John Jay Papers
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https://founders.archives.gov/documents/Jay/01-07-02-0124

To John Jay from Egbert Benson, 4 January [1805]

From Egbert Benson

[Jany: 4th. [1805]]

My dear Sir

I should not acquit myself to You, certainly not to my own Convictions and Feelings, if I was not to let You know Your Freinds here regret Your not subscribing to the Hamilton Loan— The Subscription-List is to be annexed to the ^Conveyance from the^ Executors to the Trustees of the Loan, Morris King, Wolcott, Wilkes, and myself,1 and consequently will go on the public Records of our Country, and it is conceived[?] that if Your Name should not be found, there will be a Defeat— It is possible you have not distinctly and fully apprehended what is intended— H[amilton]., by a Statement he made a few days before his Death, estimated his real Estate, as it stood him in, at $74150, and his Debts at $54722, and consequently, if the real Estate should sell at it’s Par, according to the Estimate, there would be a Surplus of $19428 for the Benefit of his Family; the Interest of the Loan therefore is that, as it respects his Creditors and Family, the Sale of his Estate shall be at it’s Par, and for that purpose to raise by Loan the above $74150, and adding thereto $3750 for a year’s Interest on the Debts, in the whole $79400—the Loan is divided into 397 Shares at $200 each— The Subscribers give their promissory Notes for the Amount of the Shares they subscribe for, one for a Moiety payable 1st: April, and one for the other Moiety payable 1st: July, and at the time of giving the Notes they receive an assignable Certificate for each Share, and which is to be receivable on Sales by the Trustees at $200, deducting the Dividends, if any, which may have been made— The Trustees are to pay the Executors $39700 on the 1st: April, and the like Sum on the 1st: July, for which the Executors are to convey the Estate to them, and they are then, in such Manner as they shall judge most advisable to make it turn out to the best Account, to dispose of it, and from time to time as Monies come to their Hands to make Dividends among the Share-holders— Altho’ the Trustees will not have the Title passed to them until the Payments to the Executors, still it will be understood they may instantly proceed to sell— The Sale of the Hamilton Property will take place early in April, and We have in Hope, that, considering the Certificates are be taken on Payment, it will be bid up to even beyond it’s Par $25000, and if so, the Subscribers will then be placed out of all Danger of Loss as it respects 1/3 of the Estate; indeed I do not fear a Loss in the whole, comprehending the Privation of Interest, exceeding 20 Pr: Cent—There are I believe already Subscriptions to the Amount of 397 Shares, but it is supposed We ought not to rest there, on the contrary that We ought to procure additional Subscriptions without Limitation as to Number, as the Loan then to be advanced by each Subscriber, and the Loss if any, will be proportionally less; because whatever may be the Number of Shares subscribed for, still the Loan, or the sum to be paid as the Consideration for the Estate, will be only $79500, the Excess of the Aggregate for which the Notes will be given, will never be called for— To instance— If the Subscriptions should be for 794 Shares, double the required Complement, then as the first Set of Notes would yield the required Sum, the second Set would be delivered to the Subscribers, where they have retained their Shares; but if they have parted with their Shares, they will have to pay, and the Money will instantly paid over in the Form of a Dividend to whoever may hold them— The principal Motive however for a numerous Subscription ^is^ that it will be more honorable to the Memory of our Freind— All that took place here immediately on his Death may be considered as the Effect of Sensibility for the Moment, but what We are now about to do is, in my View of it, the best possible Means to express our sincere and fixed Affection for him ^and^ some of his superlative Worth— Clarkson has increased his Subscription from 5 to 10 Shares, and I think his Example will not be without it’s Influence— Individual Directors have assured the Subscribers will have every Accommodation the Funds of the Banks will permit—2 Yours sincerely

E. B.

ALS, NNC (EJ: 07508). Addressed: “John Jay Esqr. / Bedford / Westchester County—”. Endorsed: “… and. 12 Jany. 1805— / abt. Hamilton Loan”. For JJ’s reply, see his letter to Benson, 12 Jan. 1805, Dft, NNC (EJ: 07523).

1GM, RK, Oliver Wolcott Jr., Charles Wilkes, and Egbert Benson, close associates of AH, served as trustees for his estate and planned to purchase his estate in order to raise $20,000 for the family. See also GM, Diaries, 15 Nov. 1804, 2: 378; Morning Chronicle (New York), 11 Mar. 1805; King, Life and Correspondence of Rufus King, 4: 409–10.

2In his reply, JJ assured Benson that he fully supported and viewed favorably the charitable efforts to assist AH’s widow and children. He further explained that he had not subscribed to the loan because he was in the process of borrowing money for a transaction, and his current financial situation would not allow him to participate in the “Hamilton Loan”. JJ to Benson, 12 Jan. 1805, Dft, NNC (EJ: 07523).

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