vations from him. I said, that the two great complaints were, that
the national debt was unnecessarily increased, and that it had furnished
the means of corrupting both branches of the legislature; that he must
know, and every body knew, there was a considerable squadron in both,
whose votes were devoted to the paper and stock-jobbing interest, that
the names of a weighty number were known, and several others suspected
on good grounds. That on examining the votes of these men, they would
be found uniformly for every Treasury measure, and that as most of these
measures had been carried by small majorities, they were carried by
these very votes. That, therefore, it was a cause of just uneasiness,
when we saw a legislature legislating for their own interests, in
opposition to those of the people. He said not a word on the corruption
of the legislature, but took up the other point, defended the
Assumption, and argued that it had not increased the debt, for that all
of it was honest debt. He justified the excise-law, as one of the best
laws which could be passed, as nobody would pay the tax who did not
choose to do it. With respect to the increase of the debt by the
Assumption, I observed to him, that what was meant and objected to was,
that it increased the debt of the General Government, and carried
it beyond the possibility of payment. That if the balances had been
settled, and the debtor States directed to pay their deficiencies to
the creditor States, they would have done it easily, and by resources of
taxation in their power, and acceptable to the people; by a direct tax
in the south, and an excise in the north. Still, he said, it would
be paid by the people. Finding him decided, I avoided entering into
argument with him on those points.

Bladensburg, October the 1st, 1792. This morning, at Mount Vernon, I
had the following conversation with the President. He opened it by
expressing his regret at the resolution in which I appeared so fixed, in
the letter I had written him, of retiring from public affairs. He said,
that he should be extremely sorry that I should do it, as long as he
was in office, and that he could not see where he should find another
character to fill my office. That as yet, he was quite undecided whether
to retire in March or not. His inclinations led him strongly to do it.
Nobody disliked more the ceremonies of his office, and he had not the
least taste or gratification in the execution of its funct