ng, ib.
149; I think Robert R. Livingston drew the Address to the Inhabitants of
Great Britain, ib. 152. Am I right in this? And who drew the Address to
the People of Ireland, ib. 180? On these questions, I ask of your memory
to help mine. Ever and affectionately yours,

Th: Jefferson.

LETTER CXIII.--TO JOHN W. EPPES, November 6, 1813

TO JOHN W. EPPES.

Monticello, November 6, 1813.

Dear Sir,

I had not expected to have troubled you again on the subject of finance;
but since the date of my last, I have received from Mr. Law a letter
covering a memorial on that subject, which, from its tenor, I conjecture
must have been before Congress at their two last sessions. This paper
contains two propositions; the one for issuing treasury notes, bearing
interest, and to be circulated as money; the other for the establishment
of a national bank. The first was considered in my former letter; and
the second shall be the subject of the present.

The scheme is for Congress to establish a national bank, suppose of
thirty millions capital, of which they shall contribute ten millions in
new six per cent, stock, the States ten millions, and individuals ten
millions, one half of the two last contributions to be of similar stock,
for which the parties are to give cash to Congress: the whole, however,
to be under the exclusive management of the individual subscribers, who
are to name all the directors; neither Congress nor the States having
any power of interference in its administration. Discounts are to be
at five per cent., but the profits are expected to be seven per cent.
Congress then will be paying six per cent, on twenty millions, and
receiving seven per cent, on ten millions, being its third of the
institution: so that on the ten millions cash which they receive from
the States and individuals, they will, in fact, have to pay but five
per cent, interest. This is the bait. The charter is proposed to be for
forty or fifty years, and if any future augmentations should take place,
the individual proprietors are to have the privilege of being the sole
subscribers for that. Congress are further allowed to issue to the
amount of three millions of notes, bearing interest, which they are to
receive back in payment for lands at a premium of five or ten per
cent., or as subscriptions for canals, roads, and bridges, in which
undertakings they are, of course, to be engaged. This is a summary
of the scheme, as I understand it: bu