Washington, 26th Decr 1796
The State of our funds will not admit of delay in disposing of some part of the Stock borrowed of the State of Maryland—Our Labourers and Mechanics will have a month’s wages due, on monday next; and, also, there will then be one quarter’s Salary due to all the Officers, who are paid by the Year—The Rules of the public Offices do not permit any transfer of Stock until the first of January, next.
We think it will be best to have the Stock borrowed, transferred to some person in Philadelphia, who can transfer, on the Spot, as Sales are made, and as the exigencies of our affairs may require—As this Stock bears an Interest of Six per cent, we do not contemplate selling more than ten or twelve thousand Dollars, at one time, and we hope that this may be done at Baltimore; if so, the expence of Brokerage and the inconvenience of receiving Phila. paper, which does not pass generally here, will be avoided.
It may be necessary, for our safety, as we are to become individually, Security, on this Loan, that it should be sanctioned by your written approbation, which we will thank you to endorse on the copy of the Resolution, forwarded to you, from Annapolis, by Mr Scott; as we think such assent should appear on our Books: this is asked, under a presumption, that the Loan will meet your approbation. We have the honor to be &c.
DNA: RG 42--Records of the Commissioners for the District of Columbia, Letters Sent.