To George Washington from Tobias Lear, 3 June 1795
From Tobias Lear
Georgetown [D.C.] June 3d 1795.
My dear Sir,
I have purchased for you five shares in the Bank of Alexandria and one hundred in the Bank of Columbia, all at par.1 I wished to have obtained more in the Bank of Alexandria, but could not get them at par. They have risen to 3 per Cent above since I purchased the 5 above mentioned. The directors of the Bank of Columbia having permitted the payment of ten dollars on each share, due on the ⟨1st⟩ inst. to be paid in the paper of other banks, it prevented many from selling a part of their shares under par as they would have been obliged to have done, had the payment been demanded in specie or the notes of this Bank. None therefore have been sold under par since I received your orders to purchase.2 They are now rising in value—and a dividend of 4 per Cent on the Stock will be made on the first of September to the then holders of Shares.
I have taken the Shares in both Banks in my name, as I mentioned in my last I should do, and to prevent any accident or inconvenience that might arise from death or otherwise, before you should direct me to place them in your name, I have the honor to enclose a formal certificate of their being your property.3
I have also the honor to enclose your a/c current with me,4 and with Lear & Company,5 together with the account of payments and interest for your lots in the City, which I have paid to Colo. Deakins the Treasurer.6 The balance of your account in my hands will be subject to your order. If you should think proper to vest it in Bank Stock it shall be done at the most favorable moment that occurs. I did not venture to do it without your further orders, lest you should have devoted a part of the money Recd from Dr Stuart to other purposes.
My best respects attend Mrs Washington—and I have the honor to be with heartfelt gratitude & pure respect my dear Sir, Your Obliged & affectionate friend
Tobias Lear.
ALS, DLC:GW.
1. GW entered in his ledger account with Lear cash payments “for 5 Alexa. Bank shares @ $200,” for a total of $1,000, on 28 May; and “for 100 Columbia Bank Shares at 40 Dolls. each,” for a total of $4,000, on 2 June (, 5). A memorandum GW apparently wrote in 1796 noted the shares for the Bank of Alexandria as numbers “595.6. & 7—& 605 & 612,” and for the Bank of Columbia as “No. 89” (NjMoHP).
2. GW had directed the stock purchase in his letter to Lear of 25 May (see Lear to GW, 26–27 May, n.4).
3. See Lear to GW, 29 May. The certificate has not been found.
4. Lear’s account with GW, dated 3 June, lists payments on 28 May and 2 June of $1,000 for five shares in the Bank of Alexandria; $100 to William Pearce; $751.54 to William Deakins, Jr., for GW’s lots in the Federal City; $4,000 for 100 shares in the Bank of Columbia; and $78.89 to Lear & Co. for expenses on tobacco shipped for GW. This was offset by credits on 27 and 28 May and 2 June for $960 cash that GW sent in a letter; $3,430.67 from GW’s draft on the Bank of Alexandria; $3,000 received from David Stuart; and $297.12 from the sale of tobacco, totaling $7,687.79. The resulting “Balance in hand” was “$1,757.36” (ADS, in Lear’s hand, DLC:GW).
5. The account with Lear & Co. dated 2 June states:
| “Dr. | |||
| 1795 | |||
| Apl 16th | To James Porter, for Warehouse Charges on 25 Hogsheads Tobacco, Shipped ⅌ Bark. Peggy ⅌ a/c herewith |  |
78.89 |
| June 2nd | “ Tobias Lear, for the payment of 7 hogsheads Tobo bo’t 5th march Ulto | |
297.12 |
| $376.1 | |||
| Cr. | |||
| 1795 | |||
| March 5th | By 7 Hogsheads Tobacco, including 4 P’ Ct for the Casks 7428 @ 30/ £111.8.4 | |
297.12 |
| June 2nd | “T. Lear, for the Charges on 25 hogsheads Tobo P’ Contra | |
78.89 |
| $376.1 |
Errors Excepted” (DS, DLC:GW).
A second document listed “Particulars of Expense’s paid by Lear & Comp: on 25 Hhds Tobacco belonging to General Washington, and shipp’d on his a/c and risque on board the Ship Alexandria.” Shipping tax and warehouse rent paid to Graffort & Cox, Inspectors, from 15 May 1791 to 1 April 1795, plus drayage and cooperage charges, totaled £23.13.4 in Virginia currency. At an exchange of 25 percent, this equaled £29.11.8, or $78.89, in Maryland currency (D, DLC:GW).
6. GW’s account with the commissioners for the District of Columbia is docketed as “paid June 2d 1795” and lists charges on 23 April “for ¼ the purchase money on Lott No 4 in Square No. 21 being the 2d Installment,” with interest from 23 April 1794 to 30 May 1795; and on 30 May “for ½ the purchase Money on Lotts No. 2. & 3 in Square 21, it being the 1st & 2d Installment on the same,” with interest from 7 June 1794 to 7 June 1795. After a small deduction for an overpayment on 21 June 1794, the amount due was £281.16.7, “equal to $751.54.”
A statement, “Received George Town May 30th 1795 of Mr Lear Seven Hundred and fifty one Dollars and fifty-four Cents, in full for the within Account for the use of the City Washington,” closed the account (D, DLC:GW).