From George Washington to William Herbert, 25 June 1799
To William Herbert
Mount Vernon, June 25th, 1799
Dear Sir,
In expectation of receiving considerable sums of money for Lands sold for the express purpose of raising it, I have (being able hitherto to get along without it) forborne to apply to the Bank for aid. But out of $15,000 which ought to have been paid by the first of June 1798, and nearly the same sum this month for Lands, sold by me I have recd $1700 only.
This disappointment, and calls upon me which I would ⟨illegible⟩ to parry under ⟨illegible⟩ly true, induced me to accept your kind offer of endorsing my notes for the money I may have occasion to ⟨desire.⟩1 On, or about the first of July I shall have demands to answer ⟨illegible⟩ (exclusive of the balance I have rem[ain]g ⟨illegible⟩ of about $1,500 and wish ⟨illegible⟩ such steps as are necessary ⟨illegible⟩ (as borrowing ⟨illegible⟩ new to me) I would thank you to point out; and to inform me of. arrangements can be made ⟨illegible⟩ my attendance in Alexandria whether my draughts will be honored. and if so, that you would be so good as to secure or prepare in my behalf, the needful. I have no stamps, if they be necy.
I would thank you also for information of the terms on which this accomodation at the Bank is to be obtained; for as I have observed before it is quite a new scene I am entering upon.2 With very great esteem & regard I am—Dear Sir Your Most Obedt Hble Servt
Go: Washington
P.S. Besides the 1,500$ above, I may, from ⟨illegible⟩ some causes be obliged ⟨illegible⟩ ’ere long ⟨illegible⟩ desirous ⟨illegible⟩ taking the Land ⟨illegible⟩ before I do this.
ALS (letterpress copy), DLC:GW.
1. Facing the prospect of making large expenditures for the construction of his pair of houses near the Capitol in Washington, GW on 4 Oct. 1798 asked the president of the bank in Alexandria, William Herbert, about the possibility of his borrowing money. Herbert wrote GW the day following assuring him that he would have no problem in securing from the bank a loan of up to “Six to ten thousand Dollars.”
2. Later in the day Herbert wrote GW: “I Am honor’d With your letter of this date, the Money you want to Borrow from the Bank of Alexandria, can be obtain’d Without Difficulty, your Presence here, is by no means Necessary. Inclosed you have a Note which you will be pleased to Sign, & return It to me, Any time before Monday Next, & the Day after you may Draw for the Proceeds which will be 1485 Dollars. Whenever a farther Sum is Wanted, you have only to Inform me of the Amount, & I will forward to you a Note for Signature, & have it Discounted” (DLC:GW).