From George Washington
[Philadelphia, May 9, 1792]
For carrying into execution the provisions of the Eleventh section of the Act intitled “An Act to incorporate the subscribers to the Bank of the United States,”1 I do hereby authorise you the said Secretary of the Treasury to subscribe by one or more subscriptions, on behalf and in the name of the United States, for such number of shares of and in the capital stock of the said Corporation as together shall amount to two Millions of Dollars, and the same to pay for out of any monies which shall have been or shall be borrowed by virtue of either of the Acts, the one intitled: “An Act making provision for the Debt of the United States,”2 and the other intitled, “An Act making provision for the reduction of the public Debt”:3 and I do further authorise you to borrow of the said Corporation for and on account of the United States an equal sum, namely, Two Millions of Dollars to be applied to the purposes for which the said monies shall have been procured, and to be reimbursable in Ten years by equal annual installments, or at any time sooner or in any greater proportions that the Government may think fit. Provided that the interest on the said sum so by you to be borrowed, shall not exceed the rate of six per centum per annum, hereby empowering you to enter into and conclude with the said Corporation such contracts and Agreements as shall be necessary for fulfilling the purposes aforesaid, and promising to ratify whatever you shall lawfully do in the premises.
In testimony whereof I have hereunto subscribed my hand at the City of Philadelphia the Ninth day of May in the year of our Lord one thousand seven hundred and ninety two.
LC, George Washington Papers, Library of Congress.
1. Section 11 of “An Act to incorporate the subscribers of the Bank of the United States” reads as follows: “And be it further enacted, That is shall be lawful for the President of the United States, at any time or times, within eighteen months after the first day of April next, to cause a subscription to be made to the stock of the said corporation, as part of the aforesaid capital stock of ten millions of dollars, on behalf of the United States, to an amount not exceeding two millions of dollars; to be paid out of the monies which shall be borrowed by virtue of either of the acts, the one entitled ‘An act making provision for the debt of the United States;’ and the other entitled ‘An act making provision for the reduction of the public debt;’ borrowing of the bank an equal sum, to be applied to the purposes, for which the said monies shall have been procured; reimbursable in ten years, by equal annual instalments; or at any time sooner, or in any greater proportions, that the government may think fit” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 196 [February 25, 1791])
2. Section 2 of this act authorized the President to borrow twelve million dollars to be applied to the discharge of the foreign debt (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 139 [August 4, 1790]).