res
tournois, when I will give you timely notice, that another deposit may
be made for the like purpose, and by this means I hope we shall
occasion as little trouble to his Majesty's Minister of Finance as the
nature of this transaction will admit of.

With great respect and esteem, &c.

ROBERT MORRIS.

* * * * *

CIRCULAR RESPECTING THE NATIONAL BANK.

Philadelphia, June 11th, 1781.

Sir,

No doubt you have seen in the public papers, the plan for establishing
a National Bank, the necessity of which everybody sees, that allows
himself the least time for reflection on the present state of public
credit. All the public bodies in America have, more or less, lost the
confidence of the world as to money matters, by trying projects and
applying expedients to stop a course of depreciation, which original
errors had fixed too deeply to admit of any radical cure.

It is vain to think of carrying on war any longer by means of such a
depreciating medium, and at the same time an efficient circulation of
paper that cannot depreciate, is absolutely necessary to anticipate
the revenues of America. A National Bank is not only the most certain,
but will prove the most useful and economical mode of doing so. It is,
therefore, of the utmost importance that this first essay, confined as
it is in point of capital, should be brought into action with the
greatest expedition. I am sensible that plans of public utility,
however promising and pleasing they may be on their first appearance,
soon grow languid, unless it be the particular business of some man,
or set of men, to urge them forward; this may be said to be my duty in
the present instance. But as I cannot be everywhere, I must apply for
support to gentlemen of your character and zeal for the service of
their country, requesting in the most earnest manner, that you will
urge your friends and fellow citizens to became proprietors of this
bank stock.

Every subscriber will find his own interest benefited in proportion to
the capital he deposits, and I dare say few will find the other parts
of their fortunes to yield them so large or so certain an income as
the stock they may have in the bank; and at the same time they will
have the satisfaction to be considered forever as the promoters of an
institution that has been found beneficial to