Title: To Alexander Hamilton from William Short, 3 June 1791
From: Short, William
To: Hamilton, Alexander

Paris June 3. 1791
Sir
I have had the honor of recieving a few days ago, the 3d & 4th. of your letter of April 13th.—one by the way of England, the other by the way of Holland. This is the only letter I have recieved from you since that of Sep. 1. 90. The 1st. & 2nd. have not yet arrived.
It gives me infinite pleasure Sir to find that the manner in which I proceeded in the business you confided to me, has met your approbation. It is the strongest & most agreeable presumption I can have that it will meet also that of the President.
I have the honor of inclosing you Sir, the copy of the letter of the bankers of the U.S. to me covering your 4th. of April 13 mentioned above. This will shew you the present situation of the loan lately opened there, the present value of American stock, & their hope of being soon able to reduce the rate of interest on loans there. I have written to them to inform me with as much precision as they can when they think a loan at a reduced rate of interest may be proposed. It may be proper to observe that I understand they mean 4½ p. cent as the reduced rate. Until I recieve their answer then it is impossible for me to say what measures I shall take in consequence of your authorisation to open a new loan. To proceed immediately to make a loan at 5. p. cent, after the opinion of the bankers that by postponing it it might be done at 4½ would seem highly improper, & yet I must own to you that I do not enter fully into the opinion of the bankers, notwithstanding the desire I shall have to see it realized. I think it necessary to mention this circumstance as well as the following considerations that you may not be misled by the enclosed letter of the bankers.
When I was at Amsterdam the 5. p. cent obligations of the Emperor sold at 2 or 3. p. cent above par, & still I never heard it supposed & am sure it was not supposed by any body that he could borrow at a lower rate of interest. If he could have done it he certainly would in order to have redeemed such as he had a right to reimburse.
The United States are in a less favorable situation than the Emperor for reducing their rate of interest because it is known at Amsterdam that they have a large debt to France of which a considerable part is already due & must be paid without regard to terms & that the price & interest of their domestic debt is such as to present them great advantages in purchasing it up by loans made abroad at 5. p. cent.

But it may be asked why have the bankers, to whom these considerations must have presented themselves, held out an opinion that the rate of interest might be reduced by postponing future loans? 1. It is possible that it may be their real opinion, & if so it is useless to search for any other reason for their holding out. 2. But if it was not their opinion or if they had doubts respecting it, still there are reasons which may have induced them to wish that we should be persuaded of it. They are acquainted with attempts which have been made to purchase our debt to France. They know that the consent of the U.S. will be necessary to the success of any of these attempts. The better the terms on which we suppose we can make new loans, the less we shall be disposed to consent to those which are asked by the persons wishing to purchase. It is possible also that they may be informed by means of the Genoese correspondents at Amsterdam of some disposition in them to make loans to the U.S. A hope that we could borrow at Amsterdam at a lower rate of interest would be the most effectual means of preventing us from giving the present rate at Genoa. Besides the business of loaning on the domestic debt of the U.S. is still carried on at Amsterdam. The house of V. Staphorst is immediately & ostensibly interested in them—that of Willink also indirectly in all probability. It is desirable therefore for them to postpone the loans of Congress as long as this business lasts, provided however that they should ultimately be made there. (It was calculated when I was in Amsterdam that this business would cease when the domestic debt rose to 75. p. cent, but as they alienated them proportionably higher in these loans, they were continued notwithstanding the rise in the domestic debt as mentioned in my letter to you of Jan 15.) Further the bankers contemplate a rise in the commission in proportion as the rate of interest is lowered. This rise in the commission they mentioned to me as being altogether in favor of the undertakers—whether so or not I cannot say, but I have no doubt they would prefer making a loan at an increased rate of commission & decreased rate of interest, to the inverse.
Thus enabled to appreciate fully the circumstances attending the opinion of the bankers you will not be surprized if the reduced interest should not take place as soon as they seem to hope. Still you may be persuaded Sir, that I shall cherish the idea & do whatever depends on me to have its realisation accelerated.

I shall have the less difficulty in delaying the proposition for a new loan also in order to see whether the rate of interest can be reduced, because I find that you use more delay in employing the money borrowed than I had supposed you would. It would have been an advantage if the last loan had been opened two or three months later, since the interest paid on a great part of it for four months viz from Feb. 1. till now might have been avoided, as well as that which has accrued on the rest from the time of the bonds being delivered. Such losses may be avoided on future loans if you were to give more early directions for the employment of the money as recieved. If on the contrary you do not give directions until you have notice of the loan being opened there will be always three or four months interest at least, as in the last instance, unnecessarily paid. I have already mentioned to you that when a loan is opened, constant usage obliges the bankers to recieve the money immediately, if the undertakers chuse to deposit it, & to allow interest from the first of the month. Three months after that, must be allowed for the notice going to America & orders being recieved thereon; so that four months interest, on a moderate calculation, will always be paid before the money is used. In the last loan 600,000 florins, I think, were recieved in the latter part of February—of course interest paid on them from the 1st. of that month although employed only now.
There is another inconvenience also with respect to the part which is intended to be paid this country. As they are always acquainted with the loans opened at Amsterdam & of course know that the U.S. have money there at their disposition, they cannot account for its not being paid them. They take up various ideas with respect to the delay & some of them far from being favorable to the U.S. As the exchange is becoming every day more disadvantageous in proportion as the assignats depreciate, many of them suppose it is a speculation, to hold back the payment as much as possible in order to take advantage of this depreciation. You will easily see how impossible it would be to convince of the contrary those who know that the U.S. have had at their disposition large sums for three months past during which time the assignats have gone on regularly depreciating.
If only the ministry meddled with this matter there would be much less inconvenience in it, but in the new organisation of affairs a great number of new people are brought into action, all of whom cast themselves to become as conspicuous as possible in clamouring for the public interest. The American debt has particularly excited the attention of a number of them & above all of the six new commissioners of the treasury. They have made several visits to M. de la fayette respecting it. They have sent me several messages through him, & one of them, M. de Condorcet, lately wrote him the letter inclosed No 1. which he sent me. He added that as an American, he could not help telling me how much he wished that the U.S. should do whatever they could to satisfy these exclamations. This was eight or ten days before I recieved your orders to pay the million of florins.
From this letter & some other circumstances I feared there would be difficulty made by the new commissioners of the treasury in recieving their payment at the present rate of exchange, particularly as they desire it to be put into the hands of their bankers at Amsterdam, & as a part of it is to be applied to the loan made there by France for the U.S. On recieving your orders I informed M. de Montmorin that I was now ready to have another payment made. He desired I would take arrangements with the Director of the treasury; who without hesitation requested that it should be made in the same manner as the last & He will of course send his reciept to the bankers for the sum in livres equal to the million of florins according to the present rate of exchange which is much more favorable than it was at the time of the former payment, & which you are informed was highly advantageous to the U.S.
With respect to the ½ million of florins which you destine ultimately for this country & which are to wait for further directions, as I am not acquainted with the reasons which induced you to postpone these directions, I cannot conjecture when they will be given, & of course shall avoid being questioned about them here as much as possible. It is tautology to add that as this sum is already in the hands of the bankers the U.S. will be paying an unnecessary interest on it until employed.
There is another consideration also which is worthy of being taken into the account. The depreciation of the assignats so long as they continue to be a circulating medium is an advantage to those who have debts to pay to France by remittances from abroad. But this depreciation has been such for some time past as to give serious apprehensions that the time may come & that ere long, when it must be forced out of circulation. In that case the exchange would unavoidably turn in favor of France on account of the immense sums of specie which have been sent out of the country & the effort which would be then made to restore the equilibrium by their return. In such an event you will readily see the loss which the U.S. will sustain from having not extended to the utmost their payments under present circumstances.
It is impossible to give as certain any conjecture respecting these assignats & of course what I have said must be understood with that limitation. You will be able to form a more satisfactory opinion yourself perhaps from the following observations. The lands by which they are to be redeemed are selling every where without opposition. It becomes every day more evident that their mass exceeds the highest estimation—the assignats arising on those sales are entering regularly into the treasury & are publicly burnt. Upward of 120. millions (one tenth of the whole emission) have already gone through this process, & yet the depreciation continues regularly. There was one extraordinary moment when the difference between this paper & specie was 19. p. cent. It was brought back to ten & is now at twelve p. cent, with the probability of continuing to encrease. It is to be observed that this takes place in a time when they have not war either foreign or domestic, & before the experiment is made on the new system of taxation. To those who think with me, that the greater part of the taxes proposed would not be paid soon under any system of perception, & that the system adopted is the one the least likely to raise taxes of any kind whatever, the experiment when made cannot be considered as favorable to the credit of the assignats. There seems no doubt now that there will be a necessity for a new emission of assignats before the taxes voted some days ago (as you will see by the Journals sent to the Secretary of State) can be collected under the most favorable supposition. If to this cause of discredit should be added intestine dissensions & civil war which in the present state of parties & weakness of the government, cannot be considered improbable, it is impossible to say that the assignats will not so far depreciate as to be no longer capable of answering the purposes of a circulating medium.
I have thought it my duty to mention these circumstances to you as they may serve instead of a better guide, in examining the French debt & the mode of repaying it under the several aspects to which it will be presented to you. I gave you several ideas on this subject in my letter of April 9. As they consisted in transferring the debt from the French government to individuals either in France or Genoa, or some other foreign country, & as the assignats would be the necessary vehicle for that operation it is essential that you should be made acquainted with their present, & as far as can be done, their future situation. So long as they continue in circulation, the fall in their value & the rise of American credit will necessarily facilitate any such translation & render it more advantageous for the U.S. But should any disaster, or any of the circumstances mentioned above throw them out of circulation, before orders could be recieved from you, it of course would defeat any plan formed on them. It will be necessary therefore I think, if you should judge proper to make use of any of the ideas suggested to you either in this or a former letter, & adopt any system in consequence of them, to do it with a view to the possibility of the assignats ceasing to be a medium of circulation before your orders could be recieved & executed.
I have spoken to Mr. Grand the son (one of the house of that name which has always acted for the U.S., & which perhaps has as little confidence in their credit as any house in Paris) with respect to the plan of making loans in assignats here in order to pay off the French debt, & giving bonds to secure the lenders against further depreciation. He took time to consider of it. We have since spoken of it & he seems fully persuaded it might be done. I mentioned to him that I had no authority to set such a plan on foot—of course that I did not chuse it to become a matter of public consideration here—but that if after a proper examination he considered there was a probability of carrying such a scheme into effect for the advantage of the U.S., I would recommend it to your consideration. The caution he considered himself bound to use in his enqueries, has prevented his consulting with as many of the monied people as he would have chosen; still the opinion he seems to have founded on his own observations & those of a few others, induces me to renew to you my wishes that you would take the subject into consideration.
It is useless to mention that the advantages resulting from this plan would be to relieve the U.S. in a short period from the part of their debt already due to France—the placing it probably in a more advantageous rate of interest & the leaving the loans to be made in Holland free to be employed in the sinking of the domestic debt. In that case Congress would certainly find it advantageous to extend the operation beyond the two million of dollars already embraced by their act.
Such foreigners, Dutch, Genoese, or others as are reimbursed here by this country in assignats, would probably prefer recieving the bonds of the U.S. payable either at Amsterdam or Genoa. In that case the assignats they would lend the U.S. would be estimated according to the existing rate of exchange & of course would be an advantageous operation for the U.S. The instructions you give must necessarily be such as to authorize the embracing the several combinations which may take place so as to sieze the most favorable. This will require that your instructions should be very full & very much in detail with respect to each contingent. It will be necessary also that your views with respect to the necessity of discharging without delay the foreign debt due & the propriety of changing that to become due & that this may [be] judged of, your ideas with respect to the operation of purchasing up the domestic debt, should be known. And after all the latitude which must still be left is such as no individual probably would be bold enough to act in. I mention this because I feel as to myself a total incapacity to act alone in a case of so much delicacy & where there would be so much room for censure, as that of changing entirely the nature of the foreign debt. It would seem to me essential in order that every advantage under every change of circumstances should be made use of, that those to whom this business may be confided should be at least two. They will be more likely in proportion to their number, to lose no opportunity of acting for the advantage of the U.S., from the timidity which every individual must unavoidably be influenced by in such a case. The several ministers which the U.S. have or may have at the courts of Europe might very well act together in this business either by assembling at Paris if it was thought necessary or by correspondence. The latter mode would most probably suffice; as after having decided on a view of the circumstances of the moment, which might be done by letter, what measures were proper to be taken, their execution might be left to the person who may reside here.
The following alternatives will probably present themselves to their examination & choice. 1. To pay off the French debt due or to become due, by loans made here in assignats, giving the bonds of the U.S. payable here for a certain sum of specie, either in weight or in crowns of six livres. 2. By loans made here giving bonds payable either at Amsterdam, Genoa, or elsewhere as may be agreed on with the lenders, & expressed in the money of that country agreeably to the value of the livre Tournois according to the then rate of exchange. 3. To open loans at Amsterdam Genoa or elsewhere & to recieve bills on Paris, or French stock such as the Government should agree to recieve, the bonds of the U.S. being expressed in the money of the country agreeably to the value of the bills or stock recieved. 4. To open such loans recieving part in cash, to be transmitted to you, & part in bills or stock of the above kind. Other alternatives may also present themselves; but these I think you may consider as sufficiently probable to merit your examination & instructions thereon. The circumstances of this country however are necessarily so unsettled & so subject to change, that it is impossible to say how long they will continue thus favorable for an operation much to be desired & highly beneficial for the U.S. It is for that reason Sir that I have taken the liberty of thus urging it on your consideration. You would no doubt regard it as an abuse of your time if I were to detain you longer by adding the propriety of discharging without delay, at least that part of the debt to France which has become due & the advantages of employing the loans made in Holland at 5. p. cent or lower, to the purchase of the domestic debt. The certainty that so long as money can be placed in the domestic funds at an high rate of interest by purchasing them under par, considerable sums will be diverted from the productive operations of agriculture & commerce to that kind of barren speculation, suffices alone to demonstrate the public benefit which would result from raising them at least to that point.
My letters which you mention having not recieved will not change your determination with respect to the offers of Schweizer & Jeanneret. The tariff to which they allude & of which you desire the explanation is that fixed by Congress for the rate at which foreign coin is to be recieved in the collection of the duties.
Since my return to Paris I have been obliged to see these people because they were referred to me by the Minister as mentioned in my letter of May 4 although their character and reputation could not but render such interviews disagreeable. I told them at once that I did not think their propositions would be accepted. They urged me much to treat with them adding they had been informed that I had sufficient powers to treat conditionally subject to the ratification of the President. They offered in that case to change their terms for the advantage of the U.S. As I had every reason to believe that they were not in a condition to fulfill their engagements, & that they were made the ostensible persons merely that if the bargain turned out a bad one, it might be avoided on their part & further that they meant to make use of any conditional agreement they might induce me to sign, in order to draw after them those people on whom they counted for support, I declined any kind of treaty, adhering to what I had previously told them, that I would communicate to you any terms they might offer, & that if I thought them acceptable I would add my recommendation for their acceptance.
I observed to them however the propriety of their employing M. de Ternant who was about to embark for America, & who might recieve instructions from the minister to take definitive arrangements on this subject. I added that in order to insure the success of the operation it would be necessary 1. That M. de Ternant should be authorized to say that it was desired by the ministry. 2. That he should be fully satisfied that they (Schweizer & Jeanneret) had sufficient powers & a sufficient capital either of themselves or of those for whom they acted, to fulfill such engagements, & should be able to say so to the government of the U.S. 3. that the terms they offered should be acceptable, & therefore that a considerable latitude should be left to M. de Ternant in fixing them.
They had told me that they were willing now to change their former offers so as to give up entirely the commission asked & to diminish the number of florins to be recieved so as to give up to the profit of the U.S. one million on the whole operation provided the debt of the U.S. amounted to 40. million of livres, or at that rate for a smaller sum. I added that I would recommend to your acceptance, such proposals provided the conditions abovementioned with respect to M. de Ternant were fulfilled by them.
They accordingly sent me a supplement to their former offers accompanied by the papers marked No. 2. & herewith enclosed. On my observing to them that they mistated in their supplement their conference with me, they abolished that statement & sent me a new supplement together with the papers marked No. 3. This supplement therefore is to be considered as containing the terms they offer at present. They are 1. to obtain from the French government the bonds of the U.S. & to recieve from the U.S. in lieu of them at the rate of 18 millions of florins for 40 millions of livres, for the part already due & at the rate of f. 7,000,000, for 40,000,000 ₶, for the part to become due.
By the standard fixed by Congress the calculation of these people makes 40,000,000 livres equal to f. 18,974,359—of course in fixing their demand at 18 millions they state this sacrifice at nearly a million, whereas in truth according to the par between Paris & Amsterdam 18,-000,000 florins are equal to 40,000,000 ₶.
I saw M. de Ternant after they had written to me that they had satisfied him with regard to their powers & their ability to perform their engagements, & he told me they had given him no such satisfaction. M. de Montmorin told me also that he had recommended the plan of these people because M. Lambert the then Comptroller general approved it, but he seemed to think now that M. Lambert had adopted the opinion without examination, that these people had the funds to make good their engagements.

On the whole I believe myself, that they are two adventurers who have gone on this principle; that if they could engage the ministry to bind themselves to recieve assignats & the U.S. to give their bonds at par there would be such a gain that the Capitalists of Genoa, Paris or elsewhere would gladly support them as the fall in the value of the assignats would leave an immense profit, that if on the contrary they entered into a contract which should turn out ill, they having nothing to lose had nothing to fear. You will be able to learn from M. de Ternant how far these powers & abilities extend & to him alone I must refer you as they have given me no other proof of them than the letter of M. Lambert written last fall & forwarded to you from Amsterdam.
This affair will after all present itself to you under the following conditions. 1. M. de Ternant will not undertake to answer for the abilities of Schweizer & Jeanneret, which I think will certainly be the case, & of course, it must end there. Or 2. he will answer for them & offer to enter into negotiation with you, & in that case, he will be authorized to give more advantageous terms than those proposed in the supplement. The exchange between Paris & Amsterdam is now more than 20. p. cent in favor of the latter. This is the real standard by which you should be guided. The expences of commission & the profit which the lenders of such a mass would have a right to expect must of course be taken into the account. In such a case I should think it highly advantageous for the U.S. to accept the terms, as it would be effecting at once a measure of which I have stated the benefit above. You may insist also on a part of the bonds being made payable at Genoa or elsewhere than Amsterdam, wch. you will certainly consider as desirable for the U.S.
I mentioned to you in my letter of Feb. 17. what had passed between Mr. Morris & myself respecting a loan for the U.S. in the low countries. I have lately satisfied myself that I had been mistaken in supposing that foreign powers were not allowed to borrow there. I am waiting now therefore with much impatience for your sentiments on that subject, which I may now expect without delay. I have no doubt myself that it would be advantageous for the U.S. to open a loan there for the money to be remitted to France, even if the terms were the same with those at Amsterdam, on account of having a credit at more than one place. Still as I may so soon expect to hear from you on that subject I have determined not to make the experiment there until then, unless I find that a loan can be obtained at an inferior rate of interest; which however is not to be hoped. As soon as I recieve an answer from the bankers therefore to whom I have written to know when they think the U.S. could with propriety propose the loan at the reduced rate they mention, I shall take measures for informing myself if I could now make a loan in the low countries at 4½ p. cent & in that case I shall think myself warranted to set it on foot. Should I find however that this could not be done at less than 5. p. cent, & should no answer come from you, I shall not think myself fully authorized to transfer your loans thither, as I am sure of being able to obtain the one ordered by you, at that rate at Amsterdam.
I have not for some time seen the Genoese minister who is now in the country. I imagine his constituents are making the proper inquiries with respect to the present situation of the credit of the U.S. & I take it for granted they will be fond of making them loans.
The information which you desire respecting the establishment of the mint in the United Netherlands, I fear it will be difficult to acquire with exactitude without being on the spot. The time of my being there will depend of course on the time of a new loan being made. Still I shall endeavour to collect the best information I can from thence whilst absent & will forward it, as also that which you desire concerning their E. India company. When I was there it was considered that their affairs were in the most declining posture, & since I have left that place, they have authorized individuals to partake in that commerce with them except only I think as to gun powder, arms, & some other articles, which is a proof that they do not consider the company’s resources as adequate to it. With respect to the present situation of the affairs of the Eng. East-India company you will see the most authentic details in their present Parliamentary debates which you recieve of course.
I inclose you an Appercu of the revenue & expences of this country for the present year & also a plan of Tontine which I have not yet read & of course know not whether it is worthy of your attention.
My former letters have said so much of the advantage of recieving from you authenticated copies of the revenues of the U.S., the state of their commerce & other papers of the kind, that I will not repeat it at present, as I do not doubt you will be fully convinced of it.
I have the honor to be with sentiments of the most perfect esteem & respect   Sir   your most obedient & most humble servant
W: Short
P.S. The letters which I have written to you since those mentioned in that of Jan. 25. of which last you acknowlege the reciet are as follows: Feb. 7, 17, 22. March 4, 11. from Amsterdam—April 9, May 4. from Paris.
The Honble. Alexander Hamilton Secretary of the Treasury.


Title: Enclosure: Wilhem and Jan Willink, Nicholaas and Jacob Van Staphorst, and Nicholas Hubbard to William Short, 23 May 1791
From: Willink, Wilhem,Willink, Jan,Van Staphorst, Jacob,Van Staphorst, Nicholaas,Hubbard, Nicholas
To: Short, William

Amsterdam 23 May 1791
Sir
We have the honor to inclose a Letter We received for you this Morning ⅌ the English Mail, which brought us late Intelligence from America.
It is with satisfaction We inform you, that We have delivered near all the Bonds of the Loan of March, and that the actual Price for them is ¾ ⅌ Cent above Par. They will probably still rise, and We flatter ourselves sufficiently high, by postponing yet some time any proposals for a new Loan, to enable us to obtain the Subscription for the next Loan for the United States at a reduced rate of Interest. Every thing promises fair to bring about this desirable Point, and You know You can rely upon our utmost Exertions, to improve, the favorable Circumstances to the benefit of the United States.
We are respectfully   Sir   Your most obdedient and very humble servants.
Wilhem & Jan WillinkN & J. Van Staphorst & Hubbard
Willm. Short Esqr. Paris


Title: To Alexander Hamilton from Nathaniel Appleton, 4 June 1791
From: Appleton, Nathaniel
To: Hamilton, Alexander

Boston, June 4, 1791. “… Your Circular Letter 27th May is received. It has not been in my power to see the Treasury of this State since your Letter came to hand but I am very confident that this State never redeemed a Continental public security by issuing their own obligation. This State has loaned considerable Sums of Old paper money which was recd. for taxes & public Securities which were received for the Sale of Lands which I presume was not contrary to the Act of Congress. I duely noticed the first of June as it respected non-scribers & it has turned out as I expected. I have only one of that discription & I don’t know but he will recant before the Quarter Closes.”


Title: Treasury Department Circular to the Captains of the Revenue Cutters, 4 June 1791
From: Treasury Department,Hamilton, Alexander
To: Captains of the Revenue Cutters

Treasury DepartmentJune 4 1791.
Sir
As you are speedily to enter upon the Duties of your Station, it becomes proper briefly to point them out to you. Accordingly I send you a copy of the Act under which you have been appointed & in which are contained your powers, & the objects to which you are to attend & I shall add such observations as appear to me requisite to guide you in fulfilling the intent of that Act.

It may be observed generally that it will be, in a particular manner, the province of the Revenue Cutters to guard the Revenue Laws from all infractions or ⟨br⟩eaches either upon the Coasts or within the Bays, or ⟨up⟩on the Rivers & other Waters of the United States, pre⟨vi⟩ous to the anchoring of Vessels within the harbours ⟨for⟩ which they are respectively destined.
Hence it will be necessary for you from time to time to ply along the Coasts in the neighbourhood of your Station, & to traverse the different parts of the Waters which it comprehends. To fix yourself constantly or even generally at one position would in a great measure defeat the purpose of the establishment. It would confine your vigilance to a particular Spot, & allow full Scope to fraudulent practices every where else.
The 63d. section of the Act herewith transmitted declares that the Officers of the Revenue Cutters are to be deemed Officers of the Customs & enumerates certain powers with which they are to be invested. The 30th. section specifying two of the same powers that of demanding Manifests & that of Searching Vessels, enters into some details concerning them. These two sections require particular attention as marking the outline of your authority & duty. But in the capacity of Officers of Customs you will possess some other powers & be bound to perform some other duties which are not mentioned in these sections. You will have a right for example & it will be your duty to seize Vessels & Goods in the cases in which they are liable to seizure for breaches of the Revenue Laws, when they come under your notice. But all the powers you can exercise will be found in some provisions of the Law, & it must be a rule with you to exercise none with which you are not clearly invested. In every case of doubt you will follow the advice of the Officer to whom you will be refered in a separ⟨ate⟩ Letter. On points of importance which admit of delay, you may correspond with the Secretary ⟨of⟩ the Treasury.
The 9th. 10th. 11th. & 12th. sections which re⟨late⟩ to manifests will also require your particular attention. The due observance of the provisions of these sections is considered as of material consequence to the security of the Revenue, & ample time having been allowed for them to be generally known & complied with, it is now indispensible that they should be strictly enforced.
You will perceive that they are only required in respect to Vessels belonging wholly or in part to a “Citizen or Citizens, Inhabitant or Inhabitants of the United States.” It is understood that by Inhabitant is intended every person residing in the United States whether Citizen or Foreigner. The reason of this limitation is, that Citizens & resident Foreigners are supposed to be acquainted with the Laws of the Country; but that foreign Citizens residing in foreign Countries have not the same knowledge & consequently ought not to be subjected to penalties in regard to a thing which they might not know to be necessary.
But since you cannot be presumed to know before hand what Vessels are owned in whole or in part by Citizens or Inhabitants, it will of course be your duty to demand the Manifests of all indiscriminately, & to report those from which you do not receive them, to the Collectors of the Districts for which they are respectively first destined. You will also keep a record of all the Vessels from which you demand Manifests, not only of those from which you receive them, but of those from which you do not receive them, & of the Districts for which they are bound, & you will at the end of every month (pursuing the division of the year by the Calendar) send me an abstract of your Record.
Careful attention is likewise due to the 13th. & 14th. sections of the Act. It is of importance that Vessels should not break bulk, or put out any part of their cargoes, even temporarily, previous to a regular entry & permission obtained, except in cases of real necessity to be duly reported & proved. You will observe that besides the penalties on the Master & Mate of the Vessels from on board of which any Goods shall have been illegally removed, the Master or Commander of the Vessel or boat into which they may be received, & all Persons aiding in the removal, are liable to a forfeiture of treble the value of the Goods removed, & the Vessel or boat into which they may be received is also subject to forfeiture. It is well known that one of the most extensive cases of illicit trade is that which is here intended to be guarded against, that of unlading Goods before the arrival of a Vessel into Port in Coasters & other small Vessels which convey them clandestinely to land. Hence the bare removal of Goods from one Vessel to another is made penal, though they may not have been landed. Nor will the pretext of their being intended to be replaced avail any thing. The provisions of these sections admonish you to keep a very careful eye upon the motions of coasting Vessels without however interrupting or embarassing them unless where some strong ground of suspicion requires that they should be visited & examined.
The execution of the 15th. section of the Act must essentially depend on the Revenue Cutters. It is easy to see that it would be dangerous to the Revenue for Vessels to be permitted to go at pleasure from one part of the United States to another, without announcing themselves to some proper Office. Hence though each may proceed on her voyage from a more exterior to a more interior District to which she may be bound, yet none can go back from a more interior to more exterior District or from one part of the United states to another, without first reporting herself to the Collector of the District in order that she may come under the notice & precautions of the Law. Nor can this be deemed a hardship seeing her report will not oblige her to unlade any part of her cargo, but she may afterwards proceed with it wheresoever she pleases.
I have now noticed to you the principal parts of the Law which immediately relate to the execution of your duty. It will however be incumbent upon you to make yourself acquainted with all the Revenue Laws which concern foreign Commerce or the Coasting Trade, a knowledge of the whole spirit & tendency of which cannot but be a useful Guide to you in your particular sphere. You will observe that the Law contemplates the Officers of Cutters in certain Cases remaining on board of Vessels until they arrive at their places of destination, & with a view to this it is, that so many Officers have been assigned to each Cutter. It is not however expected that this will be done in every case, & it must be left to the discretion of the commanding Officer when it shall be done. Where there is a Vessel, the lading of which is of very great value or which has any considerable quantity of Goods on deck or in other situations from which they can readily be removed, or where the nature of the Cargo is such as to admit more easily a clandestine landing, or from the highness of the duty to afford a more than ordinary temptation or where any suspicious circumstances appear; in these & the like cases it will be well to let an Officer accompany the Vessel to her place of destination. The want of a Manifest will be a circumstance in favour of so doing. It will not however be adviseable to make known the circumstances under which it is deemed most peculiarly proper to use these precautions; as it might sometimes unnecessarily give offence. It may be always left to be understood that it is the practice whenever the state of the Cutter renders it convenient. You are empowered among other things to affix seals on packages found in certain situations. For this purpose proper seals will be prepared & transmitted. Till they are received any others may be made use of. The principal design of this provision is to identify the packages found in such situations.
It will be expected that a regular journal be kept in each Cutter in the same manner as far as circumstances are applicable, as is practised in Sea voyages; & that all occurences relative to the execution of the Laws & to the conduct of all Vessels which come under their notice be summarily noted therein, & that a copy of this journal to the end of each month be regularly forwarded to the Treasury.
It has also occurred that the Cutters may be rendered an Instrument of useful information concerning the Coast, inlets, bays, & rivers of the United States & it will be particularly acceptable if the Officers improve the opportunities they will have (as far as shall consist with the Duties they are to perform) in making such observations & experiments in respect to these objects as may be useful in the business of navigation communicating the result from time to time to the Treasury.
While I recommend in the strongest terms to the respective Officers, activity, vigilance & firmness, I feel no less solicitude that their deportment may be marked with prudence, moderation & good temper. Upon these last qualities not less than upon the former must depend the success, usefulness, & consequently continuance of the establishment in which they are included. They cannot be insensible that there are some prepossessions against it, that the charge with which they are entrusted is a delicate one, & that it is easy by mismanagement to produce serious & extensive clamour, disgust & odium.
They will always keep in mind that their Countrymen are Freemen & as such are impatient of every thing that bears the least mark of a domineering Spirit. They will therefore refrain with the most guarded circumspection from whatever has the semblance of haughtiness, rudeness or insult. If obstacles occur they will remember they are under the particular protection of the Laws, & that they can meet with nothing disagreeable in the execution of their duty which these will not severely reprehend. This reflection & a regard to the good of the service will prevent at all times a spirit of irritation or resentment. They will endeavour to overcome difficulties, if any are experienced, by a cool and temperate perseverance in their duty, by address & moderation rather than by vehemence or violence. The former stile of conduct will recommend them to the particular approbation of the president of the United states, while the reverse of it, even a single instance of outrage, or intemperate or improper treatment of any person with whom they have any thing to do in the course of their duty, will meet with his pointed displeasure, & will be attended with correspondent consequences.

The foregoing observations are not dictated by any doubt of the prudence of any of those to whom they are addressed. These have been selected with so careful an attention to character as to afford the strongest assurance that their conduct will be that of good Officers & good Citizens. But in an Affair so delicate & important it has been judged most advisable to listen to the suggestions of caution rather than of confidence & to put all concerned on their guard against those sallies to which even good & prudent men are occasionally subject. It is not doubted the instruction will be received as it ought to be, & will have its due effect. & that all may be apprised of what is expected, you will communicate this part of your orders, particularly, to all your Officers & you will inculcate upon your Men a correspondent disposition.
The 5th. Section of the act transmitted you requires that all Officers appointed pursuant to that Act should take a certain Oath therein specified. The act of the 1st. day of June 1789 requires that you should also take the oath to support the Constitution of the United states. These oaths each of your Officers must take before some Judge of the United States, if access can conveniently be had to one, if not before some other Magistrate, duly empowered to administer oaths, & a certificate from him of the taking it must be transmitted to the Comptroller of the Treasury.
I am Sir your obedient servant.
Alexander Hamilton.


Title: Treasury Department Circular to the Commissioners of Loans, 4 June 1791
From: Treasury Department,Hamilton, Alexander
To: Commissioners of Loans

Treasury DepartmentJune 4. 1791.
Sir
You will by the post immediately succeeding the closing of your books, preparatorily to the payment of interest, in each quarter, transmit to the Treasury a summary of the amount of each kind of stock then standing on your books, in order to the requisite provisions for making such payment.
I am, Sir,   Your obedt. servant
Alex. Hamilton


Title: To Alexander Hamilton from Joseph Whipple, 4 June 1791
From: Whipple, Joseph
To: Hamilton, Alexander

Portsmth. New Hamp. June 4. 1791
Sir
In consequence of a Circular letter of the Asistant Secretary dated the 10th. of March last a few weeks since received, I herewith inclose you Returns of the decked Vessels built in the District of Portsmouth N. H. for two Succeeding years, the first commencing the 4th. of March 1789.
The Same letter Signifid to me your wish to have forwarded from time to time as they may come into my hands “any documents that have relation to the Commerce, Navigation, Fisheries, Manufactures, or Productions of the State, either in the time of the province, or in that of the Commonwealth.” This request shall be carefully attended to, & such documents forwarded, should any come to my hands. In the meantime, conceiving that such circumstances respecting those objects, which may have fallen under my own observation, or that have otherwise come to my knowledge would be acceptable, in lieu of such documents, I will now mention them generally.
Commerce & Navigation commenced at the earliest period of the Settlements on the River Piscataqua increasing gradually till the year 1775. From the year 1720 to 1760 there was a Considerable trade with Spain to which Nation were Shiped large quantities of Fish, Oak Timber, plank & Staves. From 1760 to 1775 Shipbuilding had so much greatly increased & there were annually built 30 to 40 Sail of two decked Vessels of 180 to 350 tons, besides Smaller ones, with one deck. The two decked Vessels were principally employed in supplying the English West India Islands with Sundries whence they proceeded to England freighted with the produce of the Islands & were sold in England. Many Vessels also going directly to different ports in England loaded with Lumber were there sold. A great Number of Ships were also built on acct of British merchants residing in England & Scotland. The Single decked Vessels (rigged Sloops, Schrs. & Brigs) were employed also in supplying the Islands with Lumber & Fish, which Supp[ly] voyages extended to the Dainish & Dutch Islands & Settlements on the main & also to those of France & Spain when they could get admittance into their ports. The Vessels taking freight for England remitted the proceeds of their Lumber Cargoes to Europe in Bills or to America in produce, & those returning bringing with them the different productions of those Islands & Settlements which were vended partly at home, & the residue exported to the neighbouring provinces, chiefly to the Carolinas, Virginia & Maryland in exchange for Corn & other provisions. Agriculture was little attended to, the Settlemts. being circumscribed to the limits of 30 or 40 Miles from the Sea Coast & the Settlers employed in procuring lumber, neglected their attention to Farming.
The Productions of New Hampshire in provisions was not Sufficient to Support the inhabitants till after the peace between France & England which took place in the Year 1762. Since that period, the Settlements have been extended to the Western boundaries of the State, & so far, that the procuring of Lumber on account of the distance for its transportation has ceased to be an object with the Settlers, they have therefore been confined in that article to the amount of their own consumption for building their Houses &c, & have bent their attention to the cultivation of their Lands.
The Manufactures of New Hampshire tho’ considerable, are without System

   Among our Manufactures however may be enumerated, Several Forges, Works for Manufacturing Bar Iron, One Furnace, One Rolling & Slitting Mill, 4 or 5 Oyl Mills, A Number of Fulling Mills & one Manufactory of Sail Cloth.

 or Patronage.

   In exception [to] these remarks, it must be Noted that the Sail Cloth Manufactory is a well regulated undertaking of a Single proprietor & the Rolling & Slitting Mill had the Assistance of the Legislature by a generous grant.

 More or less has been done in Linnen, Woolen & Cotten for many years. This is principally performed in private families in the Country, every Farmhouse having its Utensels for manufacturing the wool & flax produced by its proprietor together with a proportion of imported Cotton. These manufactures are of great use in the families where they are carried on, Serving in part for their cloathing; but too much of them are exchanged for foreign Superfuities. About the Year  a number of families from the North of Ireland came into the State & settled about 40 miles from the Sea, who being acquainted with the Manufacture of Linen have carried it on in a greater degree of perfection than any other in the State, which their descendents continue to this day. These people were very usefull & had the emigrations continued, great benefit would have derived to the Country from their example of Industry & Economy, but the ill judged policy of the day, founded on Superstitious opinions, put a Stop to the migration of all foreigners to the State.
The productions of New Hampshire had been almost confined to its Lumber & its Fisheries till since the peace of 1762 above mentioned. The produce of Beef, Wheat, Rye, Indian Corn & Pulse have since that period increased with the Settlement of the inland Townships & are now produced in great quantities; but wheat is produced only in the more distant Towns from the Sea Coast. Pot & Pearl Ashes is now also become an article in our Manufactures of great importance.
The greater part of the produce of the new Townships are transported by Land to Massachusetts, whence many of the Settlers emigrated. The Situation of the Roads admitting of a conveyance equally eligible & the Seat of government or rather the Sessions of the Legislature shifting from place to place & not being confined to, or indeed scarcely ever held in the Capital of the State, but little commercial intercourse is formed between it & the back Country. Hence the productions of the State are carried to & exported from Massachusetts & the Foreign Articles here consumed imported into & purchased from the Importers in that State, a Circumstance greatly prejudicial of our own State though probably of no national consequence.
The present State of Commerce & Navigation being perfectly known to you from the Returns continually making, no observations there on are necessary. I have the Hn to be &c


Title: From Alexander Hamilton to Jonathan Dayton, 6 June 1791
From: Hamilton, Alexander
To: Dayton, Jonathan

[Philadelphia, June 6, 1791. “My determination on the subject mentioned in your letter of the first instant is still suspended on the answer of the Attorney General, which has not yet been given.” Letter not found.]


Title: To Alexander Hamilton from William Ellery, 6 June 1791
From: Ellery, William
To: Hamilton, Alexander

Custom-HouseNewport [Rhode Island] June 6 1791
Sir,
I received a letter from the Surveyor of the Port of Warren some time ago inclosing a letter from you of the 13th. of Decr. 1790. relative to the lawful portion of the compensations the Surveyors are respectively to receive for their services. It is I am sensible my duty to pay them their lawful portions of fees received by me; but a dispute has arisen between the Surveyors of Warren & Barrington and the Surveyor of this Port respecting their rights to the fees arising on Registers, Enrollments and Licenses which they wish you would decide. The dispute seems to turn upon the meaning of the expression such fees as shall arise, in the 31 Sec: of the Coasting Act. The distributory part of the Sec: which relates to this question runs thus “and where there is more than one Surveyor in any District, each of them shall receive his proportionable part of such fees as shall arise in the port for which he is appointed.” The Surveyor of the Port of Warren & Barrington claims a right to a proportionable part of the fees for Registers, Enrollments and Licenses of Vessels belonging to the Port of which he is Surveyor, and the Surveyor of this port says that he alone is entitled to them; because all vessels belonging to this District are registered, enrolled and licensed in this port, and of consequence the fees arise in this port. The Surveyor of Warren &c e contra says that the fees arise in the port where the vessel belongs, that he doth not consider the Surveyors as entitled to any part of the fees for registering, enrolling and licensing vessels on account of any services they perform relative to those acts; especially since an allowance has been made to them for the admeasurement of vessels; but as intended as a part of their compensation for services in general.
This letter was framed some time ago, and would have been sent to you, if the Surveyor of this Port had not informed me that he had written to you on the subject.
I have lately received a letter from the Surveyor of North Kingstown, in which he writes thus “it will be necessary for me to come to Newport as there are some monies in your office that I am interested in vizt for Enrollments, Clearances &c of vessels belonging to this Port, as thereby I shall be able to make a complete Statement of the Emoluments of my office.” The other Surveyors in this District may make similar claims.
It is not only the wish of the Surveyors, but mine also that you would be pleased, as early as may be convenient, to communicate your sentiments on this matter; for until this dispute is decided by you there will be an uneasiness, and the Surveyors will not be able it seems to exhibit complete accounts of their Emoluments.
I am Sir   Yr. most obedt. servant
W Ellery Collr.
A Hamilton EsqrSecry of the U. S.


Title: To Alexander Hamilton from William Ellery, 6 June 1791
From: Ellery, William
To: Hamilton, Alexander

Custom HouseNewport [Rhode Island] June 6th 1791
Sir,
On the 3d. instant I recd. your circular letters of the 13th. & 25th of May last. I do not recollect that in any instance duties on goods brought into this district have been ascertained otherwise than on the actual landing thereof, and by the measuring, weighg. & gauging, where those operations are required by law. A particular attention will be paid to your direction in that respect.
Your opinion relative to the termination of the authority of Inspectors put on board of vessels in one district to go to another I am happy to know, because the law is not explicit on that head.
I will inform myself as accurately as I can what tare is customary among merchants in this District &c and will communicate such information by the next Post. Before the receipt of your letter on the preceding subjects, I wrote a letter to you dated May 23. 1791 in which I mentioned generally the custom of merchants here, and the practice of the Custom-house in regard to the mode of calculating the tare of goods, requesting your opinion on that part of the Collection Law.
I have delivered your letters directed to the Navl. Officer and Surveyor of this Port, and intimated to them that it would be agreeable to you that their returns of the emoluments of their respective offices should be for one year following the time of their entering upon their duty, instead of the year mentioned in your circular letter of the 14th of April; and have given the same intimation to the Surveyors of the other ports in this District in letters in which I have inclosed your letter to them respectively. This letter will be accompanied with a weekly return of monies received and paid and a monthly schedule of bonds, with a draft upon me by the Treasr. in favour of the Cashr. of the bank of N. A. No. 1460 for Five Hund. dolls., and the copy of an Endorsment of the change of Master, on a Certif: of Reg. No 2, granted at this Port.
I am, Sir, yr. most obedt. servt.
W Ellery Collr
Secry of Treasy.


Title: To Alexander Hamilton from Thomas Smith, 6 June 1791
From: Smith, Thomas
To: Hamilton, Alexander

Loan Office [Philadelphia] Pennsa: June 6th 1791.
Sir
As the holders of Certificates in the Debt of this State are now presenting them at this Office for deposit agreable to the Act of the 4th Augt. 1790 I think it my duty to apply to you for any farther Instructions you may judge necessary in the execution of this business the situation of which appears as follows. This State has been Issuing consolodated certificates for a number of small ones but as some of those Certificates are dated since the first of Jany. 1790, altho’ the holders of them say they were prior to that Date, I have refused them as I think the Act of Congress precludes them.
The Interest is endorsed on those Certificates paid to Jany. 1st 1792. at the State Treasury but no signature. The method I have taken with what has been presented has been to send them to the Comptroller of this State for examination. He declares them right but puts no mark of Approbation on them. The Checks he says are necessary in his Office and Cannot therefore be spared. This method is attended with great loss of Time and risque which at this time is particularly inconvenient.
If a method could be devised for the holders of them to present their accounts of them to the Comptroller of this State & he would certify they were genuine & assumable it would be safe & convenient.
  I wish for the Safety of the Office I could be permitted to make an Office mark on each Certificate of State Debt received such as striking a mark thro’ with a sharp Iron thus  which it would make without taking a piece out. As the people are possessed of Certificates Issued by this State under the late funding law in lieu of Certificates Issued by the United States have it in their power to possess themselves of their original Certificates on refunding the Interest they have received from the State by returning Indents in Lieu thereof, I have therefore received no such state Certificates on Loan to the U states. People who had Loaned before your orders 9th May for making endorsement on the back of their Certificates if required viz. Issued in Lieu of Certain Loan office Certificates which were issued between 1st Septr. 1777. & the 1st of March 1778 are applying for similar endorsements. Is it proper I should make them if required?
Mr. Tench Francis Cashier of the Bank has applied to me for a form similar to that furnished by the register of the Treasury for payment of Interest at the Bank. I informed him of my readiness to accomodate and comply with any orders I might receive from you but did not think myself authorized to make any Alterations of the present forms without express orders. If Sir you chuse to gratify him I shall most chearfully execute any form in the power of Sir   Your &c.
Honble. Alex. Hamilton Esqr. Secy of Treasy. U. S.


Title: Treasury Department Circular to the Commissioners of Loans, 6 June 1791
From:
To:

Treasury DepartmentJune 6th. 1791
Sir,
In consequence of an enquiry made of me, I think it necessary to inform you that I consider the holders of Certificates received from the Government of any State in lieu of certificates of the federal debt, as having a right to subscribe those State Certificates to the Loan of the Assumed debt, and I consider the State as having a right to subscribe the continental Certificates which they have obtained by the exchange to the Loan proposed by the Act of the 4th. August 1790; but no interest is to be paid on the Assumed debt of the State either to the State or to individuals, until you shall be informed, that I am satisfied, that all the certificates so issued by the State have been reexchanged or redeemed, or that all those, which shall not be re-exchanged or redeemed, have been surrendered to the United States.
To distinguish in a clear and striking manner this description of New Loan Certificates from all others, I have determined to have a hole, of about one fifth of an inch, cut through a part near the centre, being at the end of the blank left for the creditors name immediately before the word “is” and directly over the letter “t” in the word “amount”.
When the Stock represented in these certificates shall be transferred from and to the Loan Offices or the Treasury, the transfer certificates must have this central hole cut or punched through them in like manner.
In order to full information, on this subject, I request you to transmit to me a copy or sufficient extract from any laws passed by the Legislature of the State in which you reside, relative to the exchange of federal Certificates for those of the State, and to the re-exchange of those of the State for federal Certificates, in doing which you will be careful to collect whatever there may be.
You will also communicate such observations as may appear necessary for the perfect understanding of the course, which the business has taken.
I am Sir   Your Obedt. servt.
Alexander Hamilton


Title: From Alexander Hamilton to Benjamin Lincoln, 7 June 1791
From: Hamilton, Alexander
To: Lincoln, Benjamin

Treasury DepartmentJune 7th. 1791
Sir
Before the receipt of your letter of the 25th. of May the question concerning the true intent and meaning of the Act to amend and explain the last impost law, relative to printed, stained, and coloured goods had arisen from another quarter.
In determining the articles to which the amendatory act will apply the defect alledged to exist in the original law seems proper to be had fully in view. The clause to be explained and amended was that which laid a duty upon chintzes and coloured calicoes, which are printed goods, and it should therefore seem, that it was intended for the purpose of including all those goods, which are of the nature and resemblance of calicoes and chintzes, and which belong to the printing branch, some of which being of linen, and of cotton and linen mixed were not deemed within the letter of the original clause. Those goods, which are fabricated out of different coloured linen or cotton yarns such as Haerlem stripes, British checks &c. and which are not appurtenant to the printing branch do not appear to me to be included.
There is manifestly considerable doubt concerning the true meaning of this clause from the two respectable opinions, which you mention in your letter. This circumstance alone is sufficient to justify you in not requiring the duty of 7½ from the importers of striped and checked goods not appurtenant to the printing branch, for it is conformable with law, and with sound policy that dubious clauses should be construed favorably to the importer.
I am, Sir,
Ben. Lincoln Esq.Boston.


Title: To Alexander Hamilton from Jeremiah Olney, 7 June 1791
From: Olney, Jeremiah
To: Hamilton, Alexander

Providence, June 7, 1791. “I have received your Two circular Letters of the 25th and 26th of May. The information contained in the first, relative to the Emoluments of the Officers of the Customs, I have communicated to the Naval Officer and Surveyors of this District, agreeable to your request. I shall attend to what you say in providing for the Boat wanted for the Service of this Harbour.…”


Title: From Alexander Hamilton to Thomas Jefferson, 8 June 1791
From: Hamilton, Alexander
To: Jefferson, Thomas

Treasury DepartmentJune 8th 1791.
Sir
It has occurred to me that it would be productive of very useful information if some Officer of the United States in each foreign Country, where there is one, were instructed to transmit, occasionally, a state of the coins of the Country specifying their respective standards weights, and values, and, periodically, a state of the market prices of gold and silver in coin and bullion, and of the rates of foreign exchange, and of the rates of the different kinds of labour as well that employed in manufactures as in tillage.
I would beg leave to request if there appears to you no inconvenience in the thing that an instruction may be sent for the above purpose and that copies of the statements which shall from time to time be received in consequence of it may be furnished to the Treasury.
I have the honor to be with great respect   Sir,   your obedient servt.
Alexander Hamilton
The Secretary of State.


Title: From Alexander Hamilton to John McComb, Junior, 8 June 1791
From: Hamilton, Alexander
To: McComb, John, Jr.

Treasury DepartmentJune 8. 1791
Sir
I have this day written to Col. Thomas Newton of Norfolk in Virginia on the subject of your letter of the 23rd of May. It is my wish that you may proceed without delay upon the terms mentioned to him. I doubt not you will carefully and justly estimate the extra work in the foundation (should it prove necessary to go deeper than is stipulated in the contract) but as the matter is placed by law under the ultimate direction of the President, your charge with the contract you make must be submitted to him. In case your demand should appear too high in the judgement of the President a condition will be admitted that the value of that extra work may be determined by three indifferent persons.
I am sir   Your Obed. servant
Alexander Hamilton
Mr. John McComb Jun.Princess Ann CountyVirginia


Title: From Alexander Hamilton to Thomas Newton, Junior, 8 June 1791
From: Hamilton, Alexander
To: Newton, Thomas, Jr.

[Philadelphia, June 8, 1791. On June 8, 1791, Hamilton wrote to John McComb, Jr.: “I have this day written to Col. Thomas Newton.” Letter not found.]


Title: From Alexander Hamilton to Charles Pettit, 8 June 1791
From: Hamilton, Alexander
To: Pettit, Charles

Treasury Department June 8th. 1791.
Sir
I have received your letter of the 31st. of May. Inclosed are two statements shewing the precise sums of New Emission money, which have been paid over to the State of Pennsylvania, those which have been disposed of as on account of the United States, and the sum which is understood to be now in the Treasury.
These statements will, I presume, answer every purpose, which can be desired, in regard to the settlement of accounts between the United States and the State of Pennsylvania.
It is not perceived in what manner the surrender of the sum now in the Treasury can contribute to that end; and while such a surrender is not required by the original form of the business, it would be wholly inexpedient, as involving the possibility of an encrease of the mass of floating paper; and this without necessity, or utility.
Pennsylvania is not the only state which might make a similar claim, if a precedent for it were furnished. Measures are now in train for cancelling all paper of this kind.
I have the honor to be   Sir,   Your most obedt. Servt.
Alexander Hamilton
Charles Pettit Esquire.


Title: Enclosure: Memorandum, [4 June 1791]
From: Freeman, Ezekiel
To:

[Philadelphia, June 4, 1791]
Memorandum of monies specified in a warrant No. 35 dated 30th. July 1790 drawn on Thomas Smith Esquire. Vizt.
for Pennsylvania bills of credit of the new Emissions struck

in pursuance of the Act of Congress of the 18th March 1780
74,100

loose money in ditto
  544

Amount of new Emission of Pennsylvania of 18th March 1780
74,644

ditto
of Maryland
27

ditto
of New Jersey
347

ditto
of Massachusetts
140

ditto
State Money of Pennsylvania
    2 ⅔

Dollars
75,160 ⅔

Statement of the United States quota of 4/10ths. of bills emitted on the Funds of the State of Pennsylvania in March 1780. Vizt.
Quota of 4/10ths. of 1.495.000 Dollars 598.000

On account of which Thomas Smith Esqr. Commissioner of Loans has made the following charges. Vizt.

Warrants drawn by the Board of Treasury, the Superintendant of Finance, and the Presidents of Congress
519.682.54

Commissions
1.940.70

Contingent Charges
593.45

Carried to the United States Account Current for which the Commissioner is to Account
622.41

Remitted to the Secretary of the Treasury in July 1790
75.160.60

Dollars
598.000

Extracted from the books of Thomas Smith Esqr. Commissioner for Pennsylvania.

Auditors Office June 4th. 1791.
Ezekl. Freeman Clk.


Title: To Alexander Hamilton from Richard Platt, 8 June 1791
From: Platt, Richard
To: Hamilton, Alexander

New York June 8th. 1791.
Colonel Hamilton
Dear Sir
When I had last the pleasure of seeing you in Philada.; I told you, that our mutual friend Col Smith, had gone to Europe on his & my business, in order to try the experiment of borrowing money on the principles or plan of Cassineux & others—our Six ⅌ Cents being then at 14/ & the other parts bearing a ratio thereto—but the sudden rise so instantaneously succeeded his departure, as to leave no room for Speculation on our intended Operation & my friend took his departure wisely for America & is now on the spot to embrace his appointment. Altho’ we have been foiled in our Object as we had projected, yet I am persuaded that public good as well as private emolument will flow from his voyage. To these conclusions I am led by Documents in his possession as well as concurring facts & Circumstances from Sources of good Information—the former of which, will no doubt be opened to your view, & the latter daily unfolding themselves in Confirmation. If then my good friend such impressions should be made on your enlightened mind on this subject, as it’s importance requires, his merits in my opinion justly entitle, & the seeming partiality of some leading Characters in the British Administration apparently warrants, I ask whether our friend might not be named among the Candidates who will probably soon be exhibited, for Employ at Foreign Courts. But as I am told that England intends very soon to send an Ambassador to this Country, & in fact has for some time past, delayed it only with a view to find out, what man will be most agreeable to us in that Capacity; common civility and propriety would require a similar attention to that Country and this is the focal Point, I wish Smith to be seen at, being persuaded that he is perfectly agreeable, & in my partial view, very superior to most of our Countrymen for such a mission. I wish you will give the thing a fair revolution in your mind & contrast a patriotic polish’d man, with others who may be led astray by contracted habits, fatuous prejudices & party views, however celebrated they may be for science & Literature. I apprehend Chancellor Livingston, Bingham Governeur Morris & such kind of men will pit themselves on this occasion & if so I am certain you will agree with me that neither of them can do any National Good abroad. I know well your friendship for both of us & assure myself that as far as policy & justice authorise so ⟨far⟩ you will heartily cherish & support his favorite wish. I am Dr. Sir
affectionately yours,
Richd: Platt
P.S. Your wishes respecting the wine shall very soon be realized and I believe it will not be inferior to any in Philada.


Title: From Alexander Hamilton to Thomas Smith, 8 June 1791
From: Hamilton, Alexander
To: Smith, Thomas

Treasury DepartmentJune 8th. 1791
Sir
You are right in considering yourself not authorized by Law to accept on the Loan of the assumed debt Certificates of the State of Pennsa. dated on or after the 1st day of January 1790. It is however my wish that you minute in a Book to be kept for that purpose the amount of such Certificates offered by any person together with the name of the person offering them.
It will not be proper that you commit the examination & checking of the Certificates of the assumed debt to any person who does not actually belong to your Office. It cannot be deemed a legal execution of your duty to rely upon any person not duly authorised. You will receive these Certificates and give, on the delivery of them to you and before comparision with the checks, a descriptive receipt for them, which will amount to no more than an acknowledgment, that such Certificates are placed in your hands with a view to the Loan. The subscribers will be sensible that the receipt cannot be deemed final because the subscriptions may exceed the Assumption and the Certificates may prove counterfeit or forged. Having recd. them in the manner above mentioned you will commit to some person competent to so nice and important a business the comparison of the Certificates with the registers & checks in the offices of the State, to which no doubt the easiest access will be given, should however any unexpected impediment occur you will make it known to me.
  I do not perceive any objection to your striking a Mark in the form you have exhibited , upon all the Certificates deposited with you towards the Loan of the assumed debt, which however should be done in such manner as not to obliterate the printed or manuscript Words. You will be careful to select a proper place for the Mark, which as far as possible should be uniformly made that the eye may instantly perceive it. I do not consider you as justifiable in refusing the Certificates of the State of Pennsa. (which are in all other respects assumable) because they have been recd. of the State in lieu of Continental Certificates. It will not however be improper to use your endeavours to persuade the holders to exchange them, but you cannot if they persist to offer refuse to receive them.
You will perceive on reexamination that you have misconceived the instruction contained in my letter of the 9th Ulto. in regard to Loan office Certificates issued prior to March 1778. It applied to those only pointed out in the 10th. section, that is to the Nonsubscribed & not to those that should be Loaned. You will discontinue the practice of marking such indorsements on those Loaned, and you will, when transfers take place of such Stock as has arisen from Loans of those Certificates take care not to make a similar endorsement on the new Certificate to be given. I do not think any person making a Loan has a right to do it in any other manner than that which is deemed perfectly conformable to Law. In regard to such Nonsubscribers Certificates as have not that endorsement on them I have no objection to your making it if desired, but great care must be taken to be correct.
I am sir   Yr Most Ob servt
Alexander Hamilton
Thos. Smith EsqrCommr. of LoansPennsa.


Title: To Alexander Hamilton from Thomas Smith, 8 June 1791
From: Smith, Thomas
To: Hamilton, Alexander

[Philadelphia] June 8, 1791. “… Abstract of Certificates Indents & old Emission money received on the loan proposed by the act of Congress of 4th Augt. 1790 from the 1st to 31st May inclusive the Certificates old emission money and Indents are this day forwarded to Oliver Wolcott Esqr Auditor.…”


Title: To Alexander Hamilton from Joseph Whipple, 9 June 1791
From: Whipple, Joseph
To: Hamilton, Alexander

Portsmh. New Hamp. 9 June 1791
Sir
Your Circular letter of the 14th. of April came to my hands the 20th Ultimo. Availing myself of the indulgence of the house of Representatives in committing to your examination and report, the emoluments of the Officers of the Customs I do myself the honor to transmit you here with a Statement of the emoluments of my office as Collector of the Customs District of Portsmouth for the four quarters of the Year 1790: not having a doubt but your report will be founded in the Strictest Justice, & that it will have the approbation & confidence of the Legislature.
In this Statement the Article of fees is precisely the Amount received taken from an accurate account kept of them. The Amount of Commission is taken by Calculation on the foot of each quarterly account, tho’ not half the Sum Stated has yet been received. In the account of expenses the charge of office Rent is the result of an accommodation between the Naval Officer & myself, & the building occupied which belongs to him, is stated at the rate for which it would Rent & the charge for Clerks Service is the amount of payments made in Money together with the value of gratuitous compensations not equal to the amount of the Services performed according to the usual Rate of Clerks wages.
By this Statement it will appear that  Dolls. is the Net Amount of my emoluments for the year, a Sum not equal to one third the real value of the Services incumbent on the Office, inclusive of its responsibility. Conceiving of the impossibility of prejudging of an equitable reward for every officer of the Revenue under the circumstances of its Sudden establishment, I have presumed on the justice which I flatter myself will be the result of a candid enquiry, Such as I am persuaded will be made, for a reasonable reward, as well for the past as the future Services. It will naturally occur that the first who are in the exercise of these offices will have the greatest difficulties to encounter—having unbeaten paths to explore & to reconcile a people accustom’d almost to no law but their will, to strict observance of Revenue Laws, which are generally in their nature obnoxious to Such a people & I have the Satisfaction to believe the fewest Successfull attempts have been made to evade the Revenue Laws in this district of any in the United States that are so conveniently situated for that purpose.
I have the honor to be   Sir   very respectfully   Your Mo Obt. servt.
Hon. Alex. Hamilton Esqr.


Title: To Alexander Hamilton from William Short, 10 June 1791
From: Short, William
To: Hamilton, Alexander

Paris June 10. 1791
Sir
Since my last letters of the 3d & 5th. inst. I have recieved a letter from the commissioners at Amsterdam of which I have the honor of inclosing a copy as well as of mine to them which occasioned it. I have not yet recieved their answer to mine written in consequence of theirs of which I inclosed you a copy in my letter of the 3d. but this letter serves as an answer as you will see by the contents. I am taking measures therefore to know whether the U.S. can now make a loan in the low countries at 4½ p cent interest. In that case I shall suppose there can be no doubt as to the propriety of making there that which your letter of April 13 authorizes me to open. I have hopes that whilst acquiring this information I shall be happy enough to hear from you as to the propriety of obtaining a credit for the U.S. somewhere out of Holland. Until then I cannot know whether you consider the subject in the same light that I do, nor whether it has presented itself to me in all the aspects in which you may think it should be examined; & of course I shall postpone for that purpose making the experiment unless tempted to it by being offered better terms than can be procured at Amsterdam.
You will observe also that the commissioners added to the opinion which I mentioned to you of the necessity of augmenting the commission if the rate of interest is diminished. It is possible this may be found necessary but I am not fully convinced of it. Of course it would not be done without a further conviction of the necessity. If the elimination of the interest cannot be effected on any other terms, a very little calculation will shew the advantage of adopting them.

In anxious expectation of hearing from you fully on these subjects I have the honor to be Sir, your most obedient humble servant.
W: Short
P.S. I have just learned that the Dutch E. India company, have recalled the Governor of the Cape of Good-hope & determined to send there commissaries in order to examine into the state of affairs & restore order in them. This confirms the opinion of their extreme disorder.
The Honble. Alexander Hamilton Secretary of the Treasury Philadelphia


Title: Enclosure: Wilhem and Jan Willink, Nicholaas and Jacob Van Staphorst, and Nicholas Hubbard to William Short, 3 June 1791
From: Willink, Wilhem,Willink, Jan,Van Staphorst, Jacob,Van Staphorst, Nicholaas,Hubbard, Nicholas
To: Short, William

Amsterdam 3 June 1791
Sir
In reply to your respected favor of 26 Ultimo, We acquaint you, that the Order You purpose giving us to pay One Million of Florins unto the Director-General of the Finances of France, shall be punctually complied with, in the Mode that Minister will desire.
All the Bonds of the Loan of March last are now delivered; And We do not doubt, We should be able in the present Moment, to procure a New Loan for the United States, at the usual rate of Interest.
But, having cherished the Idea, of improving the present favorable Circumstances of the United States and their consequent growing Credit, to operate a Reduction of Interest on their future Loans, and exerted ourselves to accomplish it, We have the pleasure to see our Efforts so far succeed, as that the actual Price of their Bonds is Three Quarters to One per Cent above par, with the probability of going still higher; so that if the Proposal for a New Loan was postponed for Two, Three or Four Months, and no unfavorable Events should intervene, We have good ground to flatter ourselves, We might obtain the next Loan to an Amount not exceeding Three Million of Florins, at the rate of Four and an half per Cent Interest per Annum: To effect it, an Augmentation of One per Cent in the Charges would be necessary; but this is an Object of no Moment, compared with the annual saving of One half per Cent on the Interest, and the honor accruing from such an Increase of Credit and Confidence.
We shall take care to advise you, when We think a Loan at 4½ per Cent, might be offered to our Undertakers, with the probability of succeeding; And in the mean time We hold ourselves ready, for the execution of what you may judge most conducive to the Interest and Conveniency of the United-States.

We are respectfully   Sir   Your most obedient and very humble servants
Wilhem & Jan WillinkN. & J. Van Staphorst & Hubbard
Willm. Short Esqr.


Title: To Alexander Hamilton from Jeremiah Olney, 11 June 1791
From: Olney, Jeremiah
To: Hamilton, Alexander

Providence 11th. June 1791.
Sir
I Have been honored with your Letter of 30th Ulto. & in reply to that part of it respecting the appointment of the Second and Third mate of the Cutter building in Connecticutt I beg leave to remark that Mr. Jeremiah Greenman is exceedingly mortified (after throwing himself out of the best Imploy in this Town and waiting four or five months with a reasonable expectation of Receiving an appointment to the office of first mate of the Cutter, to which he was Early recommended) to find that he must now accept the Station of Second mate, or continue out of business. Since the late expected millitary appointment Seems to be delaid and remains uncertain, (which I regret exceedingly as I know he was an officer of Excellent Character in the late army & is the most Suitable for the present command, of any that can be obtained in the State,) he is therefore from the necessity of the case induced to accept the Appointment of Second mate of the Cutter, presuming that his rank and pay will commence as early as that of the Gentlemen already appointed, having for nearly five months held himself in constant readiness for public Service. From a Consideration of the merits of this Gentleman and the agency I have been called upon to take in this Business, I feel a particular Interest in his favour, I therefore take the Liberty Sir, to request your powerfull influence in his behalf. Mr. Daniel Bucklin Junr. having waited now four months with an Expectation of receiving the appointment of Second mate to the Cutter, & a Vessell offering a few Weeks past he accepted the Command of her to Virginia and is expected to return in Ten days when I will consult him on his acceptance of the Station of Third mate of the Cutter and acquaint you with the Result.
I have the honor to be Respectfully   Sir   Your Most Obed. & Most Hum serv.
Jereh. Olney
Alexander Hamilton Esqr.Secretary of the Treasury


Title: To Alexander Hamilton from Thomas Smith, 11 June 1791
From: Smith, Thomas
To: Hamilton, Alexander

[Philadelphia] June 11, 1791. “This accompanys abstract of Certificates received by me from non subscribers to the Loan proposed by act of Congress of the 4th of Augt 1790 from 1st to 31st May 1791 which closes the whole of the non-subscription business.…”


Title: To Alexander Hamilton from William Ellery, 13 June 1791
From: Ellery, William
To: Hamilton, Alexander

Custom-House [Newport, Rhode Island]June 13th. 1791
Sir

I have received your letters of the 26th. & the 30th. of May last. To the explanations and instructions, and the act respecting further provisn. for collecting the duties on Teas, and for prolonging the term for the payment of the duties on Wines inclosed in the first I shall pay attention. In answer to the last, Capt. Smith left his coasting papers with me agreeably to law, and his license was remitted to the Collector of the District of Providence.
A Disposition to disregard the Revenue laws, will, and it is natural that it should, excite a jealous attention to the vessels of those in whom it is discovered. Be assured, Sir, that it is my wish, and the wish of the other Offrs. of this port, by a faithful discharge of their duty, to merit your approbation and the approbation of their Constituents.
Agreeably to my letter of the 6th. of this month I will now give you the best information I have been able to obtain of the tare customary among merchants in this District.

   Tare on Sugars in hogsheads is
12 lb on each 112 lb.

   ditto on barrels (if in American flour barrels) is
11 lb on each 112 lb

   if in French bbls.
14 lb on   ditto

There has been only one importn. of   Sugars in boxes since this Office was   opened.

The mode of Taring coffee in barrels is the same as that used in taring sugar in barrels; but the deduction is made from each 100 lb. (Coffee being sold by the pound and not by the hundred). No tare is allowed on coffee in bags.
The same mode is pursued in taring barrels of Cocoa, but Cocoa is sold by the long hundred as it is called here or 112 lb. and not by the pound and the tare is taken out of each 112 lb. No tare allowed on Cocoa in bags.
It is not usual to import Cocoa in hogsheads, nor has there been a single hogshead of that article imported since this Office was opened. Neither has there been any importation of Piemento, or Pepper. Our mode of allowing tare before and since the New Collection Law, has been,

On Sugar in Hogsheads
 12 lb on 112 lb

ditto in barrels, if American flour barrels, before the Law took place was
 22 lb on each bbl

   if French
 28 lb on each bbl

since the new Law it has been
 12 lb on each 112 lb.

The mode of taring Coffee in bbls before the New Law was the same as   that used with regard to Sugar in barrels; since that time it has been
 12 lb on each 112

ditto in bags before the new Law was from 2 to 3 lb upon 112 lb according to the quantity of the stuff of which the bag was made.

   Since that time it has been
  2 lb on each 112 lb

Ditto of Cocoa in barrels and in bags, has been the same both before & since the New Law, as in the case of Coffee in barrels and in bags.

No Cocoa has been imported in hogsheads; nor Piemento, nor Pepper since this office was opened.

On Cotton in bales or bags we allow a tare of
  3 lb on each 112 lb

There has been only two importations of powdered Sugars, the first was in Augt. 1790 in white Oak Hogsheads fully hooped—the tare allowed on each hogshead was
136 lb on each Hhd.

The last was in boxes and the tare allowed was
 15 lb on each 112 lb.

The information I have given of the tare customary among merchants in this District can hardly be called customary. No Commercial Society is established here. The merchants proceed on separate ground. Each consults his particular interest, and makes the best bargain he can with regard to the tare as well as the price of his goods. The Grocers frequently insist upon goods being started and weigh the cask, case or box to determine the tare.
Inclosed is a weekly return of monies received and paid. A list of a Ten dollar note of the North American bank No. 7573, one moiety thereof is now transmitted to the Treasr., a Certife. of Regy No. 32. issued at the Port of Dighton May 24th 1790 and delivered up on account of transfer of property, Copy of a memorandum of the change of master of the Sloop Industry endorsed on Rege. No. 11, issued at this Port, a like copy endorsed on Cert. No. 37. dated 24th. Sept. 1790; a like copy on Cert. No. 45 dated Oct. 12 1790, & a like copy on Certif. No. 5 dated 1791.
I am, Sir,   Yr. most obedt. servt.
Wm Ellery Collr
A Hamilton Esqr.Secry of Treasy.


Title: To Alexander Hamilton from George Washington, 13 June 1791
From: Washington, George
To: Hamilton, Alexander

(private)
Mount Vernon, June 13. 1791.
My Dr. sir
I am arrived at this place and just in time to acknowledge (in a hasty manner by this days post—the first opportunity that has offered of writing to Philada. since I left Savanna)—the receipt of your private letter of the 17th. of April by Mr. Smith who lodged it at Cambden, through which it was known my rout would be on my return to the seat of the Government.
Mr. Wolcott may be informed that it is my intention to appoint him to the office of Comptroller. With respect to his successor, as auditor, I shall suspend any determination, (if no manifest inconvenience will result from it) until my arrival in Philadelphia, which however is not likely to happen before the 5. or 6 of July as (by appointment at the last meeting) I am to meet the Commissioners, undr the residence Act on Monday the 27th. inst: at Georgetown, and may, for aught I know to the contrary, be detained there several days, and afterwards must move slowly, on account of the exhausted condition of my horses.
No letters from the Northward or Eastward of this, bearing date between the 15th. & 30th. of May have come to my hands—and having abundant evidence before I reached Charleston of the slow movements of the mail through the three Southernmost States, I did, before I left that place on the 9th. of that month direct that all letters which might be for’d following me to be returned to Fredericksburgh as the first place I should touch the post line upon my return. But these directions not arriving in Richmond in time (as I conjecture) the letters of that interval, agreeably to the superscriptions which I am informed were on them, were forwarded from that place to Taylors Ferry, in expectation of meeting me there, but to this circumstance, which was unknown to me, and to finding from better information than I set out with, that it would be more convenient to cross James river higher up than at Taylors; is to be ascribed my missing the communications which were made between the 15 & 30. of May as mentioned before. These dispatches I may be long without, & perhaps never get; for there are no cross posts in those parts and the letters, which will have to pass through many hands, may find some who are not deficient in curiosity.
My return to this place is sooner than I expected; owing to the uninterruptedness of my journey by sickness, from bad weather, or accidents of any kind whatsoever. Having obtained before I left Philadelphia the most accurate account, I could get there, of the places & roads through, & by which I was to perform my tour; and the distances between the former; I formed my line of march accordingly; fixed each days journey & the day to halt; from neither of which have I departed in a single instance, except staying, from a particular circumstance, two days in Columbia, and none at Charlotte, instead of one at each and crossing James river at Carters ferry in place of Taylors, as was the original intention. But the improbability of performing a tour of 1700 miles (I have already rode more), with the same set of horses without encountering any accident by which a deviation would be rendered unavoidable appeared so great that I allowed eight days for casualties, and six to refresh at this place when I should have returned to it. None of the former having happened, account for the 14 days I shall remain here before the meeting with the Commrs.; one of whom Mr. Johnston chief Justice of the State of Maryland, & living at a pretty considerable distance from Georgetown; having made his arrangements agreeably thereto, would not be able to meet me sooner.
I mention this matter, that if there is anything pressing in either of the Departments it may be known where I am.
with affectionate regard   I am sincerely yours
G: Washington


Title: To Alexander Hamilton from Richard Wylly, [13 June 1791]
From: Wylly, Richard
To: Hamilton, Alexander

[June 13, 1791.] “I have, without success, applied a second time to the Governor, to know, by what authority Mr. Davies acted as Loan Officer. I am well assured, he had none.”


Title: To Alexander Hamilton from Benjamin Lincoln, 14 June 1791
From: Lincoln, Benjamin
To: Hamilton, Alexander

[Boston, June 14, 1791. On June 23, 1791, Hamilton wrote to Lincoln: “I have received your letter of the 14th instant.” Letter not found.]


Title: To Alexander Hamilton from Jeremiah Olney, 14 June 1791
From: Olney, Jeremiah
To: Hamilton, Alexander

Custom House,Providence 14th June 1791.
Sir.
I have recd. your Two Letters of the 30th. of May and First instant. The Surveyor will attend to your directions in the use of the Hydrometers.
All the Papers furnished by me for the Ship Warren were dated Four Days after She had committed a breach of the Law by proceeding to Newport without them, of which particular, perhaps, you have not been apprised. Misconstruction of the Tonnage Act, (an acknowledgemt. of which I have since made, by repaying the Duty) and Mr. Brown’s expectation, signified to me by him, of her returning to this Port, induced me to grant the Licence; and a desire to obtain an Accot. of her Cargo, which I no other way could, and which I then thought essential, prompted me to give the Certified Manifest and Permit. Tho’ these might as well have been omitted, yet I should suppose, they could not affect the Penalty incurred by a previous transaction. I wish not however, to Criminate Messrs. Brown & Francis, but to justify myself; for this purpose, I beg leave further to observe, that the Manifest, presented and sworn to by the Master, is the only Evidence I can have of the Cargo on board any outwardbound Vessel, excepting the Articles which may have been Entered for Exportation: the one therefore, delivered and sworn to by Captain Smith, tho’ the Warren was then at Newport, possessed all the requisites towards the satisfaction of my Mind, that it would had it been presented before She sailed from this District. I shall not relax, in my attention, to the Vessels of Messrs. Brown & Francis, nor to those of any other Person’s; I may err in Judgement, but my Intention shall always be right.
I do not Sir, comprehend your meaning, when you say, that “the nature of the Cargoes and the places from whence Coasting Vessels come, with expired Licences, are to determine their Fees &c. exactly as in the cases of Vessels never having been Licenced.” The former have generally arrived here from adjoining States without any kind of Clearances; but the latter, when from any of the United States, always with such as the Law requires, which exempts the Cargoes from Duty, tho’ the Fees, excepting to the Surveyor, are the same as if they were from foreign Ports. Now if the former are to be viewed in the same light as Vessels never Licenced, should they have any Goods on board subject to Duty, it must be demanded, & the Surveyor’s Fees be in proportion to the size of the Vessels. I have never taken any more Fees on the Entry of such Vessels than the Law allows for Coasters; but before they departed from the Port, I have obliged the Masters to renew their Licences, and pay the Tonnage Duty; this Practice, not being pointed out in the Law, I was doubtful of its propriety, and therefore wished to have your opinion on the Subject.
I enclose copy of a Certificate endorsed on Register No. 5, granted by me in 1790.
I have the Honor to be,   Very Respectfully Sir,   Your Most Obedt. & Most Huml. Servt.
Jereh. Olney Collr.
Alexander Hamilton Esqr.Secretary of the Treasury.


Title: From Alexander Hamilton to John Cochran, 15 June 1791
From: Hamilton, Alexander
To: Cochran, John

Treasury Department,June 15, 1791.
Sir,
I am of opinion that the law under which you act does not justify the Commissioners in the payment of interest on any new loan certificate issued for the certificates of any state, which certificates were issued by that state in exchange for those of the federal debt, until the whole of the identical state certificates, so issued, have been exchanged or redeemed, or the continental certificates shall be surrendered to the United States. It does not appear to satisfy the law that an equal sum of state certificates have been redeemed. Those that went forth, by means of the exchange, are to be redeemed or reexchanged, or the continental certificates, received for them, are to be surrendered.
The Treasurer of New York is right in the opinion that the certificates for claims on forfeited Estates are not included in the assumption.
I am sir,   Your Most Obedt. Servant
Alexander Hamilton
John Cochran Esqr.Commr. of Loans,New York.