principal falls, be applied to buy up our paper on
the exchange of Amsterdam, and thus anticipate the demands of
principal. In this way, our paper will be kept up at par; and this
alone will enable us to command in four and twenty hours, at any time,
on the exchange of Amsterdam, as many millions as that capital can
produce. The same act which makes this provision for the existing
debts, should go on to open a loan to their whole amount; the produce
of that loan to be applied, as fast as received, to the payment of such
parts of the existing debts as admit of payment. The rate of interest
to be as the government should privately instruct their agent, because
it must depend on the effect these measures would have on the exchange.
Probably it could be lowered from time to time. Honest and annual
publications of the payments made will inspire confidence, while
silence would conceal nothing from those interested to know.

You will perceive by the _compte rendu_ which I send you, that this
country now calls seriously for its interest at least. The non-payment
of this, hitherto, has done our credit little injury, because the
government here, saying nothing about it, the public have supposed they
wished to leave us at our ease as to the payment. It is now seen that
they call for it, and they will publish annually the effect of that
call. A failure here, therefore, will have the same effect on our
credit hereafter, as a failure at Amsterdam. I consider it then, as of
a necessity not to be dispensed with, that these calls be effectually
provided for. If it shall be seen that the general provision, before
hinted at, cannot be in time, then it is the present Government which
should take on itself to borrow in Amsterdam, what may be necessary.
The new Government should by no means be left by the old, to the
necessity of borrowing a stiver, before it can tax for its interest.
This will be to destroy the credit of the new Government in its birth.
And I am of opinion, that if the present Congress will add to the loan
of a million (which Mr. Adams and myself have proposed this year) what
may be necessary for the French calls to the year 1790, the money can
be obtained at the usual disadvantage. Though I have not, at this
moment, received such authentic information from our bankers as I may
communicate to Congress, yet I know privately from one of them, (Mr.
Jacob Van Staphorst, who is here,) that they had on hand a fortnight
ago, four