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Founders History – 13 September On this day (or the 18th,
depending on the source) in 1789, Secretary of the Treasury
Alexander Hamilton began negotiations to secure the first loan
to the U.S. government, referred to as the “Temporary Loan of
1789,” in order to pay the salaries of the President and members
of Congress. The loans were finally secured in the amount of
$191,608.81 from Bank of New York and Bank of North America in
February of 1790 and repaid by June of the same year at 6
percent interest. These loans were acquired without
Congressional approval. In 1788 on this day, the Continental
Congress authorized the first national election. “Resolved That
the first Wednesday in Jany next be the day for appointing
Electors in the several states . . . that the first Wednesday in
feby. next be the day for the electors to assemble