may so far be established on true
commercial principles; otherwise, it is a mere game of hazard.
Sensible of this, the merchant will rather wait, with his money in his
chest, the event of public necessity, than invest that money in bills,
which may shortly after be bought on better terms by his more cautious
neighbor. Hence it follows, that the public will really command less
money than they otherwise might. Nor is that all. While the public can
command the money of the merchants as fast as it comes into their
hands, the servants of the public can spend that money to advantage,
and the very expenditure will increase the circulation, so as to bring
it again sooner into the hands of the merchant.

Your good sense, Sir, your experience, and the unremitted attention,
which I have perceived you pay to every object which can relate to the
service of your Sovereign, will render it necessary for me to
prosecute any further these observations.

It was from a knowledge of this subject, which many years' constant
attention to this business had imparted, that I saw the necessity of
raising the value of bills by degrees, and, at the same time, of
opposing the most inflexible firmness to every attempt at lowering
their price. The bills I drew on Messrs Le Couteulx & Co., at sixty
days' sight, were selling readily at four fifths, until the bills for
your army were offered at thirty days' sight, and at a lower rate,
This, Sir, has checked my sales; and this induces me to mention to you
another matter, which will, I foresee, become of great importance.

The concurrence of many venders of bills cannot be more pernicious
than the concurrence of many purchasers of supplies. The merchant
cannot reason more effectually on public necessities, which he may
conjecture, than the husbandman on such wants as he has ocular
demonstration of. Melancholy experience has shown, that the contest
between our purchasers has been extremely pernicious. What may have
been the manner of conducting the business by the agents of the King,
I do not positively know; but if I were to credit many tales which I
have heard about it, I should believe there had been errors at least.
But I know too well the weakness and impropriety of listening to
slanderous reports; and I am very confident, that all possible care
will be taken of the interests of his Majesty.

But, Sir, if the supplies for the French army and navy are kept in a
distinct channel, I do not believe it