57 George Washington (1732 – 1799). First President of the United States. Document Signed. January 17, 1792. Size 6”x18.”
Anderson US<195. Issued by
the United States Loan Office. Payable to “George Washington, Esqr. Of the County of Fairfax or his assigns, the sum of one Hundred & Twenty three dollars
& ninety nine cents Assumed debt bearing interest at six per cent. Per annum, from the first day of January A.D. one thousand eight hundred and one, inclu<
sively; payable quarter<yearly, and subject to redemption by payments not exceeding, in one year, on account both of principal and interest, the proportion of
eight Dollars upon a hundred of the Stock bearing interest at six per cent: created by virtue of an Act, making provision for the Debt of the United States, passed
on the fourth day of August, [1790] …” As the first loan issued under Alexander Hamilton’s plan for the federal assumption of debt to reorganize the state and
foreign debts under the new Federal government, this remains one of the most historically significant issues of any stock or bond in American history.
Following the American Revolution, a complex web of state and national debt remained to be sorted out and repaid. After complex negotiations and compro<
mises with the states, the entirety of the large state and national debt was consolidated into a series of loans. This example originates from the first series of
Loan Office certificates which were issued under Hamilton’s plan of assumption. The plan authorized a total of $12,000,000 to fund the payment of principal
and interest on the outstanding foreign debt, $21,500,000 for the payment of interest and principal on the outstanding debts of the states for expenses relat<
ed to the war and a loan “to the full amount” of the remaining domestic debt.
Of exceptional historical importance to the history of American capital markets, this is truly one of the finest rarities to surface on the scripophily market for
many years. These certificates were the first securities traded on the New York Stock Exchange founded in 1792 after the signing of the Buttonwood
Agreement just four months after this certificate was issued to Washington. Including this lot, we’ve been able to locate just three examples of this security
issued to Washington, the other two being Certificate #336 as listed in “The Price of Liberty” by William G. Anderson, now in the Museum of American Finance,
and Certificate #353 in the archives of the George Washington University Library.
A clerical hand has accomplished the statement of endorsement “I request the within debt may be carried to my credit on the books of the Treasury of the
United States, Oct. 1st, 1794.” At its completion, the sitting president boldly signs “G. Washington.” It is most interesting that Washington chose to leave his
funds in the Treasury as his government was in a crisis dealing with the Whisky Rebellion.
Stocks and bonds of any type issued to and signed by Washington are of extreme rarity. That this important issue of American debt is Washington’s personal
certificate offers a truly superb opportunity for the collector of important historic financial or presidential rarities. The first we are aware of to be offered pub<
licly.
(PH)
....................................................................................................................................................................................................
EST. $35000970000
57
13
Archives International Auctions, Part XVI
October 19, 2013
Archives International Auctions
An Exceptionally Rare and Historic United States Loan Office Certificate Issued Following Alexander
Hamilton’s Plan of Assumption of Debts, Issued to George Washington And Endorsed By Him On The Back
