To the President and Directors
of the Bank of the United States1
December 26. 1794
Inclosed are the copies of two Acts one of Congress authorising The President to borrow two millions of Dollars2 another of the President authorising me to carry that act into effect.3 The extensive payments becoming due to the Bank of the UStates added to the large demands for the current service oblige me to ask of the Bank the loan of the whole sum. The expence of suppressing the late insurrection has created a necessity for larger anticipations than usual and for a longer term of reimbursement.
I therefore hope that it will be found convenient to the Bank to make the loan to the above extent payable in the following installments (to wit) one Million of Dollars on the first of January next, One Million of Dollars on the first of April next, each installment to be reimbursed in one year after it is advanced.
With great respect & esteem I have the honor to be Gentlemen your obedient servant
The President & Directors of The
Bank of The UStates
ALS, Historical Society of Pennsylvania, Philadelphia.
1. Thomas Willing was president of the Bank of the United States.
2. “An Act authorizing a Loan of two million of Dollars” (1 Stat. description begins The Public Statutes at Large of the United States of America (Boston, 1845). description ends 404 [December 18, 1794]).