To George Washington from Tobias Lear, 26–27 May 1795
From Tobias Lear
George Town [D.C.] May 26th[–27] 1795.
Dear Sir,
I had the honor of writing to you on the 20th instant, and therein acknowledged the receipt of your respected favor of the 17th instant. Since which I have applied for your account with the Commissioners, and informed that I would settle it when presented. It has not yet been handed in; but as soon as there is a little leisure from the present press of business at their office I presume it will be, when it shall be immediately paid.
I should have written to you before this on a certain subject; but having heard, soon after my arrival here, that Mr Alexander White had accepted the appointment of Commissioner, I thought it unnecessary.1
I expect shortly to be honored with your directions to purchase some shares in the Banks of Alexandria and Columbia.2 Should you have determined to invest money in these Banks I hope your orders therefor will reach me before the first of June, as shares before that day may be bought cheaper than afterward. A payment of ten dollars on each share in the Columbia Bank is then to be made, and previously to that time this Bank will make no discounts—which causes Cash to be much wanted hereabouts. So great is the want of money that a difference of one dollar pr bbl for flour is made between Cash and 60 days credit. It sells in Alexandria for 60/Virga Cury in Cash and 66/ for 60 days Credit. Bank shares are now at par in Alexandria—and I think may be bought here a little below. Corn sells for 3 dolls. cash & 3½ at 60 days.
The business at the public buildings seems to go on briskly; but almost every private building is at a stand. At present our buildings are almost the only ones that progress as they ought to do—Great numbers of workmen are leaving the City daily for want of employment. Mr Barrey of Baltimore is commencing improvements on the Eastern Branch at the end of South Capitol Street—and Mr Duncanson has been laying off ground just above Mr Young’s with a view to building.3 These are all the new undertakings at present in operation. I am, however, very far from being discouraged by these appearances as many seem to be; for, when the rage is so great for turning money every hour, as is the case at present, it is not to be expected that many will be found to employ their funds in an object which cannot promise a return for some time; unless it be those who have entered into the business with an eye to future operations here, and a conviction of their advantages. But whenever a sober state of things shall again take place, I am persuaded that the tide will flow here as rapidly as the most sanguine well-wishers to the establishment could desire—then those who have persevered and have prepared their buildings will begin a steady & pleasing harvest.
To Mrs Washington I beg to be presented in the most grateful & respectful manner.
With sentiments of the purest & most affectionate attachment, I have the honor to be, Dear Sir, Your devoted & grateful friend
Tobias Lear
May 27. Your respected favor of the 24t inst. with 960 dolls. bank notes of the U.S. and a draft on the bank of Alexa. for three thousand four hundd dolls. has been received—and the contents shall be duly attended to & I hope to your satisfaction.4 truly & respectfuly I am
Tobias Lear.
ALS, DLC:GW.
1. See GW to Alexander White, 28 April, and White’s reply of 11 May.
2. Lear informed GW about available shares in the two banks in his letter of 20 May.
3. James Barry was a Baltimore merchant and served as Portuguese viceconsul for Virginia and Maryland (see Daniel Carroll to GW, 13 Jan., and n.6). Notley Young owned a plantation on the banks of the Potomac (see Pierre-Charles L’Enfant to GW, 22 June 1791, n.7). William Mayne Duncanson (d. 1812) came to the United States from India, where he had worked in the merchant marine. In February 1795 he joined Thomas Law in a move to the Federal City. Duncanson purchased lots there in 1795 and 1796 and constructed a lavish home near the Capitol known as “The Maples.” In late 1795 he served as one of the lottery commissioners for the construction of a canal in Washington and as one of the directors of the Eastern Branch Bridge Co. to improve transportation over the Potomac River. Duncanson established a mercantile firm with James Ray in April 1796, but they dissolved the partnership in June 1797. Duncanson suffered financial difficulties by the early 1800s and lost most of his Washington, D.C., property.
4. Lear was referring to GW’s letter to him of 25 May, in which the president enclosed “what money I had by me, of my private funds; and an order, on the Bank of Alexandria for all I have there; both of which sums, I pray you to lay out in the purchase of Stock in that Bank; or, the Bank of Columbia; or in both; as from circumstances and the information you may possess at the moment you shall deem most advisable & advantageous.
“The sum enclosed is nine hundred and Sixty Dollars in Notes of the U: States Bank, The sum in the Bank of Alexandria, amounts according to the information given me by Mr Pearce to $3430.63 cts—but be it more, or less, the order embraces it” (LB, DLC:GW).
Also on that day, GW sent a note to the president and directors of the Bank of Alexandria: “Please to pay to Mr Tobias Lear on order, the balance of the money deposited in the Bank of Alexandria on my acct by Mr William Pearce my manager, which balance according to his statement thereof to me is $3430 & 67 Cents” (LB, DLC:GW). In his accounts for 25 May, GW entered a notation that he had sent Lear “$960 in Bank notes and my order on the Bank of Alexandria for $3430.67 to purchase Bank Stock for me” (
, 22).