The reasons in favor of the extension are,
The apprehension of the extension of our war to other Indian nations, and perhaps to Europe itself.
The disability this might produce to borrow at all, [this is, in my judgment, a weighty consideration.]
The possibility that the government of France may become so settled as that we may hazard the anticipation of payment, and so avoid dead interest.
The reasons against it are,
The possibility that France may continue, for some time yet, so unsettled as to render an anticipation of payments hazardous.
The risk of losing the capital borrowed by a successful invasion of the country of deposit, if it be left in Europe; or by an extension of the bankruptcies now shaking the most solid houses; and when and where they will end we know not.
The loss of interest on the dead sum, if the sum itself be safe.
The execution of a power for one object, which was given to be executed but for a very different one.
The commitment of the President, on this account, to events, or to the criticisms of those who, though the measures should be perfectly wise, may misjudge it through error or passion.