To James Greenleaf and James Watson1
April 10th 1791
I received on Saturday your letter of the .2
I have, from a wish to accommodate, reconsidered my instruction with regard to the payment of intire dividends only; but I cannot satisfy myself that a department from it will be consistent with that exact order in the conduct of the business, which so complicated an operation as the payment of interest in thirteen different places accompanied with the continual possibility of a transfer from one to another, absolutely requires.
With regard to the refusal to pay interest, without the production of the certificates, this as far as regards the funded debt has been a misapprehension of the commissioner of loans of New York3 which has been since rectified, as I presume you are by this time advised of.
I am with great consideration Gentlemen Your obed servant
Messrs. Watson & Greenleaf
ALS, Munson-Williams-Proctor Institute, Utica, New York.
1. Greenleaf, a native of Massachusetts, was one of the largest land and security speculators in the United States. Watson was a New York City merchant. In 1788 the two men formed a partnership for a mercantile house in New York City.
2. Space left blank in MS. Letter not found.
3. John Cochran.