From William Seton
New York 12th Sept. 1791
I had the pleasure to receive your Letter of the 7th by Mr. Eddie1 on fryday morning, but not early enough to answer you with propriety by that post. The bearer of the Letter I apprehend knew or conjectured at the Contents as it flew over the Town like Wildfire that I had orders to purchase, therefore before I got to the Coffee House at Noon, every one was prepared, and no one would offer to supply at less than the former prices.2 I thought it prudent to accept at that, and to diffuse the benefit I divided the purchases into 5000 Dollar Lots, and held them at that, so long as to give every one a chance, and be assured it has been a very great relief. Scrip since I wrote you last3 has been down to 110 and great sacrifices made, Saturday and today they have gone at 135 to 145 and rather bear the appearance of rising. They are now getting into the proper hands and I have no doubt will soon come up to their real value, if the price of the other funds can be now & then supported by your purchases. You have the blessings of thousands here, and I feel gratified more than I can express, at being the dispenser of your benevolence.
I am with the greatest respect Dear sir Your obliged Obedt Humble Sert
Alexr. Hamilton Esqr.
ALS, Hamilton Papers, Library of Congress.
1. Thomas Eddy was a New York City merchant.
2. Three percents were purchased at 12s. and six percent deferreds at 12s. 6d (ASP description begins American State Papers, Documents, Legislative and Executive, of the Congress of the United States (Washington, 1832–1861). description ends , Finance, I, 117). See also Seton to H, August 18 and September 5, 1791.