HAMILTON, Alexander. Letter signed ("Alexander Hamilton Secy of the Treasury"), to Thomas Smith (1767-1843) in Philadelphia; Treasury Dept., 31 August 1790. 2 full pages, 4to, minor browning along folds, double matted and enclosed in a fine giltwood frame. THE NEW SECRETARY OF THE TREASURY OVERSEES THE ASSUMPTION OF STATE DEBTS BY THE FEDERAL GOVERNMENT Hamilton gives crucial instructions to one of the officials who will implement his state assumption plan--a crucial pillar of the new nation's credit and finances. He tells Smith, the new loan Commissioner for the State of Pennsylvania, to "...proceed to qualify yourself for the duty, by taking the oath required, before one of the Judges of the Supreme Court...and by providing satisfactory Bondsmen not less than two in number, to enter with you into a security in the sum of [$10,000] for your good behaviour in such Office....I have written to the Attorney...for the District in which you reside, requesting his consideration of the securities you may offer, and I trust you will present to him such persons as are unexceptionable, that I may be able to declare them satisfactory. Any deficiency in the securities submitted to me must produce delay, and would consquently be injurious to the United States and the Public Creditors....I shall give you such further instructions as the law permits and the Public Interests require. I think it necessary however to apprise you, that during the reception of subscriptions to the Loan which is to be made in the certificates of the State debts, it will be necessary to the Public Safety, that you reside at the place, where the checks and documents relative to the debt of your State are deposited...." On 4 August--a few weeks before this letter is dated--Congress had made provision for refinancing the public debt, including the states' debt from the Revolution, by issuing loan certificates totalling some 65 million dollars. These were to be sold (or subscribed) from 1 January 1791, which explains Hamilton's evident anxiety to avoid any delay in certifying and approving the Loan Commissioners. For details on the complex background negotiations regarding assumption see F. McDonald, Alexander Hamilton: A Biography , Chapter viii "Funding and Assumption"; for the loan certificates, see Hessler, An Illustrated History of U.S. Loans , pp.52-53.
HAMILTON, Alexander. Letter signed ("Alexander Hamilton Secy of the Treasury"), to Thomas Smith (1767-1843) in Philadelphia; Treasury Dept., 31 August 1790. 2 full pages, 4to, minor browning along folds, double matted and enclosed in a fine giltwood frame. THE NEW SECRETARY OF THE TREASURY OVERSEES THE ASSUMPTION OF STATE DEBTS BY THE FEDERAL GOVERNMENT Hamilton gives crucial instructions to one of the officials who will implement his state assumption plan--a crucial pillar of the new nation's credit and finances. He tells Smith, the new loan Commissioner for the State of Pennsylvania, to "...proceed to qualify yourself for the duty, by taking the oath required, before one of the Judges of the Supreme Court...and by providing satisfactory Bondsmen not less than two in number, to enter with you into a security in the sum of [$10,000] for your good behaviour in such Office....I have written to the Attorney...for the District in which you reside, requesting his consideration of the securities you may offer, and I trust you will present to him such persons as are unexceptionable, that I may be able to declare them satisfactory. Any deficiency in the securities submitted to me must produce delay, and would consquently be injurious to the United States and the Public Creditors....I shall give you such further instructions as the law permits and the Public Interests require. I think it necessary however to apprise you, that during the reception of subscriptions to the Loan which is to be made in the certificates of the State debts, it will be necessary to the Public Safety, that you reside at the place, where the checks and documents relative to the debt of your State are deposited...." On 4 August--a few weeks before this letter is dated--Congress had made provision for refinancing the public debt, including the states' debt from the Revolution, by issuing loan certificates totalling some 65 million dollars. These were to be sold (or subscribed) from 1 January 1791, which explains Hamilton's evident anxiety to avoid any delay in certifying and approving the Loan Commissioners. For details on the complex background negotiations regarding assumption see F. McDonald, Alexander Hamilton: A Biography , Chapter viii "Funding and Assumption"; for the loan certificates, see Hessler, An Illustrated History of U.S. Loans , pp.52-53.
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