From William Seton
New York 11th June 1792
My Dear sir
I now enclose you the Bond of Baron Steuben which I took up from Mr. Cutting with his receipt for £506.13 which I paid him.1 I wished him to be more particular in the receipt, but he said you had already been informed of all the items that composed the Sum. Bank Stock still keeps from 26 to 28 Cent and therefore have not sold yours, as I am convinced it must rise, at least it ought to rise if People wish to purchase a Stock that will give them good interest for their money.
By the hands of Colo. Walker2 I received your favour of the 25th May. It was accompanied with a Resolution of the Board of Directors of the Society for establishing Usefull Manufactures that he should negotiate a Loan for Ten thousand Dollars upon a pledge of Publick Stock.3 Our Board immediately agreed to the Loan and to a charge of 5 Cent interest, only,—to be charged upon the Sum as drawn out of the Bank. It was taken up upon such a footing as you could have wished, & acceeded to with the most earnest wish to promote the beneficial public purpose intended.
In the month of July last year, Mr Pearce the Manufacturer arrived here from Ireland.4 He brought me Letters from Mr Digges5 requesting my patronage &c & care of the Modells that he brought. I complied in every sense & receiving afterwards a Letter from the Secretary of State & Mr. Coxe6 of what importance these Modells were, & directions how to forward them &c, I paid Mr. Pearce’s passage & gave him Money to enable him to get to Phia. The modells I sent by my Son in Law Mr Vining.7 For the Money I advanced to Mr. Pearce, which was 120 Dollars, I took his Note of hand, which I sent to Mr. Coxe8 as Mr. Jefferson wrote me all charges would be thankfully repaid. However I have never yet been paid & Mr. Cox writes me that Pearces Note to me is in your hands. I take the liberty of Mentioning this, that it may not be forgot, as it was purely pro bono publico that I advanced the Money.
I am with the highest respect & esteem Dear sir Your obliged Obed Hbl Servt
P.S. your Letter was forwarded by the Packet.
Alexander Hamilton Esq
ALS, Hamilton Papers, Library of Congress.
2. Benjamin Walker.
3. The resolution was dated May 18, 1792 (“Minutes of the S.U.M.,” description begins MS minutes of the Society for Establishing Useful Manufactures, City of Paterson, New Jersey, Plant Management Commission, Successors to the Society for Establishing Useful Manufactures. description ends 38).
6. Tench Coxe, commissioner of the revenue.
7. On November 24, 1790, Anna Maria Seton was married to John Vining, a member of the House of Representatives from Delaware.
8. On July 13, 1791, Coxe wrote to Thomas Jefferson: “I had the honor of your note by Mr Pearce and you may rely upon my attention to fix a man who appears of so much importance to the United States. He communicated with me very freely, and finding on my cautioning him about foreign seduction that he had been attacked in that way already at New york I have prevailed on him to deposit his articles at once in the patent office.… In consequence you will find enclosed an order, signed by him, to Mr. Seton to deliver the apparatus to such persons as you shall direct” (ALS, Thomas Jefferson Papers, Library of Congress).