To Alexander Hamilton
[Philadelphia, 8 August 1793]
You having stated to me that there will be due & payable on the first of June next on account of the Loans heretofore made by the United States in Holland the sum of one million of Florins.1
I do therefore hereby direct & require that you will take measures for procuring in due time by way of Loan the said sum of one million of florins, to be applied to the payment of the aforesaid installments.
Provided always that the terms & conditions of the said Loan or Loans be according to Law.2
Given under my hand at Philada the Eighth day of August 1793.
1. For Hamilton’s statement showing the money due on 1 June, see note 1 of the enclosure in Hamilton to GW, 15 June 1793. This payment was the first installment on the Dutch loan approved by Congress on 14 Sept. 1782 (JCC description begins Worthington Chauncey Ford et al., eds. Journals of the Continental Congress, 1774-1789. 34 vols. Washington, D.C., 1904–37. description ends , 23:575–80). For a summary of the several foreign loans obtained by the United States before 1793, see Bayley, National Loans description begins Rafael A. Bayley. The National Loans of the United States, from July 4, 1776, to June 30, 1880. 1881. Reprint. New York, 1970. description ends , 17–26.
2. Section 2 of “An Act making provision for the [payment of the] Debt of the United States,” 4 Aug. 1790, authorized the President “to cause to be borrowed on behalf of the United States, a sum or sum, not exceeding in the whole twelve million dollars … to the paying off the whole of the said foreign debt” (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 ., 138–44). Hamilton arranged a new loan, dated 1 Jan. 1794, with the Dutch banking firm of Willink, Van Staphorst & Hubbard (Hamilton Papers description begins Harold C. Syrett et al., eds. The Papers of Alexander Hamilton. 27 vols. New York, 1961–87. description ends , 15:231–32, 593–96).