ll and impartial inquiry, will be able to give you our
public news more particularly than I could relate them. He sails hence
for Cadiz, and on his arrival will proceed to Madrid, where having
delivered my letters to Mr Jay, he will take his orders for you. He
will then wait your orders, and I hope, will soon after meet a safe
opportunity of coming to America.

With the most perfect esteem and regard, I have the honor to be, &c.

ROBERT MORRIS.

FOOTNOTES:

[34] See a letter from Mr Morris, in _John Jay's Correspondence_, Vol.
VII. p. 421.

* * * * *

TO B. FRANKLIN.

Philadelphia, July 14th, 1781.

Dear Sir,

If Major Franks had departed yesterday, as was expected, he would have
left the enclosed cypher behind. It was supposed to have been with the
plans of the intended bank, but was left out by accident. I wish you
would, when leisure and opportunity will permit, converse with some of
the eminent bankers in Paris on this plan, and ask whether a
correspondence and connexion with the directors will be agreeable, and
whether they would establish a credit for this bank, and to what
amount, to be replaced again by remittances in other bills within such
time as they may limit. Or, if they decline giving such credit, then
the terms on which they will receive remittances and pay drafts of the
bank.

An American bank must deal largely in bills of exchange. It will
thereby rule the price of bills so as to keep it pretty steady, by
passing most of the bills drawn on the continent through their
channel, so as to leave a certain moderate profit. And the use of a
credit in Europe will be, to have paid for their honor such bills as
may be protested on account of the drawers; by which means the bank
will secure the damages of twenty per cent, and pay only interest for
advance and commission for negotiating. Occasion may also offer, when
the bank, by drawing on Europe, shall get a high price for bills, and
in a few months replace them much cheaper.

I do not wish to give you trouble on this occasion; but, if
opportunities offer, you can mention the subject, and if any of the
bankers will write me proposals, I will lay them before the directors.
You will tell them, that although the very moderate sum of four
hundred thousand dollars is proposed as the first capital,