George Washington Papers

From George Washington to Clement Biddle, 28 May 1798

To Clement Biddle

Mount Vernon 28th May 1798

Dear Sir,

Enclosed you will receive my Power of Attorney to sell the sum of three thousand four hundred and ninety four dollars and thirty one cents, Six pr Cent stock of the United States, which stands in my name on the Books in Philadelphia, and also the certificate of sd Stock.

This ⟨stock⟩ is loaned by me for the use of the Potomack Company, and in the application thereof you ⟨will be⟩ pleased to follow the advice of Mr William Hartshorne, of Alexandria, the Treasurer of that Company.1

There will yet remain a small sum to be ⟨receiv⟩ed quarterly on the 3 prCt Stock; but that I may not at any time draw for more than you have funds to answer, I pray you to inform me, (after the Coach & Table ornaments are sold) how the A/c between us stands—that I may make my remittances accord with the draughts. With esteem & regard I am Dear Sir Your Obedt Hble Servant

Go: Washington

ALS (letterpress copy), DLC:GW; LB, DLC:GW.

1This power of attorney has not been found. A year before, on 28 May 1797, GW had authorized Biddle “to receive the Interest of my certificates at the Treasury, or Bank of the United States; amounting to about one hundred dollars pr quarter.” See also GW to Biddle, 8 June 1797. According to Ledger C description begins Manuscript Ledger in Morristown National Historical Park, Morristown, N.J. description ends , 19, Biddle on 1 April 1798 collected $78.29 in interest on GW’s “6 & 3 per Ct Stock” and then, on 1 July 1798, collected $25.82 “on the remaing 6 & 3 per Ct stock.” For GW’s loan of his Potowmack Company stock to that company, see Tobias Lear to GW, 4 Mar. 1798, and note 1 of that document, and GW to James Keith, 13 Mar. 1798. It is not known precisely when GW decided to make this further loan of cash to the company, but see Lear to GW, 4 Mar., nn.2 and 3.

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