From John Jay to Alexander Hamilton, 23 March 1792
To Alexander Hamilton
New York 23 March 1792
My good Friend
By the post I recd. this afternoon Letters from the vice Presidt. & Atty Genl., calling me to the Board of Trustees— my answers to both are necessarily very concise, having been engag’d by Company, and now being pressed for Time— they are enclosed.1
I regard my Duty to attend the Courts as being in point of legal obligation primary, and to attend the Trustees as secondary— & yet I can concieve that the Order would be inverted sometimes inverted, if only the Importance of the occasion was considered.
My answr. to the Vice presidt. proposes in a few words, that the Question in agitation be stated to me. It appears from his Letter to be a meer law Question— in that Case my opinion shall without Delay be formed and transmitted. This Le This Letter will go by an Express who I am told will set out at 10 OCk.—
You doubtless have heard more than I can tell You of the Nature and Extent of our friend Duers Misfortunes—2 I sincerely regret their Consequences to him, and to the very many who are and will be affected by them— They have affected all Money operations here, and I believe it is still doubtful whether any favorable change likely to last, will soon take place—
Why cannot I give my opinion on a Law Question in the city of New York as well as in the City of Pha.?3 Yours very affty.
John Jay
The Honb. A. Hamilton Esqr
ALS, DLC: Hamilton (EJ: 10759). , 11: 172–73.
2. On the collapse of William Duer’s stock speculations and his imprisonment for debt, which triggered a financial panic, see Robert F. Jones, “The King of the Alley”: William Duer; Politician, Entrepreneur, and Speculator, 1768–1799 (Philadelphia, 1992), 185–206; , 11: 126, 127n3, 131–32, 154–58, 159n1, 170–72. The purchases of government securities being made by the sinking fund at this time were in part designed to support the market during the financial panic.
3. See JJ to ER, 31 Mar., below.