to oliver wolcott - Alexander Hamilton, The Works of Alexander Hamilton, (Federal Edition), vol. 10 [1774]
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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
December 6, 1796.
Dear Sir:
The president of the Bank of New York called upon me yesterday and manifested considerable anxiety about the state of the bank. It seems the course of things lately and their large accommodations to the Government have produced a balance against them in favor of the office of discount at this place, which has lately called for 100,000 dollars in specie and it is apprehended may speedily call for more.
The president mentioned this situation generally, with only this view, to show that the bank would probably be under the necessity of selling the stock pledged with them, if the government should not be punctual. It was at the same time declared that nothing but necessity would lead to any measure inconvenient to the government, yet it was thought advisable to admonish of the probable necessity.
A director two or three days since also mentioned to me that there was a sum of about 26,000 dollars of interest due to the bank, of which an account had been rendered, but which was not paid, adding that in the present situation every little would help. Observations like these are of course confidential. But the situation requires, and it will make it good policy that, if in your power, you should come to the aid of the Bank of New York. It would be wise, if possible, to anticipate a particular payment. It will be also useful to arrest for a time too free calls from the office.
Friendly attention and good offices on your part will inspire confidence and embolden the bank to assist in future emergencies, and it is very much the policy of the Treasury not to be exclusively dependent on one institution.
P. S.—Let me hear from you on this subject. What is doing with Adet?
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