To the President and Directors
of the Bank of the United States
Sep 24. 1794
The large extra demand upon the Treasury, which has been occasioned by the expedition going on against the Western Insurgents, obliges me to request of you to permit me by anticipation to draw upon you for the whole of the remainder of the last Million loan on the first of October ensuing.1 You will recollect that 400,000 Dollars are on that day to be paid to you on account of a former loan.2 This payment will be then made accordingly. I request a speedy answer.3
With great respect & esteem I have the honor to be Gentlemen Your obed ser
The President & Directors
of The Bank of The UStates
ALS, Free Library of Philadelphia; copy, RG 217, Miscellaneous Treasury Accounts, 1790–1894, Account No. 6336, National Archives.
2. In accordance with proposals made by H in “Report Relative to the Additional Supplies for the Ensuing Year,” March 16, 1792, Congress on May 2, 1792, adopted “An Act for raising a farther sum of money for the protection of the frontiers, and for other purposes therein mentioned” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 259–63). Among other things, this act authorized the President to borrow $523,500 at an interest rate of not more than five percent per annum (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 262). Of this amount only $400,000 was actually borrowed (“Report on Foreign Loans. Supplementary Statement Showing the Sums Borrowed in the United States,” January 10, 1793).
3. In a statement describing a meeting of the directors of the Bank of the United States on September 26, 1794, Thomas Willing, president of the bank, wrote: “Read a letter from the Secretary of the Treasury dated September 24th 1794 relative to advancing the sums agreed to be loaned on the 1st. of November & 1st of December next at an earlier period. Whereupon Resolved That the Bank will advance the sum of Four hundred thousand Dollars on the 1st day of October.
“Resolved That Mr. [Isaac] Wharton & Mr. [William] Bingham be a Committee to wait on the Secretary of the Treasury to inform him that the Direction had agreed to his proposition and to state to him the situation of the Bank.” (DS, RG 217, Miscellaneous Treasury Accounts, 1790–1894, Account No. 6336, National Archives.)