Alexander Hamilton Papers
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From Alexander Hamilton to Archibald Gracie, [23 March 1804]

To Archibald Gracie1

[New York, March 23, 1804]

Dr. Sir

I have perused the Bill & am of opinion that the prohibition will extend only to Associations or Companies of which the primary and essential purpose or end is, to issue notes make discounts &c, in other words, to operate as a Bank, and not to Commercial companies which may incidentally transact such business. Yet there is some degree of Ambiguity on the subject and questions may arise. The Bill therefore may be considered in this view as dangerous to the Mercantile interest.

Dr Sir   Yrs. truly

A Hamilton

ADfS, Columbia University Libraries.

1H wrote this draft at the bottom of the letter which Gracie had written to him on March 23, 1804.

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