To George Washington from Oliver Wolcott, Jr., 26 February 1795
From Oliver Wolcott, Jr.
Treasy Departmt Feb: 26. 1795.
The Secretary of the Treasury has the honor to submit to the consideration of the President of the United States, the result of certain conditional proposals made to the Bank of the United States, for obtaining a Loan of Eight hundred thousand Dollars of that Institution.1
It is believed that the terms are as reasonable as, under present circumstances, can be expected, and accordingly the form of a power to the Secy of the Treasury to contract with the Bank, is herewith transmitted.2
All which is most respectfully submitted to the consideration of the President of the U. States
Olivr Wolcott jr
Secy of the Treasy
LB, DLC:GW.
1. This enclosure has not been identified.
2. A copy of the power follows this letter in the letter book. By virtue of “An Act making further provision for the expenses attending the intercourse of the United States with foreign nations; and further to continue in force the act intituled ‘An act providing the means of intercourse between the United States and foreign nations,’” 20 March 1794, and “An Act for the reimbursement of a Loan authorized by an Act of the last Session of Congress,” 21 Feb. 1795 ( 345, 418), Wolcott was authorized to borrow $800,000 from the Bank of the United States or “any person or persons, or body politic authorised to lend the same” and to make such contracts “as shall be consistent with Law & for the Interest of the United States.” The power noted that authority to contract the loan had been granted to the former secretary of the treasury, Alexander Hamilton, on 21 June 1794 but had not been executed with regard to the $800,000.