoid any pernicious éclat; if your affairs are otherwise retrievable.
Be this as it may—Act with fortitude and honor. If you cannot reasonably hope for a favourable extrication do not plunge deeper. Have the courage to make a full stop. Take all the care you can in the first place of Institutions of public Utility and in the next of all fair Creditors.
God bless you and take care of you and your family. I have experienced all the bitterness of soul, on your account, which a warm attachment can inspire. I will not now pain you with any wise remarks, though if you recover the present stroke, I shall take great liberties with you. Assure yourself in good and bad fortune of my sincere friendship and affection.
Adieu
A Hamilton
Wm. Duer Esqr.


Title: [Report on the Return of Exports], 15 March 1792
From: Hamilton, Alexander
To:

Treasury DepartmentMarch 15. 1792.[Communicated on March 16, 1792]
[To the President of the Senate]
Sir

In further pursuance of the order of the Senate of the 8th. instant, I have the honor to transmit a return of the exports from the United States for one year ending the 30th. September 1791, exhibiting the islands and countries to which those exports have been shipt.
This document is completed so far as the returns have been received at the Treasury, but an addition is yet to be made of the exports from Charleston in South Carolina, and from some ports of inferior consequence for the two last quarters of the returned year, the papers relative to which have not been received. There is also transmitted a return of outward tonnage for one year ending March 31st. 1791.
In regard to the remainder of the statements required by the Senate; it is very uncertain whether the delay of the returns from certain of the Custom houses, and the length of time they will require, will not prevent the completion of them before the end of the session.
I have the honor to be, Sir Your most obedient & most humble servant
Alexander HamiltonSecy of the Treasy
The Vice President of the United States and President of the Senate.


Title: To Alexander Hamilton from William Allibone, 16 March 1792
From: Allibone, William
To: Hamilton, Alexander

[Philadelphia] March 16, 1792. “Having Particularly Inspected the Condition of the Piers at mud Island, I have the honor to report, that the Pier destroyed by the Breaking up of the Ice, was not Removed intirely from its bed as at first Represented, But that all the upper part thereof Below low water mark was Torn away and now lays sunk. Just against the back part or upper side of what remains in its old bed, only pressed a little farther in Shore. However the Pier is as Effectually destroyed, And I am of Opinion that the part which remains, will be of no advantage in erecting another.… From a view of the Prices and estimates of Building Peirs heretofore with some allowance for the General advance of Wages, I am of Opinion that it will require an appropriation of not less than two thousand Dollars.…”


Title: Report on Claims of the Lutheran and Calvinist Churches in Chester County, Pennsylvania, and the Public Grammar School of Wilmington, Delaware, [16 March 1792]
From: Hamilton, Alexander
To:

[Philadelphia, March 16, 1792Communicated on March 17, 1792]
[To the Speaker of the House of Representatives]
The Secretary of the Treasury, to whom was referred the petition of the Minister and Trustees of the Lutheran Church in Pikeland Township Chester County in the State of Pennsylvania: The petition of the Wardens of the Calvinist church in Vincent Township, in the County and State aforesaid;—and the petition of the Corporation of Trustees of the public Grammar School of Wilmington in Delaware State, respectfully submits the following Report thereupon.
The two first mentioned petitions seek an indemnification for damages alledged to have been done to two several places of religious worship in the County of Chester in the State of Pennsylvania, in consequence of their having been made use of, during certain periods of the late war, as military hospitals for the accommodation of the Troops of the United States.
The facts stated in the said several petitions are no otherwise authenticated to the Secretary, than by the certificates which accompany them respectively, and which are stated to be from persons appointed by General Greene, to appraise the damages which were sustained. Nevertheless, the Secretary does not perceive any ground to doubt the truth of the allegations, which are contained in the said petitions.
There is no evidence of any application for an adjustment of either of these claims, in the manner, or within the periods, prescribed by the Acts of limitation: Wherefore, they are to be considered, as barred by those Acts:

The last mentioned petition, namely, that from the Trustees of the public Grammar School and Academy of Wilmington, seeks an indemnification for the occupation and injury, by the troops of the United States, of the Building in which that School and Academy were kept.
The material facts alledged in the said petition, with respect to the occupation and injury of the building in question, and the several applications for indemnification, are satisfactorily established; as will be seen by the documents herewith transmitted, No. I, II, III.
There are two precedents, among the files of the Treasury, of allowances for the occupation and injury of public institutions; one of the fourteenth of January 1783, which is an account settled at the treasury, with the proprietors of the Pennsylvania Hospital, for the rent of a house and Elaboratory, occupied by the Apothecary of the United States, from the first day of August 1778, to the first day of August 1781: another, of the twenty seventh of May 1784; which is an account settled with the Managers of the House of employment in Philadelphia, for damages done to that building, while occupied as a general Hospital.
It appears also, that the Reverend Doctor John Witherspoon stands charged in the books of the Quarter Master’s department, with the sum of 19.040 dollars received by him in the year 1779, for the purpose of repairing the College at Princeton, which had been damaged by the troops, for which he has signed a receipt, promising to be answerable, if the advance was not approved of by Congress. But it does not appear, that any farther proceeding has been had upon the subject.
A question arises, whether the claim of the petitioners is barred by any Act of limitation.
Considering that this claim was duly exhibited prior to the existence of those Acts, was referred by Congress to the Board of Treasury, to be filed among similar papers, and a decision thereon specially referred by that body to the termination of the war, to be then taken into consideration in common with other applications of a similar nature, The Secretary is of opinion, that these circumstances amount to a virtual exception of the case out of the Acts of Limitation.

But, in whatsoever light this may be viewed, it appears to him most consistent with the justice and liberality of the government, to authorize the allowance of a reasonable compensation, in all cases, in which any place of religious worship, or any Seminary of learning has been occupied, or injured, for or by the troops of the United States; the Acts of limitation notwithstanding.
An innovation or relaxation in this particular will, it is conceived, be sufficiently discriminated by the nature of the object, so as essentially to obviate all difficulty on the score of precedent.
If it should appear to the legislature advisable, to authorize a compensation in such cases, the Secretary is of opinion, that it will be expedient to leave the quantum to be ascertained, upon due proof, by the accounting officers of the Treasury, as in other cases of claims against the United States.
All which is humbly submitted.
Alexander HamiltonSecy. of the Treasy.
Treasury Department, March 16th 1792.


Title: Report Relative to the Additional Supplies for the Ensuing Year, 16 March 1792
From: Hamilton, Alexander
To:

Treasury DepartmentMarch 16, 1792.[Communicated on March 17, 1792]
[To the Speaker of the House of Representatives]
The Secretary of the Treasury pursuant to a Resolution of the House of Representatives of the 8th instant directing the said Secretary to report to the House his opinion of the best mode of raising the Additional Supplies requisite for the ensuing year, respectfully submits the following report.
The sum which is estimated to be necessary for carrying into effect the purposes of the Act for making further and more effectual provision for the protection of the Frontiers of the United States beyond the provision made by the Act making appropriations for the support of Government for the year 1792 is Dollars 675.950.8
The returns which have been received at the Treasury subsequent to the Secretarys Report of the 23rd. of January last, among which are those of some principal ports afford satisfactory ground of assurance, that the quarter ending the last of December was considerably more productive than it was supposed likely to prove; authorizing a reliance that the revenues to the end of the year 1791 will yield a surplus of 150.000 dollars which may be applied in part of the sum of 675.950 dollars and eight Cents above stated to be necessary.
Provision remains to be made for the residue of this sum namely 525.950 Dollars & 8 Cents.
Three expedients occur to the option of the government for providing this sum.
One, to dispose of the Interest, to which the United States are intitled in the Bank of the United States. This, at the present market price of Bank Stock, would yield a clear gain to the Government much more than adequate to the sum required.
Another, to borrow the money; upon an establishment of funds, either merely commensurate with the interest to be paid, or affording a surplus which will discharge the principal by installments within a short term.
The third is to raise the amount by taxes.
The first of these three expedients appears to the Secretary altogether unadviseable.
First. It is his present opinion, that it will be found, in various respects, permanently the interest of the United States to retain the Interest to which they are intitled in the Bank. But
Secondly—If this opinion should not be well founded, it would be improvident to dispose of it at the present juncture—since upon a comprehensive view of the subject, it can hardly admit of a doubt, that its future value, at a period not very distant, will be considerably greater than its present—While the Government will enjoy the benefit of whatever dividends shall be declared in the Interval. And
Thirdly—Whether it shall be deemed proper to retain or dispose of this Interest, the most useful application of the proceeds will be as a fund for extinguishing the public debt. A necessity of applying it to any different object, if it should be found to exist, would be matter of serious regret.
The second expedient would in the judgment of the Secretary be preferable to the first.
For this the following Reason, if there were no other, is presumed to be conclusive—namely, That the probable increase of the value of the Stock may itself be estimated as a considerable, if not a sufficient fund, for the repayment of the sum which might be borrowed.
If the measure of a Loan should be thought eligible, it is submitted as most adviseable to accompany it with a provision, sufficient not only to pay the interest, but to discharge the principal within a short period. This will, at least, mitigate the inconvenience of making an addition to the public debt.
But the result of mature reflection is, in the mind of the Secretary, a strong conviction, that the last of the three expedients, which have been mentioned, is to be preferred to either of the other two.
Nothing can more interest the National Credit and prosperity, than a constant and systematic attention to husband all the means previously possessed for extinguishing the present debt, and to avoid, as much as possible, the incurring of any new debt.
Necessity alone therefore can justify the application of any of the public property, other than the annual Revenues, to the current service, or to the temporary and casual exigencies of the Country—or the contracting of an additional debt, by loans, to provide for these exigencies.
Great emergencies indeed might exist in which loans would be indispensible. But the occasions which will justify them must be truly of that description.
The present is not of such a nature. The sum to be provided is not of magnitude enough to furnish the plea of necessity.
Taxes are never welcome to a community. They seldom fail to excite uneasy sensations more or less extensive. Hence a too strong propensity, in the Governments of Nations, to anticipate and mortgage the resources of posterity, rather than encounter the inconveniences of a present increase of taxes.
But this policy, when not dictated by very peculiar circumstances, is of the worst kind. Its obvious tendency is, by enhancing the permanent burdens of the people, to produce lasting distress, and its natural issue is in National Bankruptcy.
It will be happy, if the Councils of this country, sanctioned by the voice of an enlightened community, shall be able to pursue a different course.
Yielding to this impression, The Secretary proceeds to state for the consideration of the House the objects, which have occurred to him as most proper to be resorted to, for raising the requisite sum by taxes.
From the most careful view, which he is able to take of all the circumstances, that at the present juncture naturally enter into consideration, he is led to conclude, that the most eligible mode, in which the necessary provision can at this time be made, is by some additional duties on imported articles.
This conclusion is made with reluctance, for reasons which were noticed upon a former occasion, and from the reflection, that frequent and unexpected alterations in the rates of duties, on the objects of Trade, by inducing uncertainty in mercantile speculations and calculations, are really injurious to Commerce and hurtful to the interests of those who carry it on.
The stability of the duties to be paid by the merchants is in fact of more consequence to them than their quantum; if within reasonable bounds.
It were therefore much to have been wished that so early a resort to new demands on that class of Citizens could have been avoided—and especially that they could have been deferred, until a general Tariff could have been maturely digested, upon principles, which might with propriety render it essentially stationary.
But while there are these motives to regret, there are others of a consoling tendency; some of which indicate, that an augmentation of duties, at the present juncture, may have the effect of lessening some public evils, and producing some public benefits.
It is a pleasing fact, if the information of the Secretary be not very erroneous—that the improved state of the credit of this country enables our Merchants to procure the supplies, which they import from abroad, upon much more cheap, and advantageous terms than heretofore; a circumstance which must alleviate to them the pressure of somewhat higher rates of duty; and must contribute at the same time to reconcile them to burthens, which being connected with an efficacious discharge of the duty of the government, are of a nature to give solidity and permanency to the advantages they enjoy under it.
It is certain, also, that a spirit of manufacturing prevails at this time, in a greater degree, than it has done at any antecedent period; and as far as an increase of duties shall tend to second and aid this spirit, they will serve to promote essentially the industry, the wealth, the strength, the independence and the substantial prosperity of the country.
The returns for a year, ending with the 30th of September last, an abstract of which is in preparation to be communicated to the Legislature, evince a much increased importation, during that year, greater far than can be referred to a naturally increasing demand, from the progress of population, and announce a probability of a more than proportional increase of consumption; there being no appearance of an extraordinary abundance of goods in the Market. If happily an extension of the duties shall operate as a restraint upon excessive consumption, it will be a salutary mean of preserving the community from future embarrassment, public and private. But if this should not be the case, it is at least prudent in the government, to extract from it the resources necessary for current exigencies, rather than postpone the burthen to a period, when that very circumstance may cause it to be more grievously felt.
These different considerations unite with others, which will suggest themselves to induce, in the present state of things, a preference of taxes on imported articles to any other mode of raising the sum required.
It is therefore respectfully submitted.
That the existing duties on the Articles hereafter enumerated be repealed and that in place of them the following be laid—Vizt.

Wines.

Cents

Madeira of the quality of London parti~
⅌ Gall.
56

ditto London Market
⅌ ditto
49

Other Madeira Wines
⅌ ditto
40

Sherry
⅌ ditto
33

St. Lucar
⅌ ditto
30

Lisbon
⅌ ditto
25

Oporto
⅌ ditto
25

Teneriffe & Fayal
⅌ ditto
20

All other Wines 40 ⅌ Centum ad valorem.

Spirits.

Those distilled wholly or chiefly from Grain.

Of the first class of proof
⅌ Gallon
28

Of the second ditto
⅌ ditto
29

Of the third class of proof
⅌ Gallon
31.

Of the fourth ditto
⅌ ditto
34

Of the fifth ditto
⅌ ditto
40

Of the sixth ditto
⅌ ditto
50.

Other distilled Spirits.

Of the second class of proof & under
⅌ Gall.
24

Of the third ditto
⅌ ditto
27

Of the fourth ditto
⅌ ditto
31

Of the fifth ditto
⅌ ditto
37

Of the sixth ditto
⅌ ditto
45

Beer, Ale and Porter
⅌ Gallon
8

Steel
⅌ Cwt.
100

Nails.
⅌ lb.
2

Cocoa
⅌ do.
2

Chocolate
⅌ do.
3

Playing Cards
⅌ pack
25

Shoes & Slippers of silk

20

Shoes & Slippers of stained or colored  Leather (other than black) for Men & Women
}
10

  ditto ditto for Children

7

All other Shoes & slippers for (men & women) clogs & goloshoes

10

All other Shoes & slippers for children

7

Articles ad valorem.

China Wares
}
15. ⅌ Centum advalorem.

Looking Glass, Window and other glass and all manufactures of Glass, black quart bottles excepted

Muskets

Pistols

Swords, Cutlasses, Hangers & other fire & side Arms

Starch

Hair Powder

Wafers

Glue

Cast Slit and rolled Iron, and generally all manufactures of Iron, Steel, Tin, Pewter, Copper, brass or of which either of these Metals is the Article of chief value (not being otherwise particularly enumerated)
}
10 ⅌ Centum advalorem.

Cabinet wares

Leather tanned and tawed and all manufactures of Leather, or of which leather is the article of chief value (not being otherwise particularly enumerated)

Medicinal drugs, except those commonly used in dying

Hats, Caps and Bonnets of every sort

Gloves and Mittens

Stockings

Millinary ready made

Artificial flowers, feathers and other ornaments for womens Head dresses.

Fans.

Dolls dressed and undressed.

Toys

Buttons of every kind

Carpets & Carpeting, Mats and floor Cloths

Sail Cloth

Sheathing & Cartridge paper

All powders, pastes, balls, balsams, ointments, oils, waters, washes, tinctures, essences liquors, or other preparation or composition, commonly called sweet-scents, odours, perfumes or cosmetics

All Dentifrice, powders, tinctures, preparations or compositions whatsoever for the teeth or gums.

Printed Books, except those specially imported for a College, Academy or other public or incorporated Seminary of Learning or institution which shall be wholly Exempted from duty.

The foregoing duties to be permanently established and to be appropriated in the first place to the payment of the interest of the public debt, in the second to such other grants and appropriations as have been heretofore made, and in the third to the purposes of the Act for making further and more effectual provision for the protection of the frontiers of the United States.

An addition of two & half ⅌ Cent advalorem to be made to the duty on all goods heretofore rated at five ⅌ Centum ad valorem.
This addition to be temporary, and accordingly to be so established as that it shall not continue longer, than till the present Indian War shall terminate, and the expences of carrying it on shall have been defrayed, which will of course include the reimbursement of any sums, that may have been borrowed by way of anticipation of the product of the duties.
It is represented that the present duty on Salt operates unequally from the considerable difference in weight in proportion to quantity of different kinds of Salt, a bushel weighing from about 56 to upwards of 80 Wt. It would have an equalizing effect if the bushel were defined by weight; and if 56 pounds were taken as the standard, a valuable accession to the revenue would result.
This regulation is therefore submitted as a resource upon the present occasion. The rate of duty to remain as it is.
It will be a reasonable accomodation to Trade, if it is made a part of this arrangement, to extend the credit for the duty on salt to a longer term. It is an article which from the circumstances of its importation frequently lies on hand for a considerable time; and in relation to the Fisheries is usually sold upon a credit of several Months.
Some remarks may be proper in regard to the proposed duties.
Those on Spirits and Wines may appear high. They are doubtless considerable. But there are precedents elsewhere of much higher duties on the same Articles. And it is certainly in every view justifiable to make a free use of them for the purposes of Revenue.
Wines generally speaking are the luxury of classes of the community who can afford to pay a considerable duty upon them.
It has appeared adviseable to adhere to the idea of a specific duty ⅌ Quantity on all the species of wines in most common consumption in the Country, and those most susceptible of precise designation; as affording greatest certainty to the Revenue. And to adopt a general ad valorem rate for other kinds, proportioned to the specific duties. This rate is 40 ⅌ Cent.
The distinction has proceeded from the difficulty of a precise enumeration of all the other kinds of Wine, which are and may be imported, and of such an adjustment of specific rates, as will bear some reasonable proportion to the value of the Article. The present lowest rate of duty on Wines amounts to 200 and 300 ⅌ Cent on the value of certain kinds; which may be considered as equivalent to a prohibition.
While therefore ideas of proportion will be better consulted than heretofore, by the proposed arrangement, it is probable, that the revenue will be benefitted, rather than injured, by a reduction of the duties on low priced Wines.
The considerations which render Ardent Spirits a proper object of high duties, have been repeatedly dwelt upon. It may be added that it is a familiar and a just remark that the peculiarly low price of Ardent spirits in this Country is a great source of Intemperance.
To bring the price of the Article more nearly to a level with the price of it in other markets by an increase of duty, while it will contribute to the advancement of the revenue, cannot but prove in other respects a public benefit. The rates proposed will be still moderate compared with examples in other Countries; and the Article is of a nature to enable the Importer, without difficulty, to transfer the duty to the consumer.
A discrimination is suggested in respect to duties on spirits distilled from Grain. To this, there have been two inducements—One, that the difference in the duty is conformable to the difference [between] the cost of the grain Spirits usually imported and [that] of West India Rum. Another, that it is in a particular manner the interest of the United States to favor the distillation of its own grain, in competition with foreign spirits from the same material. In the second division of Spirits, the first class of proof is dropped; because none of it comes from the West Indies; and because any other Spirits usually imported which may be of so low a proof are higher priced, even than some of the higher proofs of West India Spirits. The dropping of that class of proof therefore in this case is favorable to the Revenue and favorable to equality.
Several of the other specific duties which are proposed, besides the inducements to them as items of revenue are strongly recommended by considerations which have been stated in the Report of the Secretary on the subject of manufactures. The same Report states inducements to a 15 ⅌ Cent duty on some of the Articles, which are mentioned, as proper to be comprized under that rate.

With regard to China and Glass there are two weighty reasons for a comparitively high duty upon them. The use of them is very limited except by the wealthier classes. And both their bulk and liability to damage in transportation are great securities against evasions of the Revenue. It will however merit consideration whether for the accommodation of Importers a longer term of credit ought not to be allowed on these Articles.
A duty of two Cents ⅌ lb on Cocoa is less in proportion to value than the present duty on Coffee. As an extensive article of consumption it is a productive one of Revenue.
The Duty on playing cards can give rise to no question except as to the practicability of a safe Collection. In order to this it will be proper to supperadd certain precautions, which will readily occur in regulating the details of a bill for the purpose. A similar attention will be requisite in regard to the duties on Wines. The employment of marks and certificates may advantageously be extended to this Article.
The rate of 10 ⅌ Centum ad valorem it is hoped will not be deemed immoderate in relation to the Articles to which it is proposed to apply it. It is difficult to assign rules for what ought to be considered as a just standard. But after the best consideration, which the Secretary has been able to bestow upon it, he cannot discover, that any real inconvenience is likely permanently to result from the extension of that rate to the cases proposed.
The addition of 2½ ⅌ Cent to the duty on the mass of articles now rated at 5 will constitude an important, though not an excessive augmentation. Nevertheless, it is proposed, that it shall be only temporary—and there is reasonable ground of expectation, that the cause for having recourse to it will not be of very long continuance.
It will not have escaped the observation of the House that the duties which were suggested in the Secretary’s report, on that subject, as encouragements to Manufactures, are for the most part included among the objects of this report.
It may tend to avoid future embarrassment, if such abolitions and drawbacks, as shall be deemed expedient, with a view to promoting manufactures, shall accompany the establishment and appropriation of whatever further duties may be laid, for the object in contemplation.
And it may be found convenient to qualify the appropriation of the surplus which is to be applied to that object, so as to let in such other appropriations during the session as occurrences may suggest.
An estimate of the additional revenue which may be expected from the proposed duties is subjoined.
It will occur to the house, that the Credit allowed for the duties will require an anticipation of their product by a temporary loan for which provision in the law will be requisite.
[All which is humbly submitted
Alexander HamiltonSecy of the Treasury]

Estimate of probable additional Revenue from the proposed duties

Madeira Wine 300 000 Gallons average increase 12 Cents  ⅌ Gallon
}
36.000

Other Wines 700.000 Gs. average increase 3 Cents   ⅌ Gallon
}
21.000

Distilled Spirits 3.600 000 Gallons average increase, allowing for  proposed deduction from the duties on domestic Spirits 2 Cents
}
72 000.

Salt, from the equalizing regulation proposed will probably   yield ⅙ more or 2 Cents ⅌ bushell on 2.000 000 bush.
}
40.000.

Malt liquors 200.000 Gallons at 2½ Cents

5.000

Nails & Spikes 1.800.000 lb at 1 Cent

18 000

Cocoa      800.000 at 1 Cent

8 000

Playing Cards   20.000 at 15 Cents

3 000

Other enumerated Articles ad valorem at 15 ⅌ Cent

10 000.

Increased duty on articles rated permanently at 10 ⅌ Cent ad valorem   computed at 2 Millions of Dollars in value at 3 ⅌ Cent
}
60.000

Temporary addition at 2½ ⅌ Cent on the Articles now rated at   5 computed on 10.000.000 of dollars
}
250 000.

Dollars     523.000


Title: From Alexander Hamilton to George Washington, 16 March 1792
From: Hamilton, Alexander
To: Washington, George

Treasury Departt. March 16th. 1792
The Secretary of the Treasury has the honor to submit to the President the draft of a report on the subject of ways & means for carrying into execution the Military bill.
He will wait on the President tomorrow morning for his orders; as it is interesting there should be no avoidable delay.


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

Sir   (private)
Portsmo. New Hamp. March 16. 1792

On the 9th. of June last I had the honor to write you on the Subject of my emoluments as Collector of the Customs for the district of Portsmouth and transmitted you a Statement of them for one Year in Conformity with your Circular direction of the 14th. of April.
The Many important public matters which continually arrests your attention I imagine would hardly admit of your reporting on every Subject to which you had extended your intention of producing a reform—among those of the least importance to the public is possibly that which is the Subject of this letter. On this consideration, it is with difficulty that I can prevail on myself to address a private letter to you, but having conceived that further delay would be extremely injurious to my interest, and that an application to Congress was necessary as a ground of inquiry, and having transmitted a petition to be presented in which I have refered to the above mentioned Statement of emoluments, I have considered it as expedient to the purpose of my petition to request your obliging attention to it and that you will be pleased to make such remarks on the emoluments and the duties of the office, as shall appear on your examination to be requisite in order to obtain a just allowance. Indeed my principal reliance must be on your report—as but few members of the Legislature can be competent judges of the Value of the Services. I will not presume to remark on the mode—but only to observe that should such compensations as may be allowed, only look forward to future Services—the part time of more than two years and an half will remain uncompensated.
I intreat you to excuse this application & to believe me to be with Sentiments of respect & esteem   Sir   Your Mo. Ob: & hume serv
The Hon. Alex. Hamilton Esqr.


Title: From Alexander Hamilton to the President and Directors of the Bank of the United States, 17 March 1792
From: Hamilton, Alexander
To: President and Directors of the Bank of the United States

Treasury DepartmentMarch 17. 1792
Gentlemen

When lately I furnished you with drafts upon the Bank of Massachusettes for 50.000 Dollars I mentioned to the Committee of your Board, on whose application, the operation was made, That it might happen, that I should want an equal sum there, at the end of the present Quarter, for payment of the Quarters Interest; in which case I should rely upon the aid of the Bank.
It does happen that the specie at my command, in that state, is short Thirty thousand Dollars of the requisite sum.
It is very probable that this deficiency will in time be supplied from public sources; but of this I cannot be sure. And it will not answer to leave the least uncertainty upon so delicate a point.
I am therefore under the necessity of requesting that you will furnish me with a Credit for 30 000 Dollars upon whatever specie funds you may have in the state of Massachusettes; to be used or not as occasion may require.
The advanced stage of the quarter requires dispatch.
With perfect consideration I have the honor to be   Gentlemen   Your obedient servant
Alexander Hamilton
The President Directors & Companyof the Bank of the U States


Title: To Alexander Hamilton from Otho H. Williams, 18 March 1792
From: Williams, Otho H.
To: Hamilton, Alexander

[Baltimore, March 18, 1792. On June 5, 1792, Hamilton wrote to Williams: “I have before me your letters of the 18th of March, 18th of April, 8th & 27th of May.” Letter of March 18 not found.]


Title: From Alexander Hamilton to the President and Directors of the Bank of the United States, 19 March 1792
From: Hamilton, Alexander
To: President and Directors of the Bank of the United States

[Philadelphia, March 19, 1792. On April 10, 1792, Hamilton wrote to the president and directors of the Bank of the United States: “the operation suggested in my letter of the 19th ultimo continues to be desirable.” Letter not found.]


Title: From Alexander Hamilton to John Lamb, 19 March 1792
From: Hamilton, Alexander
To: Lamb, John

[Philadelphia, March 19, 1792. On March 19, 1792, Hamilton wrote to William Seton, cashier of the Bank of New York, enclosing a letter to Lamb, collector of the customs for New York City. Letter not found.]


Title: From Alexander Hamilton to William Seton, 19 March 1792
From: Hamilton, Alexander
To: Seton, William

My Dear Sir
[Philadelphia] March 19. 1792

It is strongly represented here, that you have restricted your operations so as absolutely to afford no accommodation in the present distress of the City. Knowing the disposition of the Directors, I am persuaded, that every thing is done which is prudent. And I dare say, there is much exaggeration.
This is therefore barely to observe, That as far as you may have been influenced by any apprehension of being distressed by the establishment of a branch of the Bank of The U States and a want of cooperation, you may relinquish your apprehensions, as I have good evidence from a variety of conversations that it will be enjoined upon the Directors of the Branch to maintain the most perfect & confidential communication with your institution & to cooperate in mutual & general accommodation.
You may therefore act on this Idea and do as much as would be otherwise prudent. In giving you this intimation I will add that should not the course be pursued which I have good ground to expect by the Bank of the U States I will decidedly aid your Institution so as to preserve it from harm in consequence of any greater latitude which may have been taken upon this intimation.
At the same time I am far from wishing to encourage an imprudent extension of accommodation at such a crisis. Perhaps however it may be worth considering how much more can be done in favour of parties who can pledge public Stock as collateral security. This foundation of Credit you are sure is a good one.
The Merchants of New York have to pay considerable sums in duties in this and the next Month. You may boldly accommodate them under an assurance that the money shall in no event be drawn out of your hands in less than three Months, unless perfectly agreeable to you.
You know the Collector will receive bank notes, which have thirty days to run. I send you inclosed a letter directing him to furnish you, if required, with a list of the names and sums of those who have bonds which will fall due to the end of April in order that you may if you please make a special operation for their accommodation, under the above assurance.
Yours sincerely
A Hamilton
Wm. Seton Esquire Cashier


Title: To Alexander Hamilton from Robert Troup, 19 March 1792
From: Troup, Robert
To: Hamilton, Alexander

My dear friend
NYork 19 March 1792

Ever since the recipt of your last letter I have been kept in such a state of distraction that I have not been able to compose my mind sufficiently to write to you. Courts have been sitting day after day & it so happens that I have had business in all of them, but, as was the case with you, instead of being simple it is of the most perplexing kind.
I now am forced to write to you by an event which has called into action all my feelings & overwhelmed me with grief, the bitterness of which can only be conceived by an heart like yours. Before I enter upon this painful subject I must inform you that before Genl Schuyler went to Philadelphia I had totally withdrawn myself from a⟨ll⟩ engagements with the friends of the new bank & had left the thing to its fate. After mature reflection upon the subject I saw that it would be productive of real evil—and it was manifest to me that there was mingled with the motives of some of the leaders of the association a large portion of personal enmity to you & of rooted hatred of the government. Upon this ⟨conviction⟩ I requested Genl. Schuyler to get a letter from you to Col. Lewis who I understood was an advocate of the measure. You will not censure my heart for my connexion with this project. It has ever felt the liveliest emotions for your fame & the public good. I condemn myself however for one thing—I am ashamed that any thing said about the friends of the measure should ever have irrated me. It was unworthy of me and of that rectitude which I am upon every occasion anxious to observe. At present I consider the bill as lost. If no other cause existed to prove the ruinous tendency of the establishment of another bank the present convulsion in this City furnishes the dearest evidence of it. This convulsion is immediately owing to the event above alluded to—Our friend Duer’s failure. This poor man is in a state of almost complete insanity; and his situation is a source of inexpressible grief to all his friends. On Saturday night his friends met at his house & staid with him till near 12 o’Clock when we broke up in confusion without being able to agree upon a single measure. An effort was made on Sunday to collect another meeting at my house which was effected. All we could do was to draw up a notification & sign it—by which we said that from the magnitude & variety of Duer’s operations he would not be able to ⟨make⟩ any specific propositions to his creditors till next saturday when we requested a meeting of the creditors. I find this has composed the public mind which had been much irritated and threatned to break forth into acts of violence. What will be the result God only knows. The truth is that the notes unpaid amount to about half a million of dollars & Duer has not a farthing of money or a particle of stock to pay them with. All the property he has in the World is ⟨some⟩ land in the Province of Maine upon which there is a heavy encumbrance of purchase Money due. You will ask what has become of his money & Stock. His answer is & he calls God to witness the truth of it that every iota of money & stocks has been applied by him to the satisfaction of engagements personally made with him upon a confidence in his honor and friendship. Such is the state of things. We all see the absolute necessity of supporting his character & extricating him if possible from his embarrassments. For this purpose we are endeavoring to open a loan upon his land—for nothing but money will satisfy the voracious appetites of his note holders. If we fail in this attempt & there is nothing offered but land I fear his reputation will be eternally blasted & that his person will be endangered. Widows, orphans, merchants mechanicks &c are all concerned in the notes. And in the large number are some low & turbulent spirits. We shall also attempt the loan in Philadelphia. If your friends in Philadelphia view the subject in the light we do here, they will suppose that Duer’s total bankruptcy will affect the public interest by bringing the funding system into odium. I am strongly impressed with the mischiefs that will result from it myself and I am striving day & night to put Matters upon the best footing I can. My heart bleeds for Duer and My purse shall flow for him as far as prudence will warrant. This letter is for your own eye only. Communicate Duer’s situation to our friends & give us your advice by the earliest opportunity. I am exceedingly thankful for your last letter & shall ever regard it as the most unequivocal testimony of your friendship.
The Moment Jay came forward I abandoned all ideas of Burr & have constantly been doing every thing in my power to promote Jay’s election. If we can carry it the state will be blessed. He is one of the worthiest of men—& independent of his character I owe him obligations which my heart tells me I never can discharge. With regard to Burr’s election I have a secret to tell you which I cannot communicate till I see you. I have reason to suspect that we have both been abused. No good can result from any explanations at present; and therefore I shall be quiet. This hint is most confidentally communicated.
God bless you   Yours
Rob. Troup
A Hamilton Esqr


Title: From Alexander Hamilton to John Adams, [20 March 1792]
From: Hamilton, Alexander
To: Adams, John

[Philadelphia, March 20, 1792]
Mr. Hamilton presents his respectful Compliments to the Vice President. He may have heared that the Treasurer was in the Market last night and may be at a loss concerning his authority. The ground of the operation is an Act of the Board of the 15th of August last appropriating a sum between three & four hundred Thousand Dollars, which Mr. Hamilton considers as any sum short of 400.000 Dollars; leaving still a sum to be expended within the terms as to price prescribed by that Act. This is merely by way of information.
Tuesday March 20th. 91


Title: From Alexander Hamilton to Thomas Jefferson, 20 March 179[2]
From: Hamilton, Alexander
To: Jefferson, Thomas

[Philadelphia] March 20, 179[2.] Explains why the “Treasurer was in the Market last night.”


Title: John Adams to John Jay, 21 March 1792
From: Adams, John
To: Jay, John

Sir
Philadelphia March 21. 1792

A difference of opinion having arisen among those of the Trustees of the Sinking Fund, who are now in this City, respecting the construction of their authority under the Act making provision for the Reduction of the Public Debt, by which they are equally divided, your presence here towards settling the principle which is in question, in order to the future conduct of the business, has become indispensable.
The Board at a Meeting this day have accordingly come to a resolution to request your attendance here as speedily as possible; which on their behalf I now do.

I have the honor to be very respectfully Sir Your most Obedient ser
John Adams
The Chief Justice of The United States


Title: From Alexander Hamilton to William Ellery, 21 March 1792
From: Hamilton, Alexander
To: Ellery, William

[Philadelphia, March 21, 1792. On April 9, 1792, Ellery wrote to Hamilton: “I have received your letter of the 21st. of this last month.” Letter not found.]


Title: To Alexander Hamilton from Gouverneur Morris, 21 March 1792
From: Morris, Gouverneur
To: Hamilton, Alexander

Dear Hamilton
London 21 March 1792

A Vessel just going to New York presents me an Opportunity of saying that I thank you for your Exertions to effect my Appointment. I know you too well my good Friend to make long Speeches on that Subject. I shall acknowlege the Services of my Friends properly on proper Occasions and till then be silent. In patronizing this Appointment you have incurred more Trouble than you was perhaps aware of for you must water the Tree which you have planted. In plain English I beg you to favor me with your Correspondence and to give me Information, which otherwise I may not obtain. In Return I will apprize you of what is doing on this Side of the Water confidentially which I will not do to every Body.
The other Day at an Auction of the late Marquis de la luzerne’s Effects his various Orders were put up and among them those of the Cincinnati. These I bought out of Respect to that Society But as I have not the Honor of belonging to it they are useless to me and therefore if you know any worthy Member to Whom they may be acceptable I will with much Pleasure deliver them to your order.
I am truly yours
Gouv Morris


Title: From Alexander Hamilton to William Short, 21 March 1792
From: Hamilton, Alexander
To: Short, William

Sir,
Treasury Department March 21st. 1792

As the discharge of the arrears of interest and instalments of principal of the French debt, which are due, may have occasioned your power to borrow for that object to be suspended, until you can obtain a loan at a rate of interest and Charges sufficiently reduced, it is my wish, that as soon as it shall be proper after the receipt of this letter you would proceed to borrow the sum of three Millions of florins on the terms of the Antwerp loan, to be applied to the purposes mentioned in the Act of the 12th August 1790 for the reduction of the public debt.
I shall wish for the earliest advices upon this subject to enable me to direct the draughts, and I request your particular attention so to manage the operation, that no loss of interest, which can be avoided may take place.
I have the honor to be   with great consideration & esteem   Your most obedt Servant
Alexander Hamilton
Wm Short EsqrMinister Residentat the Hague


Title: From Alexander Hamilton to Nathaniel Appleton, 22 March 1792
From: Hamilton, Alexander
To: Appleton, Nathaniel

Sir
Treasury Department  March 22. 1792.

You will find enclosed an open letter for the Directors of the Office of Discount and Deposit (or the Branch of the Bank of the United States) at Boston, by which you will perceive that you are to obtain from them the sum of thirty thousand Dollars, if you shall have occasion for it, to pay the quarter’s interest.
You are first to avail yourself of all the specie in the hands of the Collector of Boston, excepting only the sum of 6,000 Dollars, which is to be retained by him, to meet certain bills of the Commissioner of Loans in New Hampshire, which he is authorized to direct to the Collector. The remaining specie the Collector is to deposit in the Boston Branch of the Bank of the United States, for the purpose of paying the interest on the public debt. He is also to pay in all the notes of the Bank of the US to be deposited in such way or form as the said Branch shall determine to receive the paper of the Bank of the United States.
You are further to avail yourself of all the monies received, when this reaches you, or to be received on or before the 2d of April, by the Bank of Massachusetts, taking the greatest care so to manage and conduct the receipt of this money as to produce to them no avoidable inconvenience or derangement. The sum they held in specie at the last return, on the 24th of February, was 31,197. 50/100 Dollars, and in the Bills or notes of the Bank of the United States 620 Dollars. Since that, further sums have no doubt been transmitted, and additions may be made before the expiration of the 2d of April.
The monies in your hands, arising from the sales of the Treasurers Bills, and whatever may remain of the former Quarters will be deposited with the Branch Bank, with which you are hereafter to make your deposits. You will also apprize the Branch Bank of the sum you possess in the Treasurer’s bills, and the places or persons, on which you are at liberty to fill up their direction, in order that both you and they may have the chance of disposing of them, if there be need and opportunity.
Any of the public Creditors, who may incline to receive their interest in notes of the Bank of the United States, may be so paid as far as the notes are at command.
No use is to be made of the Treasurer’s Bills, or other means in your power, or in the power of the Branch Bank further than what may be necessary to the discharge of the interest that will be payable the 1st of April, including any balances on former quarters.
Whatever monies (part of the 30,000 Dollars mentioned in the letter from the President of the Bank of the United States) shall be expended in the payment of the interest is to be finally covered by the Draughts of the Treasurer, of which you are possessed so far as they shall be finally unsold, which will be in lieu of my draughts for that sum mentioned in the letter. Should these draughts be insufficient to cover the 30,000 Dollars, my letter will be sufficient present Authority, and all due formality will be given to the transaction, on advice.
The payment of the quarter’s interest is to be conducted by the Branch Bank in the manner pursued here. That is to say—You are to possess them of the Dividend Book, with the unsigned receipts, which it is necessary for you to have as vouchers, and they are to make the payments and take the receipts in Bank. Your particular information and some extraordinary attention to the course of their payments the first time will be prudent, and may save future trouble. But should the Branch Bank not be in operation yet, so as to render it practicable for them to perform on the day the business of the payment of the interest, you are to pursue the former method, and to proceed in the payments, yourself, as no remission of the usual and perfect punctuality is on any account to occur.
I am with great consideration   Sir   Your obedient serv
Alexander Hamilton
Nathaniel Appleton EsqrCommissr of Loans
Boston
PS   It will be proper to govern yourself entirely by the judgment of the President and Directors of the Branch Bank in the receipt of the monies and United States Bank notes which are to be paid to you by the Massachusetts Bank.


Title: To Alexander Hamilton from William Duer, 22 March 1792
From: Duer, William
To: Hamilton, Alexander

[New York, March 22, 1792. The calendar summary of this letter reads as follows: “Similar letter of appreciation.” Letter not found.]


Title: From Alexander Hamilton to Benjamin Lincoln, 22 March 1792
From: Hamilton, Alexander
To: Lincoln, Benjamin

Sir
Treasury DepartmentMarch 22. 1792.

The Commissioner of Loans will receive by this post my instructions relative to the quarter’s interest on the public debt. After retaining the sum of six thousand Dollars, in specie, to pay certain Bills of the Commissioner of Loans in New Hampshire, you will be pleased to pay into the Boston Branch Bank the remaining specie and notes of the Bank of the United States which will be in your hands, for the purpose of discharging the interest abovementioned. You will hereafter make your deposits, once in every week, in the Boston Branch Bank, taking duplicate receipts, and transmitting one of them to this Off⟨ice.⟩
Benjamin Lincoln EsqrCollector Boston.
⟨P. S. My meaning is that the⟩ specie you have in hand after retaining the above mentioned six thousand Dollars should be paid to the order of the Commissioner of Loans upon drafts of the Treasurer in his favour in order to being deposited in the Branch-Bank.


Title: From Alexander Hamilton to Philip Livingston, 22 March 1792
From: Hamilton, Alexander
To: Livingston, Philip

[Philadelphia, March 22, 1792. On March 24, 1792, Livingston wrote to Hamilton: “Upon the receipt of your Letter of the 22d. Inst.” Letter not found.]


Title: To Alexander Hamilton from Otho H. Williams, 22 March 1792
From: Williams, Otho H.
To: Hamilton, Alexander

[Baltimore, March 22, 1792. On March 29, 1792, Hamilton wrote to Williams: “I have received your letter of the 22d instant.” Letter not found.]


Title: From Alexander Hamilton to William Duer, [23 March 1792]
From: Hamilton, Alexander
To: Duer, William

My Dear Duer
[Philadelphia, March 23, 1792]

Five minutes ago, I received your Letter of yesterday. I hasten to express to you my thoughts; as your situation does not permit delay.
I am of opinion that those friends, who have lent you their money or security from personal confidence in your honor, and without being interested in the operation in which you may have been engaged, ought to be taken care of absolutely and preferably to all other Creditors. In the next place, public institutions ought to be secured. On this point the Manufacturing Society will claim peculiar regard. I am told the funds of that Society have been drawn out of both banks. I trust they are not diverted. The public interest & my reputation are deeply concerned in this matter.
Your affairs with the Government as connected with your office as Assistant to the Board of Treasury will deserve your particular attention.
Persons of whom you have made actual purchases and whose property has been delivered to you would stand next after public institutions. But here perhaps some arbitration may be made. It would certainly be desireable to distinguish between the price of the Stock at the time of purchase and enhanced price upon time.
With regard to contracts merely executory and in regard to which differences would be to be paid, no stock having been delivered—I postpone claims of this nature to all others. They ought not to interfere with any claim which is founded on value actually given.
As to the usurious Tribe—these present themselves under different aspects. Are these women or ignorant people or Trustees of Infants? The real principal advanced & legal interest would in such cases stand in my mind on high ground. The mere veteran usurers may be taken greater liberties with. Their real principal & interest however abstracted from usurious accumulation would stand better than claims constituted wholly by profits from speculative bargains.
But the following course deserves consideration. Take care of Debts to friends who have aided you by their money or credit disinterestedly and public institutions.
Assign the rest of your property for the benefit of Creditors generally. The Law will do the rest. Wherever usury can be proved the contract I take it will be null. Where it cannot be proved the parties will be obliged to acknowledge on oath & then their principal & Interest only will be due.
Wherever a fair count can be stated and all the sums borrowed & paid can be set against each other, it is probable it will be found that more has been paid than on a computation of legal interest was ever received. Here I presume the demand would be extinguished & possibly the parties would be compelled to disgorge.

These are rather desultory thoughts than a systematic view of the subject. I wish I had more time to form a more digested opinion but as I have not you must take what I can give.
Adieu My unfortunate friend God bless you & extricate you with reputation. Where is Lady Kitty? Give my love to her. Again Adieu.
Be honorable calm & firm.
A Hamilton
March 23d.
Wm. Duer Esqr.


Title: To Alexander Hamilton from John Jay, 23 March 1792
From: Jay, John
To: Hamilton, Alexander

My good Friend
New York 23 March 1792

By the post I recd. this afternoon Letters from the Vice Presidt. & Atty. Genl. calling me to the Board of Trustees. My answers to both are necessarily very concise, having been engag’d by Company, and now being pressed for Time, they are enclosed.

I regard my Duty to attend the Courts as being in point of legal Obligation primary, and to attend the Trustees as secondary—and yet I can concieve that the Order would be sometimes inverted, if only the Importance of the occasion was considered.
My answr. to the Vice presidt. proposes in a few words, that the Question in agitation be stated to me. It appears from his Letter to be a meer law Question. In that Case my opinion shall without Delay be formed and transmitted. This Letter will go by an Express who I am told will set out at 10 OCk.
You doubtless have heard more than I can tell you of the nature and extent of our friend Duers misfortunes. I sincerely regret these Consequences to him and to the very many who are and will be affected by them. They have affected all money operations here, and I believe it is still doubtful whether any favorable change likely to last, will soon take place.
Why cannot I give my opinion on a Law Question in the city of New York as well as in the City of Pha?
Yours very Affy.
John Jay
The Honb. A. Hamilton Esqr


Title: Contract with Peter Nagle and Philip Zieber, 24 March 1792
From: Hamilton, Alexander,Nagle, Peter,Zieber, Philip
To:

[Philadelphia] March 24, 1792. “Articles of agreement between Alexander Hamilton Secretary of the Treasury, on behalf of the United [States] of America, and Peter Nagle & Philip Zieber of the Borough of Reading in the County of Berks Hatters.… That the said Peter Nagle and Philip Zieber shall furnish & Delive⟨r⟩ to the order of the Secretary for the department of War four Thousand Six hundred & eight hats … at the price of five Shillings & nine pence Pennsylvania Currency, or Seventy Six & two thirds Cents each hat.”


Title: To Alexander Hamilton from Philip Livingston, 24 March 1792
From: Livingston, Philip
To: Hamilton, Alexander

Dear Sr
New York 24th. March 1792

Upon the receipt of your Letter of the 22d. Inst. I called upon Mr. Jay, who I find is of opinion that, he cannot go to Philadelphia & return in time, for his Court & that he can give his opinion in writing. Mr. Gulian Verplanck seems disposed that the New York Bank shoud give every aid in their power consistent with safety, & on Tuesday they will assist the Dealers in some degree.
I have seen Low, He thinks the Stock of the Manufacturing Society safe, except 10,000 Drs in the hands of Duers Agents a Mr. Ingram, to be safe.
Schuyler, & myself think, Mr. Jay’s opinion, if the Trustees, who may be oposed to it, object, will not decide the business—that his vote must be viva, voce. I sat with Low & Schuyler two Hours last night. Stock’s continue depressed & Things Gloomy. Duer comes forward to day, with some propositions, but I hope not in person as he cannot make any propositions that will be satisfactory & his Creditors will be enraged.
As Mr. Jays opinion in writing may be received, & enable you to come into the Market again, & you would not receive it by Post untill Tuesday afternoon I thought best to send it off by express.
I am with great regard   Your’s
Ph: Livingston
The Honbe. A Hamilton Esqr.


Title: From Alexander Hamilton to Richard Morris, 24 March 1792
From: Hamilton, Alexander
To: Morris, Richard

[Philadelphia, March 24, 1792. On April 13, 1792, Morris wrote to Hamilton: “Your favour of the 24th. Ulto. is duly Recd.” Letter not found.]


Title: To Alexander Hamilton from James Reynolds, 24 March 1792
From: Reynolds, James
To: Hamilton, Alexander

Sir
[Philadelphia] Sunday Evening 24th March. 1792

On my entering the Room the last evening. I found Mrs Reynolds in a setuvation little different from distraction and for some time could not prevail on her to tell me the Cause. at last She informed me that you had been here likewise of a letter she had wrote you in a fright. which she need not have don as I Never intended doing any thing I told her but did it to humble Her. for the imprudent languge she made youse of to me. and You may Rest ashured sir. that I have not a wish to do any thing that may give you or your family a moments pain I know not what you may think of me. but suppose yourself for a moment in my setuvation. that your wife whom you tenderly love. should plase her affections on another object and here her say. that all her happiness depends intirely on that object. what would you do in such a Case. would you have acted as I have don. I have Consented to things which I thought I never could have don. but I have dun it to make life tolerable. and for the sake of a person whose happiness is dearer to me than my own. I have another afliction aded to the Rest that is almost insupportable. I find when ever you have been with her. she is Chearful and kind. but when you have not in some time she is Quite to Reverse. and wishes to be alone by her self. but when I tell her of it. all her answer is she Cant help it. and hopes I will forgive her. shurely you Cannot wonder if I should Act ever so imprudent. though at present if I could take all her Grief upon myself I would do it with pleashure. the excess of which alarm me untill now. I have had no idea of. I have spent this day at her bed side in trying to give her the Consolation which I myself stand in need of. she also tell me. you wish to see me tomorrow evening and then I shall Convince you. that I would not wish to trifle with you And would much Rather add to the happiness of all than to disstress any
am sir Your
James Reynolds
Mr. Alexr. Hamilton


Title: To Alexander Hamilton from William Short, 24 March 1792
From: Short, William
To: Hamilton, Alexander

Sir
Paris March 24. 1792

It has been some time since I have had the honor of writing to you, owing to no material event having taken place—& to my being in constant expectation from day to day that there would be occurences which would render it necessary for me to trouble you.
Being very much indisposed I took the liberty of asking the Secretary of State to communicate to you from his letter the intelligence respecting the Antwerp loan, & the delay of the assembly here, in voting the succours to the islands, towards which the minister of Marine had proposed applying the American debt. The delay still continues, but a decision must inevitably take place ere long.
I have formerly mentioned to you that the Antwerp loan would be continued to be paid here as fast as recieved—as well as the manner in which these payments were paid, & my reasons for consenting to the reciepts given at Antwerp being expressed in florins, their value in livres tournois being to be regulated in future, viz the indemnity which you purpose allowing for the depreciation on the assignats. You authorize me in your letter to fix this indemnity by the rate of exchange in specie. I have thought it most advisable, however to leave this indemnity open to future consideration, as no inconvenience could arise to the U.S. from this circumstance, & as it left the discussion to the person who, being to be named here in a permanent character, would necessarily have a greater degree of the confidence of the government of the U.S., than if in a temporary one only, & of course do this business as well as every other of a delicate nature more satisfactorily both to them & to himself.
As you informed me that you had on M. de Ternant’s application mentioned to him that the U.S. did not intend taking advantage of the depreciation of the assignats, & as I was sure he would inform ministry of this intention I thought it proper in every account to make them the same communication. I have been fully satisfied since that he had no authority for making such an application to you. You will probably find that there were several motives for this volunteer step.
The Antwerp loan as you have been informed was to be paid at the rate of 600,000 florins monthly. M. de Wolf had assured me & authorized me to assure you also that it would be paid much sooner. I found however it began to go more slowly owing probably to the sum being too large for the market. I had frequently mentioned to him my desire that it should be stopped at 1,500,000 or two millions, but he always replied that this did not depend on him, without the consent of the undertakers & that I might rest assured that the loan would be completed in the time agreed on. Fearing however he might be too sanguine & judging that it would be more advantageous for the credit of the U.S. to have a loan opened there at a reduced rate of interest as he had always assured me was practicable, I made him the offer of authorizing him to open a loan there at 4. p. cent interest, for the amount of the sum he could suppress of the present loan—& in order to induce the undertakers as well as himself to come into the plan I added that I would consent for this diminution of the interest to increase the premium—without fixing this increase I knew it would be a very small one, which would be much more than compensated by the reduction of the interest, besides that it wd. have the advantage of preventing the risk of the present loan going more slowly than was agreed on, from its being too heavy for the market. I could not help having my fears on this subject notwithstanding the positive assurances of M. de Wolf to the contrary. I considered myself sufficiently warranted in these fears from what had passed & particularly from the payment of the month of febry not being fully completed until the 5th of this month.
In answer to my offer he informed me that he had found means of suppressing 700,000 florins of the present loan & had hopes of suppressing 300,000 more so as to stop it at two millions. He was taken ill a few days after as he informed me by one of his clerks, being confined to his bed & his life considered as in danger by the physicians, he has done nothing further in this way. I hope however it will be stopped at two millions in which case there will remain only the trifling sum of 200,000 florins to be disposed of.
You will readily concieve that the first time of opening a loan at any place whatever, there are several circumstances depending on locality which cannot be known & for which reliance must necessarily be placed on the banker. A short experience persuaded me that it would have been better to have opened a smaller loan at Antwerp, but it was then too late. I had been guided in this business by M. de Wolf, recommended to me & supported with much warmth by Mr. Morris as having a perfect acquaintance with him, & by Mr. Morris himself who having resided some time at Antwerp, had an opportunity of knowing the place.
I have frequently mentioned to you that the increasing credit & confidence in the administration of the U.S. would present them necessarily to their choice a variety of alternatives for liquidating & ameliorating the conditions of their foreign debt. I have good reason to believe since my return from Amsterdam that the debt to France might be immediately paid off by one stroke by a contract with the first banking house in Paris, Boyd & Kerr, who would engage to pay into the public treasury the amount of the balance of the American debt to France as well due as to become due & recieve in payment the obligations of the U.S. at 4. p. cent interest, either in London or Amsterdam, according to the rate of exchange at present.
The advantages of such an operation would be considerable—1. it would place the U.S. beyond any future reproach on account of delay & would reduce the interest of this debt from five to four p. cent. 2. the sum on which they would have interest to pay would be but more than half what it is at present, as the exchange is about that rate. 3. they would be still more perfectly masters of the indemnity they purpose offering to France, & even if they were in future to add the half gained at present by way of exchange, still they would in the mean time avoid the interest on that half, because the debt to France being considered as completely discharged at the moment of the nominal amount in assignats being delivered here. An interest of course would be expected on the additional sum which the U.S. should prefer to give in future as an indemnity for the depreciation of assignats. 4. their obligations for this operation being given payable in London, would leave the Amsterdam market free for other purposes & particularly for immediately reducing the interest on all their bonds there to 4. p. cent. The banking house here wch. would make this contract having in their hands & at their disposition the funds of La Borde, the richest individual in France, & being connected closely in their operations with Hope of Amsterdam & his correspondent in London & becoming thus stock holders in the American funds to so great an amount would be powerful auxiliaries enlisted in support of their credit.
The only possible objection I see to such an operation is that which was formerly made by the commissioners at Amsterdam, when Mr. Morris & Mr. Parker had an idea of purchasing up the French debt—viz. that it would be dangerous for the U.S. to have so large a sum in the hands of a few individuals, as it would render their credit dependent, on the speculations & resources of those individuals. This objection however loses its force in the present instance in a very great degree, as the sum due now is considerably smaller & as the value of obligations would be in reality not more than half the amount of the nominal balance remaining—& also as the contractors in the present instance are fully masters in themselves of such sums whereas the others were to raise them by such aid as they should find or by future speculation, & of course might have been found to make sacrifices on these bonds injurious to the credit of the U.S.
I am aware that it would have been a matter of much delicacy to have settled the rates of exchange, at which these sums should have been paid to the contractors by the obligations of the U.S. as they would not probably have furnished the whole amount in assignats at once & as the exchange varies daily. It was this consideration alone which prevented my pressing an operation which appeared to me to promise so many advantages to the U.S. & made me desirous that it should remain open if time & circumstances would admit of it, until the will of the government of the U.S. should be more completely represented here, determining however if it became absolutely necessary to act, not to let pass so favorable an opportunity of serving their interests. I considered my powers fully competent thereto, as it was in fact nothing more than borrowing in London a certain sum, much within my limits, to pay off the French debt.
Under these circumstances I learned through the public papers & also from Mr. Morris in London, that the President had nominated him, to represent the U.S here as minister plenipotentiary. I expected of course that he would arrive here without delay in that character—& consequently determined on no consideration to act further, previously to his arrival. Although I learned afterwards that the Senate had not yet confirmed the nomination, yet you will no doubt, Sir, readily concieve that delicacy & propriety forbad my proceeding after having learned that the President’s will was thus pronounced in favor of another, & as by his instructions to you, of which you sent me a copy, arrangements respecting the French debt were to be made by the person resident here. I still remain in daily expectation of the delay to the Senate’s confirmation ceasing, & of Mr. Morris’s arrival here. I dont doubt that he will consider the plan abovementioned in the same light that I have done & that he will pursue the interests of the U.S. with more intelligence, efficacity & success in this as well as every other instance, than has fallen to my share.
As it is probable that their general interests have been less advanced in this country, whilst confided to my care, than might have been hoped for, I flatter myself you will excuse me, for taking the liberty to arrest your attention an instant on the peculiarly unfavorable circumstances which seem to have begun with the moment of my having been employed & to have ceased also with the expiration of my term.
The revolution here carried with it a spirit of innovation in the whole organisation of their system, & of hostility to every thing that existed under the former government. The moment for organizing their commercial system came soon after I was charged with the affairs of the U.S. & was taken absolutely into the hands of the committee of the assembly, where the influence of the ministry was not only without weight, but their opinions in favour of any plan were prejudicial to it. They were constantly in favor of treating the productions of the U.S. with marked favor & on the most liberal footing. My letters will have shewn how the nature of the revolution, private intrigues & private interests formed a current against such a system which unquestionably no person here from the U.S. of what talents, virtue & merit soever could have resisted. I have never ceased announcing that changes such as we wish would be made in time, & as soon as the government should be formed & really in action. Although that term is not yet arrived, yet the present state of ministry is such as to give the fullest hopes of the change being now possible. The majority of the assembly have by various means at length obtained a ministry of their choice, & in whom they place their confidence—the plans of ministry will accordingly be adopted, & the minister who will have the direction of all commercial matters M. Claviere is a man much known for his writings in favour of a liberal system of commerce & particularly of encouragement to that with the U.S. He published a work express[ly] on the subject some years ago & will now attempt to realize his ideas. This accidental circumstance takes place at the moment of my being withdrawn from hence & leaves Mr. Morris nothing to do but to call the attention of government to this object in order to affect the changes desired by the U.S. I mention this by no means with the intention of taking from the merit of the efforts which will certainly be made by that gentleman, but merely to explain the circumstances, that government may not attribute absolutely to me, a commercial system which begun as it were & will end with the term of my being employed. I may flatter myself with a just & enlightened administration, well acquainted with the principles of this revolution & weighing their influence in the present case, ascribing the effects to their true causes. I have no right to hope that the public who judge of actions by the event, should make an exception in my favor; & of course as it has been my misfortune to reside here during the adoption of a system of commerce prejudicial to the U.S. & as it will cease with the time of my residence, I must submit to the fault being in their mind attributed to me & will sincerely rejoice in a change, by whomsoever effected, that I am persuaded will be advantageous to the United States. I have now Sir only to beg your pardon for so long & tedious a digression, into which I have been involuntarily led by the high value I place on your opinion with respect to my conduct in every instance—& if I have been wrong in thus troubling I hope you will consider the motive as a sufficient excuse & allow me to add assurances of the profound respect with [which] I shall ever have the honor to be, Sir, your most obedient & most humble servant
W: Short
The Honble.Alexander Hamilton Secretary of the Treasury, Philadelphia


Title: To Alexander Hamilton from Robert Troup, 24 March 1792
From: Troup, Robert
To: Hamilton, Alexander

[New York, March 24, 1792. The calendar summary of this letter reads as follows: “‘My heart is nearly broken with the distress of poor Duer.’ Brockholst Livingston and others gloating over Duer.” Letter not found.]


Title: From Alexander Hamilton to George Washington, [24 March 1792]
From: Hamilton, Alexander
To: Washington, George

[Philadelphia, March 24, 1792]
The Secretary of the Treasury has the honor to communicate to The President a letter which he has just received from Mr. Short. It communicates the agreeable information of a Loan at four per Cent.
24th. March 1792