From Alexander Hamilton
Treasury Depart. Mar: 21st 1794.
A law having passed to inable the President to cause a loan to be made in aid of the current receipts from the Public revenues, it is urgent that measures should be taken without delay for carrying it into effect.1
The enclosed statement shews the probable situation of the Treasury to the end of the ensuing quarter as far as materials are now possessed and manifests the necessity of an immediate aid by Loan.2
I therefore submit to the President the draft of a Power in the usual form to authorise the making of the Loan.3 With perfect respect &c.
Alexander Hamilton. Secy of the Treasy
1. The legislation recently passed was “An Act authorizing a Loan of one million of Dollars,” 20 March 1794 (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 . 1:345).
2. The enclosed statement (DLC:GW) reads:
“Probable State of Cash up to the 1. July 1794.
Treasury Department March 21. 1794.
3. The enclosed draft has not been identified, but the authorization that GW returned to Hamilton on 22 March reads: “For carrying into execution the provisions of the Act of the twentieth day of this present month, whereby the President of the United States is authorised & empowered to borrow a certain sum of money on the credit of the United States.
“I do hereby authorise you the said Secretary of the Treasury in the name and on the credit of the United States to borrow of the bank of the United States, or of any other body or bodies politic, person or persons whomsoever a Sum not exceeding one million of dollars, at any interest not exceeding five per centum per annum; and to enter into such agreements for the reimbursement thereof as shall be needful & proper; hereby promising to ratify whatever you shall lawfully do in the premises.
“In testimony whereof I have here unto subscribed my hand at the City of Philada the 22d day of March 1794” (LB, DLC:GW).