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
Aug. 14, 1802.
Dear Sir:
When you were last in town, I proposed to communicate to you the outline of a project, by which I think you may enter upon a career of business beneficial to yourself and friends. My almost constant attendance at court ever since you were here, has retarded the communication which I shall now make.
Let a commercial capital be found, to consist of 100,000 dollars, divided into shares of $100 each. A subscriber to pay in cash one tenth of his subscription, and for the residue 7 per centum per annum. It will then be his interest to pay up as soon as he can.
The subscribers to form a partnership, under the firm of Oliver Wolcott & Co.; Oliver Wolcott alone to have the signature of the firm, and the active management of the affairs of the company, with an allowance of $1,500 per annum out of the profits for the trouble of management, besides his share of profits as a partner.
Oliver Wolcott and two others of the partners to form a board of direction, to plan, etc.
Clerks and all incidental expenses to be paid out of the fund.
The objects of the company.
1. Agencies of purchase and sales of land, stocks, etc.
2. Factorage of cargoes, consigned on commission; purchase of goods on commission, etc.; in brief, “the business of a commission merchant merely.”
3. Purchases at auction, and sales of the articles purchased.
4. Loans of money on deposit of goods, with a right, if not redeemed in time, to sell on commission, perhaps.
Speculative enterprises in navigation and commerce to be excluded.
In a company thus formed under your management, I should be willing to become a partner for from 5 to 10,000 dollars, and I have no doubt that the capital will be readily formed of confidential and trustworthy characters, who would insure great credit to the house. I am also confident, that when it should be known in Europe that certain characters were of the company, it would attract a good portion of profitable employment.
I will enter into no further detail. If the project impresses you favorably, come to New York, and we will give it form, and finish and prepare for execution. Do not lightly reject it.
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