From Alexander Hamilton
Treasury Dept June 10 1794.
I have the honor of submitting herewith to the President the draft of a power to borrow One million of dollars, by virtue of the Act passed the 9 instant, intitled "an Act making appropriations for certain purposes therein expressed.["]1
I need only observe as to the necessity of making the loan, that the objects for which the Act provides will call for immediate expenditures—and that the funds contemplated will only accrue from revenues to be collected in future. With perfect respect, I have the honor to be &c.
1. The enclosed draft has not been identified. GW signed the power, dated 9 June, on 11 June (JPP description begins Dorothy Twohig, ed. The Journal of the Proceedings of the President, 1793–1797. Charlottesville, Va., 1981. description ends , 308). For the act, which appropriated money mainly for naval armaments, port fortifications, the corps of artillerists and engineers, frontier defense, and the equipment of galleys, see 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 . 1:394-95.