Instructions to the Secretary of the Treasury Respecting the Execution of the Power to Borrow Money for the United States

George Washington, President of the United States of America, to the Secretary of the Treasury for the time being:

Having thought fit to commit to you the charge of borrowing on behalf of the United States a sum or sums not exceeding in the whole $14,000,000, pursuant to the several acts, the one entitled "An act making provision for the debt of the United States,” the other entitled "An act making provision for the reduction of the public debt”—

I do hereby make known to you that in the execution of the said trust you are to observe and follow the orders and directions following, viz: Except where otherwise especially directed by me you shall employ in the negotiation of any loan or loans which may be made in any foreign country "William Short, esq. You shall borrow or cause to be borrowed, on the best terms which shall be found practicable (and within the limitations prescribed by law as to time of repayment and rate of interest), such sum or sums as shall be sufficient to discharge as well all installments or parts of the principal of the foreign debt which now are due or shall become payable to the end of the year 1791 as all interest and arrears of interest which now are or shall become due in respect to the said debt to the same end of the year 1791; and you shall apply or cause to be applied the moneys which shall be so borrowed with all convenient dispatch to the payment of the said installments and parts of the principal and interest and arrears of the interest of the said debt. You shall not extend the amount of the loan which you shall make or cause to be made beyond the sum which shall be necessary for completing such payment unless it can be done upon terms more advantageous to the United States than those upon which the residue of the said debt shall stand or be; but if the said residue or any part of the same can be paid off by new loans upon terms of advantage to the United States you shall cause such further loans as may be requisite to that end to be made and the proceeds thereof to be applied accordingly. And for carrying into effect the objects and purposes aforesaid I do hereby further empower you to make or cause to be made with whomsoever it may concern such contract or contracts, being of a nature relative thereto, as shall be found needful and conducive to the interest of the United States.

If any negotiation with any prince or state to whom any part of the said debt may be due should be requisite, the same shall be carried on through the person who in capacity of minister, charge d'affaires, or otherwise now is or hereafter shall be charged with transacting the affairs of the United States with such prince or state, for which purpose I shall direct the Secretary of State, with whom you are in this behalf to consult and concert, to cooperate with you.

Given under my hand, at the city of New York, this 28th day of August, A.D. 1790

Go. WASHINGTON