ion will not be repaid; and if it be further
considered, that the merchants in the United States are at present
destitute of their usual means of remittance, having neither ships,
specie, nor produce on hand,--I say under these considerations it is
improbable, if not impossible, consistent with the interest of
individuals, that bills drawn on Europe for the sum of four millions
sterling should be under three for one on an average.

8thly. Four millions sterling, or $17,777,777-2/3, at three for one,
will amount to $53,333,333 here. Allowing $333,333 for the charge of
drawing the bills, for other expenses and deficiencies unforeseen, and
there will be, agreeable to the proposals in the plan, fiftythree
millions of dollars of the Continental currency paid off by the sales
of those bills.

The benefits resulting from this plan, if realized, are numerous,
indisputable, and obvious. As the sum proposed to be drawn for, does
not exceed the ordinary amount of importation before the war, it
cannot be presumed that this plan can produce any ill effects on
commerce, especially if the Congress should think it wise and prudent
to drop the merchants themselves, and depend on individuals for their
supplies. The capital difficulty is to obtain the loan. On this, as
well as on the preceding plan, I will make a few observations after
the following calculations already referred to.

FIRST CALCULATION.

| Produce of the | Total of the |
Years.| sinking fund at | Debts paid at | EXPLANATION.
| the end of | the end of |
| every year. | every year. |
------+-----------------+----------------+------------------------
1 | 1,000,000 | 1,000,000 | The first column marks
| 60,000 | | the years; the second
2 | 1,060,000 | 2,060,000 | the produce or amount
| 63,600 | | of the sinking fund at
3 | 1,123,600 | 3,103,600 | the end of each year,
| 67,416 | | the third shows how
4 | 1,191,016 | 4,374,616 | large a part of the
| 71,461 | | capital has been paid
5 | 1,262,477 | 5,637,093 | off at the end of each
| 75,788 | | year. The sum in the
6 | 1,338,265 | 6,975,358 | second column is