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Full Details for Lot 803

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Sale 38 Lot 803

ALEXANDER JAMES DALLAS(1759 - 1817) Secretary of the Treasury under Madison (1814 - 1816) who advocated a national banking system. Fine financial content A.L.S., 1p. legal folio, [Philadelphia], Jan.3, 1792, to Signer Robert Morris' partner, John Nicholson, in Dallas, then serving as Secretary of the Commonwealth of Pennsylvania, seeks to solidify his support of the consolidation of the state's debts by the national government through the use of loan certificates. In doing so Dallas quotes an earlier statement by Nicholson endorsing such a plan. In part: "...In looking in some papers in the Department of Accounts, I find a communication from you to the Governor which, in speaking of the New Loan Certificates has the following passage: '... and the state having provided for the redemption of such as might remain unexchanged, unsubscribed to the Loan herein proposed, or unsubscribed to the assumption of the state debts by the State debts by the United States, should declare & etc.' This communication is dated the 15 March 1792 about one month before the passage of the Redemption Law. If, therefore, you should think this of any service to show your construction of the subscribable nature of the New Loan Certificates previously to our redemption, I shall be happy to send you a copy of it...". Nicholson's financial advice was followed by many, and by quoting Nicholson's past positive statements on the issue, Dallas was obviously hoping to get Nicholson to lend support to the New Loan Certificates. Folds, light wear, else very good.
Estimate $ 200-300

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