![HAMILTON, Alexander. Letter signed (“Alexander Hamilton”) as Secretary of the Treasury, to Thomas Smith, Commissioner of Loans for Pennsylvania; [New York], 23 February 1792. 2 pages, 4to., with integral address leaf, recipient’s docket.](https://www.christies.com/img/LotImages/2015/NYR/2015_NYR_11610_0037_000(hamilton_alexander_letter_signed_as_secretary_of_the_treasury_to_thoma101827).jpg?w=1)
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HAMILTON, Alexander. Letter signed (“Alexander Hamilton”) as Secretary of the Treasury, to Thomas Smith, Commissioner of Loans for Pennsylvania; [New York], 23 February 1792. 2 pages, 4to., with integral address leaf, recipient’s docket.
INSTRUCTIONS FOR IMPLEMENTING THE ASSUMPTION ACT. Hamilton’s formal instructions regarding Treasury Department operations under the provisions of the Assumption Act, by which the national government took over the wartime debt of the individual states. Hamilton writes: “In pursuance...of the Act of the 4th August 1790 making provision for the debt of the United States, I have to inform you are to be prepared to discharge the quarterly interest accruing in the year 1792 on that part of the assumed debt of the State of Pennsylvania which has not been subscribed to the loan under the said Act. Provision will be made in due time for this payment, and in your information to the Treasury of the funds which will be wanted, you will include this sum. In determining the amount of this interest which will be payable, particular regard is to be had to the 15th Section of the law. It is my wish that upon receipt of this letter you would transmit to me statement of the precise amount of the quarters interest, which will be payable to the State of Pennsylvania, according to your mode of calculating...”
INSTRUCTIONS FOR IMPLEMENTING THE ASSUMPTION ACT. Hamilton’s formal instructions regarding Treasury Department operations under the provisions of the Assumption Act, by which the national government took over the wartime debt of the individual states. Hamilton writes: “In pursuance...of the Act of the 4th August 1790 making provision for the debt of the United States, I have to inform you are to be prepared to discharge the quarterly interest accruing in the year 1792 on that part of the assumed debt of the State of Pennsylvania which has not been subscribed to the loan under the said Act. Provision will be made in due time for this payment, and in your information to the Treasury of the funds which will be wanted, you will include this sum. In determining the amount of this interest which will be payable, particular regard is to be had to the 15th Section of the law. It is my wish that upon receipt of this letter you would transmit to me statement of the precise amount of the quarters interest, which will be payable to the State of Pennsylvania, according to your mode of calculating...”