bank to receive payments in stock from embarrassed persons, it may not be amiss that you should know as a guide, that there are at this moment orders from a respectable Dutch concern to purchase 6 per cents. at 24s., if bills can be sold at par; of this I have the most unequivocal evidence. This is a proof that foreigners will be willing to give that price. How vexatious that imprudent speculations of individuals should lead to an alienation of the national property at such under rates as are now given! I presume your greatest embarrassments arise from the contracts to pay and deliver not yet at issue. Is it possible to form any conjecture of their extent? Yours, &c. HAMILTON TO WILLIAM SETON. (PRIVATE.) PHILADELPHIA, April 12th, 1792. I have your letters of the 10th and 11th, and more to my distress and surprise, I learn by other letters a confirmation of what you apprehended, viz., Mr. Macomb's failure. This misfortune has, I fear, a long tail to it. The inclosed, you will perceive, gives you additional latitude. The terms as heretofore for six per cents, 20s., three per cents, 12s., and deferred 12s. 6d. You must judge of the best mode and manner of applying the sum. The operation here not being extensive, I have found it best to eke out my aid. I doubt whether this will answer with you. My reason was to keep up men's spirits by appearing often, though not much at one time. All is left to you. You will doubtless be cautious in securing your transfer before you pay. Yours, &c. HAMILTON TO THE DIRECTORS & CO. OF THE BANK OF NEW YORK. GENTLEMEN: TREASURY DEPARTMENT, April 12th, 1792. Since my official letter to you authorizing an advance to your cashier of fifty thousand dollars, to be applied to the purchase of public debt on account of the United States, I have authorized that gentleman to apply for another fifty thousand dollars, and to make the like use of it. I now confirm this direction, and add my desire that he may be furnished with a further sum of fifty thousand dollars, making in the whole one hundred and fifty thousand dollars, the whole for the purpose above mentioned. With great consideration, Yours, &c. SIR: HAMILTON TO WILLIAM SETON. TREASURY DEPARTMENT, May 10th, 1792. I received your letter of the 7th instant, covering an account of stock purchased by you for the United States. I observe that you have exceeded the sum which was limited by me to the amount of one thousand and ninety-eight dollars eighty-nine cents; but so small a difference is not very material, and I am willing that the whole should remain on account of the United States. In order to a winding up of the business, I have now to request that you, will as soon as it can conveniently be done, cause all the stock to be transferred in the names of the trustees as heretofore, and that you will then procure from the commissioner, and forward to me, the necessary certificates for transferring the stock from the books of the commissioner to those of the treasurer. You will please to accept of my best acknowledgment for this additional mark of your zeal for the public service, and believe me to be, Yours, &c. MORRIS TO HAMILTON. LONDON, April 10th, 1792. DEAR HAMILTON : I dined the day before yesterday, tête-à-tête, with the Prussian minister, Count Waranzow, who is a very sensible and well-informed man. In the course of an interesting conversation after dinner, your name was mentioned, and he expressed a desire to see your various reports to Congress. These he means to transmit to his brother, who is the Minister of Commerce in Russia, in order to undeceive him with respect to the United States. You will not only oblige me, but do a very useful thing, if you will transmit these reports, with any other useful information, in an envelope, directed to the Count Waranzow, Minister Plenipotentiary from the Court of Russia. You can send it to the American consul here, to be delivered to him, but choose a private ship for the conveyance. The count, to show the importance of spreading such information, told me, that when he came to this country, believing as he did in Mr. Pitt's integrity, he readily adopted the statement given to him of our country, which was as poor and despicable as need be. He says, that he is cured of his confidence in Mr. Pitt; but that the impressions made with respect to America still exist to our prejudice in many places. He says, that Mr. Pitt had at one time, he believes, some disposition to make a commercial treaty with us, but that the arguments used by Lord Sheffield, and the indisposition of some of his colleagues, had changed this intention; that he may have returned lately towards his former mode of thinking, in consequence of our prosperous situation; but that we should be very much on our guard. I am, &c., GOUVERNEUR MORRIS. SETON TO HAMILTON. NEW-YORK, April 16th, 1792. MY DEAR SIR: I received your letter by the express, on Friday morning; previous to which, I had been relieving a few by purchases of stock, upon the strength of the second extension of fifty thousand dollars. At noon I went into the market, but the applications were so numerous, and so vastly beyond my expectation, I found it necessary to declare, I could take but very small sums from each. However, notwithstanding this, every one pressed forward, and were so eager, that I could only take down names, upon a declaration that I would average the whole. This I did, that no one might be left without some relief; so that the investment of the 100,000 dollars goes to upwards of 80 persons, from which you may form a judgment that your orders for purchases were well-timed. At the same time, it is an evidence of the great and universal distress which prevails, and which I am sorry to say is such, that it would be utterly impossible to make purchases equal to the relief. However, it cannot now be worse; and when the public mind calms down a little, it is to be hoped that good will arise out of the evil--that the spirit of industry instead of gambling will revive, and that the stocks will come to their proper and real value. I am, With the highest esteem and respect, &c. HAMILTON TO VAN SCHAACK. SIR: TREASURY DEPARTMENT, April 20th, 1792. I received your letter of the 1st of February shortly after its date, and have duly noticed the remarks it contained on the subject of manufactures, which will not fail to recur, when the Legislature shall have time to go into the consideration of the proposed arrangements. The business yet to be transacted will not admit of their further attention to my report, than the giving such modification to the ways and means recently required, as will encourage this interesting branch of the national industry. The bill has nearly made its progress through the House of Representatives, in a form calculated as well to produce that effect as the necessary supplies. The specimens of carpeting, which were very acceptable, were immediately placed in the committee-room of the House of Representatives, among a collection of specimens of American manufactures, transmitted to the Treasury from several of the States. I am, sir, with great consideration and esteem, &c. MY DEAR DUER, HAMILTON TO DUER. April 22, 1792. I hoped ere this to have seen you, to have afforded you whatever of aid could have resulted from my advice, after knowing your real situation. But the session protracts itself, and I can scarcely say when it will finish. Lest the information contained in my last should induce you to postpone an arrangement with your creditors, in the hope of speedily having an op |