From Jeremiah Olney
Providence 8th. Octr. 1791
There has lately been instituted in this Town a Bank1 which will Commence discounting on Tuesday Next, the plan or Constitution of which I have the Honor to enclose you. The President and others, are very desirous that the public monies Received in my office should be Deposited therein, and that Bank notes should be received by me in discharge of Bonds taken for duties. Tho I am Fully sensible of the many advantages that a measure of this sort would afford to the Public and Merchantle Interest, yet as I am not authorized to enter into any Negotiations with the President and directors, I am induced Respectfully to request your particular advice and Instructions on this Subject.
I have the Honor to be with Esteem Sir Your most Obed. Hum Serv.
Jereh Olney Collr.
Alexr. Hamilton Esqr.
Secy. of the Treasury
ADfS, Rhode Island Historical Society, Providence; copy, RG 56, Letters from the Collector at Providence, National Archives.
1. The Providence Bank was established in 1791 under the auspices of John and Moses Brown, the firm of Brown and Francis, and other leading Providence businessmen. The plan for the bank was drawn up by Moses Brown, and the bank was incorporated by the Rhode Island legislature in October, 1791.