Alexander Hamilton Papers

To Alexander Hamilton from William Seton, 6 August 1792

From William Seton

New York 6 Augt. 1792.

My dear sir

Shortly after I received your kind Letter of the 25th: I found by a Letter from your department you was gone to make a tour in Jersey1 therefore delayed answering it. You will observe by the annexed Return that the Collector2 has begun to comply with your kind orders3—& it will be a very pleasant Circumstance that he continues to do so—for the Branch is certainly now getting on very fast, & I think (in confidence) their Direction rather wish to take every advantage in Draining us of our Specie—they make pretty frequent & heavy drafts, & rather I think unnecessarily so—because whenever the interchange of Notes leave a balance in their favour, a dft for Specie soon follows.4 I would not wish to complain just now, but if I find they persist in the draining us, I must implore the aid of your all powerfull hand to convince them we are not destitute of aid in the hour of need.

I have been My dear sir I am sorry to say a very improvident Steward with your Bank Stock.5 I waited till it got up to 30 per Cent, and then sold,—but behold it has since risen four or five per Cent more very unexpectedly—however I did for the best & really thought I had done well but such is the unaccountable change of the value of such property, a breath blowing them up or down, that it is impossible to judge whether we go too fast or too slow. I will thank you to send me the original receipts you had from the Bank, as it is necessary they should be cancelled.

Mr. Green & Mr. Pollock have not quite yet adjusted their business6 & I fear will not without a further reference to you, but this I will avert if possible.7

Believe me with unalterable respect & esteem My dear sir Your obliged Obed Hue Servt

Wm Seton

Alexr. Hamilton Esqr.

ALS, Hamilton Papers, Library of Congress.

1H had gone to Paterson, New Jersey, to attend a meeting of a committee of the directors of the Society for Establishing Useful Manufactures.

2John Lamb, collector of customs at New York.

4For an amplification of Seton’s complaints about the activities of the New York branch of the Bank of the United States, see Seton to H, July 22, 23, 1792.

5For information on H’s sale of his stock in the Bank of New York, see Seton to H, May 28, June 25, 1792.

6For background concerning the dispute between William Green and George Pollock, see H to Seton, July 17, 25, 1792; Seton to H, July 23, 1792; Green to H, July 24, 26, 1792.

7H endorsed this letter “No answer.”

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