Alexander Hamilton Papers

To Alexander Hamilton from Le Roy and Bayard, 11 September 1791

From Le Roy and Bayard

Newyork 11 Septber 1791

Dr Sir!

Mr. Mc.Evers1 informed us that you would take £2000 Stg in bills on London at 4 pct; we accordingly a few days since sent him to that amount, wch. we make no doubt he will have delivered to you. Thus the Contents of your esteemed favor of the 6 Instt2 has been complied with. We presume that you have already been informed that a Comittee from the Stockholders to the National Bank, in Boston, have addressed Several Gentlemen in this City, upon the Subject of a coopperation between the two Cities, as to Voting for Directors at the ensueing Election. A Meeting of the Stockholders, has in consequence of those Letters been convened, and they have Unanimously appointed 11 Electors who are to represent them at the Ensueing Election, and to form a junction with those of Boston. A Committee is appointed here to Correspond with that of Boston, who have in Strong terms recommended the adoption of Similar measures there, wch. may tend to prevent numerous parties wch. by holding up any particular list of Directors, would have created. Mr. Smith3 of S. Carolina, who is appointed the Agent General from Charleston, a⟨tte⟩nded the private Committee, to whome he declared his readiness to join this and the Eastern States, in voting for Directors. The Eastern States are accordingly apprised of these measures and it is to be hoped they may have beneficial effects.4 The choice of Electors will we presume, meet your approbation, as it was your opinion, similar measures ought to be adopted.5

We have the honor to remain respectfully and with Much Esteem Sir   Your humble Servants

LeRoy & Bayard

Alex. Hamilton Esq

LS, Hamilton Papers, Library of Congress.

2Letter not found.

3William Loughton Smith, a Federalist member of the House of Representatives from South Carolina.

4This and the preceding sentence refer to plans to prevent Philadelphia from controlling the Bank of the United States. In discussing the struggle for control of the bank, James Wettereau has written: “From the outset there was marked determination on the part of New York and New England capitalists not to permit Philadelphia to dominate the Bank. The citizens of Charleston, South Carolina, were no less resolved to safeguard their interests. Under the leadership of their Hamiltonian Congressman, William Loughton Smith, they systematically organized a campaign which speedily resulted in pledges for between 650 and 1,000 shares with the avowed purpose of obtaining a branch for that city” (James O. Wettereau, “The Branches of the First Bank of the United States,” The Journal of Economic History, II [December, 1942], Supplement, 72).

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