To George Washington from the Commissioners for the District of Columbia, 26 December 1796
From the Commissioners for the District of Columbia
Washington, 26th Decr 1796
Sir,
The State of our funds will not admit of delay in disposing of some part of the Stock borrowed of the State of Maryland1—Our Labourers and Mechanics will have a month’s wages due, on monday next; and, also, there will then be one quarter’s Salary due to all the Officers, who are paid by the Year2—The Rules of the public Offices do not permit any transfer of Stock until the first of January, next—We think it will be best to have the Stock borrowed transferred to some person in Philadelphia, who can transfer, on the Spot, as Sales are made, and as the exigencies of our affairs may require—As this Stock bears an Interest of Six per cent, we do not contemplate selling more than ten or twelve thousand Dollars, at one time, and we hope that this may be done at Baltimore; if so, the expence of Brokerage and the inconvenience of receiving Phila. paper, which does not pass generally here, will be avoided.
It may be necessary, for our safety, as we are to become individually, security, on this Loan,3 that it should be sanctioned by your written approbation, which we will thank you to endorse on the copy of the Resolution, forwarded to you, from Annapolis, by Mr Scott; as we think such assent should appear on our Books: this is asked, under a presumption, that the Loan will meet your approbation4—We have the honor to be, &c.
G. Scott
W. Thornton
LB, DNA: RG 42, Records of the Commissioners for the District of Columbia, Letters Sent.
1. For the Maryland legislature’s $100,000 loan to the commissioners in U.S. debt certificates, see John Hoskins Stone to GW, 12 Dec., and n.2 to that document. Commissioner Alexander White’s absence from the Federal City and his delay in signing a bond to secure the loan impeded its full implementation and created financial difficulties for the commissioners (see Commissioners for the District of Columbia to GW, 2 Jan. 1797, and n.3 to that document; and White to GW, 15 Dec.).
2. The commissioners’ book of proceedings for Monday, 2 Jan. 1797, records the “quarters Salary due 1[s]t Instant allowed” to several officials, including the commissioners, each of whom was designated to receive $400. A quarter’s salary in the amount of $350 each was allotted to architects James Hoban and George Hadfield, while the salaries owed clerks Thomas Munroe and William Brent amounted to $250 and $175, respectively. The proceedings also reflect a payment of $212.50 to overseer Elisha Williams. On 2 Jan., the commissioners ordered Williams to “advertize for 100 Laborers … as far as 70$ per Annum, or 60 for Laborers from the 1st March to the 20th of Dcr next” (DNA: RG 42, Records of the Commissioners for the District of Columbia, Proceedings, 1791–1802).
3. In its resolution of 14 Dec. that granted the $100,000 loan to the commissioners, the Maryland legislature declared the following condition: “Gustavus Scott, William Thornton and Alexander White, in their individual capacities, give bond to the state of Maryland, in the penalty of two hundred thousand dollars, conditioned for the repayment of the said sum” of $100,000 “with interest, at the times and in the mode prescribed” by law “as additional and collateral security for the same.” The commissioners collectively were also required to give a bond in the amount of the loan (, 105:68; see also GW to Gustavus Scott, this date; and , 1:271–72).
On 10 Jan. 1797, the commissioners gave their clerk, Thomas Munroe, the following instructions: “You will be pleased to deliver the two Bonds, executed by the Commissioners, to the trustee for the State of Maryland, Mr Benjamin Harwood, & take the transfer of One hundred thousand Dollars, six percent Stock … & you will remember that several payments are made on the 6 pct Stock & that the transfer of six percent stock, nominally, will not transfer” $100,000 “and that the deficiency is to be made up by an additional transfer of so much stock as the actual payments made, will amount to.” The commissioners authorized Munroe “to sell to the agent of … Maryland,” $20,000 “Stock, at the price at Phila. on the day of Sale. … The trustee is requested to retain the Stock sold by Mr Munroe to Mr Marbury, the State’s agent.” The commissioners’ proceedings for 24 Jan. 1797 record that Munroe had “sold to Wm Marbury … $20,000 six per Cent Stock at 16/7 on the pound which amounts to $16,503.33. and that he hath taken a Transferr to” Scott, Thornton, and White, “of the Remainder of the Stock loaned by the State of Maryland” equal to “$80,000 real Stock.” The board’s proceedings for 14 Feb. 1797 documented the sale to Marbury of “the quantity of” $12,478.14 “six per Cent stock … & received his Checks on the Bank of Baltimore for $9083. … for the balance being $757.19” (all in DNA: RG 42, Records of the Commissioners for the District of Columbia, Proceedings, 1791–1802).
4. Gustavus Scott had forwarded a copy of the Maryland legislature’s 14 Dec. resolution when he wrote to GW on 15 Dec. (see GW to Scott, this date, and notes 1 and 2 to that document).
In an unfound letter to the commissioners of 30 Dec., GW enclosed “his approbation endorsed on the Resolutions approving the Loan made of the State of Maryland” (entry of 4 Jan. 1797 in DNA: RG 42, Records of the Commissioners for the District of Columbia, Proceedings, 1791–1802). According to a note written on the “True Copy” of the 14 Dec. Maryland resolution, GW endorsed “the back of a Copy of the foregoing Resolution filed in the Office of the Commissioners of the City of Washington.” That note is followed by a copy of GW’s endorsement or declaration, dated 30 Dec. 1796, which reads: “Know all men by these presents that I George Washington president of the United States have approved and hereby Do approve of the Loan of One hundred thousand Dollars obtained of the State of Maryland by the Commissioners of the City of Washington upon the terms in the foregoing resolution of that State set forth & expressed, And I do direct the same to be fulfilled” (DLC: Miscellaneous Manuscripts Collection). The copy of the resolution filed in the commissioners’ office has not been found. The text of the resolution was also recorded in the commissioners’ book of proceedings under 23 Dec., after Gustavus Scott “brought” the resolution in (DNA: RG 42, Records of the Commissioners for the District of Columbia, Proceedings, 1791–1802).