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| Field name | Value |
|---|---|
| Collection Reference Number | GLC00987 |
| From Archive Folder | Documents Relating to 1779 |
| Title | John Hancock to Joseph Clarke denying his request for a loan |
| Date | 9 March 1779 |
| Author | Hancock, John (1737-1793) |
| Recipient | Clarke, Joseph |
| Document Type | Correspondence; Business and financial document; Government document |
| Content Description | Hancock writes to Treasurer Clarke that he must deny his request for a loan, as the state is too burdened with debt. " ... the Situation of our publick Funds, & the large Calls for Money by Loans for the Service of the State, makes it impossible to obtain Loans for any other purposes." |
| Subjects | Revolutionary War Finance Economics Government and Civics |
| People | Hancock, John (1737-1793) Clarke, Joseph (1719-1792) |
| Place written | Boston, Massachusetts |
| Theme | Government & Politics; Banking & Economics |
| Sub-collection | The Gilder Lehrman Collection, 1493-1859 |
| Additional Information | Hancock was a very wealthy man and major local creditor. As an individual, he advanced sterling in return for "worthless" paper money to finance the Revolution. As a result, he was owed large sums of money by private individuals, the state, and Congress. Since he was heavily invested in the depreciated paper money, he was left without money to loan until he could collect large sums owed to him. |
| Copyright | The Gilder Lehrman Institute of American History |
| Module | Settlement, Commerce, Revolution and Reform: 1493-1859 |
| Transcript | Show/hide |