Details
JEFFERSON, THOMAS, President. Printed document signed ("Th:Jefferson") as Secretary of State, co-signed in type by President Washington and Vice-President Adams, Philadelphia [Childs & Swaine, printers to Congress], 1791. 1 page, folio, 400 x 240mm. (16 x 9 1/2 in.). Evans 23868. Fine. Boldly signed.
THE U.S. TREASURY BORROWS FROM HOLLAND
The printed edition of an act adopted 3 March 1791 approving a sizeable loan from the Netherlands, a loan already sanctioned by Washington as part of the complex financial scheme of Alexander Hamilton, first Secretary of the Treasury, in his efforts to find by creative financial methods long-term solutions to the new nation's crushing indebtedness in the wake of the Revolution. The broadside explains that, "in consequence of 'An Act Making Provision for the Reduction of the public debt,'...the President...hath caused a certain loan to be made in Holland...to the amount of [3,000,000]...florins bearing an interest of five per centum per annum, and reimbursable in six yearly instalments [from 1800 to 1806], or at any time sooner, at the option of the United States...." A question has arisen as to the legitimacy of the loan, under the provisions of the earlier enabling act, which doubt is removed by the present act, which stipulates that the loan is deemed to be "within the true intent" of an earlier Congressional enabling act.
THE U.S. TREASURY BORROWS FROM HOLLAND
The printed edition of an act adopted 3 March 1791 approving a sizeable loan from the Netherlands, a loan already sanctioned by Washington as part of the complex financial scheme of Alexander Hamilton, first Secretary of the Treasury, in his efforts to find by creative financial methods long-term solutions to the new nation's crushing indebtedness in the wake of the Revolution. The broadside explains that, "in consequence of 'An Act Making Provision for the Reduction of the public debt,'...the President...hath caused a certain loan to be made in Holland...to the amount of [3,000,000]...florins bearing an interest of five per centum per annum, and reimbursable in six yearly instalments [from 1800 to 1806], or at any time sooner, at the option of the United States...." A question has arisen as to the legitimacy of the loan, under the provisions of the earlier enabling act, which doubt is removed by the present act, which stipulates that the loan is deemed to be "within the true intent" of an earlier Congressional enabling act.