To Thomas Willing
[Philadelphia, December 31, 1793. “The Secretary [of the Treasury] in a report to the House of Representatives of the 21st. December 1793,1 submitted a proposition for making provision for the second instalment. None having been made, he by a Letter to the Bank of the 31st. December 1793, informed that the Legislature not having yet had leisure to provide for the second instalment of the two Million loan,2 he had concluded to suspend calling into the Treasury the last installment of a Loan of 800,000 dollars3 which had been contracted with the Bank, and that that Sum would remain in deposit as an offset against the first mentioned instalment ’till provision should be made by Law.”4 Letter not found.]
2. See “Report on Estimates for the Year 1794,” December 21, 1793, note 4.
3. This loan was authorized by Section 3 of “An Act making appropriations for the support of Government for the year one thousand seven hundred and ninety-three” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 328–29 [February 28, 1793]). See also H to George Washington, March 18, 20, 1793; Washington to H, March 20, 21, 1793; “Agreement with the Bank of the United States,” May 31, 1793; H to Willing, June 20, 1793.
4. This quotation has been taken from H’s “Report on the Contract Made with the Bank of the United States for a Loan of Two Million Dollars,” April 25, 1794.