To George Washington
Treasury Depart. Mar: 21st. 1794.
A law having passed to enable the President to cause a loan to be made in aid of the current receipts from the public revenues,1 it is urgent that measures should be taken without delay for carrying it into effect.
The enclosed statement shews the probable situation of the Treasury to the end of the ensuing quarter as far as materials are now possessed and manifests the necessity of an immediate aid by Loan.
I therefore submit to the President the draft of a Power in the usual form to authorise the making of the Loan.2
With perfect respect &c.
Secy. of the Treasy.
LC, George Washington Papers, Library of Congress.
1. “An Act authorizing a Loan of one million of Dollars” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 345 [March 20, 1794]). See Theodore Sedgwick to H, February 22, 1794; H to Sedgwick, February 25, 1794.