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.

Every body 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!
Yours, &c.

SCHUYLER TO HAMILTON.

NEW-YORK, Sunday, Jan. 29th, 1792.

MY DEAR SIR:

Your favor of the 24th instant, I received yesterday. I shall embrace the first moment which offers, and in which I can prudently be absent from hence, to pay you a visit.

The bank mania has somewhat subsided; but as in the first paroxysm the leaders induced many to subscribe a petition to the legislature for an incorporation, the pride of some and

the interested views of others will not permit them to relinquish the object. What fate will attend the application in the House of Assembly is problematical-but I am almost certain that in the Senate it will not meet with countenance. It is, however, prudent to be prepared with every objection, and I wish you to state those that have occurred to you.

I have been pressed by several persons to draft a bill for the future conduct of the Commissioners of the Land Office, in the preamble to which they wish to convey a censure on the board, for their conduct in the sale to Mr. Macomb. Considering a measure of this kind as a two-edged sword, I have advised that if even it were proper, it would not be prudent until matters of much importance to the State had been decided upon, and that the business should be postponed for further consideration. This advice was acceded to, but with so much reluctance, that I am under apprehensions that it will be precipitated.

Mr. Rensselaer is arrived; has received the letter you mention. Before I left Albany some intimations were given of the project you mention, and I was alarmed, as Mr. Yates had some little time before observed to me that he apprehended his pecuniary affairs would be injured if he was placed in the chair of Government. I obviated the difficulties he stated; observed that the mere intimation that he doubted of the propriety of being proposed as a candidate, would be injurious to his reputation, intensely distressing to those who had supported him on the former occasion, and who had already committed themselves with great numbers of the citizens. He seemed convinced, and from what he has since said to Mr. Rensselaer, and the exertions he makes with the council of appointment in favor of persons who are unfriendly to Clinton, and whom he declares will use their influence to carry the election in his favor, I am led to believe that he will not yield to Mr. Burr's views. I shall, however, in a day or two bring him to an explicit declaration on the subject.

As no good could possibly result from evincing any resentment to Mr. Burr for the part he took last winter, I have on every occasion behaved towards him as if he had not been the principal in the business.

If I cannot speedily visit you, I shall send on Cornelia, who is anxious to be with you and her sister.

My love to Eliza and the children.

Yours, affectionately, &c.,

PH. SCHUYLER.

LEDYARD TO HAMILTON.

DEAR SIR:

NEW-YORK, February 1st, 1792.

On my arrival here, finding that a tide was likely to make strongly for Mr. Burr, I grew more anxious, on the grounds which I had the honor to converse with you about in Philadelphia. I talked with several of our common friends, but with none confidentially, excepting General Schuyler, who, with the same confidence, was pleased to inform me of the circumstance of Mr. Yates resigning his pretensions. Mr. Schuyler concluded to have an interview with you, and to let the determination of Mr. Yates remain a secret until his return.

Mr. Yates, it is probable, will feel much inclined to return the favor which he has received from your friends, in affording his support to the candidate which they may propose; but against this, it is to be calculated that supporting Mr. Burr will best please most of his ancient friends, and tend to restore him to their confidence, and also that the candidate in question has a personal dominion over him. Mr. Schuyler supposes, that if Mr. Clinton and Mr. Burr were to be the only competitors, and his friends thrown out of the scale, it would be doubtful which succeeded. To oppose Mr. B. with success, your friends will be necessitated to promote the interest of the old incumbent, which might be considered a dereliction of sentiment; and to cherish the hopes of a third candidate, will probably be to lose a triumph.

If B. finally succeeds, and you have not the merit of it, it will be an event extremely disagreeable to me. With this impression, I have sought repeated interviews with him, until I could procure from him an artless declaration of his sentiments, both with respect to the Union, on present grounds, and also with respect to you.

He has expressed a sincere regard for the safety and wellbeing of the former. With respect to yourself, he expresses an entire confidence in the wisdom and integrity of your designs, and a real personal friendship, and which he does not seem to suppose you doubt of, or that you ever will, unless it may arise from meddling interveners.

Unless you have grounds of objection which I do not know of, I ardently wish that the result of your interview with General Schuyler may be an adoption of the candidate.

I am,

With entire respect and esteem,

Your very obd't humble serv't,

ISAAC LEDYARD.

WATSON TO HAMILTON.

NEW-YORK, February 2d, 1792.

SIR:

The nature of my business has allowed me but a few leisure moments since my return to this place. I called pretty early, and repeatedly, on General Schuyler, but have not had the good fortune to find him at home; if I had, I am not sufficiently known to him, to expect his confidential communications on a subject so delicate as that of the approaching election.

Knowing that truth and the public good engage all your attention, and govern all your actions, it may serve as an apology for my suggesting the observations I have made, and the inferences that result. So far then as I have been able to collect opinions, there is some prospect that the gentleman alluded to in

our last interview, may at all events be preferred to the government; and in case it was thought expedient to give him the federal interest, the probability would be strong.

If that interest is denied him, and he succeeds, will it not make him an enemy, if he is not one now? If he is refused this support, and fails, will he not return to the Senate of the United States, embittered against the government and its ablest advocates?-a circumstance the more to be regretted in the present irritable state of the Legislature and body politic. If this aid is given him, and he fails, will it not serve to moderate his conduct, or rather to bind him by the ties of interest and gratitude to his supporters? If it could be possible that he should absolve himself from these ties, would not the ingratitude and atrocity of the act diminish his power of doing harm, and make all future opposition to him equally just and popular? You will have the goodness to recollect, that these remarks are founded upon the presumption that Judge Yates chooses not to be a candidate, and that he will resign his pretensions with most satisfaction to the character in question.

This I am assured is the fact, without which I should not have troubled you with these remarks.

Whenever I imagine how much easier it is to embarrass and obstruct the benign operations of government, than to give it the requisite tone and vigor, I am solicitous to remove talents, perseverance, and address, as far from the opposition as possible. I have omitted to urge any positive good that may result from this measure, although I am strongly persuaded that a very great one may accrue.

The absence of evil will continue to be desirable, until the public mind becomes more quiet, and federal habits take deeper root. I shall only add, that the cautious distance observed by this gentleman towards all parties, however exceptionable in a politician, may be a real merit in a Governor.

I have the honor to be, with perfect truth and esteem,

Your most humble servant,

JAMES WATSON.