hat they should transfer their subscriptions from the
Pennsylvania to the National Bank, and deliver up to me the bills of
exchange deposited by Congress with the Directors as security; and I
undertook to place the amount of what remained due to them from
Congress, in the hands of Messrs Clymer & Nixon, in payment of such
transferred subscriptions to the National Bank; which all that were
present agreed to. _Diary._

* * * * *

TO B. FRANKLIN.

Philadelphia, July 13th, 1781.

Sir,

The unanimous appointment to the Superintendency of our Finances, with
which Congress have honored me, and my conviction of the necessity
that some _one_ person should endeavor to introduce method and economy
into the administration of affairs, have induced me, though with
reluctance, to accept that office. Mr Jay will receive by this
conveyance, and forward to you, copies of those resolutions and
letters which may be necessary to explain my appointment and powers.

I wish I could as readily effect, as I most ardently desire, the
accomplishment of all proper arrangements. Thoroughly convinced that
no country is truly independent, until, with her own credit and
resources, she is able to defend herself and correct her enemies, it
shall be my constant endeavor to establish our credit and draw out our
resources in such manner, that we may be little burdensome, and
essentially useful to our friends.

I am sure I need not mention to _you_ the importance of collecting a
revenue with ease, and expending it with economy. As little need I
detail the time, the authority, the ability, the favorable
circumstances, that must combine for these purposes. But I think that
I may assert, that the situation of a country just emerging from
dependence and struggling for existence, is peculiarly unfavorable;
and I may add, that this country, by relying too much on paper, is in
a condition of peculiar disorder and debility. To rescue and restore
her, is an object equal to my warmest wishes, though probably beyond
the stretch of my abilities.

Success will greatly depend on the pecuniary aid we may obtain from
abroad; because money is necessary to introduce economy, while, at the
same time, economy is necessary to obtain money; besides that a
greater plenty of solid circulating medium is required to support
those operations, which must give stability to our c