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Authorization to Borrow Money from Maryland, 21 November 1796

21 November 1796

Be it known to all persons to whom these presents shall come, that I, George Washington, President of the United States of America, have authorised and empowered, and by this present writing do authorise and empower, Gustavus Scott, William Thornton and Alexander White, commissioners appointed by virtue of an act of congress, entitled, An act for establishing the temporary and permanent seat of the government of the United States, or their successors in office, or any two of them, by themselves, or their attorney or attornies, agent or agents, duly empowered for that purpose, to borrow of the state of Maryland, for the purpose of erecting the buildings authorised by the act of congress above mentioned, a sum not exceeding one hundred and fifty thousand dollars, on the terms authorised by an act of congress, entitled, An act authorising a loan for the use of the city of Washington, in the district of Columbia, or on such other terms as the said commissioners, or their successors, or any two of them, may judge reasonable, provided no higher or greater interest than at the rate of six per cent. per annum shall be allowed, and no longer term stipulated for the repayment of the sums borrowed, than that expressed in the last mentioned act of congress for the repayment of monies borrowed under the said act. And I do declare, that the stock of the United States bearing a present interest of six per cent.. per annum, may be received on such loans as specie, at par.

In witness whereof I have hereunto subscribed my name, and caused the seal of the United States to be affixed, at Philadelphia, this twenty-first day of November, in the year of our Lord one thousand seven hundred and ninety-six.

G. WASHINGTON.

By the President,

Timothy Pickering,

Sec. of State.

(Seal)

DLC.

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