The detail you have been pleased to enter into in that of the 15th,
exhibits very cogent reasons for confining yourself, to pretty large
denominations of notes; some of them had occurred to me, others had
not; but I thought it my duty to state to you the operation which
that circumstance had; as in the midst of the variety and extent of
the objects which occupy your attention, you may not have so good
opportunities of seeing the effect of your plans in detail. While I
acknowledge that your observations have corrected my ideas upon the
subject, and shown me that there would be danger in generally lessening
the denominations of the paper issued, I should be uncandid not to
add, that it still appears to me, there would be a preponderance of
advantages in having a part of a smaller amount. I shall not trouble
you at present with any further reasons for this opinion.
I have immediately on the receipt of your letter taken measures for the
publication of your advertisement in the newspapers of this State.
You will perceive by the inclosed cash account that I have received
five and twenty hundred dollars; this was procured in part of the loan
I mentioned to you. It was chiefly paid to me in specie, and I have
exchanged it with Colonel Pickering and Mr. Duer for your notes; the
latter had twelve hundred dollars. Taxes collect slowly, but I must
shortly receive two or three hundred pounds more, of which Mr. Duer
will have the principal benefit, as it appears by your letter to him,
that you hoped he might receive three thousand dollars from me.
As I may shortly set out for Philadelphia, I wish to surrender to Mr.
Tillotson, as soon as you think proper, the office in which he is to
succeed.
I have the honor to be,
With sincere respect and esteem,
Sir, your most obedient servant,
Alex. Hamilton.