The First Federal Congress established the Treasury Department on September 2, 1789, only three months before this letter. Hamilton became Secretary of the Treasury – actually the very first member of George Washington’s cabinet – on September 11. Hamilton speedily created processes to organize and run the new nation’s financial system. He requires weekly returns of cash receipts and disbursements, and notes that while monthly returns on import duties will normally not be required, they are for the year about to end. He mentions the need for this information so he can make timely reports to Congress near the beginning of their sessions, with “the information relative to the Revenue which they will necessarily require.” In fact, responding to the request of Congress, Hamilton delivered his seminal Report on Public Credit on January 14, 1790. This letter, introducing his subordinate customs and tax collectors to the developing system, is an early and important part of the process.

We are not aware of any other example in private hands, and only six institutions list runs that should include this issue. 

“Joseph Rice is become Bankrupt within the meaning of the Acts of Assembly of the Commonwealth of Pennsylvania.”

John Rice, a ship’s carpenter in Kensington, a neighborhood of Philadelphia, filed this deposition stating that his brother, Joseph Rice, owed him more than £200 and had become bankrupt within the meaning of the Acts of the Pennsylvania Assembly. Franklin signed the deposition as President of the Council of Pennsylvania, a position he held from 1785 to 1788.

When he signed this document on Saturday, August 18, 1787, Franklin was also the oldest member of the Constitutional Convention, which was meeting in Philadelphia. The Convention agreed to a committee consisting of one member per state to consider the assumption of state debts and continued its discussion of Article VII, Section 1, the enumeration of Congressional powers.

“Though, in reviewing the incidents of my administration, I am unconscious of intentional error, I am nevertheless too sensible of my defects not to think it probable that I may have committed many errors. Whatever they may be, I fervently beseech the Almighty to avert or mitigate the evils to which they may tend. I shall also carry with me the hope that my country will never cease to view them with indulgence; and that, after forty five years of my life dedicated to its service with an upright zeal, the faults of incompetent abilities will be consigned to oblivion....”

At the end of his second term, Washington sent an open letter emphasizing the importance of unity and warning Americans against entanglements with foreign powers. Though he had initially solicited James Madison’s assistance in crafting his remarks, Alexander Hamilton’s second draft is the basis of the final address. Delivered to Congress in writing, Washington’s Farewell Address warns against the dangers of sectionalism, and criticizes “the insidious wiles of foreign influence,” referring to the pro-French sentiments of Jefferson and the Republicans. Washington’s policy during the wars between Great Britain and France in the early 1790s had been one of strict neutrality, and in the closing paragraphs of his Address he argues for continued American isolationism. America heeded his advice against joining a permanent alliance for more than a century and a half.

Roger Sherman’s copy of the 1776 Journals of Congress, including the Declaration of Independence, signed on the title page. This is the second printing of the Declaration to list the names of the signers (after the Goddard broadside) and the third official printing overall (after the Dunlap and Goddard broadsides).