From Philip Livingston
New York 24th. March 1792
Upon the receipt of your Letter of the 22d. Inst.1 I called upon Mr. Jay, who I find is of opinion that, he cannot go to Philadelphia & return in time, for his Court & that he can give his opinion in writing.2 Mr. Gulian Verplanck3 seems disposed that the New York Bank shoud give every aid in their power consistent with safety, & on Tuesday they will assist the Dealers in some degree.
Schuyler, & myself think, Mr. Jay’s opinion, if the Trustees, who may be oposed to it, object, will not decide the business—that his vote must be viva, voce. I sat with Low & Schuyler two Hours last night. Stock’s continue depressed & Things Gloomy. Duer comes forward to day, with some propositions,7 but I hope not in person as he cannot make any propositions that will be satisfactory & his Creditors will be enraged.
As Mr. Jays opinion in writing may be received, & enable you to come into the Market again, & you would not receive it by Post untill Tuesday afternoon I thought best to send it off by express.8
I am with great regard Your’s
The Honbe. A Hamilton Esqr.
ALS, Hamilton Papers, Library of Congress.
1. Letter not found.
2. H wished John Jay to return to Philadelphia to vote as one of the commissioners of the sinking fund on the proposition that the sinking fund should be used to maintain the price of Government securities during the panic. See H to John Adams, March 20, 1792; the letter which H wrote for Adams to Jay on March 21, 1792; and Jay to H, March 23, 1792.
3. Verplanck was president of the Bank of New York.
4. Nicholas Low.
5. The Society for Establishing Useful Manufactures.
6. Francis Ingraham, a Philadelphia merchant, arranged stock contracts for Duer with Jonathan Williams, Robert Morris, and other stock purchasers.
7. On March 24, the day after he went to jail, Duer wrote a public letter “To the holders of engagements under the signature of the Subscriber” ([Philadelphia] National Gazette, March 29, 1792). This letter, which was reprinted in several newspapers, described Duer’s plans for paying his debts.