cessary. Before I
quit this subject, I must correct an error in the letter of Captain
O'Bryan. Mr. Lambe was not limited, as he says, to one hundred, but to
two hundred dollars apiece for our prisoners. This was the price which
has been just paid for a large number of French prisoners, and this was
our guide.

I have the honor to be, with the most perfect esteem and respect, Sir,
your most obedient, and most humble servant.

TO SAMUEL OSGOOD.

PARIS, January 5, 1787.

DEAR SIR,--I am desired to forward to you the enclosed queries, and to
ask the favor of you to give such an answer to them, as may not give
you too much trouble. Those which stand foremost on the paper, can be
addressed only to your complaisance; but the last may possibly be
interesting to your department, and to the United States. I mean those
which suggest the possibility of borrowing money in Europe, the
principal of which shall be ultimately payable in land, and in the
meantime a good interest. You know best whether the suggestion can be
turned to any profit, and whether it will be worth while to introduce
any proposition to Congress thereon. Among the possible shapes into
which a matter of this kind may be formed, the following is one: Let us
suppose the public lands to be worth a dollar, hard money, the acre. If
we should ask of a moneyed man a loan of one hundred dollars, payable
with one hundred acres of land at the end of ten years, and in the
meantime carrying an interest of five per cent., this would be more
disadvantageous to the lender than a common loan, payable ultimately in
cash. But if we should say, we will deliver you the one hundred acres
of land immediately, which is in fact an immediate payment of the
principal, and will nevertheless pay your interest of five per cent.,
for ten years, this offers a superior advantage, and might tempt money
holders. But what should we in fact receive, in this way, for our
lands? Thirty-seven dollars and one-fourth, being left in Europe, on an
interest of five per cent., would pay annually the interest of the one
hundred dollars for ten years. There would remain then only sixty-two
dollars and three-quarters, for the one hundred acres of land, that is
to say, about two-thirds of its price. Congress can best determine,
whether any circumstance in our situation, should induce us to get rid
of any of our debts in that way. I beg you to understand, that I have
named rates of interest, term of p