To Wilhem and Jan Willink, Nicholaas and
Jacob Van Staphorst, and Nicholas Hubbard
November 29th. 1790.
It being probable, that I shall shortly instruct the Treasurer of the United States to draw bills upon you to the amount of one million of guilders, to be paid out of the last loan of three millions;1 I enclose you his signature, together with that of the Register of the Treasury, and the form of the bills which he will draw. The sight, at which these drafts will be made payable, will, probably, be short.
I request the favor of being informed minutely, how the sum of four and a half per cent premium on the above loan is made up; that is to say, what are the several particulars, that enter into its composition, or of which it is given in lieu.
I shall be obliged to you for a copy of each species of the instruments, that is, agreements, subscription papers, bonds, recipisses &c which have been executed, given and received by and between you and the lenders of money, on the last loan. A set, made up of one of each distinct kind, by two or three opportunities, will be sufficient.
I am, Gentlemen, &c.
Messrs. W: & J: Willink,
N: & J: Van Staphorst & Hubbard.
Copy, RG 233, Reports of the Treasury Department, 1792–1793, Vol. III, National Archives. This letter was enclosed in H’s “Report on Foreign Loans,” February 13, 1793.
1. See H to Willink, Van Staphorst, and Hubbard, August 28, 1790. The Holland loan of 1790. Rafael Bayley describes this loan as follows:
“Alexander Hamilton authorized the houses of W. & J. Willink, N. & J. van Staphorst, and Hubbard to open negotiations for a loan of three million florins or guilders ($1,200,000), giving them authority to pledge the good faith of the United States for the payment of the interest and the repayment of the principal. The contract … is dated November 12, 1790. It provided that the loan should be reimbursable within fourteen years, in five annual payments of 600,000 guilders each, the first payment to be made February 1, 1800, and on that day annually until paid.
“Three thousand bonds or obligations of the United States, for one thousand guilders each, were to be issued, and in the December preceding each annual payment the numbers of six hundred of these were to be drawn by lot, in the presence of a notary, the number so drawn to be reimbursed in the following February. Coupons for the annual interest at 5 per cent. per annum were to be attached to each bond. For commission and all expenses connected with the loan the United States were to pay 4½ per cent. on the principal.” (Bayley, National Loans description begins Rafael A. Bayley, The National Loans of the United States from July 4, 1776, to June 30, 1880 (Washington, 1882). description ends , 23.)