Alexander Hamilton Papers

Enclosure: Gouverneur Morris to William Short, 24 September 1792

Gouverneur Morris to William Short99

Paris, September 24, 1792. “My Letter of Yesterday was written in the Idea that the Business to which it alludes is present to your Recollection but as that may not be the Case I now add in Explanation that there are three Obligations one for 18 Millions

one for 10 Millions

one for  6 Millions

together 34 Millions

The first two are payable by Installments of which one Half are due on the thirty first of December 1791. The last is payable by Installments of which the first is due on the first of January 1797. If we admit the Articles which you object to, and here remark that an Objection by you will not alone justify the Commissaries, the Amount of the principal and Interest due the first Day of the present

Year will be about 28.000.000
Deducting our Payments to the first of April (without allowing for Depreciations), which amount to about 24.500.000
  There was due a Ballance of 3.500.000
  Add six Months Interest on what remains   500.000
  And you have for what is due the 1 July 4.000.000
  deduct the Remittences in April May and June nearly   850.000 
  Remains due about 3.150.000 
  Add what Remains of the 4 p % Debt Principal  5.000.000 
                    Total 8.150.000 
  Deduct Payment last made  6.000.000 
                    remains  2.150.000 

Thus you see that without touching the Question of Depreciation, nor that of the objectionable Articles which together exceed 3,000,000 there is still a large Sum to be paid before you can take up the Obligation you wish, even admitting the Amount to be settled quite on your Terms. But you will remember that there are two Sides to every Question and two Parties at least to every Contract or Bargain.”

99ALS, William Short Papers, Library of Congress.

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