ufficient for sinking the loan proposed of 25,000,000 in
sixteen years, and to leave a surplus of $673,103 after discharging
both principal and interest. In the second place, that by this plan
the public will save the sum of $9,673,103 more than if the same sum
is borrowed in the usual way of simple interest; or in other words,
the money on this plan will be borrowed at 3-1/2 per cent interest
nearest, a sum well deserving the attention of the public at this, and
at every other time, and it is for that purpose the foregoing plan and
calculations are submitted.

The only difficulties, that can possibly occur in the carrying this
plan and every part of it into execution, are in the establishing such
a fund, as will be certain for raising the two millions and a half of
dollars annually, and in the next place in procuring the loan. The
first may be obviated with greater ease and certainty than the second.
It cannot in justice be concealed, that the loan cannot be obtained
with the same ease now as it might have been six or seven months past,
nor that the longer it is delayed, the greater the difficulty will be.
It is however attainable if applied for in season, and in a proper
manner. It is but too probable, that if delayed many months longer, it
will not be obtained on any terms whatever. The war now kindling in
Europe will probably in the course of another year become general, the
consequence of which will be, that the emperor of Germany, the empress
of Russia, and some other powers, the two former in particular, who
have improved the late peace to regulate their finances, and to reduce
and pay off their foreign debts, will on this change of affairs become
borrowers afresh; in a word, there will be in Europe seven or eight,
or more powers under the necessity of borrowing, and not more than two
or three at the most in a situation to lend, and when so many demands
are made for money, it will be very difficult to have ours preferred.
To obtain it, therefore, requires immediate application, interest, and
address; which thoughts, with the above plan, are respectfully
submitted to the wisdom of Congress.

SILAS DEANE.

* * * * *

PROPOSALS _for equipping such a fleet, as will be sufficient to defend
the coasts and commerce of the United States against any force, which
Great Britain will be able to send to America_.

It is necessary to