Hamilton’s Statement of Property and Debts
7/1/1804
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A long and bitter rivalry between Alexander Hamilton and Aaron Burr came to an end on July 11, 1804, when Burr mortally wounded Hamilton in a duel. Hamilton died the following day.
Hamilton penned this handwritten statement – believed to have been written on July 1, 1804, just days before his death – explaining his financial circumstances. He correctly feared that his debts would be burdensome to his family if he died.
In it he explained, "if an accident should happen to me," even the sale of his land wouldn’t cover his debt. He goes on to explain his dire financial circumstances, one of which is, "That my public labours have amounted to absolute sacrifice of the interests of my family." He had spent his entire life in service to his country at the expense of his and his family's financial welfare.
Hamilton had not accepted any of the benefits that should have been afforded to him from his military service. He had served in the Continental Army in many capacities, most notably as aide-de-camp to General George Washington. He'd also been a member of the Confederation Congress that passed legislation establishing Revolutionary War pensions. In fact, he was a member of the committee and key supporter of the legislation; but for ethical reasons had relinquished his claim to a pension. He also did not seek an allowance of land from the state of New York for his service in the New York militia.
At the time of his death, Hamilton was enjoying a very comfortable lifestyle. He bought his home in Harlem, "The Grange" – named after the estate of his Scottish grandfather – plus the surrounding 32 acres for $22,220 (about $425,000 in today's money) which he mostly paid for with borrowed funds. Furnishing and maintaining The Grange and living that lifestyle required servants, which dug him even further into debt.
However, Hamilton’s decisions regarding land speculation may have been his biggest downfall— he invested in land in undeveloped areas outside the city, which did not gain in value before he died. As a consequence, Hamilton’s expenses were much higher than the income he earned working long hours as a New York City lawyer notorious for undercharging his clients.
According to Nathaniel Pendleton, lawyer and the "second" (assistant) in Hamilton's duel with Burr, "Shortly after the death of General Hamilton I received a packet, Sealed and address to me, which enclosed a note from him, in substance among other things importing that that packet would only be delivered in the case of his death." In the packet was the statement, along with a will and other papers, which Pendleton subsequently gave to Hamilton’s wife, Elizabeth ("Eliza").
Hamilton penned this handwritten statement – believed to have been written on July 1, 1804, just days before his death – explaining his financial circumstances. He correctly feared that his debts would be burdensome to his family if he died.
In it he explained, "if an accident should happen to me," even the sale of his land wouldn’t cover his debt. He goes on to explain his dire financial circumstances, one of which is, "That my public labours have amounted to absolute sacrifice of the interests of my family." He had spent his entire life in service to his country at the expense of his and his family's financial welfare.
Hamilton had not accepted any of the benefits that should have been afforded to him from his military service. He had served in the Continental Army in many capacities, most notably as aide-de-camp to General George Washington. He'd also been a member of the Confederation Congress that passed legislation establishing Revolutionary War pensions. In fact, he was a member of the committee and key supporter of the legislation; but for ethical reasons had relinquished his claim to a pension. He also did not seek an allowance of land from the state of New York for his service in the New York militia.
At the time of his death, Hamilton was enjoying a very comfortable lifestyle. He bought his home in Harlem, "The Grange" – named after the estate of his Scottish grandfather – plus the surrounding 32 acres for $22,220 (about $425,000 in today's money) which he mostly paid for with borrowed funds. Furnishing and maintaining The Grange and living that lifestyle required servants, which dug him even further into debt.
However, Hamilton’s decisions regarding land speculation may have been his biggest downfall— he invested in land in undeveloped areas outside the city, which did not gain in value before he died. As a consequence, Hamilton’s expenses were much higher than the income he earned working long hours as a New York City lawyer notorious for undercharging his clients.
According to Nathaniel Pendleton, lawyer and the "second" (assistant) in Hamilton's duel with Burr, "Shortly after the death of General Hamilton I received a packet, Sealed and address to me, which enclosed a note from him, in substance among other things importing that that packet would only be delivered in the case of his death." In the packet was the statement, along with a will and other papers, which Pendleton subsequently gave to Hamilton’s wife, Elizabeth ("Eliza").
Transcript
Herewith is a general statement of my pecuniary affairs in what there can be no material error. The result is that calculating my property at what it stands me in I am now worth about ten thousand pounds, and that estimating according to what my lands are now selling for and are likely to fetch, the surplus beyond my debts may fairly be stated at nearly double that sum. Yet I am pained to be obliged to entertain doubt whether, if an accident should happen to me, by which the sales of my property should come to be forced, it would be even sufficient to pay my debts.In a situation like this it is perhaps due to my reputation to explain why I have made so considerable an establishment in the country. This explanation shall be submitted.
To men, who have been so much harassed in the busy world as myself, it is natural to look forward so a comfortable retirement in the sequel of life, as a principal desideratum. This desire I have felt in the strongest manner; and to prepare for it has latterly been a favourite object. I thought that I myself not only of expect to accomplish the object, but might reasonably aim at it and pursue the preparatory measure, from the following my considerations.
It has been for some time pass pretty well ascertained to my mind that the emoluments of my profession would prove equal to the maintenance of my family and the gradual discharge of my debts, within a period to the end of what my faculties for business might be expected to extend, in full energy. I think myself warranted to estimate the annual product of those emoluments at Twelve + Dollars at the least------. My expenses, while the first improvements of my country establishment were going on have been great; but
[in margin] + thousands must have been omitted [by me-struck out] through inadvertence
they would this summer and fall reach the point, at which it is my intention they should stop, at least till I should be better able than at present to add to them; and [for-crossed out] after a fair examination founded upon an actual account of my expenditures. I am persuaded that a plan I have contemplated for the next and succeeding years would bring my expenses of every kind within the compass of four thousand Dollar yearly, exclusive of the interest of my country establishment. To this limit, I have been resolved to reduce them, even though it should be necessary to lease that establishment; for a few years.
In the meantime, my lands now in a course;of sale [+ settlement] would accelerate the extinguishment of my debt, and in the end leave me a handsome clear property. It was also allowable for me to take into view, collaterally, the expectations of my wife; what have been of late partly realised. She is now entitled; to [crossed out word] a property of between two and three thousand pounds (as I compute by descent from her mother; and her father understood to poses a large estate. I feel all the delicacy of the allusion; but the occupation I hold will plead my excuse. And that venerable father, I am sure, will pardon- He knows well all the nicety of my past conduct.
Viewing the matter in these different aspects, I trust the opinion of land men will be, that there has been no impropriety in my conduct; especially when it is taken into the [crossed out word] calculation that my establishment, though costly, promises by the progressive rise of property on this Island, and the felicity of its situation to become more and more valuable.
[in left lower margin] country
My chief apology is due to those friends, who have from mere kindness, indorsed my paper discounted at the Banks- on mature reflection I have though it justifiable to secure them in preference to other creditors, till perchance there should be a deficit. Yet while this may save them from eventual loss, I will not exempt them from some present inconvenience. As to them I can only throw myself upon their kindness and entreat the indulgence of the Banks for them. Perhaps their requests may be;supposed intitled;to some regards.
In the event, which would bring this paper to the public eye, one thing at least would be put beyond a doubt. [crossed out word] This is, that my public labours have amounted to an absolute sacrifice of the interests of my family- and that in all pecuniary concerns the delicacy, no less than the probity of my conduct in public stations, has been just as to defy even the shadow of a question.
Indeed, I have not enjoyed the ordinary advantages incident to my military services. Being a member of Congress, while the question of the commutation of the half pay of the army for a sum in gross was in debate, delicacy and a desire to be useful to the army, by removing the idea of my having an interest in the question, induced me to write to the Secretary of War and relinquish my claim to have pay; what, or the equivalent, I have accordingly never received. Neither have I ever applied for the lands allowed by the United States to officers of my rank. Nor did I ever obtain from the State the allowance of land made to officers of similar rank. It is true that having served through the latter period of the war on the general staff of the UStates and not in the line of this [crossed out word] State, I could not claim that allowance as a matter of course. But having before the war resided in this State and having entered the military
career at the head of a company of Artillery raised for the particular defense of this State, I had better pretensions to the allowance than others to whom it was actually made. Yet has it not been extended to me.
AH
Statement of my property and Debt with remarks
This primary source comes from the Records of the U.S. House of Representatives.
National Archives Identifier: 306690
Full Citation: Alexander Hamilton’s 'Statement of My Property and Debts, with Remarks'; 7/1/1804; 78; (HR 14A-F9.1); Committee Papers, 1813 - 1825; Records of the U.S. House of Representatives, Record Group 233; National Archives Building, Washington, DC. [Online Version, https://www.docsteach.org/documents/document/hamilton-property-debts, April 26, 2024]Rights: Public Domain, Free of Known Copyright Restrictions. Learn more on our privacy and legal page.