say that they are as secure and
solid as the funds which constitute our foreign debt: because no man
in America ever entertained a doubt that our foreign debt is to be paid
fully; but some people in America have seriously contended, that the
certificates and other evidences of our domestic debt, ought to be
redeemed only at what they have cost the holder; for I must observe
to you, that these certificates of domestic debt, having as yet no
provision for the payment of principal or interest, and the original
holders being mostly needy, have been sold at a very great discount.
When I left America (July, 1784,) they sold in different States at from
15s. to 2s. 6d. in the pound; and any amount of them might, then have
been purchased. Hence some thought that full justice would be done, if
the public paid the purchasers of them what they actually paid for them,
and interest on that. But this is very far from being a general opinion;
a very great majority being firmly decided that they shall be paid
fully. Were I the holder of any of them, I should not have the least
fear of their full payment. There is also a difference between different
species of certificates; some of them being receivable in taxes, others
having the benefit of particular assurances, &c. Again, some of these
certificates are for paper-money debts. A deception here must be guarded
against. Congress ordered all such to be re-settled by the depreciation
tables, and a new certificate to be given in exchange for them,
expressing their value in real money. But all have not yet been
re-settled. In short, this is a science in which few in America are
expert, and no person in a foreign country can be so. Foreigners should
therefore be sure that they are well advised, before they meddle with
them, or they may suffer. If you will reflect with what degree of
success persons actually in America could speculate in the European
funds, which rise and fall daily, you may judge how far those in Europe
may do it in the American funds, which are more variable from a variety
of causes.

I am not at all acquainted with Mr. Daniel Parker, farther than having
once seen him in Philadelphia. He is of Massachusetts, I believe, and
I am of Virginia. His circumstances are utterly unknown to me. I think
there are few men in America, if there is a single one, who could
command a hundred thousand pounds' sterling worth of these notes, at
their real value. At their nominal amount, this mi