TO THE PRESIDENT OF CONGRESS.
Office of Finance, September 30th, 1784.
Sir,
I had the honor of mentioning to Congress, upon the 4th of May, the advices then just received from Holland, and to pray their sentiments upon the loan, which Mr Adams had (upon a view of all circumstances) found it necessary to open. I was the more anxious on this subject, as I saw a probability of the speedy completion of this loan for two millions of guilders, and therefore if not approved of, no time should have been lost in stopping the further progress.
Since writing that letter, I have received the scheme of the loan, and the copy of the obligation, both of which are here enclosed for the inspection and consideration of the United States in Congress. It is probable, that not only this loan, but also the former loan of five millions will both be filled before any determinations of Congress can arrive in Europe; for the concurrence of many States to the measures proposed by Congress, and the resolutions of several legislative bodies expressing their sense of the necessity of enabling the United States punctually and honorably to discharge their engagements have reanimated that credit, which for evident reasons had languished and died away.
The public accounts will sufficiently explain the situation of money matters, and the gentleman charged with the department of the finances will of course furnish such information as may from time to time be required; I shall not therefore go any further into the details of this business, but must express to Congress my opinion of the loan generally; and certainly, if we consider the very untoward circumstances in which it was undertaken, very great praise is due to the persons concerned in proposing, adopting, and pursuing it. This sentiment, which I have constantly felt has not been declared until the present moment, because no suspicion can now arise, that what I say, is dictated by a view to influence their future exertions, seeing that my political existence must be at an end before the contents of this letter can possibly be transmitted.
I have invariably in my official correspondence, (as indeed upon every other occasion, both public and private) expressed the conviction which I feel, that however the several States may, from a difference in local circumstances, differ in their opinions about the mode of providing for public debts, all of them will concur in the just sentiment, that these debts ought to be most punctually discharged. There cannot, therefore, be any doubt, that the proper provisions will be made, and I am grounded in the assertion that when made, the public credit of America will be the best of any in the world, that it will cost less to maintain it by us, than by any other nation, and that considering the infant state of our cultivation in general, and the frontiers in particular, it is of more importance to us than it can be to any other country. It is also a commercial problem, which admits of absolute demonstration, that the punctual payment of interest on our debts will produce a clear annual gain of more than such interest can possibly amount to. So that the eternal and immutable principles of truth and justice, being for a moment out of the question, and stifling those sentiments of humanity, which arise from a view of what the public creditors must suffer, should their dues be withheld, (if indeed it be possible to stifle such sentiments,) still it will indisputably appear to be the interest of the merchant, as well as of the husbandman and mechanic, to pay their just proportions towards discharging the public engagements. For this plain and simple system of common honesty, while it invigorates the springs of our credit, strengthens also the bands of our union, proceeding with equal motion towards the public weal and private prosperity.
That the labors of our great and glorious revolution may thus be crowned by the impartial hand of justice, and the last stone be thus placed in the arch of our extensive empire, is the ardent wish of your Excellency's most obedient, &c.
ROBERT MORRIS.