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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:

The society for the establishing of useful manufactures, at their last meeting resolved to borrow a sum of five thousand dollars upon a pledge of deferred stock. Mr. Walker is empowered to negotiate the loan, and I expect application will be made to the Bank of New York for it. I have a strong wish that the directors of that bank may be disposed to give facilities to this institution upon terms of perfect safety to itself. I will add that from its situation it is much the interest of our city that it should succeed. It is not difficult to discern the advantage of being the immediate market of a con siderable manufacturing town. A pledge of public stock will completely fulfil the idea of perfect security. I will add more, that in my opinion banks ought to afford accommodation in such cases upon easy terms of interest. I think five per cent. ought to suffice, for a direct public good is presented. And institutions of this kind, within reasonable limits, ought to consider it as a principal object to promote beneficial public purposes.

To you, my dear sir, I will not scruple to say in confidence that the Bank of New York shall suffer no diminution of its pecuniary facilities from any accommodation it may afford to the society in question. I feel my reputation much concerned in its welfare.

I would not wish any formal communication of this letter to the directors, but you may make known my wishes to such of them as you may judge expedient.