To James Brown, John Graham, and George Pickett1
Augt 27 1791
I learn, with real regret, the disappointment you experienced in your intended subscriptions to the Bank of the United States.2 It was very much my wish that the property in the Stock of that Bank should be generally diffused throughout the States.
But its not having been foreseen, any where, that so rapid a subscription would take place, has been the cause that adequate provisions were not made in the law:3 which might have been favorable to greater distribution.
I am sorry to be obliged to add that I do not at present perceive any mode by which the object of your letter4 may be attained.
With great consideration, I am, Gentlemen, Your obed Servant
Messrs Geo Picket, John Graham & James Brown,
LS, Hamilton Papers, Library of Congress.
1. Brown, Graham, and Pickett were Richmond businessmen.
2. The bank’s stock was oversubscribed on July 4, 1791, the day on which it went on sale.
3. “An Act to incorporate the subscribers to the Bank of the United States” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 191–96 [February 25, 1791]).
4. Letter not found.