d in any one bottom may very properly not exceed a
certain amount in a line of battle ship or frigate, and a smaller in
any one merchant vessel. Should Congress think proper to authorise
these measures, as I hope they will, the private journals will be most
proper to insert the proceedings in; as a want of secrecy may endanger
the money.

I have the honor to be, &c.

ROBERT MORRIS.

* * * * *

TO ALEXANDER HAMILTON.

Philadelphia, May 26th, 1781.

Sir,

It is some time since I received your performance, dated the 30th of
April last. I have read it with that attention, which it justly
deserves, and finding many parts of it to coincide with my own
opinions on the subject, it naturally strengthened that confidence,
which every man ought to possess to a certain degree in his own
judgment.

You will very soon see the plan of a bank published, and subscriptions
opened for its establishment, having already met with the approbation
of Congress. It only remains for individuals to do their part, and a
foundation will be laid for the anticipation of taxes and funds, by a
paper credit that cannot depreciate. The capital proposed fell far
short of your idea; and, indeed, far short of what it ought to be; but
I am confident if this is once accomplished, the capital may
afterwards be increased to almost any amount. To propose a large sum
in the outset, and fail in the attempt to raise it, would be fatal. To
begin with what is clearly within our power to accomplish, and on that
beginning to establish the credit, that will inevitably command the
future increase of capital, seems the most certain road to success.

I have thought much about interweaving a security with the capital of
this bank, but am apprehensive it would convey to the public mind an
idea of paper being circulated on that credit, and that the bank in
consequence must fail in its payments, in case of any considerable run
on it; and we must expect, that its ruin will be attempted by external
and internal foes. I have, therefore, left that point to the future
deliberations of the Directors of this bank, to whom in due time, I
shall communicate your address.

I esteem myself much your debtor for this piece, not merely on account
of the personal respect you have been pleased to express, but chiefly
on account of