To Alexander Hamilton
[Philadelphia, 15 March 1791]
By Virtue of the several Acts, the one entitled “An Act for raising and adding another regiment to the military establishment of the United States and for making further provision for the protection of the frontiers,”1 and the other entitled “An Act making an appropriation for the Purpose therein mentioned,”2 I do hereby authorise and empower you by yourself or any other person or persons to borrow on behalf of the United States, within the said States or elsewhere a sum or sums not exceeding in the whole, three hundred and thirty two thousand six hundred & eighty six Dollars and twenty Cents, and to make or cause to be made for that purpose such Contract or Contracts as shall be necessary, and for the interest of the said States in conformity to the said several acts subject to the restrictions and limitations therein respectively contained; and also to this further restriction, that the United States shall have a right to reimburse the principal & interest of the monies which shall be borrowed in pursuance hereof, at the end of the present year or as soon thereafter as they shall think fit—And for so doing this shall be your sufficient warrant. Given under my hand at the city of Philadelphia this fifteenth day of march in the year of our Lord one thousand seven hundred and ninety one
Hamilton wrote a note to GW dated “Monday,” undoubtedly written on 14 Mar. 1791, which reads: “The Secretary of the Treasury presents his respects to the President of the United States and sends him the Draft of a power concerning the intended Loans—If any thing more particular should occur to the President it may be the subject of a distinct instruction” (DLC:GW). Hamilton’s enclosed draft has not been found, but the warrant signed by GW probably did not differ materially, if at all, from the draft.
1. 1 Stat. description begins Richard Peters, ed. The Public Statutes at Large of the United States of America, from the Organization of the Government in 1789, to March 3, 1845 . . .. 8 vols. Boston, 1845-67. description ends 222–24 (3 Mar. 1791). This act appropriated a sum not exceeding $312,686.20 to defray the expenses entailed by the act and authorized the president to borrow the full amount at an interest rate not to exceed 6 percent.
2. 1 Stat. description begins Richard Peters, ed. The Public Statutes at Large of the United States of America, from the Organization of the Government in 1789, to March 3, 1845 . . .. 8 vols. Boston, 1845-67. description ends 214 (3 Mar. 1791). This act, among other provisions, appropriated a sum not exceeding $20,000 for “effecting a recognition of the treaty of the United States, with the new emperor of Morocco,” and authorized the president to borrow the full amount at an interest rate not to exceed 6 percent.