Alexander Hamilton Papers

To Alexander Hamilton from Thomas Willing, 22 March 1790

From Thomas Willing1

Philada. March 22d. 1790


The scarcity of Money has produced a stagnation in every kind of business, beyond any thing I have known—the few who have the command of Cash here, have turn’d their Eyes to Bills of Exchange—these have got as low, as 45 nay even to 42½ per Ct. & untill Exchange shall rise considerably, I dont expect to see any demand for Stock, or Public Certificates. A Single Share has been sold day by day, at 400 Drs. & none have been offered at a lower rate, that I know of—a reduction of 7½ on the price, wou’d not now command the Cash. The best way for you, is to send the Certificates & I will get the most I can, not exceeding any deduction you may fix—but having them at hand, I will retail them even by a Single Share, to accommodate you as soon as its possible. To fall the price, will avail little, when the want of purchasers, arrises from the scarcity of Money, & the great temptation from the price of Bills of Exchange.

I am most respectfully Your’s

Thos. Willing

ALS, Hamilton Papers, Library of Congress.

1This letter concerns the sale of John B. Church’s stock in the Bank of North America. See Willing to H, February 24, 1790.

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