ept
the resolution of Congress, and warn me of a rock on which I should most
certainly have split. The vote plainly points out an agent, only leaving
it to my discretion to substitute another. My judgment concurs with that
of Congress as to his fitness. But I shall inquire for the surest banker
at Copenhagen to receive the money, not because I should have had any
doubts, but because I am informed others have them. Against the failure
of a banker, were such an accident, or any similar one to happen, I
cannot be held accountable in a case, where I act without particular
interest. My principal idea in proposing the transfer of the French
debt, was, to obtain on the new loans a much longer day for the
reimbursement of the principal, hoping that the resources of the United
States could have been equal to the article of interest alone. But I
shall endeavor to quiet, as well as I can, those interested. A part of
them will probably sell out at any rate: and one great claimant may be
expected to make a bitter attack on our honor. I am very much pleased
to hear, that our western lands sell so successfully. I turn to this
precious resource, as that which will, in every event, liberate us from
our domestic debt, and perhaps too from our foreign one: and this, much
sooner than I had expected. I do not think any thing could have been
done with them in Europe. Individual speculators and sharpers had duped
so many with their unlocated land-warrants, that every offer would have
been suspected.

As to the new constitution, I find myself nearly a neutral. There is a
great mass of good in it, in a very desirable form; but there is also,
to me, a bitter pill or two. I have written somewhat lengthily to Mr.
Madison on this subject, and will take the liberty to refer you to that
part of my letter to him. I will add one question to what I have said
there. Would it not have been better to assign to Congress exclusively,
the article of imposts for federal purposes, and to have left direct
taxation exclusively to the States? I should suppose the former fund
sufficient for all probable events, aided by the land office.

The form which the affairs of Europe may assume, is not yet decipherable
by those out of the cabinet. The Emperor gives himself, at present,
the airs of a mediator. This is necessary to justify a breach with the
Porte. He has his eye at the same time on Germany, and particularly on
Bavaria, the Elector of which has, for a long tim