To Elisha Boudinot
Philidelphia, July 12th, 1792.
I wrote to you, a day or two since, on the subject of the advertisement.1
You recollect there is a power to borrow to be given to the Committee, under the seal of the Corporation.2 No time ought to be lost in preparing and executing the power, and making application for the loan. Not more than 30,000 dollars, in addition to the 10,000 already borrowed, need at first be asked for. I shall write to Mr. Seton3 by to-morrow’s post.
Pray, my friend, let nothing slumber.
JCHW description begins John C. Hamilton, ed., The Works of Alexander Hamilton (New York, 1851–1856). description ends , V, 514.
1. Letter not found. H is referring to “Proposals to Contract for the Construction of the Manufacturing Plant of the Society for Establishing Useful Manufactures,” July 11, 1792.
2. On July 6, 1792, the directors of the Society for Establishing Useful Manufactures gave the committee “authority … to borrow on account of the Society a sum not exceeding seventy Thousand Dollars and to Pledge as a Security, The Stock of the Society in the funds of the United States. And that the Deputy Governor execute under the Seal of the Corporation a Competent power to the said Committee to make the said loan and pledge the said Stock …” (“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 49).
3. William Seton was cashier of the Bank of New York.