Alexander Hamilton Papers

From Alexander Hamilton to the President and Directors of the Bank of the United States, 21 August 1794

To the President and Directors
of the Bank of the United States1

Treasury Department August 21 1794

Gentlemen,

The President of the United States having empowered me by an instrument, (of which the inclosed is a Copy) to make the loan authorised by the Second Section of the Act intitled “An Act making appropriations for certain purposes therein expressed”2 a Copy of which is also herewith sent—

I have the honor to propose to the Bank of the United States a Contract for the loan therein contemplated, namely to the amount of One Million of Dollars, upon the same rate of Interest,3 with former loans to be advanced in the following proportions and at the following epochs—Viz.

200,000 Dollars on the first of September
400,000 Dollars on the first of October
200,000 Dollars on the first of November, and
200,000 Dollars on the first of December of the

present year to be reimbursed severally within Six Calendar Months after each advance.

With great respect & consideration   I have the honor to be Gentlemen   Your Obedient Servant

Alexander Hamilton
Secy of the Treasy

The President & Directors of the Bank of the United States

LS, from the original in the New York State Library, Albany.

1Thomas Willing was president of the Bank of the United States.

21 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 394–95 (June 9, 1794). Section 2 of this act authorized the President to borrow a sum not exceeding one million dollars.

3The loan of one million dollars was “agreed for the 27th August as per Contract a 5 per Cent per Annum from the time of advance …” (D, RG 217, Miscellaneous Treasury Accounts, 1790–1894, Account No. 6336, National Archives).

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