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

to william duer - 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.

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to william duer

  • Philadelphia,

My Dear Friend:

I have received your two letters of the 12th and 10th.

The subscription-book for the Manufacturing Society did not remain with me nor with either of the two gentlemen who came on with me. Is it with neither of those who accompanied you? If it is not, it must have been left at Brunswick, and you will do well to write to some trusty person there to look it up and send it to you. I am impatient for the alterations which were agreed upon, and a list of the subscribers.

La Roche may go to Scioto, if he can be back in the time you mention.

I fear that in the hurry of writing my letter on the subject of bank scrip, I must have expressed myself more strongly than was intended.

The conversation here was: “Bank scrip is getting so high as to become a bubble,” in one breath; in another: “’t is a South-Sea dream”; in a third: “There is a combination of knowing ones at New York to raise it as high as possible by fictitious purchases, in order to take in the credulous and ignorant”; in another: “Duer, Constable, and some others are mounting the balloon as fast as possible. If it don’t soon burst, thousands will rue it,” etc., etc.

As to myself, my friend, I think I know you too well to suppose you capable of such views as were implied in those innuendoes, or to harbor the most distant thought that you could wander from the path either of public good or private integrity. But I will honestly own I had serious fears for you—for your purse and for your reputation; and with an anxiety for both, I wrote to you in earnest terms. You are sanguine, my friend. You ought to be aware of it yourself and to be on your guard against the propensity. I feared lest it might carry you further than was consistent either with your own safety or the public good. My friendship for you and my concern for the public cause were both alarmed. If the infatuation had continued progressive, and any extensive mischiefs had ensued, you would certainly have had a large portion of the blame. Conscious of this I wrote to you in all the earnestness of apprehensive friendship.

I do not widely differ from you about the real value of bank scrip. I should rather call it about 190, to be within bounds, with hopes of better things, and I sincerely wish you may be able to support it at what you mention. The acquisition of too much of it by foreigners will certainly be an evil.