To George Washington1
Philadelphia June 15. 1793
The inclosed report will I trust make it appear, that there are good reasons relative to the execution of the purposes specified in the laws2 for making a further loan to the extent proposed.
But bottoming the proceeding upon the direct object of the laws, as the legal and primary inducement, it appears to me justifiable and wise to embrace as secondary and collateral motives the probable operation of the measure on the public interests in ways not immediately indicated in the laws. On this ground I think the legal considerations for a further loan are enforced by the general state of affairs at the present Juncture. Should a general Indian War ensue3 & still more should we unfortunately be involved in a European War, nothing could be more convenient than to have anticipated such a resource, which the Legislature might apply to the new exigencies, as far as regards the purchase of the Debt, without any violation of principle.
In the event of a European War breaking out, it would probably be too late to attempt what before hand would be practicable without difficulty.
With perfect respect & the truest attachment I have the honor to be Sir Your most Obedt & humble servant
The President of The UStates
ALS, George Washington Papers, Library of Congress; copy, Hamilton Papers, Library of Congress.
2. For the provisions for the payment of the foreign and domestic debt, see “An Act making provision for the (payment of the) Debt of the United States” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 138–44 [August 4, 1790]) and “An Act making Provision for the Reduction of the Public Debt” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 186–87 [August 12, 1790]).
3. At this time preparations were being made for a campaign against the western Indians. See “Report on the State of the Treasury at the Commencement of Each Quarter During the Years 1791 and 1792 and on the State of the Market in Regard to the Same Years,” February 19, 1793, note 13.