Econlib

The Library

Other Sites

 Front Page arrow Titles (by Subject) arrow to william seton - The Works of Alexander Hamilton, (Federal Edition), vol. 9

Return to Title Page for The Works of Alexander Hamilton, (Federal Edition), vol. 9

Search this Title:

Also in the Library:

Subject Area: Economics
Subject Area: Political Theory
Topic: The American Revolution and Constitution

to william seton - Alexander Hamilton, The Works of Alexander Hamilton, (Federal Edition), vol. 9 [1774]

Edition used:

The Works of Alexander Hamilton, ed. Henry Cabot Lodge (Federal Edition) (New York: G.P. Putnam’s Sons, 1904). In 12 vols. Vol. 9.

Part of: The Works of Alexander Hamilton, (Federal Edition), 12 vols.

About Liberty Fund:

Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals.


to william seton

  • Treasury Department,

Aug. 15, 1791.

Inclosed is a resolution of the Trustees of the Sinking Fund, appropriating a certain sum for the purchase of public debt, within certain limits therein specified; in consequence of that resolution I have concluded to apply one hundred and fifty thousand dollars towards purchases in the city of New York, and to ask you to undertake the execution of the business. In thus forbearing to employ some officer of the United States, and having recourse to your aid, I am governed by the consideration that your situation would lead to such an execution of the business as might at the same time best consist with the accommodation of the Bank of New York.

Inclosed is a letter to the directors of the bank, requesting them to pay to you the above-mentioned sum. You will, of course, however, only avail yourself of this authority in proportion to the actual purchases you shall make, as you will please to advise me weekly of such as you may be able to effect. The Trustees have never yet determined on any allowance to the persons who have been employed in similar purchases, nor is it clear how much is in their power on this point. I can therefore only say that the same rule will govern in your case as in that of others.1

[1]Now first printed, with the inclosures which follow, from the Hamilton papers in the State Department.

(Inclosure.)

Whereupon it is Resolved:

  • 1. That the aforesaid sum to purchase, at the following rates: To the purchase of funded stock, bearing a present interest of six per centum, at twenty shillings in the pound; funded debt, bearing an interest of three per centum, at twelve shillings in the pound; and deferred debt, at twelve shillings and six-pence in the pound.
  • 2. That if any of the aforesaid species of debt be lower than the rates here fixed, preference be given to it.
  • 3. That any surplus of the said purchase money or the whole, as the case, under the preceding circumstances may be, be applied in the first instance to the purchases of the three per cents and the deferred debt, as far as they can be obtained, and afterwards to the purchase of funded stock of six per cent.
  • 4. That the cities of Philadelphia and New York be the places of purchases.



In behalf of the Board,

(Signed) Th. Jefferson.

(Inclosure.)

To the President, Directors, and Co. of the Bank of New York:

Treasury Department, Aug. 16, 1791.

Gentlemen:

You will please cause to be paid to William Seton, Esq., such sums, not exceeding in the whole one hundred and fifty thousand dollars, as he may require, to be applied by him towards purchases of the public debt, at the request of the Trustees of the Sinking Fund; the advances you shall make, when known, will be covered in the requisite forms.

Yours, etc.,

(Signed) A. Hamilton.