Alexander Hamilton to George Washington, 21 April 1794
From Alexander Hamilton
Treasy Departmt April 21. 1794.
Sir,
I lately communicated to you a letter from our Comissioners at Amsterdam announcing the undertaking of a Loan on account of the U. States for three millions of Florins.1 I submit the following application of that loan as the one which appears to me most conducive to the good of the public service. One million of Florins to be appropriated to the payment of an instalment of an equal sum of the Dutch debt payable on the first of June next2—the residue of the loan to be transferred here for the purposes either of payments to France,3 or purchases of the Debt as circumstances shall dictate.4
I had begun remittances & made a provisional arrangement for the purchase of bills of the Bank of the United States, toward payment of the June instalment.5 But the loan supercedes the necessity of the former and the bills remitted will serve to pay interest & premium of the old loans due and becoming due.6 With the highest respect &c.
Alexr Hamilton
1. This probably is the letter from the Dutch banking firm of Willink, Van Staphorst & Hubbard to Hamilton of 27 Dec. 1793 (Hamilton Papers description beginsHarold C. Syrett et al., eds.The Papers of Alexander Hamilton. 27 vols. New York, 1961–87. description ends, 15:593–96).
2. The payment due on 1 June 1794 was for the 1782 Dutch loan of 10 million livres (5 million florins). On this loan, seeBayley,National Loans description beginsRafael A. Bayley.The National Loans of the United States, from July 4, 1776, to June 30, 1880. 1881. Reprint. New York, 1970. description ends, 15–17.
3. For a description of the French loan of 6 million livres, see William Short to Hamilton, 30 Nov. 1789, n.3 (Hamilton Papers description beginsHarold C. Syrett et al., eds.The Papers of Alexander Hamilton. 27 vols. New York, 1961–87. description ends, 5:570–71). On the French loans of 18 million and 10 million livres, seeBayley,National Loans description beginsRafael A. Bayley.The National Loans of the United States, from July 4, 1776, to June 30, 1880. 1881. Reprint. New York, 1970. description ends, 11, 13–14.
4. Section 4 of “An Act making Provision for the Reduction of the PublicDebt,” 12 Aug. 1790, authorized the president to borrow $2 million for the payment of this debt (Stat description beginsRichard Peters, ed.The Public Statutes at Large of the United States of America, from the Organization of the Government in 1789, to March 3, 1845 . . .. 8 vols. Boston, 1845-67. description ends. 1:187).
5. The Bank of the United States was to “furnish Bills of Exchange on Amsterdam for the use of the Government” (Hamilton to Thomas Willing, 3 March,Hamilton Papers description beginsHarold C. Syrett et al., eds.The Papers of Alexander Hamilton. 27 vols. New York, 1961–87. description ends, 16:105–6).
6. For an account of the various loans and debts of the United States and the payments made on them in 1794, see Statements A, B, C, D, and E enclosed in Hamilton’s Report on a Plan for the Further Support of Public Credit, 16 Jan. 1795 (Hamilton Papers description beginsHarold C. Syrett et al., eds.The Papers of Alexander Hamilton. 27 vols. New York, 1961–87. description ends, 18:130–44).
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- Alexander Hamilton to George Washington, 21 April 1794
- Author
- Hamilton, Alexander
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- Washington, George
- Date
- 21 April 1794
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- “Alexander Hamilton to George Washington, 21 April 1794,”Founders Online,National Archives, https://founders.archives.gov/documents/Washington/05-15-02-0490. [Original source:The Papers of George Washington, Presidential Series, vol. 15,1 January–30 April 1794, ed. Christine Sternberg Patrick. Charlottesville: University of Virginia Press, 2009, pp. 629–630.]