George Washington to Henry Lee

If this letter should happen to find you in Philadelphia the intention of it is to bring you acquainted with the situation of Messrs. Reed and Ford’s engagement to transfer (after the 28th of Mch) Seventy shares in the Bank of Columbia on your Account for my benefit.

On my way home I placed their Obligation in the hands of a Gentleman within the District of Columbia for the purpose of having this Transfer made. The following extract of his letter to me was received on Friday last but not in time to forward it by the Post of next morning, altho I instantly wrote and took the chance, of a letter getting to Messrs. Reed and Ford by the mail, of that day; and now enclosed a duplicate open for your perusal before it is delivered.

Inclosed is Reed and Fords obligation wch you left with me but on Application to one of the Officers in the Bank, to Transfer to you the Shares in question, he informed me it could not be done without a power of Attorney from them to some person in this Town to make the transfer. It is suspected by some persons here they have failed, and today I was told by a Director they had no shares in the Bank of Columbia; Perhaps you may think it advisable to write on immediately that you may secure yourself in this business.

This business you will recollect my, good Sir, was not of my seeking; that it was not agreeable to me to be paid in that way (because it was the money I wanted) and that it was to accommodate you, under strong assurances that the obligation of Reed and Ford, was as good as the Bank &ca. &ca., that I yielded to the measure. How far this assertion was well founded, may while you are on the spot, be worthy of enquiry, as my confidence in and disposition to oblige you, has involved this result.

I would fain hope that that part of the extract which relates to the failure is without foundation; and for the honor of honest men and his dealing, I also hope it will not be found that they have been Selling property to which they had no right and of which they were not possessed. At any rate I shall lose what I ought not and what I should not, if the money had been properly paid, for from my unacquaintedness in these matters and from the motives mentioned before, have allowed 40 dollars a share when, at the time and now, the money (If I had been disposed to apply it so) would have procured these Shares, at 33 dollars each by which means in 28 hundred dollars, I sustain a loss of 490, besides losing the Interest on the former sum from the 24th of Feby. until the Transfer is made.

I am etc.¹