Philadelphia, August 8, 1793.

    The present being, and being likely to continue for some time a favorable season for purchases of the Public Debt, and as it appears that the whole, or the greatest part of the unexpended monies of the foreign loans heretofore made, will be requisite for satisfying the approaching installments of our Debt to France, which it has been judged expedient to pay without deduction for any prior advance. It appearing moreover from the statements submitted by you to my consideration, that of the sum authorised to be borrowed by the Act intitled "an Act making provision for the reduction of the public debt," there may still be procured for the purpose of that act the sum of one million five hundred and fifteen thousand and ninety eight Dollars and Eleven cents:

    I do therefore direct and require that you take immediate measures for obtaining a Loan or Loans to the extent of the sum aforesaid, to be applied to purchases of the public debt pursuant to the provisions of the act above mentioned.

    Provided always that the terms and conditions of the said loan or loans shall be according to Law.⁵⁹

[Note:From the "Letter Book" copy in the Washington Papers.

   On August 8 Washington authorized the Secretary of the Treasury to negotiate a loan of 1,000,000 florins to be applied to the discharge of an installment due to Holland on June 1, 1794. This authorization is entered in the "Letter Book" in the Washington Papers.

   On this same day (August 8) Washington also wrote briefly to the Secretary State: "The answer to Mr. Hammonds letter is conformable to the measures which have been advised: and of course is approved." This note is in the Jefferson Papers in the Library of Congress, and a press copy of Jefferson's letter to Hammond, dated August 8, is also in those papers. ]