To Alexander Hamilton
Philadelphia April the 27th 1794.
I cannot, under all the circumstances of the case, satisfy myself, that I am at liberty to go contrary to my last instructions; and that I have authority to direct the money, which I have expressly directed to be applied to the purchase of the public debt, to be applied to any other object.1
Still, however, I am willing, that the embarrassments, which you 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 .2 shall be communicated to Congress; and I have no objection to recommend to them to order the money to be reserved for the exigencies which you point out.3
ALS, CtHi: Oliver Wolcott, Jr., Papers; LB, DLC:GW.
The draft of this letter appears in the body of Edmund Randolph’s first letter to GW of this date.
3. Hamilton replied to this suggestion in a letter of 28 April, which reads: “I should not advise a present reference to the Legislature on the subject of the application of the loan; as under the circumstances of that body at this moment much debate would probably ensue and perhaps no decision.
“I am the less induced to advise this step; as the expedient itself will be hereafter practicable, if it shall appear to be necessary. It will be some time before the proceeds of the loan will be realised in the Treasury. When there, though the appropriation will be fixed to the sinking Fund, the actual disbursement of the monies may be accelerated or retarded as may be judged adviseable according to the developpement of circumstances” (CtHi: Oliver Wolcott, Jr., Papers).