s not negotiated at one and a half per
cent loss.

A plan for a national bank, is at present before the Council. The
projector, M. Cabarrus, proposes to form a capital of fifteen millions
of dollars, of which he offers to procure six millions; each action to
amount to two thousand reals, for which the proprietors receive a
certain interest of four per cent, with the profits expected from this
establishment; I have seen the plan, but had not permission to copy
it, so that I can give but a faint sketch of it. Eight directors are
to be chosen the first year, and six annually, by the assembly of the
proprietors; two of these directors are to be perpetual, because it is
proposed, that they should have the direction of the supplies for the
army and navy, with an interest of ten per cent, to the emolument of
the bank; these two directors are to be named by the Court, out of
four chosen by the proprietors; in other respects the Court to have no
influence. If this plan, which was originally a part of the scheme for
the circulation of paper here, should succeed, the paper which will be
discounted by it, will probably preserve its credit. The Gromios,
companies possessed of exclusive privileges, will be annihilated, and
much money, now dormant in the coffers of individuals, be called into
circulation. The Gromios pay two and a half per cent interest, and the
bank four, which difference, joined to the hopes of farther profits,
will tempt the money-holders to withdraw their funds from the hands of
the first, and place them in the latter. But these companies and their
friends, oppose it strongly, as do also the persons employed in
supplying the army and navy, with whom, it is said, people in various
departments of Government have interested connexions.

The Courts of France and Spain seem determined to continue the war
with vigor, and you will see by the King of Great Britain's speech,
that he is not disposed to accommodation. The Empress of Russia still
continues her endeavors to bring about a peace between England and
Holland, to which the British Ministry has lately appeared to listen,
although in a haughty manner. I am told the republican party is more
exasperated than ever, by their answer to Russia, which is published.
But your information will be much more accurate from Mr Adams, than
any that I can procure. My correspondents from France write me, that
the nation is much elated by the late triumph of the allied arms. This
su