Alexander Hamilton Papers
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From Alexander Hamilton to John Cochran, 15 June 1791

To John Cochran

Treasury Department,
June 15, 1791.

Sir,

I am of opinion that the law under which you act1 does not justify the Commissioners in the payment of interest on any new loan certificate issued for the certificates of any state, which certificates were issued by that state in exchange for those of the federal debt, until the whole of the identical state certificates, so issued, have been exchanged or redeemed, or the continental certificates shall be surrendered to the United States. It does not appear to satisfy the law that an equal sum of state certificates have been redeemed. Those that went forth, by means of the exchange, are to be redeemed or reexchanged, or the continental certificates, received for them, are to be surrendered.

The Treasurer of New York2 is right in the opinion that the certificates for claims on forfeited Estates are not included in the assumption.

I am sir,   Your Most Obedt. Servant

Alexander Hamilton

John Cochran Esqr.
Commr. of Loans,
New York.

LS, from the original in the New York State Library, Albany.

1. For the provisions of “An Act making provision for the (payment of the) Debt of the United States” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 138–44 [August 4, 1790]) to which H is referring, see “Treasury Department Circular to the Commissioners of Loans,” May 27, 1791.

2. Gerard Bancker.

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    Hamilton Papers
    Title
    From Alexander Hamilton to John Cochran, 15 June 1791
    Author
    Hamilton, Alexander
    Recipient
    Cochran, John
    Date
    15 June 1791

    Reference

    Cite as
    “From Alexander Hamilton to John Cochran, 15 June 1791,” Founders Online, National Archives, https://founders.archives.gov/documents/Hamilton/01-08-02-0405. [Original source: The Papers of Alexander Hamilton, vol. 8, February 1791 – July 1791, ed. Harold C. Syrett. New York: Columbia University Press, 1965, pp. 474–475.]

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