ave just received your two favors of October the 23d and
November the 10th. I am much obliged to you for your hints in the
Danish business. They are the only information I have on that subject,
except 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
pres