Details
HAMILTON, ALEXANDER. Letter signed in full (with paraph) as Secretary of the Treasury, to Nathaniel Appleton, Massachusetts Commissioner of Loans, Treasury Department, 27 September 1791. 2 pages, 4to. Fine condition.
PAYING AMERICA'S WAR DEBTS
Detailed instructions to one of the officials charged with the sale and payment of Federal loan obligations, to liquidate the debts incurred during the Revolutionary War. "You observe in your letter...that 'you think it probable the sum remitted will be sufficient for the payment of the next quarter's interest; though it might be a matter of conjecture only till the close of the loan.' The last clause leads me to conclude, that you have misapprehended a late instruction of the controller, directing you to receive subscriptions to the several loans to the end of the month. But it was not meant to alter the preceding instruction, to close your books as to transfers fourteen days previous to the termination of each quarter, and to make your dividends of interest according to the then state of the stock on your books. Any deviation from this rule will necessarily interfere with the punctuality of payment, and with the order of the business...."
PAYING AMERICA'S WAR DEBTS
Detailed instructions to one of the officials charged with the sale and payment of Federal loan obligations, to liquidate the debts incurred during the Revolutionary War. "You observe in your letter...that 'you think it probable the sum remitted will be sufficient for the payment of the next quarter's interest; though it might be a matter of conjecture only till the close of the loan.' The last clause leads me to conclude, that you have misapprehended a late instruction of the controller, directing you to receive subscriptions to the several loans to the end of the month. But it was not meant to alter the preceding instruction, to close your books as to transfers fourteen days previous to the termination of each quarter, and to make your dividends of interest according to the then state of the stock on your books. Any deviation from this rule will necessarily interfere with the punctuality of payment, and with the order of the business...."