From Alexander Hamilton
Treasy Dept Decembr 23d 1794.
The present state & prospects of the Treasury render it necessary, without delay, to exercise the power vested in the President by the Act passed the 18 instant, entitled, “an act authorising a Loan of two millions of Dollars.”1
To enable him to determine this a probable view of receipts & expenditures distributed quarter yearly is herewith presented2 and the form of a power as usual to The Secretary of the Treasury to make the Loan, is submitted.3 With perfect respect &c.
Secy of the Treasy
1. For this act of 18 Dec. 1794, see 1 Stat. description begins Richard Peters, ed. The Public Statutes at Large of the United States of America, from the Organization of the Government in 1789, to March 3, 1845 . . .. 8 vols. Boston, 1845-67. description ends 404.
2. The enclosed estimate showed receipts of $1.8 million and expenses of $4.065 million, leaving a deficiency of $2.265 million (DLC:GW; see also Hamilton Papers description begins Harold C. Syrett et al., eds. The Papers of Alexander Hamilton. 27 vols. New York, 1961–87. description ends , 17:463–64).
3. On 24 Dec., GW wrote Hamilton: “For carrying into execution the provisions of the Act of the 18th day of this present month, whereby the President of the Ud States is authorised & empowered to borrow a certain sum of money on the credit of the United States.
“I do hereby authorize you the said Secretary of the Treasury, in the name and on the credit of the said United States, to borrow of the Bank of the United States, or of any other body or bodies politic, person or persons whomsoever, a sum not exceeding Two Millions of Dollars, at an interest not exceeding five per centum per annum, and to enter into such agreements for the reimbursement thereof as shall be needful & proper, hereby promising to ratify whatever you shall lawfully do in the premises” (LB, DLC:GW).