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Front Page  Titles (by Subject) to oliver wolcott - The Works of Alexander Hamilton, (Federal Edition), vol. 10
to oliver wolcott - Alexander Hamilton, The Works of Alexander Hamilton, (Federal Edition), vol. 10 [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. 10.
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to oliver wolcott
August 5, 1796. Dear Sir:
The Bank of New York is willing to make the loan of 324,000 dollars to you (I mean the exact sum of about this amount, if you desire it, which one of the laws you mention authorizes to borrow), on these terms: to advance all but 200,000 dollars, when you please to advance the 200,000 dollars, by way of reloan, when that sum, payable in October, becomes due. The term of credit to be, in each case, six months from the time of the advance. The interest, six per cent., with a deposit of stock (6 per cent.) at par, so placed as to permit the sale of it at the market price, if there be a failure of reimbursement at the stipulated periods. The treasury, upon honor, to draw immediately upon the bank as the money is wanted for expenditure, not to transfer it before-hand. On this point, sincerity and delicacy will be expected.
It was mentioned, too, as desirable, though notmade a condition, that it should be understood that in case a real pressing emergency in the course of the winter should exist, the bank, on giving previous notice of the necessity to the Treasury might be at liberty to sell the stock at the then market price. The directors to be, upon honor, not to use this permission but in case of real necessity. Their honor, I know, may be entirely relied upon, and it may be well to gratify.
The deposit of stock was suggested by myself, upon your first letter. It is an ingredient in the negotiation which the bank values.
The bank wishes a speedy decision.
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