To the President and Directors
of the Bank of the United States1
Treasury Department August 21 1794
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
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.
1. Thomas Willing was president of the Bank of the United States.
2. 1 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.
3. The loan of one million dollars was “agreed for the 27th August as per Contract a 5 Cent Annum from the time of advance …” (D, RG 217, Miscellaneous Treasury Accounts, 1790–1894, Account No. 6336, National Archives).