To Oliver Wolcott, Junior1
[New York] July 30th 1796
I had written you a short line previous to the Receipt of your letter of the 26th2 to which indeed I can add nothing material.
It will, as things stand, be imprudent to push the point of a further loan till the President arrives3—for though a majority of the Directors are well disposed to the thing, they are afraid of McCormick’s clamours4 and want the sanction of the President to controul & counterballance him. All I am told that can now be relied upon is a postponement of the payment of the 200 000 Dollars heretofore lent5—to which McCormick assents.
Oliver Wolcott Esq
ALS, Connecticut Historical Society, Hartford.
2. Letter not found.
3. Gulian Verplanck.
4. Daniel McCormick.