prevent
it. _Diary._

* * * * *

TO THE PRESIDENT OF CONGRESS.

Philadelphia, May 17th, 1781.

Sir,

I beg leave to submit the enclosed plan for establishing a National
Bank in these United States, and the Observations on it, to the
perusal and consideration of Congress.

Anticipation of taxes and funds is all that ought to be expected from
any system of paper credit. This seems as likely to rise into a fabric
equal to the weight, as any I have yet seen or thought of; and I
submit whether it may not be necessary and proper, that Congress
should make immediate application to the several States, to invest
them with the powers of incorporating a bank, and for prohibiting all
other banks, or bankers, in these States, at least during the war.[32]

I have the honor to be, &c.

ROBERT MORRIS.

FOOTNOTES:

[32] See the _Plan of the National Bank_ here mentioned, and also the
_Observations_ on it, in _John Jay's Correspondence_, Vol. VII. p.
444.

* * * * *

TO THE PRESIDENT OF CONGRESS.

Philadelphia, May 23d, 1781.

Sir,

As I have heard in times past, that the treasury has frequently been
in want of hard money, to comply with engagements made with the
approbation of Congress, and sometimes obliged to obtain it on terms
inconsistent with the dignity of government, and not very consonant
to the public interest, I would wish to guard against the like
inconveniences by importing from foreign countries a supply at least
sufficient to pay rents of the houses and offices necessarily employed
for the Continental service; also to answer, as far as may be, the
calls for secret service. And even if I could devise the means of
obtaining it, I should suppose it would be agreeable to bring such
sums as may answer other valuable purposes; but as it cannot be
imported but at the risk of being captured by the enemy, and the
danger of the elements, you will perceive the necessity of my being
authorised by Congress to enter on and execute this business at the
risk, and for account of the Continent, on the best terms in my power.

The sum may be limited if thought needful; although I should suppose
it is not possible in our circumstances to obtain too much; yet the
sum to be riske