Passaic River, where they would lead a tour prospecting the area for the national manufactory. It was originally suggested that they dig mile-long trenches and build the factories away from the falls, but Hamilton argued that it would be too costly and laborious. The location at Great Falls of the Passaic River in New Jersey was selected due to access to raw materials, it being densely inhabited, and having access to water power from the falls of the Passaic. The factory town was named Paterson after New Jersey's Governor William Paterson, who signed the charter. The profits were to derive from specific corporates rather than the benefits to be conferred to the nation and the citizens, which was unlike the report. Hamilton also suggested the first stock to be offered at $500,000 and to eventually increase to $1 million, and welcomed state and federal government subscriptions alike. The company was never successful: numerous shareholders reneged on stock payments, some members soon went bankrupt, and William Duer, the governor of the program, was sent to debtors' prison where he died. In spite of Hamilton's efforts to mend the disaster, the company folded. Jay Treaty When France and Britain went to war in early 1793, all four members of the Cabinet were consulted on what to do. They and Washington unanimously agreed to remain neutral, and to have the French ambassador who was raising privateers and mercenaries on American soil, Edmond-Charles Genêt, recalled. However, in 1794, policy toward Britain became a major point of contention between the two parties. Hamilton and the Federalists wished for more trade with Britain, the largest trading partner of the newly formed United States. The Republicans saw monarchist Britain as the main threat to republicanism and proposed instead to start a trade war. To avoid war, Washington sent Chief Justice John Jay to negotiate with the British, with Hamilton largely writing Jay's instructions. The result was a treaty denounced by the Republicans, but Hamilton mobilized support throughout the land. The Jay Treaty passed the Senate in 1795 by exactly the required two-thirds majority. The treaty resolved issues remaining from the Revolution, averted war, and made possible ten years of peaceful trade between the United States and Britain. Historian George Herring notes the "remarkable and fortuitous economic and diplomatic gains" produced by the Treaty. Several European states had formed the Second League of Armed Neutrality against incursions on