To William Seton
May 25. 1792
My Dear Sir
The Society for establishing useful manufactures, at their last meeting, resolved to borrow a sum of 5000 Dollars upon a pledge of deferred Stock.1 Mr. Walker is impowered to negotiate the loan and I expect application will be made to the Bank of New York for it. I have a strong wish that the Directors of that Bank may be disposed to give facilities to this institution upon terms of perfect safety to itself. I will add that from its situation it is much the interest of our City that it should succeed. It is not difficult to discern the advantage of being the immediate market to a considerable manufacturing Town. A pledge of public Stock will completely fulfil the idea of perfect security. I will add more—That in my opinion Banks ought to afford accommodation in such cases upon easy terms of interest. I think five Cent ought to suffice; for a direct public good is presented. And Institutions of this kind within reasonable limits ought to consider it as a principal object to promote beneficial public purposes.
To you My Dear Sir I will not scruple to say in confidence that the Bank of New York shall suffer no diminution of its pecuniary faculties from any accommodations it may afford to the Society in Question. I feel my reputation much concerned in its welfare.
I would not wish any formal communication of this letter to the Directors; but you may make known my wishes to such of them as you judge expedient.
With real esteem & great regard D Sir Yrs. Obed serv
William Seton Esquire
ALS, Museum of the City of New York.
1. At a meeting of the directors of the Society for Establishing Useful Manufactures, which H attended at Newark, New Jersey, on May 18, 1792, it was “Resolved that Benjamin Walker be authorized to negociate a Loan with the Bank of New York, or the Office of Discount and deposit of the Bank of the United States at New York, in behalf of the Society for establishing useful Manufactures, to the amount of Ten Thousand Dollars, on the best terms he can and that he deposit deferred Stock of the Society for the security of the same, for which purpose the Deputy Governor is hereby directed to execute a Power of Attorney under the common seal of the Society authorizing the said Benjamin Walker, to transfer so much of the deferred stock as will be necessary to accomplish the purposes aforesaid” (“Minutes of the S.U.M.,” description begins MS minutes of the Society for Establishing Useful Manufactures, City of Paterson, New Jersey, Plant Management Commission, Successors to the Society for Establishing Useful Manufactures. description ends 38).