Hamilton, Alexander (1757-1804) to William Constable
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Gilder Lehrman Collection #: GLC05804 Author/Creator: Hamilton, Alexander (1757-1804) Place Written: Philadelphia, Pennsylvania Type: Autograph letter signed Date: 14 November 1791 Pagination: 3 p. : address : docket : free frank ; 22.2 x 19 cm Order a Copy
Assures Constable that the whole interest on the stock of his business associates in Antwerp (then part of the Netherlands) has been paid. He notes that the transactions were carried out in such a way that violated the laws of both countries. He states he assisted because of "certain political considerations. . .with a wish to accommodate you determined me to pass over the obstacle . . ." but also insists that the gentlemen "transact their business with more accuracy in the future." Addressed to Constable in New York.
Signer of the U.S. Constitution.
Hamilton was Secretary of the Treasury at the time. Constable was his wealthy legal client. Constable speculated heavily in land and stocks. In 1790 he bought Dutch notes, and that year at one point he owed the Europeans over five million dollars. His partners were Thomas Willing and William Duer. The scandal caused by their speculation fed Jefferson's unsuccessful attempts to discredit Hamilton. This letter documents that Hamilton was connected to the scheme.
Philadelphia November
14. 1791
My Dear Sir
Mr. Cottinger. will have informed you that the [inserted: whole] money for interest on the Stock of your friends in Antwerp has been paid as [text loss] that on the separate as on the joint stock; in confidence that you will send me further bond of indemnification respecting the separate Stock.
The truth is that the Gentlemen in question have not acted like men of business; for, I believe by the law of their country as well as ours a power from A B & C to receive interest upon stock standing in their names is no more [2] a power to receive interest on Stock standing in the name of A&B than a power from William Constable to receive interest on Stock standing in his name would be a power to receive interest on Stock standing in the name of Alexander Hamilton.
Certain political considerations nevertheless conspiring with [strikeout] [inserted: a] wish to accommodate you determined me to pass over the obstacle resulting from so radical a defect.
But you must tell the Gentlemen that they must transact their business with more accuracy in the future; because it is always a delicate operation to pay money without competent vouchers; and then in substance as well as form.
[3] If the business has suffered some obstacle, I think you will agree with me in opinion that a great deal has been done on my part to supply their deficiencies.
Yours with sincere regard
A. Hamilton
Wm. Constable Esqr.
[free frank]
FREE
14 No
[address leaf]
William Constable Esquire
Free
A. Hamilton New York
[docket]
1791
A. Hamilton
Phila. 14 Nov -
Recd. 17 D -
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