promise of the Marquis de Castries to make
immediate arrangements for the safe transportation, of the pecuniary
and other succors destined hither. It would be well that the money, or
as much of it as possible, were in heavy half Johannes. Whether this
letter may arrive in time I know not, but if it should, you will, I
hope, be able to effect my views.

If the fifteen millions of livres I mentioned in my letter of the
13th, can be obtained, it will be best that they should be retained in
France, provided the ten millions be sent to America; for in that
case, the exchange may, I believe, be put upon such a footing as to
answer every valuable purpose. Of consequence the risk will be saved
to America, and France will not suffer by the exportation of so much
coin. To this it may be added, that a loan will probably be more
easily obtained, if the days of payment of the money by the
subscribers to it be somewhat distant, which will answer very well for
bills of exchange, though not quite so well for the exportation of
money.

I have the honor to be, &c.

ROBERT MORRIS.

* * * * *

TO B. FRANKLIN.

Philadelphia, July 21st, 1781.

Sir,

I have now to inform you, that the State of Pennsylvania had emitted
five hundred thousand pounds in bills of credit, funded in such
manner, that there could be no reasonable doubt of their redemption.
But the public confidence had been so impaired, that these bills, soon
after they came out, rapidly depreciated, notwithstanding the solidity
of the funds by which they had been secured. The executive authority
of Government, therefore, declined issuing more of them than were then
in circulation (being one hundred and thirty thousand pounds), and
called together the Legislature. The Assembly, at their late meeting,
took measures for the collection of a very considerable tax,
sufficient to absorb all the paper then in circulation, and which was
receivable in taxes, as also a considerable balance in specie. It is
therefore evident, that if the tax has time to operate before any more
of the paper be issued, it must necessarily rise in value.

The Assembly did me the honor to commit this sum of five hundred
thousand pounds to my care, for the purpose of paying to Congress a
balance due on the resolutions of that honorable body, of the 18