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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.

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to william seton

  • Philadelphia,

My Dear Sir:

I feel great satisfaction in knowing from yourself that your institution rejects the idea of a coalition with the new project, or rather hydra of projects.

I shall labor to give what has taken place a turn favorable to another union, the propriety of which is, as you say, clearly illustrated by the present state of things. It is my wish that the Bank of New York may, by all means, continue to receive deposits from the Collector in the paper of the Bank of the United States, and that they may also receive payment for the Dutch bills in the same paper. This paper may either be remitted to the Treasurer, or remain in the bank, as itself shall deem most expedient. I have explicitly directed the Treasurer to forbear drawing on the Bank of New York without special direction from me. And my intention is to leave you in possession of all the money you have or may receive till I am assured that the present storm is effectually weathered.

Everybody here sees the propriety of your having refused the paper of the Bank of the United States in such a crisis of your affairs. Be confidential with me; if you are pressed, whatever support may be in my power shall be afforded. I consider the public interest as materially involved in aiding a valuable institution like yours to withstand the attacks of a confederated host of frantic and, I fear, in too many instances, unprincipled gamblers.

Adieu. Heaven take care of good men and good views!