[11] This board ought immediately to be established, at all events. The Royal Council of Commerce, in France, and the subordinate Chambers in each province, form an excellent institution, and may, in many respects, serve as a model. Congress have too long neglected to organize a good scheme of administration, and throw public business into proper executive departments. For Commerce, I prefer a Board; but for most other things, single men. We want a Minister of War, a Minister of Foreign Affairs, a Minister of Finance, and a Minister of Marine. There is always more decision, more dispatch, more secrecy, more responsibility, where single men, than where bodies are concerned. By a plan of this kind, we should blend the advantages of a Monarchy and of a Republic, in a happy and beneficial union. Men will only devote their lives and attentions to the mastering a profession, on which they can build reputation and consequence which they do not share with others.
If this plan should be approved, Congress ought immediately to appoint a Minister of Finance, under whatsoever title they think proper, and charge him with its execution. He ought to be a man of ability, to comprehend it in all its consequences; and of eloquence, to make others comprehend and relish it. He ought, beside, to have some general knowledge of the science. This man ought immediately to address himself to some of the most sensible moneyed men; and endeavor to convince them of the utility of the project. These must engage others, and so on, till a sufficient number is engaged.
Then Congress must establish the Bank, and set it agoing. I know of no man that has better pretensions than yourself; and I shall be very happy to hear that Congress have said, “Thou art the man.”
I had like to have omitted one remark, which is, that the subscription money may be guaranteed, if necessary, at 10 to 1, as a greater inducement. This will only be twenty millions of dollars, or five millions of pounds sterling; a cheap bargain to get rid of the perplexities we labor under, and convert the torrent of ideal money into a moderate, but sufficient, stream, to supply the real wants of the State. Congress, no doubt, would be able to borrow enough abroad to pay this debt, if it should not find better means within itself. But I shall be much mistaken, if the proprietors will desire to be repaid, and not prefer continuing the loan to Government on reasonable terms.
HAMILTON TO WASHINGTON.
Amboy, March 17, 1780.
Dear Sir:
I duly received your letter of the fourteenth, and shall not fail, in conjunction with General St. Clair, to attend to the military object of it. I am much obliged to your Excellency for the communication of your Southern advices. The enemy are still in the dark about their fleet and army gone that way, as we gather from the commissioners. They pretend to have little European news, though a vessel arrived two or three days since from England, after ten weeks passage. We send you some late New-York papers.
The commission has been several days at an end. The enemy, as was supposed, had no idea of treating on national ground. We are now in private conversation, and so far not without hopes that the liberation of our prisoners will be effected on admissible terms. Two or three days more will probably put an end to the interview. General St. Clair and Colonel Carrington, beg their respects may be presented to your Excellency.
I have the honor to be,
Very respectfully and affectionately,
Your Excellency’s most ob’t servant,
Alex. Hamilton.