Alexander Hamilton to William Constable regarding business in Antwerp - American History 1493-1945 - Adam Matthew Digital

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Field name	Value
Collection Reference Number	GLC05804
From Archive Folder	Documents Relating to 1791
Title	Alexander Hamilton to William Constable regarding business in Antwerp
Date	14 November 1791
Author	Hamilton, Alexander (ca. 1757-1804)
Recipient	Constable, William
Document Type	Correspondence; Business and financial document
Content Description	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.
Subjects	American Statesmen Finance Banking Global History and Civics Foreign Affairs Politics Law
People	Hamilton, Alexander (ca. 1757-1804) Constable, William (1721-1791)
Place written	Philadelphia, Pennsylvania
Theme	Foreign Affairs; Banking & Economics; Law; Government & Politics
Sub-collection	The Gilder Lehrman Collection, 1493-1859
Additional Information	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.
Copyright	The Gilder Lehrman Institute of American History
Module	Settlement, Commerce, Revolution and Reform: 1493-1859
Transcript	Show/hide 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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