7th ult.

November 13th.

After writing the above, my apprehension, lest I should be thought any
way out of the usual course in communicating my sentiments to
Congress, made me omit sending it to you with the enclosed, but the
alarming intelligence, which I received but a day or two since, of the
sentiments of my countrymen in different parts on the present
situation of the credit of our money, the state of our finances and
resources, and of the temper and disposition prevailing in
consequence, has made me waive every personal consideration, and
communicate this with the enclosed to Congress, and I shall count it
one of the happiest occurrences of my life, if anything in my power
will help to prevent that total loss of public as well as private
credit, which I am sorry to find begins to be almost universally
apprehended, and I fear appearances at this time are in support of
such apprehensions, which though at bottom they may be ill founded,
yet, if once generally prevailing, will produce consequences easily
foreseen. I beg leave to refer to Colonel Duer for the substance of
the intelligence I refer to, having communicated the letters I have
received to him, for as they contain many things merely personal, I
could not lay them at large before Congress.

S. D.

* * * * *

PLAN _for sinking fiftythree millions of dollars of the Continental
Currency, and to establish a Bank of one million, and a half sterling,
or $6,666,666-2/3 in Europe for the use of the States of America, at
the expense of forty millions of dollars in specie only, or of Bills
upon Europe equivalent_.

1st. Let a loan be obtained of twentyfive millions of dollars on
account of the United States; the interest and necessary charges will
probably amount to, and will not exceed, six per cent per annum.

2dly. Let a fund be established of two millions and a half annually,
clear of all charges of collecting and remittances, out of which let
the interest of the loan be paid, and the surplus unalienably
appropriated as a sinking fund to discharge the principal; the annual
interest of twentyfive million dollars; at six per cent will be
1,500,000 dollars, the sinking fund one million.

3dly. The calculation which follows demonstrates, that this fund of
two millions and a half of dollars will, in sixteen yea