23 May 1796
Be it known to all persons to Whom these presents shall Come, that I George Washington President of the United States of America, by Virtue of an Act of the Congress of the said United States entitled "An Act authorizing a Loan for the use of the City of Washington in the District of Columbia, & for other Purposes therein mentioned" have directed Gustavus Scott, William Thornton and Alexander White Commissioners appointed under an Act entitled an Act for establishing the temporary & permanent Seat of the Government of the United States, to borrow by themselves or by their Attorney or Attornies Agent or Agents duly empower’d & authorized in the present year one thousand seven hundred Ninety & six the sum of five hundred & twelve thousand Guilders of Dutch Currency in Amsterdam at an Interest not exceeding six per Cent per Annum reimbursable at any time after the year one thousand eight hundred and three by Installments not exceeding one fifth of the whole sum in any one year.
And I do further declare and make known that all the Lots in the said City of Washington (except those now appropriated to public Use) vested in the Commissioners aforesaid or in Trustees in any Manner for the use of the United States, are chargeable with the Re-payment of all and every Sum or sums of money or Interest thereupon which Shall be borrowed by the said Commissioners under the direction of the President of the United States pursuant to the said first mentioned Act—And I do further declare and make known that if the Product of the Sales of all the said Lots shall prove inadequate to the payment of the Principal and Interest of the sums borrowed under the first mentioned Act, that then the Deficiency shall be paid by the United States agreeably to the Terms of the Said Loan.
In Testimony whereof I have caused the seal of the United States of America to be affixed hereto and signed the same with my hand.
Given at Philadelphia the twenty third day of May, in the Year of our Lord one thousand seven hundred and ninety six, and of the Independence of the U.S. of America, the twentieth.
By the President
T.P. Secretary of State
DLC: Papers of George Washington.