From Tobias Lear
August 26th. 1790.
In obedience to the command of the President of the United states, I have the honor to inform you that he approves of the enclosed Drafts of a Power and Instructions which have been submitted to him, respecting a Loan of twelve million of Dollars;1 but thinks an addition to the instructions given to the Agent,2 to the following effect might be proper, for reasons which he will assign to you, Vizt. “That the Agent shall never open a loan for more than one million of Dollars at a time, nor open a new loan ’till the old one has been expressly approved of by the President of the United States.”
I have the honor to be with the highest respect sir Yr. most Obt. humble servant
Secretary to the President of the United states.
LC, George Washington Papers, Library of Congress.
1. Section 2 of “An Act making provision for the (payment of the) Debt of the United States,” which became law on August 4, 1790, reads in part: “Be it further enacted, That the President of the United States be, and he is hereby authorized, to cause to be honored on behalf of the United States, a sum or sums, not exceeding in the whole twelve millions of dollars …” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 139).
2. The Dutch bankers, Wilhem and Jan Willink, Nicholaas and Jacob Van Staphorst, and Nicholas Hubbard.