th of
March, 1780, and of procuring the specific supplies which had been
called for, the greater part of which had been unpaid. In this
situation, it has been my study to effect both these objects, without
making any new issues of the paper money. I cannot easily describe to
you the good consequences which would follow from the appreciation of
it. You will partly conceive them, when I inform you, that it is now
at five for one, and that my expectation of specific supplies, or
rather of furnishing rations to the amount of them, is very much
founded upon the rise of its value.

Finding, however, that the balance of money due to the United States
has been already drawn for by them, and that the holders of those
drafts are very clamorous for payment, I must put money into the hands
of the proper officer immediately. To accomplish this, I have fallen
upon an expedient, which, while it answers that purpose, will be
productive of another very considerable advantage. To explain which, I
must previously inform you, that I have lately refused to draw bills
on Messrs Le Couteulx & Co. for any other than specie; so that the
paper will no longer answer the purpose of procuring a remittance to
Europe. I shall, at the same time, borrow such of it as I can discover
to have been hoarded, and by paying it to the holders of the drafts
drawn by Congress, throw it again into circulation. I shall then draw
bills on you for four hundred thousand livres, payable at six months'
sight or more, for which I expect to get four hundred thousand paper
dollars; a sum sufficient to satisfy the demand. I shall draw on
Messrs Le Couteulx & Co. in your favor, to this amount, payable at
sixty days' sight, which will probably leave four months for my
operations; but at any rate, it will leave three months, which will be
amply sufficient; and, therefore, in three months after I shall have
drawn on you, I shall remit you my drafts on Messrs Le Couteulx & Co.
If in that period this money can be appreciated, it will be a gain to
the United States of the difference, which you will clearly see to be
very considerable. By this means, also, I shall so economise the funds
placed in my hands, that I can make them productive of the supplies
from this State.

In mentioning these supplies, it occurs to me, also, to make mention
of what has passed, relative to the contract you entered into for a
part of them, to the amount of four hundred thousand dollars. Colonel
Men